Building An Emergency Fund During Divorce

Creating a safety net during a financially difficult time such as a divorce can be extremely beneficial. There are many financial curveballs that come with a divorce like legal fees, moving costs, and even unforeseen bills. Having an emergency fund helps to protect you and create less stress. Here’s a little guide for building your emergency fund:

1. Audit your Finances: The first step to creating an emergency fund is determining how much you have and what you owe. Identify areas where you could cut back. 
2. Automate Savings: Set up a separate savings account and automate transfers from your checking account. This helps to ensure consistent contributions to the emergency fund.
3. Set a Realistic Goal: Sometimes saving 3-6 months of expenses can be stressful. Start by saving a couple hundred dollars and work your way from there. Even the smallest amount can help. 
4. Plan For Flexibility: Understand that your financial situation may change as you go through the divorce process. Be prepared to adjust your savings goals as needed. 

Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, CDFA® I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more.

You don't have to go through this alone.

Contact me today at 716-800-4290 to schedule your first appointment.