Keeping Fit Financially

" It's a new year no better time to get healthy with your money for life. So every night all this week -- teaching you how to become financially fit ninety Greg he's caring for three generations under one roof. With one paycheck."

" Hi my name's Greg Carr welcome to my -- I'm Erica when I was. Nineteen or twenty years old. We got married very young surrogate family very young but luckily we have. Or famine relief sound financially well relive what my mother and father in law I was such -- law school. And was -- restart in the fall 2001. Hanna unexpectedly my father in law passed away and when he did and that obviously altered my decision to go to law school. How we took the money that I had saved from law school and bought a home. And -- time another moment in -- yeah. There's three generations in one house and I'm sort of sandwiched in between our -- situation is is not the best. Over the last few years that it has yeah our credit has gotten worse -- mortgage payment is you know roughly 2000 dollars a month car payments. 800 dollars a month. Life insurance is roughly 300 dollars most. And my -- grocery bill diapers and formulas you know five to 600 dollars it's I really don't feel like we live way outside of Armenians. And I feel like -- make. Good income I just feel like with the with the money that I mean we've we've just shouldn't feel like we're living paycheck --"

" Greg is with us right now -- got to ask you what are your goals for the year."

" Carmen. The main goal for the new year -- just -- get a handle on the finances and just try to figure out where the money's going record told. Your producers I just feel like -- make too much money to feel like we're living paycheck to paycheck every week."

" Yeah I mean you're finding out first hand it's not necessarily how much you may eighth that makes you feel tight here now break I'll start you gave us a look at your spending. It is a look at where the money's going I found some room to cut some costs that -- running a deficit about a thousand dollars a month. That's Ernie -- there's it's couple hundred to several hundred dollars hair it's going to eating out. And membership fees. Now can you cut out membership fees yes ma'am okay that's something that's going to save you a lot of money got to get rid of that deficit in find where that money is going. And where you can cut back to take some serious looking at where those dollar bills every month are headed out and break. You fill -- our new workbook to help you get started problem out there you can do to St. Free work bucks they're -- available online on the laid out CBC dot com tell you get financially fit for good. Sorry no excuse is okay now great is -- couple things it you know in in your situation you have your wife at home. You got your mother in -- home. Right yes -- And you have your children as well I gotta tell you know this my brother dies. But there -- a lot of people -- we've got to get them to all help you. Do this and to do that. If your mother locked can take care to kids it and this is can work a bit help bring in some money and you cut down expenses. That is going to make a huge huge difference and -- also I was that you revealed an answer the workbook. That is very important to as much to finding that money it's your credit scores -- correct and in the work but he said I don't know only credit score."

" Yeah I I just know that. You know it's not good and and of course when your paintings laid you know obviously. I understand the power of credit in the and the costs of credit in and you know in the bills get paid but they get paid -- obviously that's going to have a negative effect on your credit. That's going to affect your future buying power your cost of funds and and maybe even. You know the possibility getting hired for a new job in the future."

" Exactly I mean -- a really big deal let you know to get to improve those horrors you've got to help out with your finding more money to help you guys get ahead. What do you think on the your wife and mother while the think a bounce basically helping you bring more money."

" Well I think at this point we really don't have any other choice come. That's one of the things that we discussed in the past as possibly having my wife go to work you know it got a six month old baby at home now so. But you know -- going to work as it is difficult we do have mother in -- in the house that could possibly help out with the children but. We've either got to finds more money are we just you know got a downside we've got we've got to figure out where we can gets more money coming in our -- figure out where we can cut or a combination of both."

" I I tell you I think it's all of the above -- talk about a little bit more here but about those credit scores look let's address that they bring in our credit to John Alzheimer. John you look into breaks credit. And he's now owns some rather low number."

" Worse yet and it's it's a shame because writers under super I. But what I end up finding a -- a lot of time with -- error. Was a credit scorers are all fairly loud -- range between 434. And 500. And and the reason that -- about low as is actually it's it's almost a confluence of two -- is almost a perfect storm it's. A lot of negative information I found a couple of collections. 56. Total late payments over a variety of accounts. And I found that on the credit card debt and this is actually this is almost infuriating speak quite honestly do not towards -- towards a credit card issuers. Is that she's a 126%. Utilized. On his credit cards so its credit ranchers have. Really helped him get into this situation by allowing him. To basically overcharged by almost 2500 dollars."

" Yeah I'm great in this this is as you said it's going to affect up part of her life I know regular also wondered if you have too much house and I got to tell you that. You guys in a position where you have to think about your future I didn't really guilty to all involved cut -- your expenses. Have a more income coming into your home. And consider selling that house it's too much house for you right now. You do have some equity just not to cover closing costs and a little bit extra to get to a little bit more on your feet because you have some of those some of those -- in collection. But also Greg I'm concerned about your future -- the sole. Bread winner here are some going to bring in Jerry lynch certified financial planner who works with -- and worked with you Greg. -- sole breadwinner and lots of people -- taking care so many people I'm worried and concerned about the."

" His future. I -- I write to totally agreed there's no cash is coming and there's no there's no -- is one bad thing happens is entire plan is gonna collapse and it's just not gonna happen for four people. He's gotta be gotta be a little bit more proactively managing his budget getting a little bit more cash set aside reducing his expenses if he does that in the next year to he's going to be a lot better place."

" Now also is thinking about well you know old insurance. And it -- and Greg did disability. No ma'am no ma'am I I do not we got against."

" in Estonia you have one in three shot at becoming disabled everybody says and knock -- become disabled I'd take a look at. You know Michael J. Fox Steven king Alonzo Mourning these are all people became disabled. Greg you're you're you're too many people -- depending on you've gotta protect your most important asset which is your ability to earn money. -- you've got to find a somebody and -- I would recommend go to in this certified financial planner organization US PA. And and did speak to a local represented by giving your zip code to be able tell you planners in your area they can work for a fee only basis to say you often work on budget and give yourself."

" can order yeah site is at PA net dot ore grade. What do you think I know a lot a lot at you right here but we want to make you financially that you can do weight so what are you able you think right now that you could commits it."

" Well first and foremost just really like -- taken a look at the budget your workbook was really really helpful and identified a lot of areas where. You know I think the most embarrassing it and kind of the what I am most ashamed about it's just not knowing where ghosts and and that's something that that I've got a track better on a monthly basis -- that. Dated -- weekly basis I've got to know where this is going and and I knew that. We're spent a little too much money eating out and and there are some areas that we can definitely trim the fat -- definitely committed to doing that. And end you know Jerry had a right on the nose I'm I'm one of them away from catastrophe and that's that's one of the reasons why contacted the show because I know I need help. But I just didn't know what to do or where to go to get it."

" I will hopefully giving you some mud isn't it certain where to go from there in tracking down your expense is -- to make sure to pull together all your bills for one month. And all of your receipts every single one and pull it together it's a little bit of paperwork sit at -- table get so big so cut and -- through -- all also wicker white and anyone -- your household spending money you can see where that money is going so everyone can feel responsible. About cutting."

" That -- things Greg we're going to check in with you thank you so much for joining us in John's going to work if you to a building up that credit and Jerry's going to help with planning your family's financial future thank you so moisture for joining us. Thirty days from now we're gonna going to check in on great progress on becoming financially it -- can download our free work. To help you become financially big log on on the money dot CBC dot com much more right after this."