Personal Budgeting Tips For The Recently Divorced

May 4, 2021 | June Mckaig

personal budgeting tips for divorce

 

Getting divorced is hard. The emotional toll it takes to watch your old life and is already huge – and starting a new one is even harder.

Just remember that everything changes. But the way you handle finances will probably be the most drastic change. Even if you are an experienced budgeter and know your way around money, you’ll need to switch from learning about family budgeting advice to learning about personal budgeting tips

The process doesn’t have to be too difficult. Here are some personal budgeting tips that could help you set up a new budget and how a title loan can get you through.

Personal Budgeting Tips For When Your Divorce Hurts Your Finances

1. Learn Exactly How Much Money You’re Working With

Many personal budgeting tips skip this one, going straight to budgeting. We think it’s the most important – because it’s the foundation for everything else.

Take into account any and every tax, social security, and other payroll deduction you can think of. Not only has your income changed, but how you’ll be taxed has also changed. If you can afford it, ask for help from a professional.

2. Cut Down Your Spending To Essentials

Do keep in mind that your essential expenses as a single person will change significantly from your essential spending as a part of a unit. What are your new housing expenses like rent, mortgage, or utilities? How much will you need to spend on groceries? What new insurance plan should you get?

Avoid as much non-essential spending as you can in the first months of your divorce to figure out what your base expenses are, and build a budget around that.

3. Track Unexpected Expenses

Were there any expenses in your household you never had to handle on your own? If yes – figuring out how they work, how much you as a single person will be spending, and if you need them at all, can take time.

This can be mundane little things like subscriptions and apps you used as a family, to more serious expenses

4. Eschew Large Purchases

As personal budgeting tips go this one isn’t on a lot of lists, but it should be! Making large purchases could seriously mess up your understanding of your finances as a single person. What you can and cannot afford has to have changed – and you need to get a clear picture.

Large expenses can put a wrench in any budget. Budget for 3-4 months consistently and find a groove before you start looking for personal budgeting tips about purchasing new tech or funding a vacation.

5. Start Saving Immediately

It can be hard to get accustomed to this idea – but the only person you can rely on to take care of your financial troubles right now is you. This means setting up an emergency fund is probably the most important tip on this list of personal budgeting tips for you.

Keep in mind that according to most experts' advice an emergency fund should comfortably cover around 6 months’ worth of your expenses – including minimum debt payments.

 

title loans New Mexico

 

Dealing With Emergencies Without Savings

It’s a sad truth that divorce can be expensive. Not only is your life making a huge shift, but that shift will cost you. Maybe more than you’re comfortable with.

Unfortunately, if you had to empty your savings to finalize your divorce, building your emergency fund back up will take time; no personal budgeting tips can make it happen overnight. Personal budgeting tips are, after all, for those who want to build long-lasting habits – not those who’re looking for a shortcut. The truth is you won’t find one.

An empty emergency fund means you might need some outside help if you get hit by unexpected expenses. Now, if the problem at hand can wait for a bit, it’s better to get cash together without going into debt. But if the problem is time-sensitive or could escalate, then you should look into title loans.

Why Title Loans?

Title loans are accessible, easy to apply for, and fast. This gives you time to try other options without resorting to loans – because you don’t need to wait for the answer for weeks or jump through complicated bureaucratic hoops. This is a loan that uses your vehicle’s lien-free title as collateral for quick, emergency cash.

The good thing about title loans from New Mexico is you can get a loan at New Mexico Title Loans Inc. the very same day you apply – if you get approved. All you need are a valid state-issued ID, your car, and the car’s lien-free title in your name. You also do not have to worry about being automatically disqualified if you have poor or nonexistent credit. We don’t even report to credit agencies if you default on the loan payments.

How To Get A Title Loan

Our title loans process is quick and convenient for anyone to go through. Just follow our step-by-step guide below for more information.

  1. Go to our website and fill out the online form, which will then be sent to the nearest title loan location in New Mexico;
  2. Answer the phone when the loan representative calls with further instructions about our process. They will also tell you the required items you need to bring in;
  3. Take your driver’s license or state-issued ID, lien-free title, and your vehicle to the meeting the loan representative schedules for you;
  4. Let the associate inspect your car and documents to determine if you qualify for the loan. If you get approved, they will help you finish the paperwork and get the cash.

There is no way around it, divorce is hard and can be costly. Remember these personal budgeting tips when your divorce starts weighing heavily on your finances. And if you feel title loans could help out, fill out our online form today to get started on our quick and convenient process.