Nathan and his wife had plenty of dreams, like going to Europe, buying a house, and starting a family, but one huge obstacle stood in their way: debt. Their Money Coach, Lee, showed them how to incorporate debt stacking and still make headway with their short, mid, and long term goals.
Debt stacking is a debt management plan where you pay as much as you can on one debt (usually the debt with the highest interest rate or lowest total amount) while paying the minimum on the rest; once you pay off that first debt, you move that allocated amount to the next debt, and continue until all debts are paid off. Many MSA members like this approach because you can easily see your progress as each debt is crossed off the list.
In order to implement debt stacking, Nathan and his wife needed to know exactly how much money could be allocated to debt payments, and Coach Lee showed them how to get the answer. In creating a spending plan and tracking expenses, they discovered ways to change spending habits, so they could put more towards debt payments and stay on track:
With their debt strategy in place, Nathan and his wife jumped at the chance to work with Coach Lee on other financial goals and learn the smart approach to new financial situations. For instance…
Because of the education from their Money Coach, they felt more confident about how to handle their finances. After two short months with MSA, Nathan and his wife have paid off accounts with a credit union and Home Depot. Also, Nathan got extra money from work that wasn’t expected, so they paid off the car and her ring (around $8,000 and $2,000 respectively), and they still have some money left over.
Nathan and his wife gained so much, and Coach Lee had a blast helping them. Lee had this to say: “They are very positive, outgoing, and enthusiastic people. They have achieved just about every short term goal (debt reduction, emergency savings, and general savings) that we have created. They are now on track for their long term goals of traveling abroad, returning and settling down to have their first child… all while being in a positive financial position. It is a pure joy working with a ‘team’ such as they are.”
When Nathan and his wife entered the MSA program, they took a survey that measured their financial well-being. The couple scored 5.25 out of 10 indicating financial stress and moderate financial wellness. After working with their coach, they improved their financial well-being and boosted their score to 8.25.
Help your employees enrich their financial situation just like Nathan and his wife. If they have obstacles standing in the way of their dreams, a Money Coach can help them overcome financial challenges and reach their goals. Learn more by calling a MSA Client Success Manager at 888-724-2326 today.
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 […]
Like many Americans, Ariel was living paycheck to paycheck, and she found it harder when transitioning to a single income. With a broken relationship, student loans, surgery, and the end of a lease, the emotional distress certainly wasn’t helping. Luckily, Ariel found hope and support through the MSA Financial Wellness program, so she could transform […]
A better marriage, affording a more expensive home, making room for vacations and grandbabies. What do these all have in common? Improving finances through the MSA Financial Wellness program! After just a few consultations with her MSA Money Coach, Trina reaped the benefits of a better budget and financial accountability. Here’s how… A Better Marriage […]
Employers: Just like your employees are encouraged to get a yearly physical assessment, they should also consider an exam for their finances. Here’s how you can help.