SESLOC offers personalized Money Coaching
New program offers 1:1 guidance to help you get control of your finances
SAN LUIS OBISPO, CA (February 6, 2020) — SESLOC Federal Credit Union is proud to offer the expertise of specially-trained Money Coaches. This new program offers 1:1 personal coaching to help community members understand credit reports, develop a budget and tackle debt, all of which support a path toward financial wellness.
“Research shows that 65 percent of Americans lose sleep over their finances,” said Carla Swift, SESLOC Assistant Vice President of Education & Service Management. “The Money Coach program is designed to help community members foster a healthy relationship with money and become more financially responsible. It’s another way SESLOC embodies the credit union philosophy of people helping people.”
Trained Money Coaches can help participants create a plan to meet their long-term financial goals or solve a specific problem—such as how to handle an error on a credit report. Success is measured in four categories:
- Spending – Spend less than income; pay bills on time.
- Saving – Have enough liquid savings to absorb a financial shock; have sufficient long-term savings or assets.
- Borrowing – Have a sustainable debt load; have a good credit score.
- Planning – Have appropriate insurance coverage; have a plan for future expenses (goals).
Last year, 11 SESLOC employees completed 13 weeks of Money Coach training. They were trained to support members in their journeys toward financial health by providing personalized financial education and guidance while using a variety of tools. SESLOC will increase the number of trained coaches over the coming months to further expand its ability to serve the community.
Money Coaches are just one part of a comprehensive education program, which includes financial seminars for both members and the public, independent study tools online via interactive videos, articles, and calculators, and debt counseling. In addition, SESLOC Financial Scholars was introduced last year to central coast high schools free‐of‐charge, which is a 6‐hour online course covering a range of topics from savings to investments. The key feature of Money Coaching provides one-on-one support, which complements the other education opportunities SESLOC provides.
The Money Coach program is available for all members, with the added convenience of an initial appointment via a phone call. For information on how to get started visit sesloc.org/money‐coaches.
About SESLOC Federal Credit Union
SESLOC Federal Credit Union is a not-for-profit, full-service financial institution on California’s central coast since 1942, now operating with five branches in San Luis Obispo, Paso Robles, Atascadero, Arroyo Grande and Santa Maria. With assets of $1 billion, their 160 employees provide valuable financial and educational services to more than 56,000 members. SESLOC membership is open to anyone who lives, works or goes to school in San Luis Obispo or Northern Santa Barbara County. For more information, please visit www.sesloc.org.
