Personal Money Manager After Divorce
Money is a common point of contention between couples, but divorced or separated parents often face a greater level of conflict and disagreement when it comes to managing shared expenses. With kids in the picture, shared family expenses are inevitable, so properly tracking expenses and reimbursements is necessary in order to maintain financial stability between homes. Using a personal money manager after divorce is a helpful tool to keep co-parents on the same page in terms of joint finances.
Establishing an ongoing record of family expenses after divorce is indispensable when trying to keep your financial ducks in a row during this time of transition. During separation, parents occasionally realize that the lifestyle they lead jointly is not attainable now that they live separately. Parents must consider what the essential family finances are compared to what can be considered extra, specifically when it comes to your kids. For example, it is important to weigh the difference between what is more important when it comes to your child’s afterschool activities. If your child already plays soccer and intermural volleyball, do they need to be on the ski team as well? If parents are able to make these decisions together, a better understanding of what shared expenses for your kids will look like down the road should be gained.
Co-parents often have to make many decisions without consulting each other, which can be a catalyst for conflict especially when money is involved. If an understanding of post-divorce finances is established, making these joint decisions separately is less stressful. This is where using a personal money manager after divorce becomes helpful. Condensing your family expense tracking into one safe, shared location is the best way to keep all of your co-parenting expense information organized and available to each parent anytime. A personal money manager after divorce can even make it easy to handle payments for regular expenses, like child support or monthly medical expenses. Use a tool that allows for these regular payments to be transferred and tracked in a secure setting, eliminating the need to continually check in with your co-parent about when you should be expecting payments.
The OurFamilyWizard Expense Log offers these tools and much more to act as your personal money manager after divorce.
Click here to read more about the tools available through the Expense Log.