NASHVILLE, Tenn. (WTVF) — In early August, former NewsChannel 5 anchor Vicki Yates saw my Hannah Can Help series and reached out about a family in her community facing serious money troubles. Since then, the patriarch of that family has passed away.
I recommended the family reach out to the Financial Empowerment Center (FEC) in Nashville.
Tierra Fuller is a financial counselor at the Financial Empowerment Center.
"I always tell them this is the judgment-free zone and I always tell them there's nothing they can tell me that I haven't heard before, but I also want them to know that we're here to support them with anything they may need," Fuller said.
Here are key moments from our full conversation:
If you suddenly can't pay all of your bills, what should you prioritize?
FULLER: "You want to definitely pay attention to your priority bills or those necessities. So that would be of course any rent or mortgage payments. You want to make sure that you have food on the table for the family, so you want to make sure that you have groceries. Any medical needs or medical care, transportation as well, would be a necessity.
Other debts, such as maybe credit card payments, those things can not necessarily fall to the side, but they're not as high on the hierarchy of debts as your day-to-day needs to make sure that you and your family are able to live comfortably."
Should you call your mortgage company or other lenders and tell them what happened?
FULLER: "Definitely. I always recommend that my clients be transparent and open, especially with their lenders or their creditors, specifically in this time with dealing with the mortgage company.
Most certainly reach out to them, let them know the scenario, you don't have to completely disclose all of your business, but more transparency is better. Let them know what has happened and that you may need some assistance with your mortgage payment for a few months, or what options are there to maybe put those payments towards the end of the life of the loan, just to give you a few months to figure things out and assess your financial quote-unquote playing field."
What's a common mistake people make financially while they're grieving?
FULLER: "Not calling or asking for help sooner because people will think, you know, I can continue, I can take this on.
You know, if he or she, their spouse, was handling it, [thinking] surely I can do it... Knowing when to wave the white flag and knowing when to ask for assistance.
So whether they're scheduling an appointment with us at the FEC or contacting your trusted banker, contacting your mortgage company or your auto lender as well, but just knowing when to know how to ask for help."
Do families also need to be prepared to change their lifestyle after losing an income?
FULLER: "We have to be realistic of the lifestyle that they may live continuing to move forward. So, we may have to assess that and maybe scale that back a bit possibly, but the hope is to keep them, you know, as comfortable in living the same lifestyle as they were when their loved one was here."
What if several generations are living under one roof?
FULLER: "It can be a task, but it's something that we're not afraid of here at the FAC. We can definitely assist, you know, a family in need with assessing their month-to-month bills and expenses and figuring out how we can quote-unquote divvy this up to make sure everything is paid on time and their lifestyle doesn't shift too much."
How do you have the conversation about asking other adults in the household to contribute more?
FULLER: "It can be a difficult conversation. The children, we want them to remain kids and be oblivious, you know, to a certain extent.
But with the adults, [saying] hey, this is what's happened. We have lost our patriarch of the family, and we all have to kind of chip in to make ends meet temporarily. It may not be always, but right now, are you able to commit an additional $100 towards this expense? Are you able to cover maybe the phone plan for the family? Where can we step it up and maybe take on more responsibility? During that time of grieving, it's an emotional time already. So let's just make everyone's life easier if we just work together."
Can the Financial Empowerment Center help families find benefits or assistance programs?
FULLER: "Yes, most definitely. We would definitely assist and see what benefits or services she could be eligible for, the family, because it helps to supplement.
If you are able to be approved for SNAP or be approved for any type of temporary assistance as well, that would be a great help to a family in this scenario."
What do you tell someone who may be embarrassed or afraid to ask for financial help?
FULLER: "I always tell them this is the judgment-free zone, and there's nothing they can tell me that I've never heard before, but I also want them to know that we're here to help and support them with anything that they may need.
I may share previous experience with clients 'cause unfortunately I've had clients that have had to deal with this and dealing with grief and the loss of a spouse or income suddenly.
So, just assuring them that here at the FEC, we're here to listen, we're here to help. We have the experts in place to help them walk along this journey in this new phase."
Anyone who lives or works in Davidson County can get free financial guidance from the Financial Empowerment Center. Appointments are available at their East Nashville office, by phone, or over video.
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