Can You Write Your Own Financial Success Story? 

These days, it might seem like writing your own “financial success story” is out of reach.

As we look to manage our personal finances in the face of inflation and other challenges, many of us face uncertainty about how to cover costs for monthly living expenses such as gas, groceries, and other essentials.

One “quick fix” that is tempting to consider is putting purchases on credit cards. While use of credit cards can be a convenient way to handle expenses, it’s important to track the total debt that racks up at the end of each month.

Read below for examples of those that wrote their own financial success, with guidance from the trusted nonprofit GreenPath Financial Wellness.

Overcoming Financial Challenges

A recent GreenPath client, a single mom, faced financial challenges trying to pay down more than $14,000 in past due credit card debt. She reached out to GreenPath to let a caring counselor know she was experiencing stress with her household budget, and that the stress also impacted her overall peace of mind. She looked to GreenPath to help manage her budget after unexpected changes with her monthly income, and to understand her options when it came to paying down the debt.

After the mom reached out to GreenPath, a certified counselor looked at her entire financial picture to develop an actionable budget so she could realistically manage debt payments.

• GreenPath’s Debt Management Plan made it possible to lower her monthly credit card payments and interest, which gave her the needed funds to balance her budget and build up an emergency savings balance – even with the income loss.
• With the debt management plan, the GreenPath client had a clear and realistic path to clear out the past due debt.
• Structure was key. A personalized payment schedule was based on her pay frequencies and bill due dates.
• Getting her finances in gear helped reduce overall stress. After teaming with GreenPath, the young Mom feels more confident about her overall financial picture.

Stabilizing Housing Finances

A disabled veteran reached out to GreenPath’s housing counselors for guidance with managing the cost of needed home repairs. As a first-time homeowner, the veteran was experiencing anxiety managing costly repairs along with the mortgage payment and other household expenses. An added stressor was the veteran had previously been homeless and was anxious about falling behind on mortgage payments.

A certified GreenPath housing counselor worked with the veteran to understand his total budget, his VA benefits related to his disability, and helped review his credit report to assess his full debt picture.

• Together they put the priority on stabilizing housing finances, helping the client meet his goal of prioritizing the mortgage payment, building savings for the home repairs, and providing options to decrease expenses and have more income in the overall monthly budget.
• All told, the veteran obtained clear next steps to address his housing situation.
• The client reported he was reassured, appreciated the constructive guidance to stabilize his housing finances and appreciated the positive experience with the GreenPath counselor.

Getting Back on Track

After a negative experience with a for-profit debt settlement company, a 73-year-old senior reached out to GreenPath to help manage more than $43,000 in unsecured credit card debt. He reported issues with family relationships, and even with his ability to get a good night’s sleep, after being charged hefty fees by the debt settlement company only to still have the stress of managing past due credit card debt.  

• A GreenPath counselor worked with the senior to assess his entire financial situation.
• A customized GreenPath Debt Management Plan consolidated his credit card debt into a single payment. GreenPath helped negotiate lower interest rates and monthly payments with creditors, so the veteran was able pay off debt faster and save money.
• After a focused approach, financial success was within reach. A debt management plan helped the senior reduce debt and establish consistent on-time payments. In addition, the counselor provided options for the client to learn new spending habits and build a healthy financial life.
• Following a personalized spending plan allowed him to reduce use of credit cards which also worked to help build up his credit score.

Knowing the national nonprofit GreenPath has been in business for more than 60 years, is highly rated, and recognized for working on behalf of clients allowed the client to reduce his worry. He reported that he was sleeping better at night knowing there was a plan in place. 

Write Your Own Financial Success Story

These examples, pulled from thousands of similar financial success stories, illustrate that it is possible to get on firm financial footing.

As a trusted national nonprofit established in 1961, GreenPath Financial Wellness provides financial counseling, education and debt management plans that empower people to lead financially healthy lives.