This blog contains affiliate links, which we may receive a commission for purchases. The decision is yours, whether or not you decide to buy.
When you’re an optimist, life has a funny way of looking after you.” - Simon Sinek
Hi there! The reason for starting this article with an optimistic quote is after your divorce what you need most is mental strength. The mental strength will help you to be an optimistic person in your life in the post-divorce period.
The primary point to discuss in the article is you can only earn the mental strength within you when you will be financially stable to cope with your divorce.
The divorce may bring the independent-self from the inside of you. You may enjoy your new life of being financially stable.
The divorce is going to change your previous financial situation. Now, you have to bring changes to your new life.
The budget is the first step where you need to bring changes immediately. You may face serious financial hazards if you like to continue your old spending habit.
Now, you are the sole person who has to bear all the spending on your household. So, you have to review your budget in the post-divorce phase first.
Be it secured debt like a mortgage, or unsecured debt like credit card debts; the loan payment is always a burden.
Especially, when you are divorced then the pressure of repaying the debts will fall on your shoulder.
So, a better strategy is to create a concrete plan to deal with your debts.
For mortgage, you can choose the mortgage-refinance option, and for credit card debts, you may choose balance transfer card, debt management plan, debt settlement, etc. these various options.
You should not accept any payday loan. A payday loan is a trap where you will accept the quick money in an emergency; later you will lament the high-interest rate. However, if you are already entrapped by a payday lender, you can ask the experts regarding how to reduce payday loan debt.
In the post-divorce phase, what you need most is a few extra income avenues. The side-hustles may help you to increase your income.
You can choose any side-hustle or weekend income as per your qualification. At the time of divorce, a side hustle may help you to earn something extra.
At the time of marriage, if you don’t have any credit card or loan in your name then you may face problems in the future while you will go to apply for a credit card or any loan.
So, the better option for you is to apply for a secure credit card and make small purchases by using the credit card. If you make regular payments then it will help you to build a good credit score. When you are not dependent on anybody, you must build a good credit score on your own.
You cannot file taxes as married anymore. So, you need to change your tax situation. Now, you have to file your taxes as single so you may talk with the tax authority now and change the tax-situation.
Otherwise, you may have to pay a big tax bill.
Your ex-partner’s health insurance coverage is no longer going to cover you. So, it is time to change your health insurance options. You should take your time and change your previous health insurance option. Your new health insurance must cover you and your kids. It is one of the important points related to financial stability.
You may have to think about a modified-future as you are divorced now. The word ‘modified-future’ may sound harsh but this is the reality for you now.
So, the revised budget which is helping you to sustain yourself in the post-divorced phase, you may have to modify your financial plans also for now. You can now emphasize creating an ‘Emergency Fund’, ‘good retirement and investment plans’ etc as the entire family is dependent on you.
Accepting professional assistance can be helpful to you to create a modified-financial plan in the post-divorce phase when the entire family may be dependent on you.
You can consult a Financial Planner immediately after your divorce to take a grip on your personal finance like budgeting, tax problems, etc.
These are the 8 rules you should follow to stay financially fit and stable in the post-divorce period.
Coping with the post-divorce phase is hard. You need inner strength to face the storm from which you are going through now.
These 8 points, written above, may help you to stay financially stable and fit after your divorce. In the end, maybe there was not everything bad about divorce for you.
Author Bio: Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch.
Lke to Write an article? Email firstname.lastname@example.org