Want the keys to less stress and a happy life? Karly found the answer when she started working with a MSA Money Coach, an experience that has enriched her finances and her life. The best part? The keys are within your reach as well.
Karly had $58,000 in debt keeping her from a care-free life. Any money left over each month got swallowed up by bills and unexpected expenses. To make matters worse, Karly and her husband just had a baby, bought a new house on the West Coast, and realized they were fifteen years away from retirement with absolutely no savings.
Needless to say, they were desperate to turn things around.
When Karly entered the MSA Financial Wellness program (offered through her employer, a university of California), she started working with a Money Coach, Rachelle, who gave her hope for a better life. “I came to MSA with a lot of debt. My Money Coach helped me put together a doable plan to tackle the debt [and] has been very instrumental in getting me on a livable spending plan…. For the first time in a while, I see a light at the end of the tunnel. I am so grateful for her guidance!!!”
In a nutshell, Rachelle’s answer to Karly’s problems was a budget and an accountability partner.
With Rachelle’s help, Karly hit the ground running: “Rachelle is always so encouraging and a cheerleader for my financial accomplishments. She can be firm when necessary but, again, in a way that empowers you and makes you feel like you can accomplish the task!!!”
So what did Karly accomplish exactly? And how did they use a budget to create a stress-free, happy life?
Rachelle and Karly took an in-depth look at the family finances: income, expenses, debts, savings, and goals. From there, they made an action plan and started to see the fabulous results.
- They calculated that Karly could put $1,700 towards debt each month. Originally, Karly was set to pay off debt in eight years, but now she can wipe out the debt in less than half that time, and the new plan has already allowed her to reduce her overall debt by $12,000!
- Karly didn’t have any kind of savings, so Rachelle helped her allocate money each month just for that purpose. Now she has close to $6,000 in emergency savings and $2,000 saved for irregular expenses.
- Rachelle connected Karly with another Money Coach who is a retirement specialist. They talked about additional contributions to retirement accounts and were able to meet Karly’s goal of $6,000/month in retirement income.
As Karly put it, “Rachelle is wonderful!!!” She works in the real world, acknowledging that things happen, and we should enjoy life as well as plan for future enjoyment. She has helped me to really take a look at all the extra expenses that pop up throughout the year and put these in my budget. She’s also helped me to be honest about my spending habits, but did so in such a gently way, focusing on the positive of this knowledge. I truly feel prepared for any emergency. She coaches me and keeps my mind at ease through the bumps. She is constantly reviewing my spending and offering ways to curb expenses.”
Even when Karly didn’t realize how much she was spending on discretionary items and got overloaded with surprise expenses, her Money Coach was there to get her back on track.
Rachelle explained that spending changes from month to month, so reviews are necessary for peace of mind, and, who knows, you may get a pleasant surprise. Karly sure did. When Rachelle helped Karly reassess her spending, they found that Karly had $600 left over every month (That’s $7,200 a year!), to which Rachelle suggested putting a portion towards savings and a portion towards debt.
All in all, Karly found the direction and relief she was looking for: “[My Money Coach] has changed my view of a budget. It’s not a painful drudgery, but a key to less stress and a happy life. She often reminds me that I should not dread my budget, and if I do, we should tweak some things.”
The accountability and accomplishments Karly gained, through the MSA Financial Wellness program, were too great to let go, so Karly has continued reaping the benefits well beyond her employer-funded period. In fact, she’s been working with her coach for several years. She has also taken advantage of other parts of the program, like meeting with a tax specialist and signing up for ID Monitoring (MSA’s identity theft protection services).
Karly achieved financial peace of mind, and you can too! Talk to a Money Coach today for the keys to less stress and a happy life. Call 888-724-2326 today.