Success Story: Facing a Divorce with Confidence

quote from Patrick in Washington that says, 'Can't say enough about Angelik. She challenged me every phone call to find ways to make my financial situation better. I no longer worry about making ends meet but feel comfortable with the budget that I have.' on a blue overlay covering people's faces in the backgroundWhen Patrick came to the My Secure Advantage (MSA) Financial Wellness program, he was looking at divorce and taking on new debts and bills by himself.  He took a financial wellness survey and got a 3.5 out of 10, indicating that he had high financial stress.  See how working with MSA helped him face his divorce and money challenges with new found confidence.

As Patrick put it:  “When I first called, I was a mess as I was in the middle of my divorce.  I started taking on mortgage by myself, along with taking care of the bills on my own, as before my wife had managed this portion.  This was challenging as I went from a dual income to a single one.”

Patrick was immediately connected with Angelik, a MSA Money Coach and Certified Credit Counselor who could help him overcome his financial challenges.  Together, they developed and achieved two goals: a spending plan and a debt strategy.

Spending Plan

Because of the pending divorce, Patrick had to start paying bills that he hadn’t previously taken care of.  The new responsibility was quite overwhelming.  That’s why Coach Angelik suggested the use of a spending plan that would help him regain control of his cash flow.

Creating a spending plan revealed that Patrick had a deficit of $700, when it came to having enough income to meet expenses.  Coach Angelik gave Patrick tips on how to cut down costs; for example, Patrick dropped cable and switched internet providers for a better price.

Even those small steps of cutting costs were relieving for Patrick, and he saw major improvements: “Angelik helped show me what my budget looked like.  From there, she helped me prioritize what I should be taking care of to help bring up my take home [pay] from work and cut down my bills…. I went from being in the red, when I first called, to now possibly paying all my monthly bills and having almost $1,500 extra, which includes taking on a roommate to help pay for my mortgage.”

Next was focusing on debt.

Debt Strategy

Because Patrick planned on taking the house, through the divorce, he faced a monthly mortgage bill of $1,900.  Coach Angelik suggested talking with one of her fellow Money Coaches who is a Mortgage & Real Estate Specialist.  Consequently, Patrick felt more equipped about how to move forward and try to lower his mortgage payment, so it wouldn’t be so challenging.

Patrick said, “[Coach Angelik] helped build my confidence up so much that I was able to research refinancing my home on my own.  I also received help from a mortgage rep, and they were able to review my refinance.”  He was able to lower it to $1,600 – saving him $300 a month.

Overall Confidence

The skills Patrick learned helped him prepare for divorce and the financial challenges that would accompany it:  “Can’t say enough about Angelik.  She challenged me every phone call to find ways to make my financial situation better.  I no longer worry about making ends meet but feel comfortable with the budget that I have.”

After working with Coach Angelik, Patrick retook the financial wellness survey.  He scored 6.375 out of 10, which reflected his major financial improvements and self-assurance with life after divorce.

On-going Support

A divorce brings many financial challenges.  If you’re dealing with a divorce or its aftermath, talk with a MSA Money Coach so you can feel in control and comfortable with your new stage of life, just like Patrick.  Call 888-724-2326 today.