When rushing into life-altering events, it can be hard to keep up momentum or recover when you trip, experiences that Briar and Micah Smith know all too well. Married at age 20 and having their first child within a year, they found themselves a few years later $32,000 in credit card debt and dangerously close to housing foreclosure. Even Micah’s 50-hour work week and Briar’s full-time and part-time jobs couldn’t compensate for these issues. Briar, shocked by the revelations revealed by her partner, decided they would work together and find a solution.
They would squeeze in extra jobs to keep pace with their bills and used Briar’s tip money whenever possible. Micah and Briar leaned in and shared the financial responsibilities, held each other accountable, had grace and mercy for one another, and worked harder then ever! Briar took on a second part-time job in addition to full-time and other part-time positions. Although they initially didn’t like the idea of a budget, they reframed it from being a restriction of spending to a method of directing funds to their desires. Financial classes aided them, as they became more organized.
Working within their constraints often meant making self-sacrifices and seizing on opportunities. To make sure their kids ate fruits and vegetables, they would eat simple meals of ramen and peanut butter sandwiches. Whenever invited for meals with parents, they would accept the food and take to-go boxes. They learned not every decision had to take effort. Automatic transfers into retirement funds and designated checking or savings accounts relieved them of constant worry. To achieve their financial goals, the Smiths needed to plan wisely, recognizing they wouldn’t stick to their plan if everything was manual.
Ultimately, consistent communication and working as a team was key. Micah hadn’t told Briar he had a credit card when he revealed the debt. Now they discuss their financial goals and any unusual transfers, making sure they’re on the same page. The Smith’s hit the ground running and nearly trampled, but with enough coordination and education, they were able to stay afoot. Watch their story here: https://youtu.be/pPCL_chAXeU.
Financial Beginnings, a new local source for free financial education classes, offers the same opportunities that helped Briar & Micah. Easy-to-follow and designed to meet individual needs regardless of ethnicity, age or education level, there is something for everyone. Classes are currently happening through Helping Hands and at Tillamook Bay Community College, with programming coming to area schools in the Fall. Additional classes are to be scheduled by other partners soon.
Financial education isn’t just for 20-somethings. It is for anyone seeking stability and freedom from financial stress. Find your momentum today.
AUTHOR: Andy Jenck, Urban Rural Action Volunteer
For more information, visit our website at https://tillamookcountywellness.org/work-well/financial-wellness and follow Tillamook County Wellness on social media.