Identify your past spending patterns

Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Death of a Life Partner
Military Life

The first step in developing a new spending plan after divorce is to fully understand where money was coming from and going in the past. Information from your checking account and credit card statements can be a good place to start.

You can develop an income and expense statement on paper or by using a computer software program. You will want to look at what you’ve earned and spent over at least the last six months or, preferably, over the last year. Spending should be put into categories so you can see exactly how money has been spent.

The following resources may assist you in identifying your past spending patterns:

How Much Are You Worth?

Sizing Up Your Financial Situation

Financial Survival

A Crash Course on Handling Your Money

Divorce Tasks

1. Dividing assets and debts
2. Revising your spending plan
3. Managing your health care plan
4. Managing continuing financial arrangements with an ex-spouse
5. Protecting your loved ones financially if you were to die

Revising your spending plan Subtasks

1. Identify your past spending patterns
2. Evaluate your past patterns in light of your new reality
3. Develop a new spending plan

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