If you’re someone who’s recently gone through a divorce, you may be feeling overwhelmed when it comes to finances. How do you budget your money when there are so many new expenses to consider?
Divorce is never easy, but knowing how to budget your money after a divorce is one thing you can control out of all the things that feel messy.
When a couple goes through a divorce, the fallout can be financially devastating. Not only do you have to worry about splitting your assets and debts, but you also have to figure out how to live on one income.

Personally, I’ve never gone through it but my parents have and I’ve had friends who have. One friend, in particular, had a lot of financial struggles and dealt with a lot of debt – specifically credit card debt that his wife had built up without him knowing about it.
It was quite a mess and it took him years to dig out of.
If you’re not careful, you could quickly find yourself in over your head financially, like my friend was.
Focus on the things you can control.
When you’re budgeting after a divorce, there are some things to consider.
Here are 10 tips for budgeting money after divorce:
1. Make sure both spouses have access
When a couple goes through a divorce, the fallout can be financially devastating. Not only do you have to worry about splitting your assets and debts, but you also have to figure out how to live on one income.
If you’re not careful, you could quickly find yourself in over your head financially.
That’s why it’s important to budget money after a divorce. By creating a budget and sticking to it, you can make sure that you’re not spending more than you can afford.
And by considering things like investing and paying down debt, you can put yourself in a much better position for the future. So if you’re going through a divorce, don’t forget about budgeting! It could be the key to your financial future.
Before you go through with the divorce, make sure that each spouse has access to all of his or her own financial information.
Many couples keep their finances separate, but it’s important that both spouses have access to any and all information when budgeting for the future.
This includes credit card statements, licenses, and insurance information.
Having your lawyer or getting one that specializes in family law to be the intermediary if things are sticky might work better for all involved.

2. Create a budget
Going through a divorce can be financially devastating. Not only do you have to worry about splitting your assets and debts, but you also have to figure out how to live on one income.
If you’re not careful, you could quickly find yourself in over your head financially.
One of the best ways to avoid this is by creating realistic post-divorce budgeting routines. This will help you track your expenses and make sure that you’re not spending more than you can afford.
It may take some time to get used to your new standard of living on a budget, but it’s well worth it in the long run.
In order to budget properly for your future expenses, you’ll need to set up a plan based on income and expenses. You can also consider child support and alimony into your budget.
Depending on your resources and needs, there are several different ways to budget. You can use software like Quicken, you can create a custom plan using a spreadsheet, or you can use old-fashioned pencil and paper like this Budget Planner from my shop.
Recommended: 19 Brilliant Benefits of Budgeting
3. Don’t spend more than allotted
Just because you are now living on budget money after a divorce doesn’t mean you have to live in deprivation. You can still enjoy life, but you need to be smart about how you spend your money.
One of the most important rules to follow is not to spend more than you have allotted for each category. If you do, you’ll quickly find yourself in over your head financially.
This means being strict with yourself and resisting the temptation to splurge on unnecessary items. It may be hard at first, but it’s crucial that you stick to a budget in order to avoid going into debt.
It’s easy to get carried away and spend more than what’s planned, but your budget should be based on income and expenses. If you’re overspending each month, you’ll have a difficult time planning for the future.
Recommended: How to Stop Overspending: 21 Tips to Change Bad Habits

4. Consider investing
If you find yourself suddenly single and you have some extra, there are a few ways to invest your money.
Try seeing a financial professional for some financial planning, investing in a retirement plan, or other investment properties.
One option is investing in retirement through an online broker like Scottrade or E-Trade. The other option is investing in real estate, either by buying a home outright or renting out a property you already own. You can also buy into mutual funds or gold coins if you want to spread the risk around a little more.
If one of these strategies sounds like something that might work for you, make sure to do some research first before making any big decisions as it’s important not to put all of your eggs in one basket and be sure to speak with a financial adviser.
Also, consider budgeting for your child’s education fund so you can start investing now and for the future.
Even if it’s not much, small investments can add up over time.

5. Pay down debt
When a couple goes through a divorce, the fallout can be financially devastating.
Not only do you have to worry about splitting your assets and debts, but you also have to figure out how to live on one income.
If you’re not careful, you could quickly find yourself in over your head financially.
One of the best ways to protect yourself after a divorce is to pay down your debt as quickly as possible.
This will help reduce your monthly expenses and make it easier for you to live within your budget. There are several things you can do to pay down debt after a divorce, including:
– Creating a budget and sticking to it
– Cutting back on unnecessary expenses
– Selling unused belongings
Paying down your debt can help you to budget better and live without monthly credit card bills. If possible, focus on paying off higher interest rate debts first, as those will cost you the most over time.
It may seem counter-intuitive to budget more money toward your debt while planning for the future, but reducing your monthly bills can give you some extra funds to budget elsewhere.
Recommended: 10 Reasons Why Being Debt Free is Important
6. Be patient
There is a lot of pressure on you to budget your finances after a divorce, but there are some things you can do to make it easier.
For example, budgeting for the future is difficult when all your money goes towards paying off debts and living expenses.
However, if you budget an extra $20 per week into long-term investments like retirement funds or college savings accounts then this could provide peace of mind and benefit in the future.
That’s just one way that being patient with your finances post-divorce will help keep stress levels low.
It’s going to take some time before your budget plan is up and running smoothly, but it will get easier as you go along.
In the beginning, it may seem like trying to budget money after a divorce isn’t possible, but stick with it and better money management will become second nature.

