5 Financial Tips For Single Women After Divorce

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Getting a divorce can be a very expensive life event. Although you will need to pay your lawyer's fees, you will also need to pay your daily expenses. Indeed, getting behind on bills can hurt you in court and may even cost you custody of your children. Here are some important tips to help you handle the financial challenges you might have to face.

Educate Yourself

In some cases, a woman may have come from a situation where her husband took care of the finances. In cases like this, a woman may have no idea how to create a budget or how to handle financial matters. If this describes your situation, you may want to look for a financial counselor in your area. You can search online or in the phone book for an experienced counselor.

In some cases, your financial counseling sessions may be free or you may qualify for sessions at a reduced rate. Keep in mind that your financial situation will change depending upon the situation in court. Certainly, your finances will look different before and after the divorce has been finalized.

Get Organized

Organization is a big part of financial success! Keep your bills in one area and keep them organized by date due. You can keep track of the due dates using a pen and paper system, or you may want to use a computer program. There are plenty of free programs available online. You can find one that suits your needs by doing an internet search.

Deal With Debt

Dealing with debt isn't fun, but it is necessary. It is important to deal with your debt instead of ignoring the issue and hoping it will go away. A credit counselor may be able to create a plan to deal with your debt. However, it is important to do some research on credit counselors before hiring one. Be sure that your counselor is experienced and credible.

If you have a huge amount of debt, it may be necessary to declare bankruptcy. Make sure that you have exhausted all of your options before choosing this one. Bankruptcy can ruin your credit rating for years to come. A bankruptcy will also affect your ability to obtain credit, to buy a car, or even purchase a home.

Save Money On Bills

Between electric bills, water bills, and cable bills, your budget may be taking a beating. Cut out the expenses that you can. For example, do you really need cable television or could you just watch shows online with a Netflix subscription? If you do not use the internet very often, you may want to consider using the computers at the library instead of paying to have internet at home.

Some people use their cell phone as their primary phone and do not have a landline to save expenses.Take the time to shop around and compare deals on cell phone service, car insurance and health insurance. You may even be able to find a company with cheaper electricity rates.

Save Money On Groceries

There are a number of blogs and websites available which explain the art of couponing. While you don't need to go to extremes, you can save quite a bit of money shopping the sales and using coupons. When you are able to do so, you may want to consider stocking up on items when they go on sale.

By using these tips, you can work on creating a budget and a financially sound future for yourself and your children.


Source by Michael Henley

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