Financial Resources

Essential Financial Topics

Information to help you understand and manage your post-divorce finances

Understanding Child Support in Mexico

Child support is a legal obligation designed to ensure children's needs are met after parents separate. In Mexico, child support typically covers basic needs including food, housing, clothing, education, and healthcare.

The amount is usually determined based on the paying parent's income and the child's needs. Both parents have financial responsibilities toward their children, regardless of custody arrangements.

Creating a Single Income Budget

Start by listing all your monthly income sources, then categorize expenses into essential and discretionary. Essential expenses include housing, utilities, food, transportation, and minimum debt payments.

Look for areas to reduce discretionary spending without sacrificing quality of life. Small changes in multiple categories often add up to significant savings.

Building an Emergency Fund

An emergency fund provides financial security when unexpected expenses arise. Start with a goal of saving enough to cover one month of essential expenses, then gradually build toward three to six months.

Even small, regular contributions make a difference. Consider setting up automatic transfers to a separate savings account to make saving effortless.

Managing Shared Expenses

When co-parenting, clear communication about shared expenses helps prevent conflicts. Decide together how to handle costs for children's education, healthcare, extracurricular activities, and special needs.

Consider using shared expense tracking tools or apps to maintain transparency. Document all agreed-upon arrangements in writing to avoid misunderstandings.

Dealing with Debt After Divorce

Understand which debts are your responsibility and prioritize them accordingly. Focus on high-interest debt first while making minimum payments on others.

If debt feels overwhelming, consider speaking with a financial consultant about strategies for managing it effectively. Avoiding debt collectors is rarely helpful—communication and payment plans are better approaches.

Planning for Children's Education

Education expenses can be significant. Start planning early by researching costs and exploring available options. Even small regular savings can grow substantially over time.

Discuss education planning with your former spouse to ensure you're both contributing appropriately and aligned on educational goals for your children.

Practical Financial Tips

Track Every Expense

For at least one month, write down every purchase. You'll discover spending patterns you didn't realize existed and identify opportunities to save.

Separate Needs from Wants

Before any purchase, ask yourself if it's truly necessary right now. This simple pause can prevent impulse spending and help you stay on budget.

Review Subscriptions Monthly

Streaming services, apps, and memberships add up quickly. Cancel what you don't actively use and consider sharing subscriptions with trusted friends or family.

Plan Meals and Shop with a List

Meal planning reduces food waste and impulse grocery purchases. Shopping with a list helps you stick to your budget and avoid unnecessary items.

Communicate Openly with Your Ex

When it comes to children's expenses, clear communication prevents surprises and conflicts. Discuss major expenses before they happen whenever possible.

Celebrate Small Wins

Financial progress takes time. Acknowledge and celebrate when you stick to your budget, pay down debt, or reach a savings milestone—no matter how small.

Financial Resources & Guidance