Posted by on Jan 12, 2018 in Finance & Insurance | 0 questions

Image Source

A breakup from a serious relationship can come with all kinds of challenges – one being the possible financial impact. If you were previously living together and splitting bills, it could be a struggle to then live alone without making some massive cutbacks. Here are just a few ways that you can financially survive such a breakup.

Consider downsizing

You may have to consider renting or buying a smaller place so that you’re not paying so much each month. Downsizing can have complications if you have children as you may still require a certain number of bedrooms. It’s possible your ex-partner may be able to pay some money towards living costs allowing you to stay in a bigger property. If you’ve got lots of possessions, you may have to make sacrifices when downsizing by selling some of these items. Alternatively, you may be able to rent out self-storage space from a company such as Big Yellow to keep some items until you eventually save up enough to upsize again.  Remember that location can play a big part in property pricing – a move to a more rural location could work out more economical, so long as you haven’t got too many commitments keeping you where you are now.

Learn to live frugally

Other cuts may need to be made. You could find that by living without your ex-partner certain living costs are cheaper anyway – you don’t need to buy as much food and you’re likely to use up less water and electricity. That said, this won’t be enough to make up costs. Start living slightly more frugally by monitoring your energy usage and hunting for food deals. Sell items in your home that you don’t need. This might earn you some extra money to get by.

Know your rights

Some breakups can be amicable, resulting in all possessions being shared out fairly. However, in other cases, partners may feel that they’re not getting what’s legally theirs. Messy divorces can be stressful and can result in extra money being spent on legal fees. That said, sometimes hiring a divorce law firm such as Villages Divorce can improve your financial situation by ensuring that property is rightly owned and payments are made if necessary to support childcare. On top of legal support, it could be worth considering government benefits that you may be entitled to.

Get support from friends and family

If you’re financially struggling, your friends and family may be able to step in and support you. Nobody wants to move back in with their parents, but in certain situations this might be the best move financially allowing you to then save up money. Your loved ones may even be able to help with simple matters such as cooking meals for you. They may even be able to loan you money. Whatever you do, don’t hide your financial situation from your friends and family – if you’ve just been through a breakup they will understand why you may be struggling.