Fri, Mar 13, 2009
Married forty-somethings Alex and Valery are both creatively oriented, both jazz musicians, Alex with a degree in jazz composition. They are both not living their musical dreams... to some extent. Valery is four months into her personal bankruptcy. In the meantime, she collects employment insurance while she indulges herself in those things that make her happy: taking an expensive course in expressive arts therapy seemingly solely as a self-improvement measure, and filling their small rental house with artistic little touches, which includes antiques and collectibles. Even with her bankruptcy, Valery has managed to get an overdraft protection on her bank account, which is funding her current spending. Alex, on the other hand, works full time at a $35,000 per annum income job that he hates solely in order to pay his and Valery's bills. Alex feels he can't make a living in jazz music, especially in the small town where they live. Alex has his own spending weaknesses, namely on instruments and music accessories. In addition, both Valery and Alex don't like to cook, which means eating out a lot at nice places. Because of his own money problems, Alex has entered into a consumer proposal, which would cut him off from credit. The two think they support each other emotionally, but money problems have been a source of friction because Alex is working a job he hates, while little in his current life gives him pleasure. Beyond getting them to cut their spending and raise their incomes, Gail shows them what their retirement options will be solely on a government pension, which is the route they are currently headed with no retirement savings whatsoever. Gail wants them to think outside the box to make more money working in fields that truly give them pleasure. And she shows them what it truly means to support each other, which isn't happening in a meaningful way in the state of their current relationship.
Fri, Mar 20, 2009
Together for twelve years, early forty-somethings Mike and Sheila are both recovered alcoholics who met at a treatment center. Both have had difficult emotional pasts, which they hope is behind them. Part of their recovery was being told not to deprive themselves, which they have not done, especially in furnishing their house. Mike is the sole household breadwinner, earning about $70,000 annually as a sheet metal mechanic, while Sheila goes to school, and takes care of her aged grandmother, with who they have a difficult relationship. Mike realizes that the amount of money he makes is not the issue, as it would go just as quickly if he made millions as if he made little. Gail learns that they have no idea what and to who they owe, the amount of their consumer debt which currently stands at $45,000. Gail has to make them critically review what they are doing in their lives, what they are striving for as future goals, and how they are going to achieve those goals. And she gets them to learn how to deal with granny to make their own lives more fulfilling in that regard.
Fri, Mar 27, 2009
Married couple Amy and Paul earn a comfortable $110,000 per year. They bought an older house, which they are addicted on renovating without considering the cost of each project. As they started some renovations, they found additional problems, such as asbestos and termites, which ended up costing more money to rectify. Despite this uncontrolled spending on the house, they have not cut back on any of their other spending. Paul, who admits he has always spent money foolishly on such items as fast and junk food, sticks his head in the sand about their household finances. In addition, they have their minds set on buying a $1,700 puppy, money which they do not have, nor have they planned for the puppy's upkeep. Not including their mortgage, they are $20,000 in debt. Gail tries to make them see the long term financial cost of their bad habits, ones they may not believe have any major financial implications. With a budget Gail sets aside for it, Amy and Paul have to make a long term plan for what they ultimately want to accomplish with their house in terms of renovations, and when they can achieve each project. And Gail has them work together to set common goals for their spending.
Fri, Apr 3, 2009
Married couple Melissa and Ted are a police officer and paramedic respectively, earning a comfortable combined annual income of $155,000. Because of their chaotic work lives while they deal with two pre-school aged children, they are always on the run, not thinking about where they spend their money, or communicating with each other about where he/she spends, which they both do largely on impulse. They have upsold their house twice, thinking they could make a profit on each sale, but realistically they lost on both while having a larger mortgage for each successive bigger house. Gail finds that they are totally disconnected from their money, which has led to their debt problem. Gail wants them to see how much of their life energy has been poured into stuff currently in their house, while getting Melissa to deal with the finances in and of themselves, which she has been reluctant to do thus far. Gail gives them a symbolic challenge to show them how difficult it is to run through life aimlessly like they are with the debt load they are carrying. She also wants them to slow down and enjoy their lives together as husband and wife.
Fri, Apr 10, 2009
Early thirty-somethings Jillian and Orson, who have two toddlers, earn a combined income of $70,000 annually, which does not go very far for a family of four in the expensive city where they live. They were already in debt individually when they came together. Jillian spends on little things, such as going out for lunch with coworkers leaving the brown bag lunch Orson made for her sitting uneaten in the fridge, which over time adds up. Orson works at a low paying job he doesn't like, but feels he needs it to support his family. Jillian has a large extended family, individuals from which drop by frequently and unannounced which also generally includes staying for dinner. Some have even lived with them at times, with Jillian and Orson footing the bill, which has caused some unspoken friction between Orson and everyone else. Jillian, who solely manages their finances, sometimes has to make the decision whether to pay daycare or rent. They dream about buying a house someday, which to them seems unattainable. They are currently $23,000 in debt, most of it sitting on high interest credit cards, with not much to show for it. Gail wants the two to reverse household roles to see their lives from the other's perspective. She wants there to be even more balance in their household which includes Jillian's family giving back for all they have taken thus far. She wants Orson to be more motivated in exploring options for higher paying jobs. She shows them if home ownership can be in their future. And she has to get them working together as a couple.
