Money Matters

#MoneyMasterClass Recap-Week 49

This week was both one of reflection on the year and also looking forward to 2021. Gail also continued to answer participant questions as November came to an end.

Checking In

How did this year go for you? Gail would love to hear it! Just as she’s anonymously shared participant questions in November, she will share your stories on Twitter.

November Questions

This week had the last day of November, so there’s one more participant question. I’ll type out the Q & A below the tweet as I have in previous weeks so it is easier to read.


I was a young single mom and now I’m 31 working in the government trying to start saving for a house. I was hoping to save enough to get out of my 11 year apartment situation and onto some land. Any advice on best way to save and purchase in a sellers market/how much is realistic to save with these crazy housing prices on a one person income? I paid a whopping $20,000 off in debt in under a year and finally paid off my car. I feel accomplished in that, but I am feeling like a house is out of reach still with the insane market prices. I am relentless in the pursuit of making my dreams come true.

Gail’s Answer:

First congrats on getting the debt paid off. That is a HUGE accomplishment. Now you have THAT money you can redirect to saving for your dream. First, figure out how much house you plan to buy. Second, calculate the mortgage payment you’d have, and include $$ for property taxes, property insurance, maintenance and utilities. Got a number? Now subtract what you currently pay in rent and save the difference. If you can do that you’ll: 1) build up a nice juicy down payment and 2) know you can manage the purchase because you’ve been practicing. As for the right time to buy, chill. Work on building up at least 20% down for the purchase to avoid CMHC insurance fees.


Looking back and reflecting on the year can be an important part of personal finances. With an honest examination of where you are at and where you have been, one can make the necessary adjustments for the next phase of life.

Looking Forward and Setting Intentions

Just as important as looking back, is looking forward and setting goals. It’s actually how we started off the year in the Money Master Class way back in Week 1 by setting our goals and aligning them with our core values.

Net Worth Statement

Gail first mentioned creating a net worth statement in Week 8 of this year.

If you haven’t yet started yours, you can find the worksheet and the instructions here:

Closing out the year

There’s still quite a bit left to the month yet, but before the days get busier with holidays, here are a few more questions to reflect on.


As she promised, Gail has started to share some stories from participants.

How has this year been for you financially? What have you learned that will prepare you for the next year?

Missed last week? Check out my recap here: Week 48

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

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