Money, Money, Money, Money

Yes, I am singing the song in my head.

So, have I gotten anyone watching Til Debt Do U$ Part? 

I love this show.  LOVE. 

Each episode, Gail Vaz-Oxlade teaches different couples how to manage their money, create a budget and debt repayment plan, and stregthen their relationships.  (By the way, it now comes on daily on CNBC.)

She basically has the same approach as my main money man, Dave Ramsey, with a few small differences.  One big difference is that the show is filmed in Canada, so alot of government programs are different.  (Such as they get paid maternity leave and there is such a thing as stress leave.  STRESS LEAVE!!!  I could use that every week!)

The couples spend 4 weeks in Gail's budget boot camp.  The first week, she shows them all their numbers.  How much they're overspending, their projected debt in 5 years, their interest rates, etc.  She takes away all credit & debit cards. 

They're given jars for food, transportation, clothing & gifts, and other.  (She usually comes in with an initial budget budget prepared for them.)  They're given their weekly allowance and the Budget Binder.  They're instructed to put all their receipts in the binder.  Between those receipts & the cash in the jars, it should always equal their weekly allowances. 

Then the couples are put through three challenges.

The first week is usually their Financial Planning Challenge.  And usually it's one of two things.  If it's a clueless couple, she makes them do their own budget.  I'm always shocked by the number of couples who say they've never done a budget!  Aaaggh!!!  If it's not that, then they're usually instructed to earn an extra XXX number of dollars per month to make her budget balance.

The second weeks is the Life Lesson Challenge.  Whatever their vice is - shopping, cars, eating out, etc. - Gail tries to teach them a way around it.  Sometimes it's been to hold a yard sale, or sell a car, or take cooking classes.

The third week is the Relationship Rescue Challenge.  As we've all heard, financial problems is the number 1 reason couples split up, so inherently, these couples usually have relationship problems.  These challenges are so creative.  Sometimes it's an obstacle course; I've seen them have to stop people in the mall and explain compound interest, it's usually creative and bonding.

At the end of the four weeks, Gail comes back to their home to see how they've done.  If they've met all her goals, stayed in their budget, she gives them up to $5000 to pay down their debt.  If their attitudes were poor or if they didn't complete a challenge, she'll give them less.

The show is really fascinating to me.  I'm always amazed at the people's reactions.  And while you probably won't learn anything earth-shattering, I think it's always good to learn. 

Side note - can I please have this job when I grow up?  Come in and beat people up over money and then save the day with a check?  Pretty much the best job EVER!