Meghans Money Mess
Storyboard Text
- Yes, I understand that, although I didn't have enough money to pay it all off so that was really my only option
- I can see that last month you did not pay your entire credit card balance which will lead you into some serious debt very quickly as there is interest on everything that you don't pay. This means the amount you owe will just keep on increasing
- Well then, if thats the case let's make you a spending budget so you can be more reasonable.
- 10 YEARS LATER
- I think so! But how will I be sure I don't over-spend on entertainment to have enough money to save? I love to shop
- Let’s try this - if you spent 40% of your income on rent, 30% on necessities like food, transit and insurance, 10% on entertainment and the rest in savings, could you make that work?
- Got it!
- Well, let me introduce you to a concept called “Pay Yourself First.” That means you put the 20% into savings as soon as your paycheque arrives. That way you never have to worry about not having enough money.
- Amazing! I can totally do this!
- Once you have a bit of money saved, we can talk about what to do with it. First, we need to pay off your bad debt, then we can talk about an emergency fund and a TFSA.
- Im so happy I'm out of debt, started saving and can now live the life I always dreamed of!
- Yes I'm so proud of how you turned your life around!
- YAY!!!!
- After learning the heard way Meghan gets her life back on track with all new spending habits that has set her up for success. She now understands the importance of saving and budgets as well as paying things off in full. Meghan is now living her life free of debt and is set up for the future!
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