Home > Mom's Life > Marriage and Divorce > Dealing With Divorce > Managing Your Finances and Looking for Work After Divorce
|

Managing Your Finances and Looking for Work After Divorce

In This Article:

Page 3

Living Within Your Means

You have already created a budget in preparation for your divorce settlement. But now that reality is settling in and your financial status has actually changed, it's a good idea to sit down and parse things out anew, as mentioned in the beginning of this chapter.

As you did before, compare income and expenses, including such occasional items as tax payments, holiday and birthday gifts, and retirement savings.

Now, as you did before, put these two lists side by side. Add the totals for each column. How do they match up? Are you ahead or behind? If you're behind, put a star next to the expenses that are optional or that can be reduced. By how much can they be reduced? Is there any way you can eliminate or reduce expenses that are not starred? If you need help with this, consult your accountant or bank manager.

Sample Income/Expense Statement

Income Source Amount Expenses Amount
Salary (net)   Housing  
Child support   Groceries  
Babysitting   Clothing  
Interest   Entertainment  
TOTAL   House repairs  
  Car  
  Heat, elec., water  
  Children's extra-curricular  
  Childcare  
  Toys, gifts  
  Misc. taxes or fees  
  Haircuts  
  Adult education  
  Vacation  
  Misc.  
  Savings  
  TOTAL  

The sooner you assess your situation and come to terms with your true financial means, the sooner you will be able to take care of yourself.



<< Previous: Page 2
|

Excerpted from The Complete Idiot's Guide to Surviving Divorce © 2002 by BookEnds, LLC. All rights reserved including the right of reproduction in whole or in part in any form. Used by arrangement with Alpha Books, a member of Penguin Group (USA) Inc.

To order this book visit the Idiot's Guide web site or call 1-800-253-6476.


stay connected

Sign up for our free email newsletters and receive the latest advice and information on all things parenting.

Enter your email address to sign up or manage your account.

Facebook icon Twitter icon Follow Us on Pinterest

editor’s picks

get ready for school!

We’ve got your
shopping list,
lunch menu,
and more.

GO

highlights

Join BIC on our mission to save handwriting and Fight For Your Write! Writing helps kids become better readers, boosts their confidence and sparks their creativity. Visit BICFightForYourWrite.com to sign our petition to save handwriting!

7 Tips for Reading Aloud to Babies & Toddlers
The AAP advises reading aloud to babies and toddlers because it boosts brain power and has many other benefits. Get some tips for making the most of story time with your tot!

Kindergarten Readiness App Wins Gold
Our Kindergarten Readiness app won the Gold Award of Excellence in the educational category at the 2014 Communicator Awards. This valuable checklist comes with games and activities to help your child practice the essential skills she needs for kindergarten. Download the Kindergarten Readiness app today!

How to Survive Summer Boredom
When the kids are home all day, every day, summer boredom strikes hard and fast. Learn the best summer boredom busters and tips for surviving until September.

12 Birthday Party Favors that Won't Get Thrown Away
The next time you're planning a birthday, forgo the penny candy and cheap toys. Send your guests home with one of these fun and creative party favor ideas!