Experiencing a
divorce
engages a spectrum of emotions and life changes that can be tough to navigate.
Financial issues may compound the matter. Financial issues can involve
becoming a
custodial parent
later in life and contending with footing bills for the education of children,
or caring for ailing parents. A recent
story in the
Chicago Tribune
cited Demos, a public policy organization, found that “Americans
over 50 are struggling with a surprising amount of credit card debt.”
Credit card debt, emergencies, and careless spending habits combat a sense
of financial security, but there are several ways to prepare for a change
in income:
- Stop using credit cards;
- Create a budget;
- Start an emergency fund;
- Seek discounts.
Stop creating additional debt. Credit cards are often used to bridge income
gaps, but living within your means will lessen financial stress over time. Put a
budget
in place to track income, debts and living expenses. A detailed, written
financial account will illustrate plausible areas for budget cuts. You
may have to let go of or downgrade some activities or common purchases
for a season. Establish a fund to cover unexpected incidents such as emergency
health care and car accidents. For example, if you have a $1,000 deductible
for repairs due to an accident, you should plan to have enough in your
emergency fund to cover the expense. Having such a fund greatly reduces
the need to use credit cards. An emergency fund should be part of a personalized
contingency plan for individuals and families. Always look for discounts
on grocery items and any other goods or services you require. There are
several reputable coupon and deal-based resources available on the Internet
and through affiliations with organizations and companies. Think about
what you need and take time to research how to get it for less. Preparing
for a divorce is stressful enough. Be proactive about budgeting before
it happens and contact
Roscich & Martel, experienced and accomplished family lawyers in Naperville, Illinois to
handle the details of your divorce. Your future depends on your plan.
Let us guide you today.
