The Financial Fitness Trainer

Hi Scott,

My partner and I are looking at using a budgeting advisor like MyBudget to help us create a plan and stick to it. We earn $90k combined but have $7k on a car loan, $17k on a personal loan and $13k on a credit card. All due to our wedding and holidays! What is your advice?

Nate

Hi Nate,

I can see how MyBudget would be appealing. They bill themselves as being like a ‘personal trainer for your money’, motivating you to shed your debt. For this they charge a start-up fee of around $1,500, and then $40 a week. Yet maybe it’s the motivation you really need, right?

There’s just one little problem: you’re broke. And broke people don’t spend $3,580 a year on a bloody fitness trainer! Broke people find a piece of rope, tie one end around an old car tyre and the other around their gut, and jog up and down the street huffing and puffing.

It’s time for you to wake up and smell the seat salt son. The only way you’re going to get out of the hole you’ve dug for yourself is with grit, determination and a third job. Put your money where your debt is, and get puffing.

Scott