Family breakups can be extremely upsetting and stressful for the entire family, regardless of whether the breakup was amicable or not. When a family unit breaks down, there is a lot that needs to be thought about and organized, one of the key factors that need to be carefully considered is finance.
Going from having two incomes to having just one – or if you’re a stay-at-home parent no income – can be extremely difficult to adjust to. Sadly, the world doesn’t stop just because your relationship has ended, which means that you need to work out a way to quickly get your finances back on track. The issue is, of course, knowing what steps you can take to do that.
It’s not always easy coping financially after a family breakup, but the good news is that there are certain steps that you can take to make managing your finances that little bit easier.
Determine your monthly budget
The first and most important step that you can take is to sit down and work out what exactly, your family budget is – how much can you afford to spend each month? You need to be clear on the amount that you have available to you, as for a budget to work effectively it needs to be properly mapped out.
Once you know the amount that you will have available to spend, the next step is to breakdown your budget and split it across your list of monthly expenses, from the cost of your rent and bills to your daily living allowance. By splitting up your monthly budget, you will be able to see what you have available each day to use, which should then help to make managing your funds effectively a little easier.
Find ways to cut costs
The next step is to work out some simple ways that you can cut costs to make living within your means a little more affordable. It’s not always easy finding ways to cut costs, but usually it is doable.
A useful hack is to take advantage of deals and discounts when they’re available, from online coupon codes like Target coupons, to in-app deals and discounts. There are also plenty of magazines that offer traditional coupons, including Target coupons, and coupons for many other well-known stores. By making time to look at the deals and discounts that are available to you, you can help to reduce the cost of your spending.
Finally, don’t try and deal with everything on your own – there’s no shame in getting some support. You may find that as a single parent – whether you’re working or not – you qualify for some state-funded support, which could help to make getting by a little bit easier. It’s worth taking the time to find out, as just a few extra dollars a month could make all the difference.
Coping financially after a family breakup is no easy task, it’s hard to adjust from living one way to having to live in an entirely new way. However, although it’s hard getting to grips with everything, the tips above should help to make keeping on top of your costs and managing your finances, that little bit easier.
* This is a contributed post and may contain affiliate links