Fri, Apr 17, 2009
Ed and Brandi are engaged. Ed, a pilot, used to make $115,000 annually, but has temporarily taken a $40,000 job instead to reduce the stress in his life. Ed, the controlling one in the relationship, still spends like he has that higher paying job, often to buy Brandi gifts, or to go out on the town (sometimes out of town as they can get cheap airline tickets) for expensive meals, including the best bottles of wine. He has dipped into his retirement savings to pay for many of Brandi's gifts. Ed takes care of paying all their household fixed costs, such as rent and utilities. Brandi, who earns $45,000 a year in property management, loves indulging herself, which is where her money goes. She brought $30,000 of debt into their relationship, all from unpaid student loans. Their current combined consumer debt sits at $40,000. At the beginning of the process, Gail believes seemingly superficial Ed and Brandi, who don't seem to be taking the situation seriously, may be the first couple on the show she will not give any money to. For Ed and Brandi to get any money, Gail has to show them: that they have to bring what looks like two separate financial lives into one; the cost of their "life energy" for what they actually want; that the finer things in life don't have to cost a lot of money; and that there needs to be a better balance in their relationship. By the end of the process, will Gail's initial belief of no money to the couple come to fruition?
Fri, Apr 24, 2009
Angela and Gord have had to grow up really quickly over the last few months. They have just gotten engaged because of Angela's unexpected pregnancy. Neither ever having left home, Gord is moving in with Angela into Angela's parents' home, neither having to pay rent. They are planning their weddings (i.e. they are having two different weddings) and for the baby all at the same time, the latter which includes their combined $75,000 per annum income soon being reduced because of Angela's upcoming maternity leave. Both are bringing debt into their marriage, both who spend recklessly. Gord realized the error in his spending ways and has since cut up his credit cards in order to get his $10,000 consumer debt erased. Angela, on the other hand, has not quite given up her spending, having racked up closer to $43,000 in consumer debt despite receiving big ticket items, such as furniture, as gifts. In meeting the couple, Gail sees that Gord likes to play the part of the dumb oaf who doesn't know anything, while Angela is the alpha person in the relationship but who won't live up to her responsibilities despite saying she will. Gord, in particular, is out to prove Gail wrong. Gail has to get them to: plan for the baby, including how to spend wisely and Gord making more money to compensate for Angela's reduced income; have a brainstorming session with friends on how to bring down the debt faster; see how to translate gifts for their wedding into debt management; and bring a power balance between the two into their relationship. Two external issues thrown at Angela and Gord, and Angela's response to one and to another separate issue shows if Gord will be able to prove Gail wrong in her initial assessment of them.
Fri, May 1, 2009
Now with two children (one preschool aged and one infant), Paula and David have been in a common law relationship for eighteen years. Their money problems have stemmed largely from David's uncontrolled habit of shopping online, most specifically for stereo equipment and sporting goods. David doesn't pay attention to money issues so he never fully understands the extent of their money problems. Paula doesn't learn about his purchases until they have arrived in the house. In rebellion, Paula goes out and shops for things for herself. Their consumer debt sits at $56,000, with nothing to show for it. They are even ignoring about $20,000 of that debt, which has since gone to collections. They have gone bankrupt before, which led to them losing their condo. Paula has already left him once before, and is contemplating doing so again as she does not want to place their two children at risk. Gail wants to show them what it feels like to have the weight of debt lifted from their lives. David has to take responsibility for budgeting to truly see where their money should be going. They have to find alternative less expensive hobbies to shopping. And Gail wants them to make a financial vow to each other in front of family and friends. What Paula and David decide to do with that final challenge shows how much they have embraced the entire process with Gail, and where they see their future headed.
Fri, May 8, 2009
Despite being married and having an infant son, Karissa and Karl, who earn a combined income of $105,000 annually, largely see their lives as separate from each other. Beyond shared hobbies such as off-roading, they do other things separately, including spend. As such, Karl, in particular, sees Kari's debts as being her own, and his as being his own. Kari has no idea how big their debt is, so while Karl wants Kari to get her debt under control and pay it off, Kari does nothing to support that as a goal, especially while she was on her ten month maternity leave which has just concluded. However, Karl is no financial saint himself, he spending about as much as Kari, but on bigger ticket items, while Kari's spending is constant but on smaller items. Their combined consumer debt sits at $80,000. Their money problems have led to the discussion of possibly ending their three year marriage, Kari who feels Karl does not respect her in part as he is not one who displays affection easily. Gail first shows them that their financial responsibilities are joint as they were incurred while married, and shows them the realities of their broken family in divorce. If they are to stay together, Gail has to get them to: see what their spending is doing to unbalance their lives; see to where their money has gone and what they need to do to earn more money to pay off their debt in a timely manner; and come to an understanding of what they need to do in their day-to-day lives to support each other emotionally, which includes effective communication.
