[speaker001:] Wendy, I guess we get to talk about budgets tonight or lack of budgets if, uh, if that may be the case
[speaker002:] Right.
[speaker001:] and any kind of long term financial planning or anything like that, uh, let me ask you the question, do you have a, uh, budget, or a monthly budget, or a long term budget that you stick to?
[speaker002:] Right now I'm in college and I'm on work study
[speaker001:] Uh-huh.
[speaker002:] and so my budget comes from my dad's help.
[speaker001:] Uh-huh.
[speaker002:] [LAUGHTER] He helps me out a lot and I get paid monthly, so that's kind of hard to have a budget. My mother, uh, doesn't get paid much money, so her budget is, uh, just, uh, planning for I R A's.
[speaker001:] I see, I see. Well, good, I'm kind of in a different situation, but I, I, I went through that, too, when I was in school, but, uh, I was, I was working to get through college and, and, uh, trying to make it through that, but, uh,
[speaker002:] [LAUGHTER].
[speaker001:] I'm married and have, uh, a, a couple of children and
[speaker002:] Uh-huh.
[speaker001:] we have to, uh, pretty much stick to a budget. I'm on a salary so I don't get any overtime or anything like that but,
[speaker002:] Oh.
[speaker001:] We have a fixed income and we have to make sure that, uh, every dollar we have will, is spent accordingly and, uh, what we try and do to, to stick to our monthly budget is
[speaker002:] Uh-huh.
[speaker001:] we pretty much have, you know, the house payment, we have the insurance premiums, uh, utilities and so forth and we do sit down at the beginning of every month or the end of every month and write down how much we know we're going to spend and set that money aside, and we also try and set aside money for savings, set aside money for the coll-, the kids' education
[speaker002:] Uh-huh.
[speaker001:] college education, the future and, uh, set aside money for bonds and, and we also set aside an emergency fund because
[speaker002:] That sounds good.
[speaker001:] we've, uh, [LAUGHTER] we've been married for about ten years and we find out that, you know, no matter what kind of budget you stick on, there's always going to be an unexpected car repair or something
[speaker002:] Right.
[speaker001:] happen with the house, that you have to have money for and, uh, not enough to go and to take a loan out, but, uh, you have to have money for.
[speaker002:] Right.
[speaker001:] And, uh, then we have, you know, whatever's left over is disposable in-, disposable, dis-, yeah, discretionary income,
[speaker002:] [LAUGHTER].
[speaker001:] [LAUGHTER] that we use for the rest of the month, so, and it's worked out very well. It's, uh, it's helped us, so that we haven't been, you know, too long on the month and too short on the money and
[speaker002:] Well, that's good.
[speaker001:] uh, try and stick with that and, nice thing about it, I, my wife is, is excellent in that we both work together, we both have a budget, and we stick to it
[speaker002:] Well, good.
[speaker001:] and there's no surprises in that [LAUGHTER].
[speaker002:] [LAUGHTER] With two kids, that could be hard.
[speaker001:] Well, actually I have four kids.
[speaker002:] Four!
[speaker001:] So, [LAUGHTER] yeah, I said a couple of kids, I, I guess I should have specified, I have four
[speaker002:] Oh, my goodness.
[speaker001:] four little boys, yeah.
[speaker002:] Four boys.
[speaker001:] You bet.
[speaker002:] Oh, my goodne-,
[speaker001:] You bet.
[speaker002:] It's just me and my sister.
[speaker001:] All right [LAUGHTER].
[speaker002:] And my parents divorced three years ago
[speaker001:] Uh-huh.
[speaker002:] and my sister had gotten through college, but I was still in high school, and my mother paid for a lot of my sister's college while my parents were together
[speaker001:] Yes.
[speaker002:] and then, uh, before the divorce she had saved for my college.
[speaker001:] Uh-huh.
[speaker002:] But, uh, when we had the divorce, she just didn't get much money out of it and had to spend it all on getting another house.
[speaker001:] Oh.
[speaker002:] So now my dad's paying for all of my college of [LAUGHTER].
[speaker001:] Well, good, good.
[speaker002:] And financial aid
[speaker001:] Uh-huh.
[speaker002:] and scholarships. I'm a music major, so I have auditions coming up.
[speaker001:] Yes, well, what year are you in in college?
[speaker002:] I'm a sophomore.
[speaker001:] You're a sophomore, so you have a few more years.
[speaker002:] Right, right, I'll, I'll probably have about, two, two and a half years left.
[speaker001:] Uh-huh, well, good for you. Good for you. Yeah, I imagine it, uh, is a little difficult to stick with a budget during that, during school and so it forth.
[speaker002:] Oh, it sure is. I, I know how much my dad is going to give me every two weeks
[speaker001:] Yes [LAUGHTER].
[speaker002:] and I, and I don't spend over that [LAUGHTER].
[speaker001:] Well, great, great. And sometimes that's a little hard with books and music and, and sheet music and stuff you've got to work on, too.
[speaker002:] Oh, sure, there's, there's always music
[speaker001:] Lab fees and all,
[speaker002:] books to buy.
[speaker001:] [LAUGHTER] Oh, yes, oh, yes. Well, you're not a starving artist, yet, are you?
[speaker002:] Oh, no, no, no.
[speaker001:] Good.
[speaker002:] I don't plan on being a starving artist [LAUGHTER].
[speaker001:] Well, good.
[speaker002:] That's why I'm in college [LAUGHTER].
[speaker001:] The-, there's enough of those in the world, huh?
[speaker002:] Right [LAUGHTER].
[speaker001:] Good, good, I'm glad to hear that, Wendy. W-,
[speaker002:] That's usually because they're not real educated. They can't afford to have a really good job.
[speaker001:] Who's, who's not very well educated?
[speaker002:] The starving ones.
[speaker001:] Oh, yes, yes.
[speaker002:] There's enough out there that if you have, if you're educated enough, then you can make money.
[speaker001:] That's true, that's true. I found that out.
[speaker002:] [LAUGHTER].
[speaker001:] So that's why I'm [LAUGHTER] planning and, and preparing for the, uh, education of my children, also
[speaker002:] Right.
[speaker001:] try and set that money aside.
[speaker002:] What did you major in?
[speaker001:] I majored in business administration.
[speaker002:] Well, good, you know plenty about planning a b-, a budget.
[speaker001:] Yeah, but, uh, once again,