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Maxed Out 2008-05-27 13:09:40

Maxed Out: Clean Slate Wedding

This episode of Maxed Out features Tabetha and Greg, a couple in their mid-twenties planning to get married in exactly 14 months. The only problem is that the two of them together equal one big financial mess. Tabetha has a growing pile of debt that is currently at $34,000 on top of her mortgage, while Greg can't offer any advice because he knows absolutely nothing about managing money. He's a debt-free student living at home and gets an allowance from his parents, and he and Tabetha hadn't ever talked about money until recently. They don't want to start their lives together with old financial baggage, so in order to have a clean slate wedding they call in Allison Griffiths to work her magic. Find out how she helps the pair when you

.

Tabetha admits that if she has money she spends it and is teetering on the edge of not being able to pay for anything anymore, but with this knowledge she still contributes $300 each month to a vacation timeshare. Allison takes a look at Tabetha's big money picture and concludes that she's spending 60 percent of her income on housing between her mortgage and timeshare, when the maximum that should be allotted to housing is 30 percent.

Allison also discovers that between the current $34,000 debt, the estimated $15,000 cost of their wedding, and the amount of debt plus interest they'll accrue during the 14 months until their planned wedding date, Tabetha and Greg will start their new marriage off with $67,500 in debt. She instructs Tabetha to get organized so that she never misses a payment, tells Greg to cut financial ties with his parents and get a $500 limit credit card to establish some credit, and encourages them to sell the timeshare so their debt would instantly be cut in half.

Tabetha and Greg are on their way to a clean-slate marriage and have a much better understanding of what life together will entail. They were lucky to get their reality check before the wedding instead of entering their new lives together with almost $70,000 in debt.

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bellaressa bellaressa 7 years
ohh wow, Tabetha ---that is sad if they mislead the viewers. Do participants get paid for being on the show or just the so called "free advice".
Tabetha Tabetha 7 years
In case it matters, and in case anyone still reads this or wants an update, you should probably be aware that producers decide what they want to tell in a story, and it's not always a true representation of the people's lives... We had a bad feeling about how things were going while we were shooting and based on your flippant comments about Greg, those concerns were well founded. Ain't no such thing as "reality" in reality TV. Greg was a full time student (he has since graduated) and working as a student advisor during the school year, and worked construction full time during the summer while going on auditions. He didn't receive an 'allowance' from his parents, he didn't want their money, they just kept putting it into an account in his name. They're parents, they do that kind of stuff. Just like they always make you take an extra serving of dinner. Greg is a hard worker, and he paid for the engagement ring himself with cash he made from a couple of commercials. I just feel terrible that Greg was apparently painted as such a doofus (I still haven't seen the show, nor do I want to) I'm making more money now, I've worked hard since the show to pay down debt, and we're paying for our $15,000 (on budget!) wedding in cash. We really aren't as clueless as the show presented and we certainly aren't anywhere near $70K in debt, nor were we actually in danger of being so... We're getting married next month, and the future looks very bright. We plan to have a significant down payment saved in the next year or so, and I still have over $100K of equity in the condo I own with my sister. We just wanted some help, and I assumed that some eye-rolling from viewers (heck, I do it myself) would come with the method I chose (along with $2,500). I really wanted advice on how to manage budgeting and finances as someone who works on a freelance basis. That has been the crux of my problems. That advice never came - apparently the "Her fiance gets an ALLOWANCE" angle was sexier for tv? Live and learn. Glad we could entertain you for an half an hour, anyway. Really. I probably would have said all the same stuff myself had the tables been turned.
JaimeLeah526 JaimeLeah526 8 years
I couldn't marry a man who got his allowance from his parents either TidalWave.
sfbutterfly24 sfbutterfly24 8 years
ok so the allowance thing is weird after a certain age BUT the living at home thing is not. I live at home w/ the 'rents and so do most of my childhood friends but for us it really is a cultural thing because you don't move out until you get married. AND even then you sometimes don't move out when you do get married. Truthfully I plan to live with my parents in a duplex for the rest of my life because thats how I was raised and heck I like coming home to my family! So yeah longer and more in depth than I wanted to share but yeah.
aimeeb aimeeb 8 years
Good lord...
Liss1 Liss1 8 years
When is this show on? i know it's on the Style Network but i never see it listed. I want to check it out but never seem to catch it.
bigestivediscuit bigestivediscuit 8 years
Jeeez ... and I thought I was naive about financial planning! I'm way ahead of the game compared to these two!
Swedeybebe Swedeybebe 8 years
i have to agree, tidalwave... why would anyone want to build a life with someone who basically has no life experience? he's gonna have a rude awakening when he realizes mommy and daddy arent always going to be there financially. i wonder who paid for the engagement ring? ha! get a job man! if they feel like they are ready for marriage, they should march on over to city hall. super cheap. won't put them any more into debt than they already are.
bellaressa bellaressa 8 years
I am a little confused. So, he has no debt but her debt includes the wedding - is she paying for the wedding alone? The debt seems to be all of hers and if I was him I would question that amount of debt; not to mention if I were her - I would question someone who still depends on their parents.
TidalWave TidalWave 8 years
not sure i would marry someone who gets an allowance from his parents
Shopaholichunny Shopaholichunny 8 years
*they
Shopaholichunny Shopaholichunny 8 years
Geeze. Good for them. Hopefully hey will stay on track. Getting married with almost $70,000 of debt is crazy to me!
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