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
Sun, 03-03-2013 - 12:18pm
Yes, Emptynester I have never had an employer pay rent for me but I am very familiar with the military and what they pay for.
iVillage Member
Registered: 03-01-2013
Sun, 03-03-2013 - 12:16pm
No Puss, I was saying that my mother, who is very familiar with sewing clothes and other things knew 20 + years ago that it was not cost effective to sew anymore as it would cost the same to make quality clothes than the ones in the store.
iVillage Member
Registered: 03-01-2013
Sun, 03-03-2013 - 12:14pm
Bord-this article was not very indepth so we really don't know if they have emergency savings.
iVillage Member
Registered: 09-01-2002
Sun, 03-03-2013 - 12:04pm

puss_boo_kay wrote:
  I'm pretty sure you DON'T agree with me, since I said that sewing isn't cost effective for those who buy low quality clothing.  It's only when you compare it to good quality fabrics (high thread counts, first quality weave) AND good quality construction and finishes that it becomes cost effective.</p><p>But yes, if your preference for off the rack shopping is from the cheaply made end, sewing is not cost effective.</p>

I sew and it's not cost effective whether I buy at department stores or Costco.  So I gave up sewing clothes and just sew draperies, bedding, things for the house.  Those are worth the value and are my hobby.  But hand-made clothes by the amateur are rarely as good as sewn for the department stores or professionals (like Sewchris).

iVillage Member
Registered: 09-01-2002
Sun, 03-03-2013 - 11:56am

Interesting article.  I couldn't live like that because of the stress of living on the edge financially.  No health insurance or life insurance.  It's money, money, money 24/7.  I got chills reading: one tank of gas a month.  One monthly trip to the grocery store.  I think there's more to the story ~ like the children's un/happiness.  Why not a sedan instead of a gas guzzling truck and van? 

And no fresh fruits or veggies ~ so much frozen and later thawed, it doesn't always taste that good.  Especially the milk.  She could buy organic milk $$ but it lasts over a month without being frozen.  Odd choices that don't pay off at the end of the day, there's no goal, no advantage to this lifestyle.  Just downsides, especially for the children.

iVillage Member
Registered: 08-22-2009
Sun, 03-03-2013 - 9:41am

  [quote=rosenylund]Rollmops-that is correct, I am pretty sure the military paid for their rent at that point (which does not help the average person with saving as they either have rent or a mortgage so that could be cut out right there). There are many other factors that were not considered (as you can see from my examples).[/quote

The military paid their rent in the exact same way that your employer pays for your rent it was  paid by money earned doing their job.

iVillage Member
Registered: 02-04-2009
Sun, 03-03-2013 - 9:24am

rosenylund wrote:
Puss-I have to agree with you and the making of the clothes and saving money. When we were kids my mom used to make some of our clothes and her own (not much but a few outfits here and there). Once we were into our teens, she said it was not cost effective anymore. The cost of material was about the same as buying a new outfit in the store. It all depends on the thrift shop and the area you live in. Many of them just have junk and you can get better things if you know how to really shop with sales and coupons.

I'm pretty sure you DON'T agree with me, since I said that sewing isn't cost effective for those who buy low quality clothing.  It's only when you compare it to good quality fabrics (high thread counts, first quality weave) AND good quality construction and finishes that it becomes cost effective.

But yes, if your preference for off the rack shopping is from the cheaply made end, sewing is not cost effective.

************

Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 02-04-2009
Sun, 03-03-2013 - 9:16am

rollmops2009 wrote:
Puss, yes, true. However, if I wanted a special occasion dress for dd that I actually liked, it would typically cost several hundreds of dollars. The cheaper ones were not necessarily all that cheap either, but were usually made from synthetics and decorated with too many poofs, ribbons, rhinestones and lace for my taste. Usually I made her dresses from inexpensive, but pretty, cotton fabrics and cotton lace. This was my preference, and it happened to be cost-effective as well.

Oh, yeah, hands down far less expensive and probably much higher quality (in terms of workmanship.  And frankly, except for winter outdoor clothing, I prefer cotton fabrics.

************

Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 01-08-2009
Sun, 03-03-2013 - 9:12am
It looks like the husband is in school. They may have nothing but emergency savings at this point and counting on beginning aggressive savings once the husband is out of school and full-time employed. It is a risky strategy but sometimes risk pays off nicely.
iVillage Member
Registered: 03-01-2013
Sun, 03-03-2013 - 9:10am
Puss-I have to agree with you and the making of the clothes and saving money. When we were kids my mom used to make some of our clothes and her own (not much but a few outfits here and there). Once we were into our teens, she said it was not cost effective anymore. The cost of material was about the same as buying a new outfit in the store. It all depends on the thrift shop and the area you live in. Many of them just have junk and you can get better things if you know how to really shop with sales and coupons.

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