How To Remain Financially Stable When Newly Single

Relationships can be difficult to maintain, and often they can come to an end. For many, becoming newly single brings forward a lot of challenges. Suddenly you must adjust to living on one wage, which can be a shock. Luckily, there are some steps that every new singleton can follow to help them remain financially stable while building up their confidence having just come out of a relationship. This guide will tell you everything you need to know, from discussing a clean break order to tracking your spending.

Track Your Spending

If you are not in the habit of tracking your spending, now is the time to start. Often, we spend money on our bank cards without paying much attention to what is leaving our accounts. You may think that those small transactions will not put a huge dent in your savings. However, they certainly start to add up over time. To help you maintain a healthy budget, it is advised that you use a budget app. There are now plenty of these available at the click of a button. Use these apps to input your monthly income alongside your expenditure. It allows you to look into areas where you need to cut costs, which will help you to avoid overspending on unnecessary items.

Avoid Borrowing Money

Now you are newly single, you want to aim to get your finances back on track if they are not already. Therefore, it is wise to avoid borrowing money in the form of bank loans. This debt can put pressure on you, and climbing interest rates make them difficult to pay off. If you need to borrow money to pay an expense like your month’s rent, it is better to borrow from a friend or family member who will let you pay it back in your own time. Ideally, you want to be paying your debts off. Understandably, this can be easier said than done. Start by listing your debts in order of priority. Consolidate multiple loans into one to avoid paying various interest rates.

Consider A Clean Break Divorce

This point applies to those who are currently going through a divorce. Many couples do not realise that their financial assets could be at risk without a clean break order. A clean break order is a legally binding document that ends your financial commitment to your spouse after the divorce has been finalised. This means future financial claims cannot be made against you by your spouse regarding your assets. It gives you peace of mind that you can get your finances back on track. If you want to know more about a clean break order, Express Divorce can help. They can put a clean break order in place for you, taking the hassle away of sorting it yourself.

Create An Emergency Fund

An emergency fund can give you peace of mind during financial hardship. Once you start tracking your spending, you will have a clear idea of how much money you have leftover each month. Start adding a small amount of money to an emergency fund and gradually increase the increments. An emergency fund can be a lifesaver when issues crop up, such as emergency home/car repairs. You can use the money in your emergency fund to address these problems rather than using cash from your personal account. There is no limit to how much money you should put in a savings account. After all, you never know when you will need it, so try and regularly add to it when you can.

Get Insured

Although you may not think policies like car insurance and home insurance are not a priority, they can help you avoid a difficult financial situation if your car is involved in an accident – or your home gets broken into. Insurance protects you financially, giving you peace of mind that you will not have to pay out large sums of money if you get into a risky situation. Insurance can be a long process to sort out. If you want to ensure that you are getting the best deal, it is advised that you use price comparison sites. You can gain access to plenty of these at the click of a button. These sites allow you to compare policies between a long list of providers to help you find a price that fits comfortably within your budget.

Find Alternative Ways To Make Money

Now you are newly single; you may find that you have more spare time for yourself. Why not use this time wisely by looking for additional means to make money? It can be helpful during those difficult months when money is tighter than usual. A great way to make money alongside your job is by selling your old clutter for cash. Selling old items has never been easier, thanks to shopping apps and selling sites like eBay. All you have to do is upload a picture of the item you wish to sell, and prospective buyers can snap up a deal. You can find a list of the best selling sites by conducting an online search. If you have a hobby like drawing, you could also consider selling some of your work.

Cut Off Unnecessary Expenses

Most of us can get into the habit of spending our money on unnecessary items. However, if you hope to remain financially stable after getting out of your relationship, it’s time to re-evaluate your expenditure. Take a good look at your spending habits and ask yourself some all-important questions like – do I need a subscription to four streaming services? Or could you get by with one? Sometimes, we must make small sacrifices to get our finances back on track. Instead of purchasing a takeaway coffee from your local café, consider making one at home instead. Small changes like these will help you think differently about what you spend your money on moving forward.

Summary

Whether you need to put a clean break order in place or get into the habit of using budget apps, if one thing is sure, remaining financially stable after becoming newly single certainly doesn’t have to be a challenge. By using these top tips above, you can stay on top of your spending and enjoy a future of financial stability.