It is an unfortunate fact of life that around half of all marriages end in divorce, and even more long-term relationships result in separations or breakups. Maybe you’ll get back together, maybe you won’t. These sorts of things are always personal and delicate, not to mention financially challenging.
The truth is that financial stress after a separation is something you can get through in one piece. We might not have great relationship advice for you, but we do have some solid financial advice you can use to keep your head above water.
The Top 4 Way to Budget Your Lifestyle after Separation
It can be typical for an individual to find themselves in dire straits financially after a separation. Money is usually the last thing on someone’s mind, given they may be dealing with grief and shock of the breakup. However, finances need to be considered to protect both parties in the long-term.
1: Assess Your Living Situation
One of the first things you should do is to evaluate your living situation. A separation typically means that you’re no longer sharing a home. For many, this may mean moving into a temporary living situation or possibly moving back home with family. Many people may take the opposite route and leap into the first apartment or condo they can find, which can cause financial stressors of its own.
The bet advice here is to carefully assess and budget for what you can truly afford. Consider the other expenses that might arise from the separation, such as child support or alimony. If the worst happens, will you be able to afford your living space amidst the other expenses? While you get your feet under you properly, you may have to downgrade your living situation. Owing money in this realm goes beyond affecting credit—inability to pay child support could land you in jail. Be wise and conservative with your budget during this time.
2: Create a List of Essentials and Nonessentials
It will be important to take an honest account of needs versus wants during this time of transition. There are certain luxuries that are nice to have, but not essential to survive. For instance, if you enjoy your morning latte at the coffee shop or dining out with your friends, you might have to change your habits to preserve your funds.
Examples of this can even extend to your cell phone carrier plan, streaming service, or internet provider. Look for nonessentials that you can downgrade or quit altogether. With a few tweaks, you can save hundreds a month by making smart cutbacks.
3: Budget Out Your Living
This section may require a deep dive. To budget effectively, you need to consider everything from your groceries and gasoline to your monthly rent. This will be further complicated if you have dependents to budget for, as well.
Take the time to sit down with a calculator, or even a financial planner, and budget things out. If you come across an unexpected emergency, such as a trip to the hospital, you may find that you’re unable to stay above water. In unexpected scenarios this like, you can decide if an online payday advance might be a short-term solution to help you out in the financial pinch while you build your savings and get back on track. Do what you can to budget, but know your options should you encounter an unexpected emergency.
4: Avoid Splurging
Things can get messy with separations, and grief can manifest in different ways. You may be tempted to ease your sadness through the purchase of a big-screen TV, a new car, new jewelry, or a new wardrobe. You may find it distracts you or provides you with a sense of independence. As tempting as it may be to fill the short-term void, do not do this!
Spending that sort of money on frivolous things will leave you broke and facing debt in a very short time. You may end up feeling even worse and dealing with extra financial stress on top of the separation. So please, we urge you not to splurge at any time in the separation. If that shopping bug bites, ignore the itch.
The Benefits of an Online Payday Advance
Online payday loans can get a bad rap from some people. They’re also oversold in many instances, where people make very lofty claims. These are smaller, short-term loans one can typically receive through a simple application process and with less than stellar credit. Here are a few benefits.
- Don’t need great credit to get a loan
- Loan is ideal for short-term financial pinches
- Money is typically delivered very quickly
- Repayment options can be flexible
Remember that no matter how tough the separation seems, you should never spend on frivolous things and you should always take a careful assessment of what you need and what you don’t. If you fall short, you can always seek help through a payday loan.