Rebuilding your financial life
Divorce brings significant financial changes. Taking control of your money helps you rebuild confidence and create a stable future.
Start with a clear picture of your new income and expenses. You may have received a settlement - or you may be starting fresh. Either way, creating a realistic budget is essential.
List all income sources: salary, benefits, maintenance payments, and any assets from the settlement. This forms the foundation of your new budget.
Focus on essential expenses first: housing, utilities, food, transport, and insurance. Look for ways to reduce non-essential spending.
Consider downsizing your home if needed. Housing is often the largest expense, and reducing it can free up money for other priorities.
Ensure any assets in your name are properly transferred. Update bank accounts, investments, and property deeds. Close joint accounts and establish credit in your name alone.
If you've taken on debts, create a repayment plan. Prioritise high-interest debts first.
Focus on building an emergency fund first. Even small regular savings build over time. Once you have a financial buffer, you can focus on longer-term goals like retirement planning.
Use Delphina to create a new budget and track your progress.