Willie first came to his financial coach three years ago. He was ready to start fresh after being released from incarceration, only to be met with over $120,000 in defaulted student loan debt.
Even though Willie was certified with a master’s degree in library science, he was unable to get a job in his field because of his record and had to make ends meet with part-time work in various hospitals.
Creating a Budget that Makes Sense
Financial coaching helped Willie remain positive so that he could clear up his unwieldy debt and successfully manage his finances. He opened both checking and savings accounts, and he created a budget with his coach so that he was able to save as much as he could from his part-time paychecks.
Willie was able to consolidate his student loans, resolved a judgment, and obtained a secured credit card. His coach taught him how to keep his balance low and pay it off on a regular basis. Soon, his credit score increased over 150 points, and he was able to secure a brand new apartment.
A Life in Financial Order
Willie now has a full-time job as a drug counselor at a major hospital, and his income is significantly higher. He is also back in school and will have a master’s in social work by next spring. Having saved a milestone $2,000, Willie just returned from his lifelong dream of a trip to Europe. Now he is looking ahead to the future, and saving for his new financial goal – to purchase a small condo in New Jersey!