Divorce and Improving Finances
- Create a budget: Make a list of your income and expenses and determine where you can cut back on spending.
- Build an emergency fund: Having a cushion of savings can help you weather unexpected expenses or job loss.
- Pay off debt: Focus on paying off high-interest debt, such as credit card balances, as quickly as possible.
- Increase your income: Look for ways to increase your income, such as getting a higher-paying job or starting a side hustle.
- Invest in your future: Consider investing in retirement accounts or other long-term investments to help build your wealth over time.
- Be realistic and kind to yourself: Going through a divorce is hard and it may take time for your finances to recover. Be realistic about what you can accomplish and be kind to yourself during the process.
If you or someone you know is going through a divorce, please introduce our team and we will compassionately help to get them to a better place.
* Any opinions are those of the author and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected.
