Getting Back on Track with Telamon Financial Workshops
Tara and Wendall, West Virginia
Tara and Wendall recently came to Telamon Corporation by referral from their lender. The family was struggling to make their house payment, so budget counseling was recommended.
At the initial meeting with Telamon’s housing counselor, the couple was embarrassed and ashamed that they had let their mortgage fall so far behind. They explained that their financial struggles began a few months prior due to health issues. Tarasaid,“I don’t want to lose my home and we will do anything to keep it.”
With the support of their counselor, the clients formed a plan and discussed goals for the future. For the first two months, Tara and Wendall had weekly meetings with their counselor to review their budget and goal plan. “Being in our 40’s we were embarrassed that we couldn’t manage our money or plan ahead. The only way you are going to get something is if you really want it. That’s how you will succeed in life,” stated Tara. Determined to get her family’s finances in order, she registered for the spending plan workshop, Money Matters.
Money Matters is a two-hour financial literacy program that provides participants with the information they need to achieve and maintain financial stability through lectures from area experts, fun exercises, and group discussion. Participants in the workshop learn how to: create financial goals, create a household budget, save for future needs, eliminate debt, and establish good credit.
From the very start of the workshop, Tara was energized and motivated to pursue her family’s financial goals. Before too long, she successfully found full-time employment. Within months, the Tara and Wendall were excited to share a budget binder that they had created to assist them in budgeting — organized with current expenses and a monthly spreadsheet. Tara and Wendall were now on their way to financial stability!
Soon Tara and Wendall were able to use part of their tax refund to purchase a second vehicle. In the past, their entire tax refund was used to play catch up on finances. This allowed Tara to again seek new employment, increasing her income.
Once current on all expenses, the bank’s lender requested a meeting with Tara and Wendall and their Telamon advisor. The lender was so impressed with the work the clients had accomplished to gain control of their finances, they agreed to modify their mortgage. This meeting ended with housing advisor, lender, Tara and Wendall all in tears of joy.
To date, Tara and Wendall have made their first modified mortgage payment and continue to utilize their budget binder. Now that the family has gained financial stability, Wendall has returned to school to pursue a career in HVAC, while continuing to work full-time.
Initially faced with financial hardships, Tara and Wendall now have the resources to prepare for unexpected expenses in the future. Their dedication, utilization of new tools, and discipline have empowered them to build better lives. Some of the key takeaways from the Telamon experience: the ability to budget, to reduce expenses, and to see the importance of paying bills on time.l.
Telamon-TRC’s Housing & Financial Empowerment programs help individuals and families build financial security through education and to secure affordable, revitalized and safe housing options. Telamon offers a variety of Housing & Financial Empowerment workshops and customized services, specializing in: financial management and budget counseling, credit education, pre-purchase homebuyer programs, rental education and counseling, foreclosure prevention and loss mitigation services, and personal financial coaching.
Since 1965 Telamon-TRC has helped individuals like you access services that lead to better jobs, better lives, and better communities. Find a Housing & Financial Empowerment program near you today!