👋 Meet Jessica and Michael

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Jessica had a career pause and Michael was the only one working, they wanted to make financial adjustments until they bring in more income.

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They have been married for five years but faced financial challenges during an economic downturn. Jessica decided to pursue a new career and Michael was looking for better job options. In December 2023, they signed up for Doing Well and were able to understand and improve their spending habits, establish a plan for earning more income, start saving for a house, reduce credit card debt, and set up a savings account.

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🚧 Challenges Faced

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Jessica and Michael’s unsteady income made it hard for them to maintain their lifestyle, leading to major disagreements in the marriage.

• Money Habits: Different money habits caused arguments that led to them asking for help from a therapist
• Spending Habits: They sometimes spend impulsively and found it hard to stick to a plan for spending
• Financial Independence: Jessica wanted to make her own financial choices, Michael wanted to closely manage their spending
• Family Influence: Jessica’s mom's money problems in the past affected how she thought about money
• Less Income: Changes in Jessica’s job made it tough to keep up with their lifestyle
• Credit Card Debt: They owed money on their credit card and had to use their savings to pay for it
• Single Earner:  Michael was the only one earning money, which made their situation harder

🎯 Goals Set

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Jessica and Michael wanted to sort out their finances to reduce arguments, save money for the future, and keep up a balanced lifestyle without spending too much.

• Understand Money: Figure out how money is spent and learn more about managing it well
• Find a Better Job: Look for a job that pays more, aiming to earn between $150k to $185k
• Saving and Investing: Focus on putting money aside for savings and investments
• Get Rid of Debts: Pay off any money owed, like student loans or credit card bills
• Get a Home: Buy a house at a good interest rate
• Save for Retirement: Have enough money saved up for when they retire

🚀 Progress Achieved

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In just 7 months of working with Doing Well, Jessica and Michael were able to stick to a budget, saved and invested their money, paid off debts, and reduced their monthly spending.

• Budget Together: Doing Well helped clean up their books and create a budget alongside them, making it easier to see where their money goes
• Cut Costs: Looked for ways to spend less money and earn more to balance their finances better
• Cancel Subscriptions: Tracked and got rid of subscriptions they didn't need
• Save for a House: Made a concrete plan with Doing Well to save money for a house
• Put Money in Savings: Moved $120K to a high-yield savings account
• Pay Off Debt: Paid off $68K credit card debt
• Expense Reduction: Lowered monthly spending by $7K.
• Saved for Retirement: Moved $172K in a Roth IRA.

❓Questions & Answers

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1. How did your upbringing influence your financial decisions?

Jessica: Moving to the U.S. taught me to be tough with money, even though we had some family wealth. Seeing my parents struggle financially, like renting out our home for extra cash, made me realize how important it is to use money wisely.

Michael: I grew up learning about how to balance money. My parents liked to spend money on fun things, but were also careful with it, especially when we went on trips. Having college professor parents meant my home life was stable. But I also had trouble taking risks and didn't like the idea of things changing.

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2. Could you share your financial progress and current goals?

Since working with Doing Well, we've made big improvements like creating a budget, increasing our savings, and paying off some debts which really improved our relationship. Now, we're focused on saving up for a house downpayment.

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3. What money habits have you adopted to improve your finances?

We're getting better at managing our spending by keeping tabs on every dollar and thinking hard about how we use our money. And we set up automatic ways to save and invest, so we're staying on track with our money goals.

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4. What advice would you give to others facing financial challenges?

Start by planning how you spend your money and keep an eye on where it all goes. Figure out where you can spend less. And if you need a hand, ask for some extra support.

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5. What inspired you to embark on your Doing Well journey?

The desire to improve our financial situation and reduce conflicts in our marriage. We wanted to take control of our finances and build a secure future for ourselves, and Doing Well gave us the guidance and support we needed to achieve that.

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💬 A Message From Jessica and Michael

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"We used to worry about money all the time, especially when Jessica decided to switch careers. It was a bit of a rollercoaster, to be honest. But then we started working with Doing Well, and it made all the difference. They helped us map out a financial plan, and now we're actually working towards buying our dream house! Their help has been incredible, and it brought us closer together as a couple."