Will you be able to maintain your standard of living after divorce?
Getting through the first few months post-divorce can be quite tricky. Here are few tips that will help you weather the storm until you are in a position to get by financially. There's no doubt that you will have to make some adjustments after getting divorced. You and your young ones will need to make some changes in order to function as a close-knit family. Your children will have their own issues in trying to come to terms living without the other parent.
Financial statistics are somewhat bleak for women who now have to fend for their children and themselves after the divorce:
- The first year after the divorce is the toughest from a financial viewpoint.
- A single mom has to find about 30% more money each month if she wants to enjoy living the same way as before the divorce.
- Twenty percent of single mothers end up on the breadline post-divorce.
- Seventy-five percent of divorced women will not receive full child support from their ex-spouses.
Follow these steps if you want to save some money each month:
- Sell anything that you no longer need and use the money wisely
- Downsize your home after you get divorced. With one less adult in the home, you and your children can easily live in a smaller, less expensive home. It won't hurt for your children to share a room for a while until your are financially sound again.
- Learn to save money. Set money aside each month for those emergencies. You will enjoy peace of mind knowing that you have got cash stashed away for when you need it.
- Revise your insurance policies. There's no need to have your ex-husband on any policies now that you are divorced. Shop around for more competitive rates and make sure that you are covered for anything that you need to be covered for.
- Think of ways to make some extra cash part-time. Every cent counts so don't be shy to knuckle down and earn as much as you can.
By implementing the above strategies, you can smooth the transition for yourself and your children from living with your ex and their father to living without him.