Budget Planning Post-Divorce
When a marriage ends, it can often be emotionally traumatic for both partners. In order to cope with the process of uncoupling, which can be financially demanding, the Credit Counseling Center can assist with:
- Developing a new household budget
- Review the credit score and credit situation, and implication of joint vs authorized user vs and individual account.
- Financial outlook for the family.
- Absolute Essentials,- survival items- rent/mortgage, electric, car payment, food, include savings and include periodic absolutes- car insurances, health insurance, emergency savings – ( 3 month income saved)
- Preferences – clothes, personal items cable
- Extras,- dinner out, entertainment, gifts.
If you can handle all 3 of the budgeting categories, that is great. Be real with the categories so you can clearly determine what you absolutely need and what will make the transition to one income doable.