How we helped a client save $3413

Financial wellness isn't just about making more money—it's about making smarter decisions with your money and trusting the people around you to teach you what you don't know. In this recent story we helped a client navigate financial uncertainty. This is an example when the less you know financially, the more likely predatory companies/people will take advantage of you. Which we hate at BTG!! That's why we're so passionate about teaching you everything you need to know about personal finance so you can spot bullsh*t and ask the right questions. Here’s a closer look at how we turned a high-interest personal loan into an opportunity to save thousands.

One month before our client started working with us, she went to Wells Fargo in need of advice. She wanted to transfer a few of her high-interest credit cards, totaling $12,800, to a balance transfer card. Balance transfer cards can offer 0% interest for up to 21 months for just a 3-5% transfer fee. The banker told her to apply for a personal loan instead. Personal loans range from 11-22% interest and have a strict payback period, offering little flexibility. The banker insisted she would be guaranteed approval if she applied for the personal loan over the balance transfer card. She was approved for the personal loan with a 14.75% interest and a $726 monthly payback.

So when our client came to us and told us what happened, we were furious on her behalf. With a 767 credit score, we knew she would 100% have been approved for a balance transfer card. Saving her thousands!  The math was not mathing: over 20 months, she would have paid a total of $1559 in interest alone, with a high monthly payment of $726, leaving little room for savings. We had to do something. 

Our commitment at Beyond the Green Coaching is to provide unwavering support and to find the best solutions tailored to each client's unique financial picture. We dove into the details of her loan agreement, credit score, and personal financial objectives to craft a strategy that would alleviate the burden without compromising her credit health. We literally sat on the phone with her while she called balance transfer card companies to make sure her loan was transferable. By the way, Wells Fargo lied to her again, saying that her personal loan was not eligible for a balance transfer.

GROSS Wells Fargo. 

Once we got the seal of approval from Citi, she applied. And guess what, she got approved for $15,000. Giving her plenty of credit to transfer over the entire loan. We explained that the balance transfer card comes with a one-time 3% fee that can be paid overtime—a far cry from the ongoing 14.75% interest rate she was previously facing. We consolidated her debt onto this new card, which reduced her monthly payments to $626 for 21 months.

The Outcome:

By reducing her monthly payment, our client saved $99 per month and reduced her total interest from $1559 to just $381. These strategic moves resulted in a total saving of $3413. This money can fuel her savings, improve her investments, and help her achieve her personal and financial goals. 

The Beyond the Green Difference: Our approach is holistic and hands-on. We don't just advise; we advocate and act. We're more than coaches; we're partners in your financial journey. This success story isn't just about numbers; it's about empowerment, education, and taking control of your financial destiny.

This client's story is a testament to the impact that knowledge and the right financial tactics can have on your life. We help clients establish red-flag meters so that when they're presented with financial opportunities, they know if it's bullshit or solid gold. This client is a powerful reminder that you're not always given the best options for you, but with the right guidance, you can navigate toward a more prosperous financial future.

Interested in crafting your own success story? Apply for 1:1 coaching with the link here, which gets you one step closer to scheduling a free discovery call. Together, we'll review your financial landscape and implement strategies to reduce your debt, increase your savings, and elevate your financial wellness.

Because when it comes to your money, we believe in making every decision count.

 Ready to transform your financial situation? Click [here] to apply and then book your free discovery call and start writing your success story today.