Tips For The Newly Single: How to Live on One Income After Divorce (Pt 2)

A cpicture of a woman removing a credit card from her wallet.
You’re going to need to scale back on spending when you move from two incomes to one.

Welcome back and thanks for joining us. We’ve been talking about the issues people face (from a financial angel) after the divorce, and the best advice we can give you to avoid that is this: don’t wait until after the divorce before you start preparing for it. Don’t wait until you’re officially divorced to create your budget – do it now! Don’t hope that the financial problems will sort themselves out sometime later – tackle them now before you’re officially single. 

The sooner you start preparing, both mentally and in real time for your financial future, the better off you’ll be. Divorce changes your money landscape, so the more time you spend preparing for those changes, the less likely you are to be caught off guard. As we mentioned in the previous article, your first steps should be creating a budget, getting rid of all the non-essentials you can (not “want to”) live without, and address the issue of your future career. But there’s more…

Think about immediate income sources:

If you were lucky enough to get alimony or child support in your divorce, good for you. But those are rarely enough for anyone to live on, even if they are single. If you already have a job, make sure you sit down and compare what you currently earn/receive, to what your living expenses are going to be in the future. Do they match up? Will your income be enough to cover your basic needs? The answer might be “no”, in which case you will either need to consider getting a job if you don’t already have one, or getting a second or different one if the job you have won’t be enough. It’s a tough choice, but you’re strong and smart (and single!), so you can do it!

Ask for help if you need it:

Depending on your situation, you may be eligible for government assistance. And while accepting help might wound your pride a little, it can be a valuable resource when times are tough. And if it means the difference between financial security and not being able to pay your bills, it may be your best option right now. Food stamps (called a Bridge Card in Michigan), Section 8 subsidized housing, and Medicaid insurance for your children can go a long way towards reducing stress, and getting you back to a place of better financial stability. 

Consider the bigger picture, and be reasonable:

From here on out, life is going to be different. The sooner you accept those changes and find ways to adapt and flourish in your new situation, the better off you’ll be. Making peace with the changes will make them all the more easy to bear. No one enjoys a tight budget, financial cutbacks, or other uncomfortable life changes. But remind yourself – this is a season in life, and you are capable of achieving your dreams. The sooner you commit to working hard, moving on, and letting go of the past, the sooner you’ll be headed for greener pastures, even if that ‘green’ is just figurative for now.

Divorce can be hard, but you can succeed in the face of adversity!

We hope this article was helpful for all of you out there heading for the single life. We understand that divorce, and the aftermath of divorce, can be a rocky road. But having a skilled and experienced attorney on your side, fighting for your rights and protecting your best interests can make a huge difference in your post-divorce financial situation. So if you’re considering divorce, but are concerned about the financial ramifications, contact us today at 866 766 5245. Our skilled and experienced family law attorneys can walk you through every aspect of this critical decision.