Going through a divorce can set individuals back financially for many reasons. It is important to take back control of your financial situation to set yourself up for success in this new chapter in life. Continue reading to discover the top tips for improving your finances after a divorce. To speak with a divorce attorney if you have any further questions regarding finances after a divorce, reach out to our experienced family and divorce firm. We would be happy to assist you.
Establish Your Credit
Establishing your own credit is important after getting a divorce because it is necessary to have credit when purchasing something large such as a car. To begin a slow start to this process, one of the best ways to establish credit is by opening a credit card to charge your utilities every month and then paying it off at the end of the month. This will establish credit in your name and build your score so that you can have access to big purchases in the future.
Sell What You Can
With social media, there are so many ways to make some money off of selling items that you no longer need. Put time aside during your day to go through your items and to create listings online to make some extra money. This is an excellent way to build up cash savings. Some items you might consider selling include bicycles, clothing, jewelry, furniture, and more.
Cash is Your Friend
While you are still getting back on your feet after your divorce, it is best to hold off on purchasing large items with credit and to use cash when possible. This process will also help you to save money in the long run.
Budget, Budget, Budget
Now that you are a one-income household, it is time to create a realistic budget to stick to. Budgeting allows you to create a clear picture of how much money you make and the best ways to utilize it. The best way to create a budget is by listing your household bills including property insurance, gas, water, electricity, and mortgage. Once you have listed your household bills, move on to your monthly debt payments including your student loans, credit card, or auto loan debt. And finally, factor in your groceries, household goods, and monthly expenses. Putting this all down on paper will help you to visualize your monthly spending and how to budget the rest of your income accordingly.
CONTACT OUR EXPERIENCED NEW YORK FIRM
Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.