Hi, my name is Kirsten Krueger and two years ago, I was in a car accident. I was stopped at a stop sign when the driver behind me slammed into my car. Due to my injuries, I had to spend a few days in the hospital and I was unable to work for two months. My medical care was expensive and without being able to work, I couldn't pay my bills. The car accident was stressful enough and then I had to worry about how I would pay my bills. After speaking with a car accident lawyer, it wasn't long before I was compensated for my medical bills and lost wages from work. I'm writing this blog to help others who have been a car accident and haven't received any compensation. As you read my posts, you'll learn how an attorney can help you if you're in a vehicle accident.
Divorcing your spouse means a lot of changes are ahead for you, one of the biggest ones is a change in your monthly income. You are essentially losing quite a bit of extra income to help pay for your monthly bills, while also losing a bill or two along the way. If the two equal out, then good for you, but if they don't and you're left with a deficit of income, you may need a bit of help with budgeting post-divorce. See below for some tips to help you budget after your divorce.
Write Down Your Income
Write down your monthly income whatever source that may be. Add in alimony or child support (or subtract if you are paying it out). If you have a second job or other sources of income, write it all down, so you have a total number for one entire month.
List All Of Your Expenses
Next, list out all of your monthly expenses. This means your bills - electricity, cable, phone, water, sewer, loan payments, etc. Also be sure to write down your other monthly expenses such as insurance costs, grocery expenses, gas, etc. Add the monthly payments together - these are your total expenses.
Subtract Your Expenses From Your Income
Once you have your income and expenses written down, subtract your expenses from your income. This is what you have leftover each month; however, if you don't have anything leftover, you are upside down and need to figure something else out.
Find A Second Job
If your expenses are greater than your income, it's time to either find a new job that pays you more, or you need to find a second (or third) source of income. Look into part-time jobs that you are qualified for, or do personal sales on the side (selling jewelry, makeup, bath products, etc.).
Make Some Changes
If you can't afford the payment on your car any longer, try to sell it and get something more affordable, or talk to the loan company about changing the terms to make it more affordable for you. You can always pay more later down the road when you are back on your feet. If you aren't able to afford your mortgage, it may be time to downsize to something you can afford. A smaller place means smaller utility bills as well.
Cut The Fat
If you are spending your money on things that aren't necessities, cut that out for now. Stop buying the expensive coffee drinks each morning and make them at home instead. Get rid of the gym membership and start working out at home. Dine in more than dining out. All of these cutbacks can help save you money.
A divorce can wreak havoc on your monthly income, leaving you in doubt that you can do it yourself. Know that you are able to survive after a divorce financially, although money may be tight for awhile. Buckle down, live realistically with your new budget and cut back where you can.
Contact a law office like Begley Carlin & Mandio LLP for more information and assistance.
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