Tips to Weather the Financial Storm in your Divorce

Often when parents go through a divorce or never-married parents separate, there can be a pinch financially. The same amount of money is now going to support two households. When you add in legal fees and, potentially, counseling, this can be a recipe for financial stress.

Here are a few steps that you can take to get back on track and weather this storm:

1.     Remind yourself that this is only temporary.

You will learn how to adjust your expenses. You can develop new sources of income. Keeping a positive money mindset helps you get to where you want to be more quickly and sets a good example for your children. Look up affirmations about money or prosperity online and keep those phrases ready to repeat to yourself if you start to despair. “I am a money-magnet” and “Money comes to me quickly and easily” are much better things to tell yourself than “I am so broke” or “Life sucks.”

2.     Find new sources of fun.

Yes, it was fun to go to Holiday World every summer, to the movies every weekend and to Florida once a year. You will be able to do those things again. In the meantime, explore some new sources of fun. Check out your library for books, movies and programs. Pack some sandwiches and have a picnic at the park. Develop a tradition around foods you can make at home (homemade pancakes on Saturday morning – yum!). Create your own 30-hard or 30-soft challenge that you can do as a family on the days you have the kids. Help your kids learn new skills by watching videos on YouTube. The possibilities for free fun are endless if you stop to think about it.

3.     Find new sources for stuff.

Fortunately for us, we live in one of the most affluent cultures in the world at one of the most affluent times in history. We have luxuries that kings could only dream about four hundred years ago. (Think air conditioning, cars, air travel, the internet, Netflix.) Not only is it possible to get a great outfit or piece of furniture second hand at an amazing price, it is pretty easy. Check out garage sales, consignment shops, auctions, Facebook Marketplace, ask friends and family. Added bonuses: this can be a lot of fun and is good for the earth.

4.     Bring in the green.

 I recommend this to anyone, even if they are swimming in bathtubs full of money. Go cut some branches from your yard and put them in a container in your house. You can put them in every room in the house if you like. You can use a vase you already have, a Mason jar or the glass jar from your pasta sauce. Fresh, green branches just add such a freshness and vitality to a home.

5.     Remember that learning how to live without spending a lot of money is an excellent life lesson for your kids.

 This can help your children in so many ways! From learning to focus on what is most important in life to developing skills for managing their own households, teaching kids to spend money wisely can reap benefits for their rest of their lives. Who knows, you may even inspire some of them on a FIRE (financial independence-retire early) journey.

Remember, one of the best ways to save on legal fees during your case is to agree to do mediation instead of litigation. If you and your children’s other parent are interested in mediation, call us today to set up a consultation.