Supplementing Your Income When Going Through A Divorce

Supplementing Your Income When Going Through A Divorce

The average cost of a divorce in the US is $20,000, and that’s if it goes smoothly in arbitration. For couples who need to battle it out in the court room, a two-day trial alone can stretch into the region of $25,000 before any settlement figures are reached. There’s no denying that divorce is an expensive business, and many ex-spouses struggle to stay afloat financially. If this sounds familiar, you might benefit from making a passive income – earning an additional stream of money without trading too much of your time. Consider the following ways to give your cash flow a boost during this difficult stage in life.

Renting Your Space

Space is a hot commodity, and the digital age makes it easier than ever to match up people needing extra additional room with those who are looking to make some money. Take a look at your property and assess if there are any money-making opportunities to be had. Do you have a garage that you could offer as a storage space? Or a parking space that you don’t use all the time? If you’re happy to welcome guests into your home, then you might even consider letting out a spare bedroom either on a semi-permanent basis or in an AirBnB-style arrangement.

Crowdfunding Real Estate

Another way to make money from real estate requires a small upfront investment. Starting with as little as $500, you can crowd-invest in a specific property and watch your pot grow so long as the market is looking strong. It’s a fantastic way to gain knowledge of the industry without requiring too much risk. With the right investment, you should be able to enjoy consistent  returns, without the responsibility of being a direct property owner.

Use Your Phone

With increasing numbers of consumers becoming attached to their smartphones, perhaps it’s time for your favorite device to get to work for you during your divorce. Some companies will pay you to display an ad on your smartphone lock screen – all you have to do is download an app. It’s also possible to make money by calling up companies as a mystery shopper, asking basic questions that customers need to know and then recording your experience of the call to be used by marketing departments.

Blogging

If you have access to a computer, and you love to write, then this is a great way to generate an additional income stream. If you have a hobby, skill or just a subject that you feel passionate about, then set up a blog and become an expert on the topic. Blog about everything to do with it, providing informative content which offers value to the reader and shout out about it on social media to gain a band of loyal followers.

Once you’re hitting some decent traffic figures, you’ll be able to make money from advertising and affiliate revenue. This option does require a little more effort than some passive income ideas, but once you’ve carried out some initial groundwork, you should be able to sit back and make money in your sleep.

These are just a few ways to generate additional funds, and of course there’s nothing to stop you having several streams of income running at once. The important thing to remember is that there are plenty of opportunities out there, and that will continue to be the case long after your divorce is settled.

Author of this article, Lucy Wyndham, is a freelance writer and former Financial Advisor. After a decade in industry, she took a step backward to spend more time with her family and to follow her love of writing.