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Young Family Thriving After Money Makeover

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Nov 6, 2009 7:23 pm US/Mountain

Young Family Thriving After Money Makeover

 Form: Apply For A Money Makeover From CBS4

Written by Suzanne McCarroll
THORNTON, Colo (CBS4) ― A young couple who asked for a money makeover last summer tells us how they've implemented their new financial plan and are thriving now.

Michael and Olga Newton, their two year old daughter and their brand new baby are at the zoo, an outing three months ago they couldn't possibly afford.
Last summer, when we first met the family, the Newtons were in debt and very discouraged.

"I'm more disappointed in myself more than anything" Michael Newton told CBS4 during their Money Makeover.

Because they were short on cash, and unable to pay their bills on time, they often resorted to Payday Loans. They borrowed against their paycheck and paid huge interest fees. Certified Financial Planner Joseph Graziano came in and put them on a strict financial budget.

"We just followed Joseph's plan, he told us what to do, and we did it." Says Olga Newton.

Joseph's plan involved selling Michael's truck, which saved three hundred dollars a month on car payments and insurance. The Newtons now share one car.
They also worked with their credit card companies to consolidate and reduce their debt.

Olga proudly boasted "We have no credit cards, got rid of them, never getting them again."

And they stopped getting payday loans.

Never ever again that's a forbidden place for us." said Michael.

"Putting a plan on paper, kind of showing us, leading the way to do it." Michael described how they got their finances in order.

Michael spends his free time with his family, but he has less time, because he is working as a handyman on his days off so that he can put money into savings. The family, while not wealthy, feels rich and blessed. And that trip to the zoo with their children they couldn't afford? They now have the money for an occasional outing.

"Life is great now" Michael said.

Additional Resources

-- Learn more about Joseph Graziano at his Web site.

Contact Us

CBS4 is looking for Colorado families who would be willing to be subjects of our Beating The Recession: Money Makeover series. Families who are interested getting financial advice -- free of charge -- from a financial advisor should please fill out our form to be considered.

(© MMIX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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