Financial Advice For Moms After Divorce

Divorce is not uncommon but it is an emotionally, physically, and financially challenging experience that can take years to finalize and even longer to move past. For moms, a divorce also means finding a feasible way to sustain a decent living for themselves and their children. 

For this reason, there are financial aspects following a divorce that you must consider. 

Here are a few tips to consider if you’re going through a divorce: 

Update Or Get A New Bank Account

If your ex has access to your banking information or you share a joint account, you will likely need to make adjustments. Keeping an account with your married name or tied to your former spouse can make it difficult to make withdrawals, cash checks, or access other banking services. 

Banks like ONE offer online banking services to everyday consumers. ONE has some of the industry’s highest interest rates and various other tools and resources to help you organize, manage, and improve your financial situation if you’re looking to set up your own account after a divorce. 

Compare Your Income To Expenses

How much money do you bring in every year? Is it enough to cover everyday expenses for you and your kids? It’s crucial to analyze these factors thoroughly. By reviewing your pay stubs and saving account balances, you can calculate your monthly expenses. After you have an idea as to what money you need on a daily basis, you can start to budget for all of the various expenses. 

Eliminate Unnecessary Spending

When you are married, a dual income can afford you the ability to purchase and indulge in entertainment and leisure activities. However, it can be difficult to maintain this lifestyle after a divorce. As you are breaking down your list of expenses, it is important to identify unnecessary expenses and find ways to reduce or eliminate these things. 

Create A Budget

One of the most effective ways to live within your means and provide for your kids is to create and apply a budget. By calculating all of your expenses, you can add them together to balance them against your income. If you’re barely scraping by or can’t afford everyday essentials, you’ll need to look for ways to save money or reduce the cost of current bills. 

Build An Emergency Fund

You can never predict when unexpected expenses will arise. That’s why it’s essential to start an emergency fund. These funds should include at least three to six months’ worth of expenses. 

If you don’t have that much to set aside at once, you can schedule automatic deposits and build a nest egg over time. 

Divorce is never easy. However, as a mother, you must ensure that you have the means to continue providing for yourself and your children. Consider opening an account with ONE to see how you can ensure your financial stability after divorce.