Divorce causes many major changes for people in Maryland, especially when it comes to their finances. A lot of things may be uncertain during the divorce process. Here’s what you can do to take back control of your finances.
Action items
Divorce causes changes that you can’t control. Make sure that you find the things you can control and take action on them. This can do a lot to help reduce your stress. It will also help keep your finances as tidy as possible.
Action items you can take charge of include making a new budget, finding opportunities to save money and reconsidering your current credit cards. Is there one with a better interest rate out there? Finding one and saving money is an action item that makes real change.
Increase income
Ways to increase your income include asking for a raise or more hours at your current job. If that is not possible, you can apply for new jobs with a higher salary. You may also want to start a flexible side hustle to earn more income. These opportunities require time and energy but are worth it in the long term.
Prioritize bills
Look at your expenses and determine which bills are a priority. This way, you know which ones you will pay first if you can’t pay them all. This is also an opportunity to find some services you can cancel, at least for now.
Savings
Thinking about your savings plan when things are tight can be strange. The uncertainty of divorce may make your long-term savings plans feel out of reach. Planning for the future can be empowering, though. Consider setting up a high-yield savings account and putting away a small percentage of your income each month.
Get help
There are financial advisors you can always talk to during a major financial change in your life. They can offer a unique perspective since they’ve likely worked with people going through a divorce in the past.
You can also talk to your lenders, credit card companies and other people you have financial dealings with. Divorce is fairly common. You can tell them your financial situation changed. Ask them if reworking your payments is possible to work with your current financial reality. They may say no, but they may offer the relief you need.