In addition, emotional spending can take a toll on a divorcee’s finances. Divorce can be a traumatic event, and a person may treat themselves to vacations, new clothes and other expenses as a means to comfort him or herself. Unfortunately, this can lead to serious debt issues. This can be the case even if the spouse earns a good living wage.
In these situations, it is important to start budgeting for one’s now-single life. Establishing a new household can be expensive. Some ways to cope with such expenses may include living with a roommate, avoiding eating at restaurants and setting aside money for retirement and emergencies.
It is important after a divorce to keep one’s emotions in check and not to spend more than what one brings in financially. Divorce is stressful enough without adding debt into the mix. Seeking the help of a financial planner or an attorney can help individuals facing debt after a divorce establish a good plan for regaining control of their finances.