After your divorce, you’ll face a big challenge managing your expenses and budget. Inflation is high, and with child support payments, it may leave your finances a bit too thinly spread.
Your child support lawyer can help you get a child support modification, but that will depend on your situation. If your child support payments are more than you can afford, when financial circumstances change after your child support order is issued, they may be able to lower the monthly amount you have to pay.
Sometimes, you may be successful, but if not, the best thing you can do is some financial planning to help you manage your budget and expenses.
List All of Your Monthly Expenses
Each month, you will have bills that you need to pay. These typically include a mortgage or rent payment. You will also have an electric bill, water bill, internet bill, and phone bill. If you have a car, you may have a car payment plus a monthly payment for your car insurance.
Write down any other expenses you may have each month that you may be able to scrap. For example, you may have a streaming service or cable that you don’t need. You can cancel it and then eliminate this expense which will help you have more money left at the end of each month. The same goes for all subscription services that are not a necessity.
Cut Down Your Discretionary Spending Habits
Once you’ve determined your fixed monthly expenses that are necessary, look at your variable expenses. You will want to estimate the amount you spend each month on things that tend to fluctuate, such as gas, groceries, and entertainment.
Naturally, you’ll still need to eat, but if you find your grocery spending too high, start looking for coupons or ways to save. You can meal plan to cut down on food waste and freeze leftovers to enjoy another time. If reviewing your variable costs reveals that you eat out often, this is an area you can trim.
Make a Budget and Stick with It
After determining where all your money goes every month, make a monthly budget and include your child support payments. In addition to those necessary monthly expenses, you need to also plan a contingency for unplanned expenses. This would include a fund for emergency car repairs, medical treatments, or any other unforeseen urgent expenses.
At first, it may be tough to stick to the budget. Keep going, and you’ll soon start saving more once you’ve eliminated unnecessary expenses.
Look for Another Income Stream
Sometimes, even with your best efforts to cut down your expenses and stick to a budget, you may still fall short and be unable to make child support payments. If you are not able to modify the child support order, you may need to consider another source of income.
You could find a second job, though this will depend on the hours of your current job. It may not be feasible to work another full-time job. Part-time employment or working on an online job in your spare time could be an option. Some people drive for rideshare or food delivery services, which tend to have more flexible hours. Depending on your skillset, you may also be able to pick up freelance work in your profession or turn a hobby such as art or woodworking into a side business.
When the court orders child support, it’s your responsibility to pay. Make sure you’re working with a divorce lawyer who can help ensure the amount you must pay is fair for the sake of you and your children.
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