Change is inevitable when going through a divorce. It’s what you make of the change that matters most. So how will your new post-divorce lifestyle look?
In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss your lifestyle change after a divorce. Yes, things will be different. Life is going to be an adjustment — emotionally, physically and even financially. So, how are you going to get through it all (because you will)?
I wish clients would ask more questions about how to define a realistic picture of their post-divorce lifestyle. Your income will (probably) be different — and that means your outflow will need to adjust. Is it permanent? Most likely not. But you need to have realistic conversations with yourself and your divorce professionals to come up with a plan.
I work with clients to develop strong cash management and cash spending plans. What do you need — and what do you want? How much money will you have coming in? How are you going to build and save for the future? Be realistic, be purposeful and be honest with yourself. Find a divorce financial planner who will keep you accountable to those ideals.
Financial independence is unbelievably liberating. With a good strong plan, you’ll be financially secure through your divorce — and many, many years afterward.
Each and every weekday I share more advice on making the most of your money and life. Subscribe to my YouTube channel to catch the latest episodes of Your Money Minute.