Speaking of Money

Avatar for rollmops2009
iVillage Member
Registered: 02-24-2009
Speaking of Money
928
Sat, 03-02-2013 - 3:33pm

Here is a SAHM who takes careful budgeting to new heights. It must, of course, be noted that since her DH is military, the family is probably covered in terms of health insurance. 

http://finance.yahoo.com/news/how-a-family-of-four-manages-to-live-well-on-just--14-000-per-year-174803218.html

"Wagasky, 28, lives with her her husband, Jason, 31, and their two young children in a three-bedroom family home in Las Vegas, Nevada. While Jason, a member of the U.S. Army, completes his undergraduate studies, the family's only source of income is the $14,000 annual cost of living allowance he receives under the G.I. Bill. Despite all odds, the family has barely any credit card debt, no car payment, and no mortgage to speak of."

[...]

"By the time Wagasky's husband came home from Iraq, they had managed to scrape together the $30,000 they needed for a downpayment on a home. 


"But we decided the best option would be not to have a mortgage payment at all," she said. "We found a fixer-upper that didn't have a kitchen ... and we paid cash." "

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iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 10:13pm
I agree Empty. I think the area is a big part of it though as I do many of those things and still count not live on that amount.
iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 10:12pm
Yes, I agree Bord that many people can get a lot out of the story, I have said that before.
iVillage Member
Registered: 01-08-2009
Sat, 03-02-2013 - 8:59pm
I think it's possible that people could read this kind of story and althought they aren't going to try to live on a ridiculously small amount, they might run the numbers and find things like they could put an extra 100 a month in savings and an extra 100 toward their mortgage and it would have a significant effect down the line.
iVillage Member
Registered: 08-22-2009
Sat, 03-02-2013 - 8:10pm

rosenylund wrote:
I wouldn't think they would Bord but while it is a motivating story for people who are trying to save money, it is hard for people to read and think they could ever do some of these things in their own life.

Actually anyone can do any of the things this family doing, make their own clothes, shop at thrift store,  shop once a month and freeze food,  do home repair/maintenance, set a budget for groceries and gas and do not allow the option of going over.

While their particular circumstance and the cost of living may no enable them to live on $14,000 per year it would enable them to live on much less than there are now.

iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 7:51pm
It actually costs 66% less to live in Las Vegas than my own area.
iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 7:50pm
I wouldn't think they would Bord but while it is a motivating story for people who are trying to save money, it is hard for people to read and think they could ever do some of these things in their own life.
iVillage Member
Registered: 01-08-2009
Sat, 03-02-2013 - 7:45pm
Who would move to a Hugh COL area and try to live on 14K a year?
iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 7:40pm
I never did say that Puss. That is why I said it all depends on where you live and if read the article, they saved money when he was in active duty (and overseas) to pay off things that they knew they could not afford on $14,000/year. I can easily do all of these things (besides the price of the house as I couldn't get a one room house for that lol) (and do, do many of these things) and my utilities are 1/2 that amount a year. lol. I think it is great to show others how they can live on less but sometimes it is just not a possibly to go that low or even a little bit higher.
iVillage Member
Registered: 01-08-2009
Sat, 03-02-2013 - 7:36pm

I think that what we have here is a smart family that is willing to put their long term financial goals ahead of their day to day "wants" and this is to be applauded. They sound like people who were raised with the right values.

iVillage Member
Registered: 03-01-2013
Sat, 03-02-2013 - 7:35pm
Again, it all depends on where you live. They purchased a home in an area of a declining housing market (and not a very desirable place to live). You can be taught the right values, bad values or no values and still put your long term financial goals ahead of your day to day wants. If you live in a high COL area, the amount of salary you bring in will make a difference. If you see from my sample, there is not much "extra's" (no cc debt) and you could still not live in my area making only $14,000.

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