Speaking of Money
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| 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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Any danger pay he received while in a war zone would have ended when he left the war zone. I assume that money is what was used to save up the money to buy the house and pay off the car loan.
While the article does say he is in tha Army, it also says that they are living off money from the GI bill. He is not actvive duty (or his income would be more). He may be on some form of reserve status, most likely inactive reserve. In that case he would not qualiy for any housing assistance either base housing or BAH (basic allowance for quarters).
Not having a mortgage/rent or vehicle payments helps.
Also at that income they would have no income tax.
It would not be a life that I would want to lead but I think that it would be doable.
I do not think the taxes and insurance on a $28,000 house would be very much. The last house that we bought we paid $38,000 for and our taxes were about $300 per year.
Do feel free to show the locations in the US where a $30K house will be taxed at nearly 50% of its resale value. Nothing in the article suggests that living on $14K is possible *everywhere*--only that it's possible.
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Kitty
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