Maxed
Out

Tuesdays at 8pm E/P

EPISODE INFO

Plan

EPISODE 39 - Multi Debt Pile Up (Rhonda and Les)

In order to eliminate their monthly shortfall and free up money for savings, I challenged Rhonda and Les to a radical financial re-structure.

Alison's recommendations:

  • “Spending Crackdown” allowing just $200 a week for groceries and family essentials, and I told them to cut $400 a month out of the kid’s expenses.
  • "Stop the Bickering" and "Get Together" on your finances with a footnote to put a freeze on their home equity credit line.
  • Next, I instructed her to think about her children’s futures and deposit $50 monthly into an "Education Savings Account".
  • "Live with Less" and urged them to put out a for sale sign and get rid of their excess “stuff”.
  • "Visit the Bank" and open an education savings account. I wanted them to invest $400 a month in their children’s futures.