Personal Budgeting Overview: One Last Pedicure

12 Pages Posted: 7 Aug 2019

See all articles by Gregory B. Fairchild

Gregory B. Fairchild

University of Virginia - Darden School of Business

Tierney Fairchild

Independent

Christina Black

Independent

Liz Ivaniw Jones

University of Virginia - Darden School of Business

Date Written: July 23, 2019

Abstract

A daughter teaches her mother how to handle her finances by creating a budget.

Excerpt

UVA-F-1865

Jul. 23, 2019

Personal Budgeting Overview: One Last Pedicure

Introduction

Jackie McKenzie loved to dance and was an instructor at a dance studio; however, she did not love how hard it was for her to stretch her income. As she stood in the checkout line at the grocery store, she wondered if her $ 2,900 a month income was really enough for her and her youngest daughter, Millie. She watched anxiously as the cashier rang her up. With each quick swipe of the cashier's hands, Jackie looked at the total price on the monitor and knew she was going to come up short on money for her groceries.

Once the cashier was done, sure enough, the total of $ 150 was more than Jackie had in cash or in her checking account, and she was close to maxing out her credit card for the month. The last payment went to one of Jackie's bimonthly rituals—a shiny red pedicure. She flushed with embarrassment as she took items out of her cart and put them back on the conveyor. The cashier sighed with exasperation as she deducted the items, and Jackie was sure the other customers behind her in line were impatient. Somehow, she had lost track, again, of how much she had to spend that month. She remembered buying that beautiful red dress at the mall two weeks ago—an impulse she now regretted.

. . .

Keywords: Resilience Education, financial literacy, budget plan, financial independence

Suggested Citation

Fairchild, Gregory B. and Fairchild, Tierney and Black, Christina and Jones, Liz Ivaniw, Personal Budgeting Overview: One Last Pedicure (July 23, 2019). Darden Case No. UVA-F-1865. Available at SSRN: https://ssrn.com/abstract=3431279

Gregory B. Fairchild (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/fairchild.htm

Tierney Fairchild

Independent

No Address Available

Christina Black

Independent

No Address Available

Liz Ivaniw Jones

University of Virginia - Darden School of Business

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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