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EPISODE INFO

Plan

EPISODE 32 - Financial Planning for Baby (Regina and Elliott)

Regina and Elliott wanted to start a family but indulgent spending and debts of nearly $38,000 on top of their mortgage stood in the way. They needed to grow up financially first so I put them on a Plan for Parenthood.

Alison's recommendations:

  • Make drastic cuts in spending – slashing everything - cell phone bills, eating out, salon visits, and cigarettes.
  • Cash Out the Retirement Plan and use that money to pay off their credit card balance.
  • Stop the family handouts.
  • Open a Baby Account and deposit $200 in it every single month.