On episode 11 of Money Moron, Gail Vaz-Oxlade is called in to help a new mom control her pre-baby spending. Watch Matt and Jennifer’s episode now!
We followed up with Matt and Jennifer to see how their lives changed after the episode wrapped.
Matt and Jenny: We sure are glad filming is over but we really did learn a lot about how to manage our finances and the importance of communication. Before we met Gail, we were spinning our wheels only making minimum payments and paying exponential interest payments on our consumer debt. Now we feel like we know where the money’s going and we’re making some sacrifices to get the debt paid off so we don’t have to be in debt forever. Also, before the show there was very little communication about our financial situation but now the lines of communication are open and we talk daily about the money we’re spending. We’ve always been a good team but now our team is focused on reaching our debt-free goal and it only brings us closer.
We also feel that this experience has better prepared us for parenthood. Gail forced us to be responsible and accountable for our finances and to work as a team. We believe these lessons have made us a more open couple with a clearer picture of the amount of work and dedication we will need to raise a child. Finally, because of the show we have a clear plan on how we will provide for our child while still decreasing our debt. We both feel that this was a very difficult but rewarding process, and we couldn’t be happier with the results.
In case you were wondering, we are going to use the entire 10K for debt repayment. If we stick to the budget this will allow us to meet our goal of being debt free in three years.
- Matt and Jenny
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 practice 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 Mondays at 8pm — and check Slice.ca on Tuesdays to find out how each couple is doing now!