4 Tips to Bring in Extra Income After a Divorce
When couples get divorced, there are many immediate changes each person must get used to. The most stressful change is usually related to money.
Newly divorced people may need to get used to living on one income instead of two. They may also have added expenses, including moving expenses or spousal support. According to Reuters, it can take a full five years to recover financially from a divorce. Because this is such a large and common issue, many divorced people immediately begin looking for ways to make extra income.
Here are some of the ways that you can seek to bring in extra income after a divorce.
- Sell Things
Selling the things you don’t need or want is the fastest and potentially easiest way to earn extra income. With the convenience of the internet, it is quite simple to make money through auction and marketplace websites such as eBay, Craigslist, or Facebook Marketplace.
If you’re moving, downsizing, or simply cleaning out old memories, hold a garage sale. This is an excellent way to make quick, temporary cash.
If you have a lot of things to sell, or you’re located in a low-traffic neighborhood, take things to a local swap meet. This has the added benefit of helping you get out of the house and socialize with new people.
If you enjoy it, you might be able to turn it into an ongoing source of income.
- Get a Side Gig
A side gig, or part-time job, is a popular way to make extra income. Side gigs are more popular than jobs because they’re more flexible. You can expand your temporary garage sale income into a long-term source of income by regularly buying things at a discount, then reselling them either online or at a local swap meet.
Another popular side gig is delivery driving. You can work to deliver food and groceries for Instacart or transport passengers part-time through a Ridesharing app such as Uber.
- Rework Your Budget
Many people don’t consider this to be a form of income, but saving money is just as useful as making it. Now that you are single, there are several changes you can make to your budget that will help you have extra income each month.
Some of the budget changes that may help include:
- Adjusting your income tax withholding
- Comparing policies for your health and life insurance
- Changing your car insurance
- Reducing the subscriptions and streaming services you have
- Reducing your entertainment expenses
Simply experiment a little. If you don’t like the changes you make, try something new the following month.
- Rent Your Property
If you own property, you can use it as an income source. Rent it out for part-time income while you’re on vacation or visiting family. You could even move in with a friend or family member and rent your current property. To help make ends meet, you can even take someone in as a roommate.
In some parts of the country, people rent single rooms or guest houses out for Airbnb instead of renting the entire house. This lets you remain living in your residence while also earning income from it.
If you were married for a long time, you may be able to collect spousal support.
Adjusting to life after a divorce can be tricky. Contact the team at Gucciardo Family Law to walk through your legal options for spousal support, modifications to your divorce decree, or answers to questions about the divorce process.
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We focus exclusively on family law matters so we are always available to answer your questions and help.