If you got divorced in 2015 or are preparing to divorce in 2016, a budget can become a road map for your financial well-being. Here are some tips to makes budgeting easier:
- Ensure you have broad categories in your budget. Too many details make budgeting more difficult than it needs to be.
- Pay yourself first—include a savings account category in your budget. Take care of yourself and your needs, as well as the household.
- Include retirement contributions in your budget. Because we are all living longer, retirement is one of the most important things to plan for.
- Keep track of household utility costs. This will help if you decide to sell, as potential buyers will be aware of what average monthly household expenses may be.
There are several software programs such as Quicken and Mint that can help keep your budget and other financial records on track. Choose the method that works for you.
When you’re working through something, such as a previous or pending divorce, budgeting can help you see what life will be like as a single person.
Will you be able to meet your expenses with just one income?