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- Meghan is a 23-year-old working as a chef at 34 Elm Park Dr, earning around $2,880/month and living in Toronto. She likes to go out with friends and have a good time all the time! Meghan has just moved out of her parent's house and does not know the importance of managing her money now that she has to pay rent.
- Lets go to that store, it looks cool!Then lets grab lunch!!
- OMG I love these shoes, but they are $112
- Meghan and her friend Sara have always loved to hang out together, having fun usually involved spending money on Uber eats, going to the mall, eating out and going to the movies.
- OMG yes! Oh I love shopping so much!
- Oh who cares, think of it as a gift to your self
- Sara
- Oh, you know it!
- Sara, I just got my paycheque! Ready to go on a shopping spree!?
- Meghan has just received her first pay cheque and calls her friend to go shopping, instead of thinking about her upcoming expenses.
- RENT
- Oh no!! What am I going to do? I spent so much money shopping yesterday, I don't think ill have enough to pay my rent!
- Because I have to pay rent to keep my home, I'll only pay the minimum balance on my credit card. Next time I can pay it off fully.
- Because Meghan spent most of her money shopping yesterday she dose not have enough to pay both her credit card balance and her rent she decides to prioritize her rent so she has a place to live and only pay the minimum on her credit card.
- MOM&DAD
- Oh my goodness! I didn't realize that when paying the minimum on my credit card there would be interest charges on it! What will i do?
- Sweet heart, I think its time to go see a financial advisor
- When Meghan gets her credit card statement the next month she sees that she has to pay the interest from the previous month in addition to the expenses from the current month.
- Ok Meghan let's take a look at what we have here. At first glance I can already see that your credit score is not in good shape which which will hugely impact some of your potential goals you may have such as buying a house
- Yes I know I just find it hard to save my money and not spend it all!
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