Success Story: An Unexpected Solution to Life’s Challenges

a quote from Leyla in California that says, 'Her compassionate, warm and wise manner have been instrumental in keeping me on track. She has also been instrumental in easing my stress level by devising a spending plan that has actually allowed me to start saving money.' on a blue overlay covering people's faces in the background

When Leyla felt the pressure of paying her son’s college tuition, caring for her ailing mother, and a pending divorce, she never expected that working with a Money Coach to address finances would have such a positive impact.  Take a look at some of the tips her Money Coach offered to relieve financial stress, and real life examples of how it can help life’s challenges.

Tip #1:  Building Savings

Leyla’s Money Coach, Barbara, had her focus on building savings in order to get her on good footing and better help her approach the challenges causing so much stress.  After looking at Leyla’s spending, Leyla was surprised and happy to see that she could actually put $75 towards emergency savings, $90 towards savings for irregular expenses like gifts and car registration, and $100 towards long term savings each month.  Barbara even suggested that Leyla set up the savings as an auto transfer from her checking account, so she can continually improve her finances without even thinking about it.

Here’s what Leyla had to say about working with Barbara: “Her compassionate, warm and wise manner have been instrumental in keeping me on track.  She has also been instrumental in easing my stress level by devising a spending plan that has actually allowed me to start saving money.”

Tip #2:  Lower Expenses

It’s easier to put more towards savings when you don’t spend as much money.  One simple way to lower expenses is to reassess your bills and expenses.  Are you still getting the best deal?  Are there items you don’t use and could remove from your budget to lower expenses?

Leyla switched providers and was able to save $68 per month on her cable and internet, and $20 per month on her phone.  That means she’s saving over $1,000 a year!

Tip #3:  Loans Aren’t the Only Way to Pay for College

Leyla was worried about her son having to take too many student loans for his college tuition, and she had good reason.  The estimated costs of tuition, room and board ranges from $14,000 to $40,000 a year,1  and the average student loan debt has been around $30,000 for the last 5 years.2

Barbara explained that paying for college could also involve savings, grants and scholarships, which don’t have to be paid back.  With Barbara’s guidance, Leyla opened a 529 account, which is a college savings plan operated by an educational institution or the state, and Leyla has built up $4k in funds so far.  She’s also looked into financial aid through her son’s college and started putting a $100 a month into a money market fund specifically for college expenses.  Now, Leyla doesn’t have to worry about fully relying on student loans and going into debt.

Tip #4:  Work with a Money Coach

Challenges arise throughout life, and having a Money Coach with you every step of the way can help you feel confident about overcoming those challenges.  After a few consultations with Barbara, Leyla’s level of financial stress went way down, yet she still meets with Barbara because she knows the benefits continue as well.  Here are some other ways that Barbara has helped:

  • Barbara suggested moving around due dates for bills (after the 15th versus before) in order to balance out payments from each paycheck.
  • They discussed whether to seek a reverse mortgage or an equity HELOC to help pay for the care of Leyla’s mother who has dementia.
  • Leyla needed help with her mother and estate planning, so Barbara gave her a referral to a trusted attorney.
  • When Leyla’s company asked her to move from part time to full time, Barbara listened to Leyla’s quandary about the change and mentioned how the change might affect financial aid for Leyla’s son.

As Coach Barbara put it, “We have worked on budgeting, but most importantly, on things that affect reaching goals in Leyla’s budget.  We all have things in our lives that come up and have an impact on reaching our financial goals, and working to resolve those things is equally important.  As a Money Coach, I feel proud to see Leyla’s progress, and I feel privileged to be a part of Leyla’s life, and each of my clients’ lives, in helping them accomplish their goals.”

Here’s what Leyla had to say about the whole experience:  “Barbara is simply amazing, and I have come to genuinely look forward to our calls….  Even on the occasions when I fail to meet a goal, she is never scolding or negative.  Her upbeat attitude and her willingness to offer constructive suggestions have helped me navigate a number of challenging issues and decisions….  She also listened with sensitivity and insight to my internal quandary over moving from part-time to full-time employment, and has helped me arrive at a decision.  Barbara, you are the best, and I am so grateful for you.”

Working with a Money Coach helped Leyla relieve financial stress and address life’s challenges.  Get the same kind of positive impact in your life by working with your very own Money Coach.  Call 888-724-2326 today to get started.

1 U.S. Department of Education, National Center for Education Statistics.  (2013).  Digest of Education Statistics, 2012 (NCES 2014-015), Chapter 3.

2 The Institute for College Access & Success.  Web.  13 May 2015.