Conquering Debt When You’re Close to Retirement

A woman smiling at her laptop after working with a money coach

If you’re worried about reaching your financial goals and it feels like your debt is holding you back, you’re not alone.  My Secure Advantage (MSA) money coaches have helped countless people overcome their debt.

It’s common to encounter money problems – whether you’ve earned a degree in finance or you’re just looking to balance a checkbook.  Regardless of who you are or where you come from, your Money Coach will be there to lend a helping hand when you need it.

Take Noelle, for instance!

It’s never too late to get on the right path.
Noelle, a home health nurse, came to MSA with student loans, a mortgage and credit card debt.  When she first spoke to an MSA Money Coach, she had three goals: get out of debt, create a working budget and buy a new home.

On the surface, Noelle’s goals of getting out of debt and buying a home seemed entirely in opposition to one another.  To top it all off, she was on the cusp of retirement, supporting her daughter and working to obtain an accurate home value appraisal.

All of this financial stress was causing friction between Noelle and her husband.

However, Noelle’s Money Coach had hope and saw room for improvement.  Together, they dove into her finances to see what could be done.

Noticing a Change
First, Noelle and her Money Coach talked about tracking her expenses and making changes where necessary to create the most accurate budget possible.  Looking at her spending and fine-tuning her budget would help Noelle see opportunities where she could adjust her cash flow to make sure her goals would be met; plus, she would feel more confident about her financial decisions, knowing what’s available rather than just guessing. For Noelle, that meant factoring in things like gifts and expenses for her grandchildren, as well as zeroing out the balances on her credit card accounts.

Noelle and her Money Coach analyzed Noelle’s goals to develop actionable objectives, like looking for ways to refinance her existing debt and make it easier to pay off.  After they discussed the pros and cons of refinancing, the path forward became much clearer.  Noelle was able to find the refinancing options that worked within her family budget and reached out to the loan officer to see if they could make it happen.

Noelle described her Money Coach as “amazing” and “extremely patient and knowledgeable.”  With the guidance and accountability of her Money Coach, Noelle was able to pay down well over $20,000 in debt.  She even managed to increase her average disposable income by a whopping $400 every month.  These improvements and smarter financial habits also influenced her credit score, which is now in the 800s!

How a Detailed Budget Changed a Life
As time goes on and life brings new obstacles, MSA’s money coaches can continue to support, encourage, and provide accountability.  For Noelle, that meant sticking together for the long haul to ensure that her budget met her needs both now and in the future.

By creating a budget that fit well with every aspect of her life, Noelle avoided the guilty feeling that comes with spending “too much” on gifts for her loved ones.  By using a Christmas savings account, she was able to rely less on high-interest credit cards and more on her own financial capabilities.

Once Noelle addressed her initial goals, she and her coach moved to the new topic of planning her ideal retirement.  Together, they discussed Noelle’s multiple savings accounts and how she can stay on track with paying down debt and reducing her mortgage – all while considering her new goal of increasing retirement contributions.

Thanks to MSA, Noelle’s Money Coach, and her own hard work and determination, she expressed joy at finally seeing the light at the end of the tunnel.

To find out how you can achieve the same level of financial relief as Noelle, contact My Secure Advantage today.