You are preparing to finalize your divorce in Texas and have received word that your ex is going to be required to pay so much money for child support each month. Now, you are left trying to decide how to use those funds in the wisest way possible to maximize your money now that you are living on a single parent’s budget.
Child support has many valuable benefits to you and your children, but only if it is paid consistently and on time. It is wise to never rely on receiving child support in case there are months when your ex is delinquent or if he or she ends up refusing to pay altogether. When developing a new budget for your daily expenses, do not include any money you anticipate receiving for child support as part of that budget. This way, if you do not receive the payments, you are not in a bind and unable to meet the needs of your children.
Deciding how to utilize the money that you receive from your ex for child support depends on your personal situation, but LiveAbout provides some ideas of how you may considering spending this money. Some of their suggestions include the following:
- Unexpected medical expenses.
- Extracurricular activities or sports that your children are involved in.
- Childcare needs if you have hired a babysitter or daycare to help with your children while you are at work.
- Day-to-day needs including food or clothing.
You may also consider putting any money you receive into a savings account to provide support and relief in situations where you may run into a period where your finances are stretched thin. The information in this article is intended for educational purposes only and should not be taken as legal advice.