When you’re living with your child’s other parent and both adults are working, they can split the costs of raising the kids. Once you split up, there are some expenses that are going to increase dramatically. This is just the byproduct of the separation but it’s something that you need to plan for.
One of the best ways that you can prepare for these is to review your income and write out a budget based on it. You may find that you need to cut expenses, increase your income, or do both so you can make ends meet.
Daily expenses for the children
The daily expenses for the child are ones that are seemingly minor when they occur but they become considerable as they add up. You’ll have to solely cover these for the children. This includes things like clothing, hygiene items, and food. Some of these might be split with your co-parent but the ones that are should be clearly defined in the parenting plan.
Extra housing costs
Your housing costs are one of the largest that you’ll have after the divorce. This includes rent or the mortgage on a place big enough for your children. You also need to add in utilities so you can have a comprehensive housing budget.
Transition day expenses
Hopefully, transition days can be planned around the work schedule of both parents so neither has to take off work. This might not always happen, so you may have to consider the loss of income associated with taking off work on transition days. You also need to think about the travel expenses, including gas money.
The sooner you and your ex work out the parenting plan, the sooner you’ll be able to finetune some of these budget items. Be sure that you get everything set up in the best interests of the child so they can thrive despite their parents divorcing.
