On episode 9 of Money Moron, Gail Vaz-Oxlade stepped in to help Anthony and Tamara manage their financial situation. Watch Anthony and Tamara’s episode now!
We followed up with Anthony and Tamara to see how they fared after the episode wrapped.
Tamara: We’d like to thank Gail and everyone involved with Money Moron. The life lessons we learned in this short time are invaluable. We decided to pay down as much debt as possible. We plan on putting all of our $7,000 reward toward our debt repayment. We have made payments toward our debt every month so far. We plan to buy a house within the next six years, but are working hard to make it sooner.
I have made some major changes in my life! I actually left my job in Pickering and am now working on commission in Oshawa. It happened so fast. I’m working with the hairstylist that I told Gail about. I’m taking my career seriously and am now my own boss.
Anthony and I are doing extremely well with our relationship. We’re planning for our future together by talking about our goals and trying hard to work towards them. Anthony is taking a course at his current job, which will help him potentially make more money. We cook and pack our lunches for work together. We plan ahead for pretty much everything now!
I learned a lot about money and I am much more careful about my spending habits now. I don’t shop spontaneously anymore and anything I think I need, I budget for it. I’m even tracking all of my spending in my spending journal.
We both work together on our financial planning. We have monthly goals on saving for our home and paying off our debt. When it comes time to pay our bills, any extra income we’ve made goes toward our debt. We have paid off about one quarter of our debt so far by following our budget. We plan on sticking to the budget and paying off as much of our debt as we can with any extra income. I see our debt being cleared in two years!
Tamara and Anthony
Gail’s reminder: Fake It ‘Til You Make It
Whether it’s the cost of carrying a new home or a new child, the best way to plan for new expenses is to practise living as if you’ve already made the change.
Create a budget for how much more it will cost you per month to meet your new living expenses… and start living on that budget. Not only will this help you adjust to your new lifestyle, but all the money you’ve saved can also be put into a separate account to help you reach your new goal even faster.
Download: Monthly Budget Spreadsheet
Watch Money Moron Fridays at 9pm — and check Slice.ca on Mondays to find out how each couple is doing now!
Looking for more of Gail’s awesome advice? She answered viewers’ burning budget questions in these exclusive video clips.