London is a paralegal who loves to shop. Unfortunately, her finances weren’t doing so well with her impulsive spending. London knew she needed to reprioritize her expenses and savings to make sure she had a secure financial future, especially with retirement less than ten years away. Through her employer-sponsored benefit, the My Secure Advantage (MSA) Financial Wellness program, London started working with a Money Coach who helped her make smart financial decisions without losing the pastime she loves.
Without a reasonable budget and accountability, London found herself lacking savings and living beyond her means – unable to stick to a financial plan, so when she entered the MSA program, she was connected with Veena who is a Money Coach and Certified Credit Counselor.
Together, they took a deeper look at her cash flow by tracking expenses, created a budget that prioritized her needs versus wants, then looked for ways to still enjoy the occasional shopping trip without breaking the bank. With Veena as her support system, London learned the importance of (and put into practice) having savings for emergencies, retirement, and general peace of mind.
With her coach’s guidance and accountability, London started allocating money towards savings each month, and her dedication is paying off! London has saved $7,000 so far, and she continues to save an additional $130 a month for irregular expenses as well. She also anticipates having at least $55,000 set aside for retirement by the time she’s 62 years old. London had this to say:
“[My Money Coach] has been outstanding. She has made me really look at the big picture and be really honest with my spending habits. Savings has always been a challenge for me, but she has taught me how to let go of a few bad habits and with that spare cash, put it into savings. What I like best is that she does not talk down to me and make me feel bad about how I spend and don’t save. She has been wonderful!”
The best part? She didn’t have to give up shopping; rather, she learned how to be financially savvy with spending. For example, Veena told her about the “envelope system” which includes keeping allocated shopping money in an envelope to do the following:
London also started using Wallet, MSA’s online budgeting tool, to keep better track of her budget, bills and account activity.
Overall, MSA gave London the tools she needed to feel confident about her finances:
“MSA has helped me come up with a more honest budget. I would create a budget monthly in the past for just really bills. I now create a budget to include yearly expenses and frivolous expenses and also achieve putting money into savings.”
In addition to working with her primary coach, London talked with an MSA Tax Specialist who answered her questions about retirement income and taxes.
When London first joined MSA, she took a survey that measured her level of financial wellness. She scored 3.875 out of 10, which indicated high financial stress. With the accountability and dedication she gained from over ten money coaching consultations, London now finds it easier to make smart financial decisions. She started growing her savings and feeling good about her pending retirement. She reduced her spending, has a credit score of 810, and she is now celebrating a well-balanced financial life.
Her hard work clearly showed when she took the survey again and improved her score by 155%! She got 9.875 out of 10, reflecting high financial wellness and low financial stress.
Want to achieve and celebrate your own well-balanced financial life? Start today by working with a Money Coach. Call 888-724-2326.
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