Fri, May 15, 2009
Evelyn and Andy live off Andy's annual income of $128,000, as Evelyn is the stay at home housewife and mom to two infant children. Despite their comfortable income, they still have $73,000 of consumer debt, and no house of their own. They used to own a house, but moved across the country twice, the first move to Calgary which led to Evelyn feeling isolated and like they were starting all over again, the issues at the core of her emotional spending, especially on online makeup (as she feels stuck at home with nothing else to do) and spa treatments. Andy can't understand why they shouldn't be able to afford the luxuries in life, such as the $4,000 projector television. When Evelyn asks Andy, the sole household financial manager, about the financial issues, Andy accuses her of not trusting him. Gail wants: Andy to investigate disability and life insurance options; Evelyn to find social options for her and the kids outside of the house, most specifically with other parents and their kids; Evelyn to be involved in the household money management; them to set five year goals and how they will achieve them; and to find staycation activities instead of the pricey vacations they have been taking, which were all in an effort to save their relationship.
Fri, May 22, 2009
Dina and Bill, who have two teenagers at home, Jasmine and David, have a combined annual income of $105,000. They bought their house ten years ago for $154,000, which carried an initial mortgage of $130,000. They have done some renovations to the house, some which ended up being incomplete, such as for the kitchen, because they ran out of money. Those renovations plus some bigger ticket items, such as vehicles, they have since rolled into their mortgage. They don't like to deprive their children of anything, sending them off to expensive specialty summer camps among other things. The kids do get allowances but there are no stipulations to that money. David is considered the household banker in that everyone turns to him if they need a few dollars here or there. Whenever Dina and Bill rack up a large amount of consumer debt, they also have rolled that debt into their mortgage, believing it would cost less because of the lower interest rate than other forms of credit, not understanding that it may cost them more since it is amortized over a longer time period. Their current mortgage sits at $230,000, much of it carrying their consumer debt. In addition, Dina feels overwhelmed by her household duties, she taking care of approximately 80% of those tasks. Gail has to get them to work more as a cohesive family, which includes the kids, especially Jasmine, learning how to manage money instead of Dina just handing it over, and Bill and both kids doing their fair share of work around the house. That work also includes finishing up the kitchen renovation on a quick time-line and budget they can afford.
Fri, May 29, 2009
Ivy and Carson, who have two toddlers, live on Carson's single $80,000 per annum income while Ivy stays at home with the kids, her maternity pay which ended six months ago. Ivy will soon be returning to work, but that will be short lived as she is once again pregnant. They are still spending as if they had Ivy's income. They are highly family focused, which includes buying organic and fair trade, largely for health reasons, at whatever the financial cost to themselves, and at whatever price. Carson handles all the transportation needs for the family as Ivy doesn't know how to drive. They largely bury their heads in the sand about money issues, reacting to bills, then totally forgetting or ignoring them. Their consumer debt currently sits at $34,000. Despite Ivy's assertion that Gail needs to be tough with them, Gail finds that Ivy and Carson are the "but" couple, always seeming to justify their actions and always questioning Gail's approach as opposed to what they see as a better alternative to get to the same end goal. Gail tries to get them to see that organic and fair trade need not be as expensive as they are spending on it. She has to get Ivy to be more independent by learning how to drive. But it's the basics at which Gail and the couple may butt heads over as Ivy and Carson try to continue with their "but" mentality.
Fri, Jun 5, 2009
Lucy and Dave, who have two teenagers at home, have a healthy combined annual income of $139,000, but they still have major debt problems to the tune of $60,000 in consumer debt alone, not including their mortgage or what consumer debt that have already consolidated into their mortgage. They know that the biggest mistake they made was borrowing money for the down payment for their house. But they also know that the largest problem to that consumer debt is Lucy's addiction to shopping. She shops for all the family's needs, but she spends uncontrollably on unnecessary stuff, primarily on chachkas for around the house, every corner of their house which is filled with such items. But Dave is not faultless, as he has buried his head in the sand about any money issues since he is neither numbers oriented or computer literate, thus leaving Lucy to handle all the household finances, including online bill payments. However, Lucy in particular has not yet woken up to the fact that Dave's mom, who just passed away, did not have a totally happy end of life because of lack of money issues, which is where they could be headed as well. The fact that they have no money to do things together as a family has, as well, not gotten them to change their behaviors. Gail has to make them see the costs and benefits of the chachkas already in their home. She gets them to get their two children to learn to manage their own money for what they need and want instead of Lucy handling their money for them. Dave has to get more involved in handling the family finances, which includes learning how to use the computer. Lucy pays forward in providing advice to other shopaholics. And they are shown that they can have those exotic vacations they want as a family - while not breaking their banks - in the form of ethnic/cultural staycations.