7. Live simply
Budgeting after a divorce can seem daunting, but it’s important to remember that living a financially simple life is key to getting back on your feet. Here are 10 tips to help make budgeting a little easier.
A. Identify your budgeting goals
This can be as simple as writing down the first few things that come to mind on a piece of paper.
Having some money goals will help guide you and keep you focused, and also make budgeting more effective by giving you tangible financial milestones to track your progress against.
B. Know your wants vs needs
It is common to want everything you see, even if it’s outside of your budget.
For example, ‘wants’ may include eating out or buying that new gadget, while ‘needs’ may include paying the power bill on time or having medical insurance.
C. Don’t keep up with the Joneses
This budgeting trap can be hard to avoid after a divorce, but it’s important not to be fooled by the feeling of wanting what your friends or neighbors have.
Instead, stay focused on working towards your financial goals while making sure you’re living within your means.
D. Get empowered by technology
It may sound like working with numbers would be mind-numbing, but technology provides some great tools to make budgeting easier.
There are free budgeting apps available for your computer or phone that can help you track your money and keep yourself on track while also making it easier to stick to your budget goals.
When you budget money after divorce, planning for the future isn’t the only thing you have to worry about. You also need to budget enough money each month to cover your living expenses, so try not to take on any unnecessary luxuries until your money is in order.
Recommended: Simple Cheap Living: Live Well on Next to Nothing

8. Plan to Save An Emergency Fund
Planning for emergencies is an important budgeting strategy. But when you are divorced, it can be difficult to budget for emergencies because of the emotional and financial stress that divorce brings about.
If you’re budgeting enough each month, you’ll have extra funds to save toward the future. When you’re newly single, it’s more important than ever to have a decent rainy day fund. It’s just you – you have no partner.
Recommended: Build an Emergency Fund In Less Than 3 Months
9. Don’t forget about yourself
Self-care is very important when going through a divorce because of the emotional toll it takes on people involved in the process.
Many people neglect themselves while focusing all their energy on caring for their children or getting away from an abusive spouse.
When you budget money after a divorce, don’t forget about spending for yourself.
After all, you’re the one who is going to have to live with your budget plan, so you need to be comfortable with it before moving forward.
It’s time that we start taking care of ourselves too!
Recommended: The Relationship Between Self Care And Financial Wellness
10. Stay objective
Divorce can be financially devastating. Not only do you have to worry about splitting your assets and debts, but you also have to figure out how to live on one income.
If you’re not careful, you could quickly find yourself in over your head financially.
Stay objective – It’s important that both parties stay objective when debating the terms of the settlement agreement.
This will help avoid any emotional bias which might lead either party to make decisions they regret later on down the line.
When you budget money after a divorce, it’s important to stay objective about your budget options. This is especially difficult when you’re trying to cut costs by giving up something that will be hard for both yourself and your children to adjust to (ex: moving into a smaller house or moving out of the neighborhood your children have grown up in).
A budget is a budget and you must not get too emotionally involved with it. This will only lead to budgeting mistakes that could cost you more money than just giving up the luxury item.
The budgeting process may seem overwhelming at first, but it will get easier as you go along. If budgeting seems stressful and difficult to do on your own, talk with a financial advisor or divorce attorney for assistance.
They can help you create the right budget plan that takes into account your specific needs and situation.
And if all else fails? Keep in mind that budgeting is about making decisions based on what’s best for you—not anyone else! So budget money after divorce confidently, knowing that this isn’t just another expense; it’s an investment in yourself.

Final Thoughts On Tips To Budget Money After A Divorce
If you’re going through the divorce process, it’s important to take some time to evaluate your financial situation and come up with a plan.
Remember, you’re not alone. According to the CDC, 2.7 out of 1,000 people are going through what you’re going through.
Don’t try to go it alone – there are plenty of resources available to help you get back on your feet. Reach out to friends, family, or a financial planner for help getting started.
With a little bit of effort, you can get yourself back on track financially and start looking forward to the future.
It’s important to do everything you can to keep your finances in check.
Please note that the information here is for informational purposes only. Seeing divorce lawyers or financial advisors is highly advised. Sek proper legal advice.
These budgeting tips should help you get back on your feet financially after divorce. From creating a budget to paying down debts, these 10 simple steps will help you find financial stability again.