Speaking of Money

Avatar for rollmops2009
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Registered: 02-24-2009
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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iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 3:57pm
Why not? Unless the kids are actually suffering, isn't it better to live a little close to the wire for awhile so that you can do better in the future? If you are going for a career in something where you need to take eight years or so of post-graduate education, you will be thirty or so when you graduate. A lot of people prefer to have their kids in their late twenties.--------- If you start college at 17/18, 4 years will make you 21/22. If you go for your Masters that is another 2 years, 23/24. At that point you can go and get a full time job and if you do want to have children before you continue your education, you are not making below the poverty level. I personally did not want children before I finished my education, had a full time job, was married and a home. Those children did not ask to be born and then on top of it born into a family that are making the bare minimum and giving them extreme limits and not just ones that a family making a decent salary (who planned their life as much as possible).
iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 4:02pm
Again, I said the article was great for helping others (especially young people starting out) to see if and what they can cut out and down in their lives. Just like most things you read, not everything is included and it sounds like it is sugar coated to have you believe that if they can live on that amount (way below poverty level) so can everyone else. I don't think they are doing something wrong but I do think there are things not included that other people don't have available to them (military things) that allow them to live that frugally.
iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 4:04pm
What would they get away with if their kids are homeschooled? If anything, I would think that could be even more expensive that sending kids to public schools. It's not like only public school kids go on field trips or do extracurricular activities. And like I said, let's say a family has a $1500/mo. mortgage, $300/mo. student loan payment, and $600/mo. in car payments for two cars. They could be making $42,800 and still be in the same situation as this family is as far as discretionary income goes. -------- Are your children in school yet? I have one in elementary and high school and it gets more expensive as they get older.
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Registered: 02-20-2013
Tue, 03-05-2013 - 4:10pm

Depends on the Masters degree. The particular degree I'm pursuing is typically a 3-4 year program. 3 year minimum, 4 is typical and 5-6 years isn't uncommon. 

And just because what you did was right for you, doesn't mean it is right for everyone. IOW, just because I was a college graduate, homeowner and married before my 22nd bday, doesn't mean I expect the same of anyone else. By the time DS came into the equation five years later, DH was supporting our little family on his salary alone. Again--my experience. I don't expect everyone's experience to mirror mine. Obviously you have different wants and priorities from this family. Why does that bother you so much?

On Wednesdays we wear pink.

iVillage Member
Registered: 02-20-2013
Tue, 03-05-2013 - 4:13pm

The only costs that have increased over DS's years in school to date is his acquired taste for Under Armour clothing. Seriously. And if that were a budget buster, we wouldn't buy it.  It is a want, not a need.

On Wednesdays we wear pink.

iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 4:16pm
I get that Regina, what I did is not what everyone will or should do. I do think you should "try" and get your life together before you have children though (if you are living below the poverty level and barely making it at that point). It doesn't "bother" me as they have to live their life but I do feel bad for the kids who are thrown in that type of lifestyle even though they might not know it being so young. I am married to someone who had to grow up in a household whose mother had 3 kids and no husband by the time she was 21 years old.
iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 4:21pm
Yes clothes are one thing that increase through the years as their tastes change and get more mature. I feel like I am constantly handing out money though and I don't think that is unusual, especially with a teenager (girl) lol. Just last night I purchased a pair of shorts and running sneakers. 2 weeks ago it was a sports sweatshirt. These are not cheap things either. Next year are school rings (STARTING at $350). Senior trip is $450 (not including spending money), etc, etc, etc.
Avatar for savcal2011
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Registered: 10-06-2010
Tue, 03-05-2013 - 4:49pm

mycherubs wrote:
Yes clothes are one thing that increase through the years as their tastes change and get more mature. I feel like I am constantly handing out money though and I don't think that is unusual, especially with a teenager (girl) lol. Just last night I purchased a pair of shorts and running sneakers. 2 weeks ago it was a sports sweatshirt. These are not cheap things either. Next year are school rings (STARTING at $350). Senior trip is $450 (not including spending money), etc, etc, etc.

And almost all of that is optional or can be found less expensively.

 

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
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Registered: 10-06-2010
Tue, 03-05-2013 - 4:55pm
The Boy loves UA. He doesn't get it often, lol.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 10-01-2010
Tue, 03-05-2013 - 4:55pm
Yes of course it is optional Savcal but I do believe that you should be able to experience as much as you can as a child and high school.

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