How To Build Your Savings Up After Divorce

How To Build Your Savings Up After Divorce

Living with limited or no savings can make you feel like you're walking on a tightrope with no net to catch you if you fall. That doesn't feel good at any point in life, but after a divorce it's especially difficult.

The financial ramifications of divorce, especially for people 50 and above, can put you in a position to start from scratch at a point when you have less time in the workforce to make up for the money you lose after a split.

Here are three things to consider to help you build your savings after divorce:

  • Start small. Even putting away $25 a month is a good start! Don't settle for a run-of-the-mill savings account, look into a high yield savings account so you earn the most interest you possibly can. American Express, Chime and Marcus by Goldman Sachs all offer healthy percentage rates with zero balance requirements. NerdWallet frequently updates the best going rates and accounts.
  • Most banks have financial advisors who can help you map out a savings or retirement plan. Thankfully that service is usually included as a part of your account benefits, so ask before booking an appointment. The sooner you meet, the better you'll feel
  • Slow and steady saving is better than nothing! It can take time to see your savings grow, and up to five years to recover financially after divorce. Remember that your budget tightening now will pay off in the near future.

There are so many financial considerations into account during divorce! Check out Overlooked Expenses To Consider During Divorce for more ideas. 

Divorce is hard. Divide & Thrive makes planning for one easy. 

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