The 42-year-old felt her life was over and was forced to use her pension to pay off some of her debts
Cassie Brooks, has shared her inspiring journey of financial recovery after a divorce left her as a newly single mum. The author, who was determined to provide a good life for her 10 year old son, revealed how she went from being in debt to owning her own home and having £5,000 in savings.
Speaking to What’s The Jam, she said: “Starting over after being with the same person for almost half my life was hard. I found myself without a home, in crippling debt and unsure where I would go from there. But I knew I had to get my finances in order to provide for my son.”
She recalled feeling like her “whole life was over” when she found herself in over £14,000 of debt and with half the income she used to have each month following her divorce. In order to start afresh and regain her financial stability, Cassie decided to withdraw her 401k pension.
The Tennessee mum had accumulated £29,000 in this pot and used the money to pay off her car loan and credit card debts. Once her debts were cleared, Cassie used the remaining funds to purchase a new home 850 miles away from everything she knew.
She also took advantage of a first-time buyer assistance programme to help cover the cost. She admitted: “The move was a daunting aspect for me.
“It meant starting over and a lot more unknowns. I felt a lot of mum guilt for changing my son’s life so drastically, but I was changing mine too. And I felt happy that I was doing what was right for us. But that doesn’t mean it was easy, though.”
She managed to invest what remained of her pension pot and has established a direct debit to automatically withdraw her savings from her monthly wage to keep her finances on track.
With her fresh beginning secured, things haven’t immediately become easier. Between her mortgage payments, insurance expenses and day-to-day living costs, Cassie and her son are spending roughly £2,000 each month – the precise amount of income she brings in.
To reduce the pressure, Cassie has slashed her grocery expenditure in several ways including utilising vouchers and her son’s school food bank pantry. The family also uses the complimentary breakfast and lunch programme at the school.
Cassie still ensures she has time and energy to contribute to the community whenever possible, believing it will be returned when she requires it. She said: “My son knows things are tighter. Using the school’s food pantry was humbling and hard, but that’s what it’s there for. He doesn’t lack anything he needs or wants; I just have to get creative sometimes.
“I did it before, and I can do it again. I’m living my dream, in my own home and slowly getting back on my feet again – all by myself.”