Financial Coaching Success Stories: Making Sense and Change

What It Means to be Creative, Resourceful, and Whole

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At the Connecticut Association for Human Services (CAHS), we like to practice what we preach. As the Director of Family Economic Success (FES) programs, it brings me great joy to take time off from my day-to-day responsibilities to volunteer as a financial coach in the Financial Opportunity Corps (FOC) project. In this role, I work 1:1 with an economically disadvantaged person (we refer to as the “participant”) to provide him or her with meaningful support toward fulfilling their financial goals. Thanks to Points of Light and Bank of America, I participated in several hours of volunteer training in preparation for my meeting with a participant. In February 2015, I met participant Linda R. Linda is a middle-aged divorcee and mother who works both full-time as a preschool teacher and part-time in a low-wage service job. She is very passionate about her teaching work and has been in the field for 25 years. Linda lives with her daughter who is an adult and was recently laid off from her job. When her daughter became unexpectedly unemployed, Linda enrolled in the FOC to get help with managing her household finances. During our first meeting, which is designated as our “Specific, Measurable, Attainable, Realistic, Timely (SMART) Goal Setting” session, Linda explained that she did not have enough income to pay her bills and she needed to “build a savings”. During that session, Linda seemed very disoriented about her finances and under-confident in her ability to pay her bills. One recurring issue she expressed was “I save money, but I have to reach into my savings to pay my bills!” Through powerful questions, effective listening, and a sharp adherence to the C.O.A.CH model, some key things I learned in the first session were that:

  1. Linda does practice some great financial behaviors
  2. Linda does not have a budget
  3. Linda is creative, resourceful, and whole

The 3rd point is probably the most poignant. I learned Linda’s competencies as well as her perceived obstacles by her own admission. She had the answers to her “problems” and my role in this process was not to tell her what to do or how to do it, but to help her develop the confidence to do what she already knows and serve as both thought partner and motivator. At the end of our first session, Linda established a SMART goal – save $600 in 6 months by saving $100/month every month using direct deposit. To start the process, Linda agreed to participate in a free budgeting class. During our second meeting, Linda indicated that she completed the budgeting course and put together a draft budget on her own. Our goal in the second session was to review her income and expenses. Linda discovered that:

  1. There were ways to increase her income
  2. There were ways to decrease her expenses

We exchanged ideas with methods and strategies that Linda could use to improve her cash flow.

By the conclusion of our second session, Linda agreed to explore more informal and formal methods of increasing her income and reducing her expenses. Linda expressed to me that she enjoyed the idea sharing and that there were many things she “never thought of doing” to improve her financial situation. I am indeed looking forward to our next meeting. For me, I was simply impressed with Linda. Our conversation was great and she really seems dedicated to the process of Coaching. I can honestly say that the FOC training equipped me well for this experience and I did not feel compelled to be the expert in Linda’s life. Linda is the true manifestation of what it means for a person to be creative, resourceful, and whole. All she needed was some good conversation, a little light, and the confidence to get started on the pathway to her goals. I am proud of Linda and I am proud to be a volunteer for this amazing program. Check back in with us in 6 months!

-Jamal Jimerson, Volunteer Financial Coach

*Update as of April 14, 2015*

I just completed another phone coaching session with Linda R.  Linda’s initial financial goal was to save $600 in 6 months.  Through coaching we discovered that Linda does not have a balanced household budget.  In March, we discussed methods of decreasing expenses, for example reducing her Dunkin Donuts consumption.  Linda informed me that over the last month she has reduced this expense and her $100/month preschool materials expense. This was great news and is excellent progress for Linda.  Since she started financial coaching in February, Linda has saved a total of $100.   However, she told me that she will need to reduce her savings contribution in order to balance her budget even further.  Through coaching we agreed that she should adjust her savings goal to make it more realistic. We agreed that she will create a month-to-month budget and email the April/May budget to me by the end of this week.  This budget will reflect her adjusted savings contribution.  For the next 6 months, she will more than likely save about $50 each month.  We’ll be checking in informally through email and formally by phone mid-May. 

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