Going From Two Incomes to One: What’s Most Important

By | 2019-02-27T10:36:08-07:00 April 6th, 2015|Be Inspired, Learn, Love & Money, Strategize|0 Comments

Transitioning from two incomes to one, especially in the case of divorce, can be extremely emotional. You may be looking for anything you can grasp hold of in search of stability. However, it’s also the time where making big decisions—like buying a new house—may not be the best idea. Waiting a little while (a year perhaps?) until the dust settles and you’re feeling and thinking more clearly is challenging. But it’s also really helpful in the long term.

Kelsa talks more about this in an article for Solo Parent Magazine – “First Things First: Transitioning from Two Incomes to One”, written by Abby Herman.

From the article:

Flexibility is a good thing when going through a tremendous transition such as divorce, which takes a major emotional toll. “The fewer decisions you can make in that first year, the better,” says Dickey. “Like the death of a family member, you’re not supposed to make [major] decisions because you’re just not in your right mind.”

Dickey recommends taking a step back from the emotions of the split, and getting your finances organized before making any larger financial commitments. First budget for all your necessities—housing, food and clothing. Then, take a close look at anything that’s not vital. “Think, ‘How much do I have left and what’s the best way for me to spend it on my children?’” she says. For example, just because your child has always taken dance lessons doesn’t mean it’s a necessity. If it no longer fits into your budget, it may be something that you have to pass on for now, as difficult as that may be.

Click here to read the full article.solo parent magazine

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