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Chances are divorce left your budget a little lop-sided, with much less monthly income to use in your current lifestyle. Now is the time to re-evaluate your budget, not months later when youve gotten deeper into debt and your credit has been ruined.
List All Sources of Your Current Income
Dont forget any money you may get from consulting work or a second job. Make sure you dont forget to either add or subtract any alimony or child support you may receive or have to pay.
Dont forget to count the items of your exs that you sell on eBay!
Make a List of All Your Set Expenses and See What You Can Eliminate
Set expenses are those that you have every month, like loan payments, mortgage payments or insurance.
Expect higher car payments and insurance when you get that sports car.
Look at Your Fluctuating Expenses
Fluctuating expenses normally include those little luxuries we enjoy such as dining out, your morning Starbucks, snacks from the machine at work or a gym membership. Be willing to cut out all expenses that are not absolutely necessary.
You can finally stop paying for the Playboy or Scrapbooking channel.
Compare Your Income to Your Expenses
When you compare your income to what you currently are spending, you may see a noticeable lack of balance. Go back and decide what you can eliminate. Call your creditors and ask for lower payments. Most are willing to work with you to make sure you dont fall behind.
Think about your bank managers and credit counselors- are any of them single and attractive?
The Changes Dont Have to Be Permanent
Once you have been on your own for a while, without benefit of a double income you will be able to better gauge how far you can stretch your income. It helps to eliminate extras if you know you can have them back at some point.
You probably have a little spare time now- get a part-time job! Or, sell illegal imports out of the garage
There Is a Difference Between Wanting and Needing
Consider your wants versus needs. Survival may come down to eliminating everything from your budget but needs. Your priorities may need to shift. Many of the things you thought were necessities become optional.
Obviously you needed to get rid of our spouse, you are well on your way
Look For Ways to Bring in Extra Cash by Taking a Second Job
You might want to take part of any savings you have to pay off some of your fixed expenses so you will have more left each month for other things. Take a good look at the talents you possess and get creative in ways you can build your cash flow.
You probably do have a little spare time now and have always wanted to meet different people- sell illegal imports out of the garage
Avoid Any New Debt
It may seem tempting to use a credit card rather than giving up a luxury you enjoy. Dont give into the temptation. It will make your future financial picture much gloomier for much longer.
Any new card you open, make sure you fill it out in your exs new squeezes name.
Avoid Extra Stress by Staying on Budget
Financial problems bring stress, and avoiding that stress may make it easier to give up things you can live without. Your situation is not permanent and this, too, shall pass.
Try out those illegal imports in your garage- theyll help you relax