The Revolution: Michelle’s Money Court
Ty Pennington introduced Michelle Singletary, the show’s financial guru, for the very first installment of Michelle’s Money Court.
The Revolution: Michelle Singletary
Robyn is a young woman whose boyfriend Vinnie wants to move in with her. But she has some financial concerns about their relationship. She is a saver, preparing for the future, and he is a spender, splurging every payday.
Vinnie said he runs a small business, and he puts a lot of money back into the business. He likes to reward himself when he completes a big job. He said he feels good when he spends money.
“I make money. I’m living comfortably. I feel like I should be entitled to spend it how I please, as long as I’m not driving myself into debt,” Vinnie said.
Michelle Singletary: Spending Vs Saving
“The problem is, if we’re talking about combining our future, then we’re talking about combining all of our assets as well, and it makes me nervous to spend money when we don’t have a guarantee that any is coming in,” Robyn said.
Robyn said she like the security of saving money and working toward future goals. Vinnie said he doesn’t want a luxurious lifestyle, and he thinks moving in together is a good financial move.
Michelle Singletary: How Much Do You Make?
Since Robyn and Vinnie haven’t told each other how much they make, Michelle Singletary asked them to reveal their income in her financial courtroom. Robyn said she makes $85,000 annually, and Vinnie said his income is about half that much.
The Revolution: Credit Card Debt
Robyn said she got into trouble with credit cards as a college students. She spent several years paying off $15,000 in Credit Card Debt.
Michelle recommended that Vinnie ask Robyn to help him come up with a personal budget.
Your Finances & Your Relationship
Are you in a couple where one person has more income than the other? How do you feel about the financial dynamics in your relationship?