John Perog
John Perog
Valent Wealth Financial Advisor
http://www.valentwealth.com 518.249.5070

Budgeting After a Divorce

Money
Title surrounded by flowers: Budgeting after a Divorce. Text continues with a green background: Perhaps not surprisingly, divorce is considered the second most stressful life event after the death of a spouse. Financial disruption can add to the stress. Read on to learn how you can create a post-divorce budget that can help you take control and pursue your goals.Title surrounded by flowers: Budgeting after a Divorce. Text continues with a green background: Perhaps not surprisingly, divorce is considered the second most stressful life event after the death of a spouse. Financial disruption can add to the stress. Read on to learn how you can create a post-divorce budget that can help you take control and pursue your goals.Text against white, opposite image of notepad and pen, and other accouterments. Text: 1. Money Date. Your first step is to open your calendar and book a two-hour “Money Date,” an appointment with yourself when you’ll take a detailed look at your finances. Set up at a cozy café, or wherever you are comfortable and focused. Bring a laptop, notebook, pen, calculator, calendar, and passwords for your online accounts.Text against white, opposite image of notepad and pen, and other accouterments. Text: 1. Money Date. Your first step is to open your calendar and book a two-hour “Money Date,” an appointment with yourself when you’ll take a detailed look at your finances. Set up at a cozy café, or wherever you are comfortable and focused. Bring a laptop, notebook, pen, calculator, calendar, and passwords for your online accounts.Text quote against green filtered flowers: A woman is like a teabag: you never know how strong she is until you put her in hot water. Eleanor Roosevelt.Text quote against green filtered flowers: A woman is like a teabag: you never know how strong she is until you put her in hot water. Eleanor Roosevelt.Text against salmon colored background: 2. Get Clear About Your Goals. Your short-term and long-term goals will provide perspective for making your budget, and motivation to stick to it. Short Term: Looking at the next 12 months, ask yourself, What are my short-term financial goals this year? Perhaps you need new furniture, or a vacation, or you’re going back to school. Write down all the things you’d like to accomplish in the next year, and estimate what they’ll cost. Long Term: Now, looking at the bigger picture of your life, ask, What are my long-term goals and dreams? Perhaps they’re related to retirement, sending a child to college, or making a long-distance move. As you list these goals, jot down any questions you have. We can help you evaluate costs.Text against salmon colored background: 2. Get Clear About Your Goals. Your short-term and long-term goals will provide perspective for making your budget, and motivation to stick to it. Short Term: Looking at the next 12 months, ask yourself, “What are my short-term financial goals this year?” Perhaps you need new furniture, or a vacation, or you’re going back to school. Write down all the things you’d like to accomplish in the next year, and estimate what they’ll cost. Long Term: Now, looking at the bigger picture of your life, ask, “What are my long-term goals and dreams?” Perhaps they’re related to retirement, sending a child to college, or making a long-distance move. As you list these goals, jot down any questions you have. We can help you evaluate costs.Text quote against red filtered flowers: There is no force equal to a woman who is determined to rise. W. E. B. Du Bois.Text quote against red filtered flowers: There is no force equal to a woman who is determined to rise. W. E. B. Du Bois.Text on red background, to the left of a table: 3. Add Up Your Income. Next, list every source of money that you regularly receive. If you work, include your total monthly paycheck after taxes. Include alimony, child support, and any other sources of income. Tally up your monthly income, and write that amount here. 2. Table reads: Paycheck plus alimony plus child support equals your income. Text on green background: 4. Write Down Your Expenses. Now, list your regular expenditures. Even if cash flow isn’t a concern, it’s vital to know where your money is going.Text on red background, to the left of a table: 3. Add Up Your Income. Next, list every source of money that you regularly receive. If you work, include your total monthly paycheck after taxes. Include alimony, child support, and any other sources of income. Tally up your monthly income, and write that amount here. 2. Table reads: Paycheck plus alimony plus child support equals your income. Text on green background: 4. Write Down Your Expenses. Now, list your regular expenditures. Even if cash flow isn’t a concern, it’s vital to know where your money is going.Text quote against green filtered flowers: The upside of painful knowledge is so much greater than the downside of blissful ignorance. Sheryl Sandberg.Text quote against green filtered flowers: The upside of painful knowledge is so much greater than the downside of blissful ignorance. Sheryl Sandberg.Text on blue background: 4. Write Down Your Expenses. Now, list your regular expenditures. Even if cash flow isn’t a concern, it’s vital to know where your money is going. Start with Fixed Expenses. These are your non-negotiables: things like rent or mortgage, utilities, transportation, credit payments, groceries. Then, list your Variable Expenses. These are the discretionary, flexible categories like