IDEAL BALANCE

This client case study is a big ol’ Debt Payoff Success Story!!! Sometimes paying off debt is not necessarily the goal, but in their case it was SUCH a big part of their story. You can listen to them tell it here:

Key Stats On Where They Started:

• Location: Just moved to Northern Virginia, high COLA.
• Income: $6,900 per month, a two-income family.
• No children.
• Held 26 debts, including student loans, credit cards vehicle loans, personal loans and more.
• Savings: $0.
• Debt minimum payments: $3,245.
• Total debt: $286,062.
• Neither had a strong foundation in financial responsibility, with one growing up with money and the other without.
• Recently, husband had transitioned out of the military, where they had limited exposure to managing finances. Wife worked as a teller at a bank and believed in using credit cards for purchases, with the intention of paying them off.

Strategies and Systems They Used:

• 16 months of financial coaching.
• Used cash for spending (even though they didn’t want to).
• Trimmed expenses by cancelling Costco, an unused phone line, clearing out a storage unit, refinancing vehicle loan and re-quoting insurance.
• Planned & used bonuses to pay off debt. (Hint hint, part of the debt payoff success story!!!)
• Saved Emergency Fund & hid from view.
• Used our structured paycheck plan™, guiding their financial decisions with each pay day.
• Established an annual bills account to handle quarterly and annual expenses.
• Actively pursued higher-paying job opportunities.
• Celebrated their financial successes along the way.

Where they were when they graduated coaching:

• Bye bye debt: Successfully paid off $80,977 in debt, reducing their total debt to $205,085. Lowered their monthly debt minimum payments from $3,245 to $2,140. (Can you say debt payoff success story? )
• Comma in the saving’s account! Went from $0 to $2,250 in savings.
• Big life changes! Cash-funded her college degree, making her the first in her family to graduate. Meanwhile, they also bought their first home. Btw, they didn’t even qualify for a home loan at the start of coaching. Finally, they strengthened their marriage, experiencing a level of unity they had never felt before.
• Moving on’ up! Transitioned into higher-paying jobs, increasing their combined income by $2600 to $9,500 per month.

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We are excited to create the time & space to talk to you about your current money situation. This is a free, no-obligation call where we can answer questions you may have and maybe find some quick wins for your budget.

What do you have to lose?