Tuesday, November 6, 2007

Britney has zero savings

Britney has zero savings

Despite the singer’s substantial monthly income, she has no savings.

All thanks to her penchant for clothes and entertainment, Britney Spears spends lavishly on clothes and entertainment but does not save or invest any of her $ 368,000 (Rs 3.01 crore) monthly income, according to court papers.

Documents revealed in the singer’s custody dispute with ex-husband Kevin Federline show Britney’s expenses include $ 8,000 (Rs 6.55 lakh) for clothes and $ 51,000 (Rs 41.78 lakh) on entertainment, gifts and holidays. Although she is often photographed eating fast food, Britney declares she spends about 2,379 (Rs 1.94 lakh) a month dining out.

The star’s financial declaration to the court also shows that she pays $ 24,633 (Rs 20.18 lakh) per month on mortgage payments for two houses but spends nothing on education, savings and investments and gives $ 250 (Rs 20,478) a month in charitable contributions.

Britney pays Federline $ 7,500 (Rs 6.13 lakh) a month in child support and $ 10,000 (Rs 8.18 lakh) in spousal support.

Dancer-turned-rapper Federline’s biggest expenses include $ 3,750 (Rs 3.06 lakh) in rent and $ 3,000 (Rs 2.45 lakh) in security, according to his financial papers.

He has a comparably modest monthly budget for clothes – just $ 1,000 (Rs 81,864). He also spends about $ 2,500 (Rs 2.04 lakh) on entertainment, gifts and holidays, and $ 750 (Rs 61,397) eating out.

Federline earned more than $ 250,000 (Rs 2.04 crore) in 2006, mainly from entertainment and endorsement deals, but after business expenses only grossed $ 3,718 (Rs 3.04 lakh) that year.

The documents also show Britney had to temporarily surrender custody of her sons to Federline because she defied a court order.

In a September 28 order, Superior Court commissioner Scott Gordon banned the divorced couple from driving their children unless they were properly insured and had a valid driving licence. The pop star disobeyed the order when she was photographed driving her sons a few days after the order


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