When you go through a breakup, you rarely think about the financial cost. Mostly, you’re focused on the emotional weight – no matter who decides to end the relationship, a long term relationship ending takes its toll on your emotions. You might feel fragile, upset, tired and lost; all these emotions are normal when you lose a connection to a person you love.
But there’s another aspect of breakups that people forget to consider: the financial cost of a breakup. If you live with your partner or spouse, breaking up can cost you a lot of money – and in this post, you’ll find out how to save money when you’re breaking up, and what kind of costs you should expect during a breakup.
Divorce or legal separation: the main costs
When you get divorced or go through a common law separation, the financial cost will depend on your agreement as a couple. If you signed a prenuptial agreement before marriage, your assets will be protected – allowing you to separate easily with no legal argument, financially speaking.
However, there are still costs involved, even if you don’t lose any of your assets in a divorce or separation. Moving out of a shared home, for example, can be extremely expensive, especially if you are looking for short-notice removals and another place to live. In addition, the long term cost of living alone versus living with another person can be huge; you need to factor this in when you are going through a breakup.
How to save money when you go through a breakup…
Now you are aware of some of the key costs of going through a breakup, here are a few tips for reducing them!
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Be a team – even in the wake of a breakup.
Although being a team can be difficult if there’s bad blood, working together will save you both money. If you club together to organize moving trucks, apartment cleaning post-tenancy and other key costs, you will both be better off as you emerge from the relationship and into your single lives again.
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Make a long term financial plan.
When you are entering into a new phase in your life, it is important to create a financial plan that helps you to look forward, not backwards. Not only will planning out your living and social costs help you in the here and now, but it will help you to feel in control, structured and optimistic about the future.
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Ask friends for help.
Your friends are there for you to lean on in hard times. It can be difficult to ask for help, particularly if you pride yourself on being an independent person who does things on their own. However, by asking friends for help with moving your belongings out of your home, and perhaps even asking to crash on somebody’s couch for a few weeks while you get settled, can save you bags of money – as well as providing you with the emotional support you need during this difficult time.
Final thoughts…
If you are going through a breakup and struggling with the financial burdens it can bring, make sure you use this guide to help you alleviate some costs and cope emotionally!