Finances After Divorce

Monday, November 28, 2011

Research has shown that about 80% of women, who experience divorce, have an income decrease.  Ironically, about 50 % of men incur an income increase after divorce. Now, now when you think about it, is this fair? Children usually life with the woman, and we all know child support doesn't cover all expenses.

I am currently dealing with making sure my finances are on point. Since I have a new car now, due to the transmission going out in my Impala last month, I am now dealing with two car payments. I'm learning to be more cautious with my money.  I am constantly reviewing and revising my financial goals. I started using Sharebuilder.com, buying financial magazines like Money magazine and Kiplinger, and shopping at secondhand stores.  I recently found a real Louis Vuitton at the Salvation Army for less that $3.  I've been seeking additional ways to increase my income. Working one full-time job, two part-time jobs, and as a graduate assistant, I am constantly looking for ways to make more money.  I am striving to achieve every last one of my financial goals.

My latest concern is my housing situation.  I gave up my house for peace of mind. Now though, I cringe each month that I pay my rent, which equates to the amount of a mortgage. My lease is up in March. I am currently weighing my options. Do I begin trying to work on buying a home or keep paying my rent?

What financial goals do you have? How do you watch your finances? What tips can you share?

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