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Top 20 Ways To Save Money During Your Divorce Process



Oftentimes, the marriage dissolution process implies substantive expenditures, and a lot of them are unexpected and even unnecessary. That is the reason why couples get stressed out even more than they would if they knew how to protect their assets in a divorce, what expenses are justified, and what they can omit to save money. In this post, we will share the top twenty ways how to keep your money in a divorce and spend less. 

Review your bank accounts

The first thing you need to do to not lose money in a divorce is to review how much money you have in your bank accounts. You need to take a look at your personal accounts of yours as well as at joint ones to understand what you have at your disposal during a divorce. 

Analyze your financial situation

After that, you will need to analyze what level of life you are used to and how much you spend regularly to keep yourself and your kids in comfort during a divorce. Also, think about the budget you are going to stick to after you are divorced.

Count your daily expenses

Now, to establish a new budget for yourself and your kids (if you are going to be their sole custodian), you need to count your daily expenses. Review your credit card history for the past three months to understand how much you spend and what expenditures can be cut. Remember that you should not limit yourself to just food and bills unless you have a very strict amount of money left.

Don’t spend money on things you already have

Are you a shopaholic? In case you can’t help but buy a couple of clothing items, plates, make-up pieces, etc. that you don’t need often, you are one. Now, you can’t spend money so recklessly anymore. Instead, put your shelves, boxes, and dressers to see how many things you have. Likely, you forgot about a lot of them. 

Educate yourself through free sources first

People who are going through a divorce for the first time, often accept legal and other advice from people who are not professionals. As a result, they end up taking wrong steps that complicate their divorce process and cause additional stress. What you need to do is search for consultations in legit places: local clerk’s office or court, federal websites, current divorce laws publications, etc. 

Think twice before hiring a lawyer

To not lose your mind trying to get in order your divorce and money, refrain from hiring an expensive lawyer. If your divorce is amicable, you can prepare for filing on your own using a divorce without lawyer Florida service. 

But in the event the reason for your divorce involves violence, you should seek the services of domestic assault attorneys to safeguard your security.

Get a professional financial advice

Are you still confused about organizing your money? Now it’s time to ask for a consultation from the financial advisor. If you are on a strict budget, search for a charity that can help you with managing your finances during divorce online. 

Ask for a free psychological help

Divorce charities can also provide psychologists for those who appeared to be in a difficult moral state while handling the process. You can find such specialists online as well. 

Don’t plan big purchases

Unless your house needs a renovation that you planned a long time ago and saved money for on a separate account, you should not make any expensive purchases at the time of divorce. Wait for the moment until you are legally single and financially stable to do that. 

Don’t spend much on vacation and don’t make it public on social media during a divorce. 

During a divorce procedure, you should not demonstrate your financial situation or brag about your money by traveling to fancy places and posting pictures from there all over Facebook. It’s better to stay low-key about your vacation online and choose cheaper destinations for leisure. 

Consider attending free divorce groups

It may be a great substitution for a private psychotherapist that you can’t afford. You can also meet new friends there who will help you get through the process easier. 

Spend more time with your kids

To help your kids spend less money during divorce, use every free minute to have quality time with them. Read books, watch movies, have bicycle rides together, etc. to create new memories and discuss things that interest you. Thus, you will not only save money but also become closer. 

Add walks to your daily schedule

This is to have your brain refreshed and get your body moving. Now you have a lot of things to get done but you shouldn’t forget about keeping yourself healthy in terms of physical shape and mental state.

Keep yourself fit

Make sure your diet is full of proteins, carbs, and useful fats to keep you strong from day to day. Add some physical activity to your days to stay even more healthy and immune to illnesses. This is to avoid getting infected and spending money on doctors and medicines. 

Concentrate on the necessary expenditures

Meeting your basic needs at the time of divorce and after it is crucial. Also, by paying close attention to the necessary expenditures only, you will teach your mind to ignore marketing traps that make you spend more money. 

Teach your kids to save money

If your kids already go to school and attend extracurricular activities, they are mature enough to understand that money should not be taken for granted. Educate them on how to spend and save money to not put the additional burden on parents in divorce.  

Close common credit accounts that you have with your partner

This is to secure yourself from the possible expenditures of your future ex. We bet you wouldn’t want to pay your money for things they buy for yourself, not for your family. 

Think about the ways to raise your income

Despite the pressure you’ve been put under by divorce, you have to see this critical time as an opportunity for growth. Remind yourself when was the last time you were promoted at work, and if it was a long time ago, it’s time to change it. 

Review your health insurance terms

This step will ensure your health is not at risk of the unexpected inability to cover medical fees in an emergency. Take your time to see what your health insurance provides to not be stuck by surprise that you don’t have the necessary coverage for a certain health issue. 

Start a separate savings account

Finally, having a separate financial account for savings is a necessity even if you are not going to get divorced. Keeping yourself financially secure is impossible without saving money these days, so don’t hesitate to consult with your bank’s manager regarding the best deposit option for you.

PersonalFinance   Lifestyle   Legal