Many individuals who have recently finalized their divorce may be searching for ways to improve their finances to begin this new chapter in life on a positive note. It is important to take back control of your financial situation so that you can thrive on this new journey. Continue reading to discover the most important tips to consider when improving your finances after finalizing a divorce. To speak with a divorce attorney who can walk you through this process, do not hesitate to reach out to our experienced divorce and family law firm. Give our firm a call today to discuss our services and how we can assist you.
Establish Your Credit
One of the first steps you should take to improve your finances after a divorce is to begin establishing your own credit. It is necessary to have good credit to make large purchases such as a car. To begin this process, one of the best ways to establish credit is to open a credit card solely to charge your monthly bills such as utilities. You will pay off this card at the end of every month. This will help establish credit in your name.
Cash is Your Friend
It is best to hold off on making large purchases with a credit card during this time. While you are getting back on your feet after your divorce, use cash as much as possible. This will help you save money in the long run and it will help you to only make purchases that are absolutely necessary.
Sell What You Can
Another great way to start saving some extra cash is to sell what you can by utilizing all of the online marketplace platforms such as Facebook Marketplace and even Craigslist. Some of the best things to sell to save some extra money are furniture, bikes, unneeded vehicles, clothing, jewelry, and more.
Budget, Budget, Budget
It is very important to create a new budget now that you are a one-income household. Budgeting will allow you to visualize your income and the best ways to utilize your money. To begin the budgeting process, we suggest making three lists. List number one will include your household bills such as gas, water, electricity, property insurance, and mortgage or rent. The next list will include your monthly debt payments such as student loans, auto loans, and credit card debt. The final list will include household goods, groceries, and any other monthly expenses. This process will help you to visualize where your money is going each month and how to budget accordingly.
Contact our experienced New Jersey firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Russoniello & Dunn is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.