Young Samoan family starting out on the right financial foot
Gloria and James Viliamu are a young Samoan couple starting out on their financial journey together, wanting to provide the best future for their baby boy, Nathaniel. Since completing Vaka Tautua’s Tupe Wise programme earlier this year, they have already reached several milestones on the road to financial freedom.
James and Gloria Viliamu with baby Nathaniel.
The Viliamus began by setting up an emergency fund for unexpected events, and started a savings plan towards achieving the goal of home ownership. They then turned their focus onto paying off debts – student loans, credit card debt, personal and car loans – and as of June this year, are now completely debt free.
Gloria says, “Since clearing all our debts, the freedom that has come with being debt free has improved our family life and mental health. As a young family we are more conscious of our behaviour towards money and are in a better position to plan for the future.”
Drawing from what they learned on the Tupe Wise programme, the Viliamus started a weekly budget and they now use spending diaries to be more aware of their expenses and savings.
“We started to tidy our bank accounts and create a working money system, and have also started to plan towards a three-year goal of financial freedom with the goal of purchasing our first home.”
Tupe Wise Team Leader, Dorothy Hunter, said “This young couple are such a beautiful example of how investing time in learning new skills can bring about a huge transformation for our Pacific aiga. Tupe Wise will give anyone a great foundation for financial capability and independence.”
The future is looking bright for the Viliamu family. As well as purchasing their first home within the next two or three years, Gloria and James want to invest in their own small start-up business.
They also intend to set up a savings account for baby Nathaniel, so he can use it to purchase his own first home or towards his studies in the future, and they haven’t forgotten about setting aside funds for family holidays and fun.
According to Gloria, the best thing she learned from Tupe Wise was, “If you fail to plan, you plan to fail. Simple steps such as budgeting and planning for the unexpected make a world of a difference and are important for any individual or couple with the goal of financial freedom.”
Learn more about Vaka Tautua’s financial capability programme: Tupe Wise