Managing finances after divorce

Getting a fresh financial start after a divorce presents many questions. Take a deep breath. You’ve got this.

Anyone who’s been through a divorce knows it’s difficult and can feel overwhelming. While taking care of yourself mentally and emotionally is a top priority, here are some considerations to make the financial impacts of divorce less daunting.

Post-divorce budgeting and emergency funds

Your family budget has now significantly changed, so you’ll need to reassess or recreate your monthly budget.

Here is a general spending rule of thumb: 10-15 percent for savings, 50 percent for essentials (housing, food and transportation) and 35 percent for non-essentials (entertainment, debts, vacation).

 

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