Money Matters

#MoneyMasterClass Recap–Week 24

This week covered to big topics: (1) what to do if you have a job loss or major change in income and (2) divorce.

Changes in Income

Losing a job can be a scary thing–especially if it’s unexpected. And I speak from experience here. Even if you are able to qualify for Employment Insurance after losing your job, there is waiting period before you can receive your first payment.

The two main points of advice from Gail this week for these circumstances are:
1. Cut back on all your non-essential expenses
2. Use your Emergency Fund if you need to


Divorce isn’t something anyone expects to go through, but as Gail points out, half of us do end up there.

The Effect on You and Your Kids

Some Steps to Take

Gail laid out some tips to take in her tweets this week. This is a summary of those steps:

  • Create or update your net worth statement
  • Do a credit check and make sure everything is accurate
  • Take your name off of any joint credit
  • Get overdraft protection if your cash flow is jagged
  • Make a new budget and do everything you can to make it balance
  • If you make mistakes, pick yourself back up and try again
  • Evaluate whether staying in your house is the right financial decision
  • Update everything–wills, power of attorney, check and update it all


There were a few resources shared this week about divorce and separation.

The first was Gail’s book CEO of Everything.* There are pictures of the cover and table of contents below.

Hoyes Michelos shared a link to their podcast which featured the co-author of CEO of Everything. Have a read or a listen here: The Financial Impact of Becoming CEO of Everything

Lastly is a resource website that Gail is affiliated with: Common Sense Divorce

On a more uplifting note

Check out this tweet thread about some successes fellow Money Master Class participants are having.

These are tough life transitions to talk about, but so necessary! What advice has Gail given that has helped you through a tough life transition?

New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids


  • A in Texas

    Gail is simply amazing and I do appreciate all this free information. I do own CEO of everything and reread chapters often. Thank you for taking the time to write this post. I appreciate it very much. Life has gotten a bit busier than usual and so I’m glad I can come here at the end of the week and see your post. Thank you.

What are your thoughts? Let us know in the comments!