When I started a Zoom video consultation with Ryan and Nicole in the spring of 2021, I saw their stress written all over their faces. They are an amazing couple in their 30s with a blended family, and they were struggling to ditch the debt and make a change.
At the boiling point of being on a paycheck-to-paycheck cycle–they had far-off dreams of moving to be near family again. Their main problem was that unexpected expenses kept popping up! Essentially they had an annual income of $82,000 with:
- $44,000 in credit cards, medical debt and personal loans
- $73,000 in student loan debt
- $88,000 in mortgage debt
The main goals for our coaching were to create a workable budget, pay off debt and eventually sell the home and relocate near family. In the early calls, Ryan thought that they were likely 4 years away from being able to move their home.
So we got down to business!
Right away we created a spending plan that they could both agree on. This spending plan allowed them to see exactly what they were going to do with their money, and, most importantly–it allowed them to stop arguing about money!! (I know most couples would love that kind of peace in their marriage!) With their spending plan in place, they were able to begin saving for a small emergency fund. This fund would serve them if an unexpected emergency popped up.
Next, they stopped using their credit cards. Instead, they began using Sinking Funds to save for upcoming expenses. If an expense came up before they had enough money saved in that sinking fund, they used their emergency fund and then replenished it. This helped them break the cycle of using their credit card for unexpected expenses.
Soon they had an Emergency Fund, Sinking Funds, Paid off several Loans and paid cash for a vacation, Christmas, and numerous expenses they would have normally put on a credit card. And as Ryan said, “We are having fewer, “Oh, S***!” moments.” 😉
Then 9 months after we began working together, Ryan received an out-of-state job offer near family. I worked with them to run numbers, and make sure this was a really good solid move for their family. As you can probably guess, different states offer very different income levels, as well as different tax burdens. After reviewing everything, we realized that they could move while still maintaining their momentum with their budget. They could make it work.
We also figured out how to have money to pay for the move, how to deal with former spouses about moving the kids out of state and how to protect themselves in that process, and how to sell their house!
I am so happy to report just One Year after working together, they made their dreams come true by moving close to family. When they came to me, they thought they were YEARS away from moving to be with family. What they really needed was guidance and a plan for managing their income.
Once they knew their numbers they could start making decisions about how to actually reach their goals. In under a year, they accomplished what they thought would take years to accomplish.
I am so proud of Ryan and Nicole, and I love seeing them in Zoom calls now. The stress from their faces is gone! The hopelessness they were feeling has evaporated. As they are in control of their money and feel more empowered in their lives! I am so proud of Ryan and Nicole!
If you want personal guidance for your family’s finances–simply set up a free call here, and I will be happy to help. You don’t have to be years away from making your family’s dreams come true!
