I've only been at my current job for just shy of 10 months, but I can tell that I'm having a small, but not negligible effect on my early 50's co-worker. She's a single lady, and has never been married, has a paid off 13 year old Hyundai Tiburon, and paid 40% down on her house (inheritance) 13 years ago. She once went crazy with a HELOC and owes $40k on it. Between that, and her $80k mortgage, she has no other debt. She's shy in asking for help, but not helpless herself. Very reliable worker also.
In the past 6 months, her car has been "nickel and diming" her to death and she has started to suggest that she is on the verge of buying a new car to hold her out until her retirement age. I instantly go in to daydream mode, imagining with dread the thought of seeing her roll into the parking lot in a new 2016 Dodge Dart that she envies. ($20k+tax for the model she likes)
I tell her, "You know, buying a new car will cost you a MINIMUM of $350/mo, plus your full coverage insurance on a much more expensive car. Your latest car expense is only about 3 months of car payments. At this rate, if you can afford the new car payment, you can afford to repair this car 3 more times this year and still come out ahead."
Then she has a fender bender in the parking lot, and her $1000 deductible is used up, and she's moaning again. And I reminder, it's better than buying a new car and watching that $450/mo go out the window. You're the original owner of your current car, and it's still the cheaper option.
Gratefully, she excepts my advice with an open mind, so I feel free offering it.
Then, over the course of normal conversation, I learn that she's paying 5.5% on her home loan. I eagerly suggest that she contact her bank (along with others) and ask about refinancing, and I suggest that she roll in her HELOC into this new mortgage as long as the interest rate is lower (it will be) . In our area, 3.75% for a 15 year mortgage would cut 2 years off her loan, saving her over $22k in payments, and would save her an additional $200-$250/mo over the life of her loan, saving another $36k minimum.
I flat out told her, "Refinancing to 3.75% will save you over $50k depending on the refinancing costs your bank charges. I'll go with you to the bank if you make an appointment!"
Two months later, she say's, "Alex, I called my bank, and I have asked about refinancing. Is there anything I should know about it before going in there?"
I gave her some info, and offered again to go with her. She's not shy about her finances with me, so she told me if she's nervous when the time comes, she'll ask, but not to worry about it.