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Tips for Improving Your Finances After a Divorce

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Tips for Improving Your Finances After a Divorce

To begin this new chapter in your life with a fresh start, it is important to take back control of your financial situation after finalizing your divorce. Continue reading to discover the top tips for improving your finances after a divorce. If you have any further questions regarding the post-divorce process, do not hesitate to reach out to our experienced divorce attorney. Give our firm a call today to learn more about our services.

Create a New Budget

One of the best ways to take back control of your finances is by creating a brand new budget for this new chapter in your life. Now that you are a single-income household, it is important to reestablish your budget to best benefit your financial situation. We suggest making a few lists to properly visualize where your income goes each month.

List number one will include your household bills such as electricity, water, gas, property insurance, and rent or mortgage. The next list will include monthly debt payments for auto loans, credit card debts, and student loans. The third list will include household goods, groceries, and any other monthly expenses. This list-making task will allow you to visualize your payments each month and what you would like to cut out, what is necessary, and where you can splurge a bit more.

Use Cash First

One of the best ways to save and prioritize essential spending is by only using cash to make purchases. While you are getting back on your feet after your divorce, cash is your friend. It is best to hold off on making large purchases with a credit card during this time. Plus, you will save money along the way.

Sell Anything You Can

Another great way to boost your finances is to sell what you can. Items that are great to sell include clothing, jewelry, instruments, bicycles, toys, furniture, and more. Utilize online marketplaces such as platforms like Facebook Marketplace or Craigslist to save some extra cash.

Establish Your Credit

The final tip to consider when boosting your financial situation post-divorce is to establish your credit. It is common for a divorce to negatively impact your credit score. Establishing credit by opening a credit card solely for monthly bills such as utilities is a great start. Be sure to pay off this card every month and you will be on your way to establishing credit in your name.

Contact our Firm

Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.

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Mediation Services

Our firm believes that exploring alternatives to litigation can greatly benefit our client. Our firm’s established mediation practice can help you resolve family law issues more efficiently, amicably and at a lower cost. If you are interested in knowing more about our mediation services, contact the firm to discuss your situation.

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –