Sebastián Patiño Gómez immigrated to the U.S. from Colombia two years ago to keep his family safe. At the time, he knew very little English and nothing about the American banking system.

“Checking accounts and savings accounts, it’s all so different than back in Colombia,” Gómez said.

Gómez works a job that pays him monthly, and he struggled to make his money last between paychecks. “My cash flow was a disaster,” Gómez said. Fortunately, a friend suggested he meet with one of the financial wellness coaches at Greylock Federal Credit Union. They helped Gómez obtain his Individual Taxpayer Identification Number (ITIN). Immigrants who do not have a Social Security number are required to have an ITIN to actively participate in the U.S. financial system and apply for loans, such as credit cards, auto loans and mortgages, as well as to pay their taxes.

They also helped Gómez open a checking and savings account and taught him some banking basics, including tips on managing his cash flow. “Now I get to the end of the month with money in my accounts. Now, I’m at peace and completely calm about money,” he said.

“Financial education is so important, but many of us today don’t get the chance to learn it at home or at school, which makes Greylock’s financial education offerings really important for our community,” said Jeff Lowenstein, one of Greylock’s Spanish-speaking financial wellness coaches.

“Sebastian and other immigrants have a lot to learn when they first arrive, since they have to navigate a financial system which may work very differently than the systems in their home country, but we see similar struggles every day with natural-born citizens as well.”

Greylock takes financial education seriously. Last year, their team of financial coaches provided over 1,600 hours of free financial coaching. Nearly 5,500 area students learned to navigate personal finances through online and in-class learning tools provided by the credit union free of charge to all public schools in its service area.

According to Lowenstein, Greylock helps with many different financial situations, but the three issues they see the most are credit problems, budgeting and cash flow management, and debt management.

For those struggling with credit, Lowenstein said, “Many don’t understand how credit works and have made mistakes.”

 The financial coaches educate people on how the credit system works and help them build a plan to improve their scores. Paying bills on time is probably the biggest factor affecting credit scores, but your utilization ratio is also something that the credit bureaus look at closely. This means how much of your maximum credit availability you are using. “Ideally, you want to be 30 percent or lower,” Lowenstein said. “So, if you have a $1,000 credit limit, you’d want to only borrow up to 30 percent, or $300.”

Others struggle managing their day-to-day expenses. “Many struggle to pay their bills on time,” Lowenstein said. “When they get paid doesn’t always match up with when the bills are due. And sometimes, people simply don’t have enough income to cover their bills. This leads to cash flow problems.”

Lowenstein explained that Greylock’s financial coaches begin by talking with people to help them better understand their financial situation. Next, they help them build a detailed budget, so they can better understand where their money is going and look for areas to save.

“We begin by looking for areas to save that won’t really affect their day-to-day lives,” Lowenstein said, “like more affordable car insurance, for instance, or helping them learn about community resources and supports they may not have known about.”

Many also struggle with debt. “It can seem crushing and people may not see a way out,” Lowenstein noted.

Lowenstein mentioned that the Greylock coaches will work with people to help them better understand their debt and build a sustainable plan to pay it down. “We usually start with the loans that have the highest interest rates – usually credit cards,” he noted. “And we encourage everyone to pay more than the minimum payments on these. Even if it is just $5 more each month, it makes a big difference over time.”

“Greylock made a real difference in my life,” Gomez noted. “I’m confident they could help you too.”

Click Here to learn more about Gomez’s story.

To learn more about Greylock’s financial wellness resources, please call 413-344-1026.