The Advicer: ‘After 3 divorces, I pretty much have nothing in the bank.’ I’m retired for medical reasons, but now taking ‘large hits’ on my money. Where do I turn for help? 

Answer: This is such a tough situation, but there is hope. “Making the decision to do something about your financial situation is a great first step,” says certified financial planner Harrison Hinz at Spark Financial. Now, you need an action plan, and potentially a pro to help you create it. There are advisers that offer financial advice on an hourly or fixed-fee basis — this free tool can match readers with a fiduciary adviser who may meet their needs — but Hinz says, in your particular case, you might consider a financial coach. 

Have an issue with your financial adviser or looking for a new one? Email questions or concerns to picks@marketwatch.com.

A financial coach can help you learn money management skills, budgeting and debt paying tactics to improve your financial literacy — whereas working with a financial adviser, though comprehensive in nature, may focus more on investing and other nuanced areas of finance that pertain less to your specific situation. (This free tool can match readers with a fiduciary adviser who may meet their needs.)

“Use the Financial Planning Association’s (FPA) pro bono network depending on your medical and financial needs. Finding someone who can help you get organized and help outline your various goals will help you focus on the short-term steps you can take now which will in turn help with the long term,” says Hinz. 

You also may be able to tackle this on your own, though try not to get overwhelmed by solving all your financial problems at once. “Start small and step by step to make sure it’s achievable, before continuing onto the next level,” says certified financial planner Alonso Rodriguez Segarra at Advise Financial. 

Establishing a monthly budget is essential in understanding your finances. “Where is your income coming from? Social Security disability? Are there any ways you can cut your expenses? I would not recommend investing your funds in the stock market until you build an emergency fund,” says Ryan Haiss, certified financial planner at Flynn Zito Capital Management. 

To build that emergency fund, “open a high yield savings account, equivalent to one month of your monthly spending. Accumulate at least three months of your monthly expenditures and then move onto the world of investments using a diversified and low-cost portfolio that adapts to your profile,” says Segarra. See some of the highest savings account rates here. 

Most experts agree that 3 to 6 months worth of essential expenses is a good place to start for an emergency fund. “Then, once you have consistent savings each month, you can investigate other options like investments or life insurance. But investments in stocks should be considered longer-term with a 5+ year time horizon,” says Haiss.

It’s not a good idea to rush into investing in the stock market or to expect to get rich quickly. “This approach won’t work. It’s essential to prioritize building up your emergency fund before considering investing, and it’s also important to avoid credit card debt,” says Segarra.

It also may be  — depending on the details of your situation — that you want to declare bankruptcy, says certified public accountant (CPA), Howard Dvorkin, chairman of Debt.com. “Bankruptcy was created just for these situations, when good people are stuck in a bad place. In this instance, it doesn’t matter how diligent you are and how hard you’re willing to work to get out of debt. The blunt truth is that your physical body and your financial situation cannot be overcome by sheer force of will. You need to speak with a bankruptcy attorney,” says Dvorkin.

Have an issue with your financial adviser or looking for a new one? Email questions or concerns to picks@marketwatch.com.