Debt and divorce pose a serious challenge for anyone, but for a deployed soldier, it can prove even more difficult. Randy was headed overseas and worried about the financial hardship he was leaving behind, so he started working with a Money Coach, looking for support on the home front.
When Randy entered the My Secure Advantage Financial Wellness program (MSA), he was introduced to Barbara, a Money Coach who could provide financial education and accountability to help him regain stability. Randy came prepared with a list of financial goals to tackle, and his Money Coach helped him cross-off each one.
Help with Divorce
As Randy put it, “Divorce and separation with an overseas deployment is never an easy task.” And with his wife asking for more and more financial support, Randy’s budget was taking a serious hit. He originally planned to give her $1,500 a month, but he always found himself giving a lot more than that. Coach Barbara talked with Randy about giving his wife a set amount every month in order to stabilize his budget, and she helped keep him accountable to his new goal. Randy also got connected with an attorney who could help him finalize the divorce.
Eliminate Credit Card Debt
Randy also had twenty credit cards building up debt and hurting his cash flow. Coach Barbara made this a great opportunity to get irregular expenses under control since they proved to be the culprits behind the credit card use. With Barbara’s help, Randy learned how to track his irregular expenses and learn how to save and plan for the expenses within his budget. He only has four credit cards now, and he said, “My coach helped me pay off $3,247 in credit card [debt] that resulted in two credit cards paid off.”
New Income Source
Coach Barbara continued to work with Randy on refining his budget and taking an in-depth look at his financial situation. As a result, Barbara showed Randy that his cash flow was still in the negative by $1,100, and they discussed ways to increase his take-home pay. He was happy to report the progress: “I discovered a new income source that helped me deal with my daily financial situation.” He’s now working on a family business that should bring in $3,000 a month.
Improve Tax Situation
The separation with his wife turned taxes into a mess of questions and uncertainties about filing jointly or separate, and trying to decipher who would be claiming dependents. In response, Coach Barbara connected Randy with another MSA Money Coach, Derek, who is a Tax Specialist. Coach Derek clarified Randy’s options and directed him to the tax resources provided through his employer, which included a tax preparation service.
With a team of money coaches helping him on the home front, Randy could better focus on his duties overseas. All in all, he had this to say about his experience with MSA: “I received not only the best service and counseling, but my coach made me feel important. She went beyond her duties and worked with me like a soldier to help me succeed.”
For more information about MSA and working with a Money Coach, call 888-724-2326 today.
Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal or accounting advice. We recommend that you consult an attorney, tax advisor or accountant regarding your unique circumstances.
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