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Getting Back on Track Financially after a Bad Divorce

Divorces are hard on people, and the worst of it is when you have financial burdens because what used to be a two-income family is now suddenly a one-income home with a much lesser monthly budget than before. It can be hard to make ends meet and you may even go back to wondering ifcalling your divorce attorney and filing the papers was actually a marvelous idea. But, with a little help and some deft money managing there is no financial hurdle too big to overcome.

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Here are some personal stories from survivors of divorce and how they got over their financial troubles:

Single Mom with Medical Bills

Christina Pirtle of Topeka is a senior administrative assistant in the financial aid department of Washburn University. She is also the single mother of two sons – aged 11 and 24.

After her divorce, Pirtle was forced to take on a series of low-paying jobs. For some time after that she had no health insurance and incurred some medical bills which she could not afford to pay given her financial situation at that time. She says she even turned in cans and used coupons and apps to find deals so she could save up. However, it was not enough.

Christina ended up with $7,900 in debt and it was only with some financial restructuring (cutting down on eating out and grocery bills) and opting for a debt repayment plan that she could bring her family out of the doldrums they were in.

Drowning Under Debt

Davrae Strokes’ story is also slightly similar. At 33, she is a senior accountant in Richmond and a single mother of a one year old daughter. In 2011, Davrae had to file for Chapter 7 bankruptcy as debts from eight credit cards piled up and she also had medical bills and an uninsured car to pay for. Her previous employer imposed weeks of furloughs during the recession and Davrae lost a lot of money as wages.

Davrae would love to buy a home for her family, but that will not be possible unless she repays all her debts and manages her savings. By putting herself on a monthly savings plan Davrae is hoping to achieve all this is five years and be able to buy the home she wants.

How the Average American Fares Money Wise

Financial worries are a big part of the American life. Some 71% of Americans say that they worry about the money they are making, 31% of the country’s population says that their biggest concern is that they do not have enough savings. 34% even confessed to not having made a non-retirement savings plan. Only 39% of the surveyed population (and this includes 2,016 adults surveyed by the National Foundation for Credit Counseling) said that they think they are on track with their budget and monthly spending.

This is of course a very dismal number and it shows how unprepared an average American is to deal with the financial burden of divorce. So before you make that call to your divorce attorney, it would do you good to rummage through your monthly expenses and decide on a plan for the future. It’s definitely not hard; but it does need some focus!