clothes, entertainment, dining out, and savings. If you can, include a fun money category for treats. and then.Text on blue background: 4. Write Down Your Expenses. Now, list your regular expenditures. Even if cash flow isn’t a concern, it’s vital to know where your money is going. Start with Fixed Expenses. These are your non-negotiables: things like rent or mortgage, utilities, transportation, credit payments, groceries. Then, list your Variable Expenses. These are the discretionary, flexible categories like clothes, entertainment, dining out, and savings. If you can, include a fun money category for treats. and then.Text on red background: 5. Prioritize and Adjust as Needed. With your income and expenses in hand, you can fine-tune your budget, adjusting it to fit your lifestyle and goals. Ideally, your monthly income covers both your fixed and variable expenses, with room to spare. If not, you might have some decisions to make. Start by reviewing your variable expenses. Then, consider ways to add Income. Revisit your budget often and adjust according to your priorities.Text on red background: 5. Prioritize and Adjust as Needed. With your income and expenses in hand, you can fine-tune your budget, adjusting it to fit your lifestyle and goals. Ideally, your monthly income covers both your fixed and variable expenses, with room to spare. If not, you might have some decisions to make. Start by reviewing your variable expenses. Then, consider ways to add Income. Revisit your budget often and adjust according to your priorities.Text quote against red filtered flowers: Nothing can dim the light which shines from within. Maya Angelou.Text quote against red filtered flowers: Nothing can dim the light which shines from within. Maya Angelou.Text on salmon background: 6. Assemble Your Support Team. Now is the time to assemble a superhero team to support you in pursuing your goals. Include your financial professional, divorce lawyer, and accountant. You may also want to include your close friends, your therapist, and even your personal trainer or nutritionist. Their support can help you stick to your budget. To the right is a design that has several icons including: Divorce Lawyer, Accountant, Nutritionist, Therapist, Friends, and Financial Professional surrounding a loving cup.Text on salmon background: 6. Assemble Your Support Team. Now is the time to assemble a superhero team to support you in pursuing your goals. Include your financial professional, divorce lawyer, and accountant. You may also want to include your close friends, your therapist, and even your personal trainer or nutritionist. Their support can help you stick to your budget. To the right is a design that has several icons including: Divorce Lawyer, Accountant, Nutritionist, Therapist, Friends, and Financial Professional surrounding a loving cup.Text quote against red filtered flowers: The way through the challenge is to get still and ask yourself, What is the next right move? Oprah Winfrey.Text quote against red filtered flowers: The way through the challenge is to get still and ask yourself, What is the next right move? Oprah Winfrey.7. Make it Practical to follow regularly. Consider using a simple budgeting software, such as Credit Karma or YNAB. Reach out to your support team regularly, and be sure to call on us to help put numbers around those long-term goals you’re saving for. To the right: Logos for Intuit Credit Karma, YNAB, and the loving cup (signifying the support team) appear above the phrase: Here to Help.7. Make it Practical to follow regularly. Consider using a simple budgeting software, such as Credit Karma or YNAB. Reach out to your support team regularly, and be sure to call on us to help put numbers around those long-term goals you’re saving for. To the right: Logos for Intuit Credit Karma, YNAB, and the loving cup (signifying the support team) appear above the phrase: Here to Help.Remember: change might be tough, but so are you. By keeping to a budget and staying focused on your goals, you can run the divorce marathon and cross the finish line stronger, wiser, and more financially prepared for what’s ahead. Text over bright flowers: You’ve got this!Remember: change might be tough, but so are you. By keeping to a budget and staying focused on your goals, you can run the divorce marathon and cross the finish line stronger, wiser, and more financially prepared for what’s ahead. Text over bright flowers: You’ve got this!Citations and Disclosures appear over black: 1. Stress.org, 2024. 2. The information in this material is not intended as tax or legal advice. Please consult tax or legal or tax professionals for specific information regarding your individual situation. 3. This is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments.All trademarks and logos are the property of their respective owners. This infographic is for educational purposes only and is not affiliated with or endorsed by the companies shown.Citations and Disclosures appear over black: 1. Stress.org, 2024. 2. The information in this material is not intended as tax or legal advice. Please consult tax or legal or tax professionals for specific information regarding your individual situation. 3. This is a hypothetical example used for illustrative purposes only. It is not representative of any specific investment or combination of investments.All trademarks and logos are the property of their respective owners. This infographic is for educational purposes only and is not affiliated with or endorsed by the companies shown.

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