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Maxed Out 2008-03-17 04:25:37

Maxed Out: Planned Parenthood

This episode of Maxed Out was about Regina and Elliot, a young couple who has babies-on-the-brain. Emotionally, they're ready to start a family together, but financially they're in discord and couldn't afford a baby with their heavy debt. On top of their mortgage, they have $38,000 in consumer debt and are spending $3,000 more a month than they earn. To see if financial guru Alison Griffiths can help the couple avoid bankruptcy and save for a growing family just

Regina and Elliot are constantly bickering about each other's spending and neither are taking responsibility for their financial state. Alison says the biggest red flag is that 100 percent of debt payments ($2673 average per month) is being financed by other debt, like cash advances, so they're not actually decreasing the balances. By drastically cutting spending, like Regina's frequent salon visits and Elliot's smoking habit, Alison gives them a plan to start digging themselves out of their ever-expanding debt hole.

Alison suggests that the couple open a baby account, and by living on a reduced income they'll be able to deposit money each month. The money saved would hopefully allow them to have a new baby without acquiring new debt. Alison says their biggest mistake is their blindness to the fact that what they spend today determines how they'll live tomorrow — that's something we all should think about when handling our finances and making money choices each day.

Join The Conversation
melizzle melizzle 9 years
Live within your means. Damn.
nohesitation nohesitation 9 years
I always find this show interesting, though the advice -- maybe because it's Canadian? -- sometimes strikes me as odd. For example, once the adviser told a couple that they should save for the kids' college first and then worry about retirement later, since there will be time after the kids graduate. This seems to go against every American financial adviser's take, a la Suze Orman. In the US, experts seem to say that retirement comes first because your kids' college can be funded through student loans, but your retirement can't.
SugarCat SugarCat 9 years
Completely unreal.
sarlafrock sarlafrock 9 years
CaterpillarGirl - I totally agree.
CaterpillarGirl CaterpillarGirl 9 years
this lady goes to a salon?
Shopaholichunny Shopaholichunny 9 years
I would not be able to live like this! I would go crazy w/ worry!
Liss1 Liss1 9 years
That is crazy! How do you spend $3000 more a month than you make? We are trying to buy a home so we do not use credit cards right now. If we don't have the money we don't buy it!
princessjaslew princessjaslew 9 years
i totally understand the concept of 'what you spend today determines how you live tomorrow' but its such a hard concept to live by!
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