Robbing Peter to pay Paul
February 27, 2019
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M The old phrase robbing Peter to pay Paul, may have originated from the time when St. Pauls church in London was required to pay taxes to St. Peter’s church in Rome. Paying Paul was neglected in order to pay taxes to St Peter. Todays meaning, elimination of one debt by incurring another.
V Like taking accumulating savings in the utility portion of your budget to buy dinner out. Taking out a new credit card and moving the balance to a lower initial rate, hoping to outrun the calendar. Bad idea. That’s why we stress having a budget, a plan, recording realities and change habits to satisfy Peter and to pay Paul.