Phil's Personal Finance Tip of the Day:
Story: Reconciling Budget Differences
Scott was a money saver. Tiffany was a weekend spender. How one couple worked through their financial differences.
by Lynne Thompson/Focus on the Family
Scott and Tiffany* married at age 23. Scott had just graduated with his Bachelor's degree and starting graduate school, while Tiffany worked full time at an insurance office. Just as it happens to many young couples, it took only a few weeks living under the same roof for them to realize their financial incompatibility.
Here is their story and how they eventually made ends meet.
Tiffany's perspective: One day Scott called me into the office of our apartment to talk about a budget. I thought a budget was something that involved congress or the president. I had no idea what a personal budget was.
Scott showed me a printout of all of our expenses—everything from gas and groceries to hair cuts and what he called "fun money," which is cash that we could spend as we wished.
"This is how much income we make each month," Scott explained to me. "And each item in the budget shows how we spend it."
I told him that I needed more fun money. $4 a week was nothing.
"Where should it come from?" he asked.
"I don't know, just add it in," I said.
"Budgets don't work that way."
I got frustrated and left the room.
To read the entire article from Lynne Thompson/Focus on the Family:
http://www.focusonthefamily.com/lifechallenges/managing_money/achieving_financial_harmony/story_reconciling_budget_differences.aspx
Inspirational Quotes@Inspire_Us from Twitter:
If your ship doesn't come in, swim out to it. - Jonathan Winters
Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.
Here is their story and how they eventually made ends meet.
The problem as newlyweds
Tiffany's perspective: One day Scott called me into the office of our apartment to talk about a budget. I thought a budget was something that involved congress or the president. I had no idea what a personal budget was.
Scott showed me a printout of all of our expenses—everything from gas and groceries to hair cuts and what he called "fun money," which is cash that we could spend as we wished.
"This is how much income we make each month," Scott explained to me. "And each item in the budget shows how we spend it."
I told him that I needed more fun money. $4 a week was nothing.
"Where should it come from?" he asked.
"I don't know, just add it in," I said.
"Budgets don't work that way."
I got frustrated and left the room.
To read the entire article from Lynne Thompson/Focus on the Family:
http://www.focusonthefamily.com/lifechallenges/managing_money/achieving_financial_harmony/story_reconciling_budget_differences.aspx
Inspirational Quotes@Inspire_Us from Twitter:
If your ship doesn't come in, swim out to it. - Jonathan Winters
Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.
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