by guest author Jackie Ruiz
You may have gotten rid of the source of a lot of emotional stress when you got divorced, but you’ve likely picked up a different form of stress instead: financial. After the final papers are signed, most women find themselves in a worse financial position than they ever experienced during their married life. According to a recent U.S. Census study, 27 percent of women who divorced during the last 12 months have household incomes under $25,000. Men also find themselves living on tighter budgets, as the income(s) that once supported one household must now support two. This doesn’t have to be a reason for panic, though. No matter what your income, being smart with your budget can reduce money worries, leaving you much calmer and happier in your new single life.
3 Meals a Day
Cooking and eating alone at home can seem like entirely too much work, especially when restaurant food is so quick and easy to find. That little bit of time and effort you save by eating out can come at a surprisingly high cost. If you’re in the habit of eating lunch out every day, and you only spend $5 a day, you can rack up over $1,000 in restaurant bills in one year. Take leftovers from dinner or treat yourself to a homemade lunch every day, and you can save enough money to pay off old bills or treat yourself to a great vacation at the end of the year. With that kind of savings at lunchtime, imagine what you can save by cooking yourself dinner most days of the week.
Getting Around Town
You may have taken possession of a great new car as part of the divorce settlement. But, other than the emotional satisfaction of owning it, an expensive car can do more harm than good. Because larger car loans are more common now, you could be in debt for years to come if you keep the vehicle. Sell that flashy car and put the money down toward something smaller and newer, or buy a used car and have no car payment at all. Less expensive cars often mean lower insurance rates, which will put even more cash back in your budget.
Downsizing Your Home
If you’re a single mother, hanging on to the family home probably makes sense. But if your kids are grown or you don’t have any young ones around, take advantage of your newfound freedom and make a change in your living arrangements. Rewriting your life means changing things to suit yourself, and there may be no reason to keep a home that is twice as big as you need. Take a look at smaller towns with cheaper rents and purchase prices, think about one-bedroom or even studio apartments, or investigate caretaker cottages and other non-traditional living arrangements.
When there’s no one but yourself to make happy, there is no reason to settle for the traditional expensive way to live. Find out what makes you happy and look for a reasonably-priced version of that home.
Living Single
Making smart decisions about what you eat, what you drive, and where you live are just a few of the ways you can live happily on a modest budget. You can find more money-saving tips here.
Jackie Ruiz is a real estate agent who specializes in commercial properties.
Virginia L Colin, Ph.D., is a Professional Family Mediator certified by the Virginia Supreme Court. She is not an attorney or a therapist.
