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It was 25-years ago that Ericka Young and her husband realized that despite living life “normally,” they had still accrued a mountain of debt that was eating up their monthly income.
Young joined Matt and Joel, hosts of the How to Money podcast where she explained her and her husband’s student loan debt, car payments, and various credit card payments were more than their double engineer salary could cover.
“Everyone expects to have a car note, everyone expects to have a credit card or two, and of course you can’t get out of college without ‘college debt,’” she said. “That is part of the challenge, we are told that it is ok.”
The last straw for Young was unexpectedly needing to purchase a new vehicle. The purchase pushed their debt over $90,000 and the couple realized it was time for a change. Young said she and her husband sat down and took a hard look at their finances.
“A lot of people are very nervous to add up and face what they spend on a monthly basis,” she said. “When we did that we realized there was opportunity. It wasn’t what we thought it was going to look like and we had to face that.”
This reality check is the first step Young recommends when she is coaching clients on money management. For the past 15 years she has run Tailor-Made Budgets, a financial coaching business dedicated to helping families manage their money.
“I jumped to do this work to help people avoid some of the pitfalls so they too can get out of debt faster than they could on their own,” said Young.
Listen to the full conversation with Young on “Why You Need a Money Coach in Your Corner,” on the iHeartRadio app or wherever you listen to podcasts. Matt and Joel release new episodes of their podcast How to Money every week, so be sure to tune in for their latest piece of financial advice.
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