Member Success Story: Lowering Expenses and Stress

debt problems

For years, it’s been proven that financial problems play a key role in stress levels.1  Colleen certainly knew it was true, as she carried $72k in debt and went $2,100 over her budget every single month.  Needing serious relief, Colleen started working with the MSA Financial Wellness program, and the results were phenomenal.

When Colleen entered MSA, she started working with Patrick, a Money Coach who immediately gave her hope for a better tomorrow:  “I knew it was going to get better since the day I had my first coaching call.”

How did Coach Patrick help Colleen turn her life around?  He gave Colleen encouraging support, action steps, and accountability to make practical financial improvements.

To start off, Patrick walked through a spending plan with Colleen and her husband, so they could get a picture of how much money they make and how they spend it.  It revealed a net income of $6,400 and the bad habit of overspending $2,100 a month.  Consequently, Patrick showed them how to lower monthly expenses for a more balanced financial plan.  So far, they’ve curbed expenses by $1,800.

Conquering debt was next on the list.  Colleen’s debt of $72k included a $14,000 and $22,000 credit card debt with 20% interest, as well as a consumer loan for $28k, among others.  With that in mind, Patrick suggested credit counseling, which may help Colleen consolidate her loans and establish a monthly payment of $1,000 rather than the current $2,430, putting $1,430 back in her pocket.  On top of that, Patrick provided a referral to a trusted bankruptcy attorney who could determine if one of Colleen’s debts could be removed from collections.  Overall, Colleen felt relieved that she could now “resolve [her] debt problem and manage it quickly.”

With overspending and debt under control, Colleen is exploring even more financial topics.  She had this to say about her consultations with her Money Coach:  “Patrick has been able to teach me about wills, investments, higher return school funds, etc.”  So far, she’s opened a cash management account and a trade account, and started funding them with fifty dollars a month.  She even found a savings account with a higher return.

Because of the progress she’s made through the MSA Financial Wellness program, Colleen feels much better about her finances and less stressed.  She had this to say about her experience:  “My financial coach is a blessing to me because he was able to see past my current situation and give me the confidence, motivation, and tools to improve my finances….  Patrick has been able to… provide support, reduce my stress levels, [and] he believed in me.  He’s amazing!!”

Colleen may have started off with the hopes of simply getting help with stress and financial problems, but the results she experienced were so much greater.  Her consultations addressed her initial challenges and gave her the freedom to learn about other beneficial topics.

Considering a financial wellness program for your company?  Contact us today to learn how we can help.

1 “A Stress Snapshot.”  apa.org.  APA, 2007-.  Web.  1 July 2014.