Amy’s Financial Success Story

For the first time in her life, Amy Dockery has a credit score she’s proud of and savings accounts that give her peace of mind.

“I have a good credit score now,” said Amy. “I think it’s around 780 or 790. Paying off my debt when my mama passed away helped a lot—and being religious about not using my credit cards.”

Like many, Amy had a basic understanding of personal finance, but expanding that knowledge with solid budgeting skills and putting it into practice was a challenge.

“Thanks to my mother,” she said, “I knew about saving, credit scores and how to balance a checkbook, but in the past, I would buy things on credit I couldn’t possibly afford. I wasn’t a good budgeter. Once the bills were paid and a little was in savings, I would just spend the rest.”

Amy lives with two forms of arthritis that limit her ability to work. She works part-time as a med tech in the dementia unit at The Village, a senior residence in Missoula, and supplements her income with Social Security Disability Insurance.

“There’s no way I could live on the disability alone,” said Amy.

Amy also receives rental assistance through the Missoula Housing Authority, where she also enrolled in the Family Self-Sufficiency program, a five-year commitment to achieving self-sufficiency while receiving housing support. It was through that program that Amy first learned about Homeword. Wanting more tools to manage her money with intention, she signed up for Homeword’s free Financial Skill Building class.

“I’m really appreciative of this program,” she said. “I did the Financial Skill Building class back in February. As a result of that, I got free sessions with Chelsea where I learned even more. Knowing there was someone in my corner, knowing I have one-on-one counseling sessions and learning gobs in those one-on-ones—it’s been wonderful!”

Before the class, she had little exposure to ideas like setting aside money for emergencies or planning ahead for intermittent expenses.

“I’d never heard of emergency savings before,” said Amy. “I’d never learned about budgeting for annual or quarterly expenses. And I didn’t know you could have multiple accounts at the same bank.”

Now, Amy has three separate savings accounts. One is for general savings, one for emergencies and one dedicated to annual expenses like car registration and insurance.

Through Homeword’s matched savings program, Amy is setting aside $500 in a special account over several months. Once she completes the program, Homeword and NeighborWorks Montana will match her savings with an additional $500. Amy plans to use that match to jump-start her annual expenses account.

“I think the match will be a good amount to begin that account,” she said.

She’s also learning to track her spending through a budgeting app Homeword Financial Educator Chelsea recommended.

“Everything I spend I put in there,” said Amy. “Some things I thought I spent less on, I spent more. And some things I thought I spent more on, I actually spent less. It’s been interesting watching where my money goes.”

That awareness has led to impactful changes.

“I do have plans to get some nicer things for my house,” she said, “but only when I can afford them. That’s been the biggest lesson: Just don’t buy things if you don’t have the cash.”

Amy still has one credit card with a small balance, but she’s about to pay it off. When an unexpected vet bill came up, she charged it to her credit card but immediately withdrew cash to pay it. She was able to have the vet’s office remove the charge and avoid paying interest.

“I like having cash to be able to do that and avoid the 24 to 25% interest rate that credit cards charge,” said Amy. “I’ve gotten wise about credit cards. That’s probably the biggest, most effective change I’ve made.”

She credits her success to learning about new tools and receiving support through Homeword’s  class and counseling.

“I tell everyone about the Financial Skill Building class,” she said. “I’m older, but I’m still open to learning.”

For Amy, taking these steps to learn more and beginning to budget is about changing her future.

“It’s gotten me thinking about ways to make passive income—making my money work for me—now that I have a substantial savings,” said Amy.

The changes Amy has made have had a ripple effect. She now feels freer to volunteer her time in the community, which is very important to her.

“I’m gay and volunteer at the Western Montana LGBTQ+ Center,” she said. “Part of being able to do that is knowing that I have stable finances—that I can take a day and volunteer. I’m a big believer in community. I love Missoula and the people in it.”

With her systems in place, debt nearly gone and confidence growing, Amy’s financial progress is undeniable. Paying off all that debt is, well… paying off.