Why Do I Have to Prepare a Budget?

We all hate the word budget. How many times have you had a budget that never worked and only made life harder? And when you didn't follow it, did you feel like you failed?

If a budget is done right, it will provide many benefits that are crucial when going through a divorce.

• A budget is a guideline to help you forecast how your cash flow will look.

• Having a budget keeps your priorities and values straight. Many times during the divorce you can get confused about what is important to you.

  • Make a list of what's important to you and your family.

  • Living on a budget can bring you peace of mind.

  • The budget will contain what you are spending on a weekly, monthly, or annual basis.

• Having a budget forces you to be intentional.

  • Going through a divorce can be emotional. Having to deal with a budget can be hard during the time that you're getting divorced. However, when you write down what is important to you, you will see how it can help you.

• It's going to give you control.

  • Remember that having a budget is not about being perfect.

  • There’s no need to start with drastic changes; taking “baby steps” will still lead to your goal.

• Prioritize your expenses: Determine what you need as opposed to what would be nice to have.

There are many who have gone through a divorce and really never put a lot of thought into their budgets, only to find out later that they did not have enough income to cover their expenses. Are you going to be one of them?