A divorce is said to be one of the most emotionally difficult experiences a person in Pennsylvania might encounter in their lifetime. However, the impact of a divorce can extend far beyond the loss of a partner and even friends that choose to go with the former spouse but to the lost financial assets and stability that one previously enjoyed. There may be no way around the fact that divorce can be a hard financial blow but it is possible to move forward and making a good plan is step number one in doing just this.
As explained by USA Today, newly divorced persons may benefit from at least temporarily putting a hold on all purchases that are not required for everyday life. Cooking at home instead of going out, ironing one’s own shirts instead of relying on a laundry service and even painting one’s own nails instead of going to a salon are just a few examples. Another tip is to set small but achievable financial goals that, once met, can fuel the achievement of slightly bigger financial goals.
According to MarketWatch, conducting a thorough review of one’s financial portfolio after a divorce may offer insights into where some work is most needed. It can also be important for freshly divorced people to create an updated budget that reflects their new single life and associated expenses.
The ability to retire as planned may be impacted not just due to the loss of treasured retirement savings accounts but also due to the increase in the amount of money it takes to live alone versus with someone else.