This is the next post in my series which discusses tasks and issues which newly divorced Las Vegas individuals must consider following the dissolution of their marriage. My last article provided information for women who wish to reclaim their maiden name following a divorce. In this post I will be explaining why it is important to reexamine one’s budget once the case is finalized.
Many Las Vegas residents struggle with adjusting to a one income budget following a divorce
One of the hardest adjustments for newly single individuals is to keep spending within a new budget. Whether both spouses had full time jobs, or if one only worked part-time, the fact is that a divorce always leads to a reduction in available income due to less money coming in. Depending on the individual’s circumstances this may significantly impact the lifestyle one is accustomed to. In order to avoid running up debt following a separation it is important to sit down and make a budget to determine what one can and can’t continue to afford.
In order to make a budget one must sit down and list every necessary expense. Necessary expenses are bills and obligations that must be paid. Examples include the rent or mortgage, phone bills, child support, spousal support, cable bill, gas, water, electricity. It is also important to include expenses that are necessary but that may fluctuate. For example, one must eat during the month so it is important to include a reasonable estimate for food costs. Another example is to estimate any reasonable needs that children may have such as medical costs, expenses for school materials, monthly costs for clothing, etc. Once one has listed all of their expenses they need to add up the sum to reveal their monthly obligation costs. If one’s obligation costs are more than their monthly income then something must change as the individual now knows that their lifestyle is not sustainable.
Divorced Las Vegans have may have to make hard decisions to create a new budget
If Las Vegans conclude that their monthly income does not cover their expenses then tough choices may have to be made. In order to lower one’s cost of living it may be necessary to move to a location with cheaper housing, find a way to decrease one’s food budget, take children out of private school, or cut luxury expenses such as cable. For one who did not manage the finances during their marriage, or who has not considered a lifestyle change prior to divorce, this can be an upsetting prospect. However, one can avoid falling into a debt spiral by facing their new financial reality head on and assessing whether their current lifestyle is sustainable.