Frugality and Budget Living allowed us to put over 75% of our take home pay ($62,000) last year to our mortgage ($32,000 - includes extra $20,000 on principal), IRAs ($8,000), and Emergency Savings ($8,000) alone.
I'm a public school teacher so I also have retirement savings there as well, but that is taken directly out of pay. I think it amounts to about $3,000 a year.
I'm so proud of us!
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May today there be peace within...
May you trust your highest power that you are exactly where you are meant to be...
Loving wife to dh for 10 years
Loving mother to...
ds, 8
ds, 6
ds, 4
Congrats! You and your families hard work paid off Big Time
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Starting Totally Over.
EF: $1000/$1000
Challenges for the Month of June:
Mini Goal Challenge:
(1) Reach $1000 mark for emergency fund. Completed!!
(2) Make a summer wreath for our front door, Completed!
(3) Learn to crochet dishcloths. Completed! Book club: 1/3 Sewing Club: Make a Handbag Grocery Challenge: $369/$400 Crockpot: 2/6
Expenses
$300 Gas
$150 Groceries (all meals are at home from scratch, we use up or freeze all leftovers, and we try not to overeat)
$50 TAP accounts (this is just enough not to be assessed a yearly fee – will bump way back up once house is paid off)
$210 Church
$200 Childcare (MIL and SIL)
$65 Preschool (9 months of the year)
$60 Electric
$20 Phone (our long distance costs us about $1.00 a month, we email and snail mail or they call us on their “free” weekend long distance on their cell phones)
$40 Life Insurance
$9 Cell Phone (used less than once per day – easily within the minutes I share with my MIL and other ILs)
$150 (est.) Diapers, Clothes, Pizza (at most, 2 times a month), gifts, toiletries, dog food
Annual Expenses – we save a little each month as the year goes along
$1500 Property and School Taxes
$650 Vehicle Insurance (’99 Dodge Grand Caravan and ’01 Chevy Extended Cab – my van is only worth about $2,000 so it only has liability)
$600 House Insurance (last year I raised my deductible to 1 or 2 % of the coverage and dropped some extras that really weren’t needed – both lowered my rate)(would use emergency savings to cover 1 or 2% deductible)
In regards to income, I really work for the insurance coverage and mind stimulation, but they pay me as well, so that helps with the income (I bring in a little under half of our total.)
In regards to expenses, we really just go without many, many times…we cover our necessities – we’re fed, clothed, bathed, schooled, warm, insured, and LOVED.
My strategies aren’t anything you can’t find all over this site.
My number one suggestion would be to set goals and stick to ‘em. Life throws us all curveballs, big and small…we still have to do the best that we can to reach our goals.
And my number one goal would be the life I want to lead – material items have very little to do with the value and joy I find in life.
Family Goals
1. To have smart, independent, self-reliant, God-fearing children
2. To be mortgage (and consequently, debt) free
3. Disney vacation in 2008 (see, we are normal!?!)
4. Maintain a health, slim lifestyle
5. Max out TAP 529 plans
6. Always save for retirement
P.S. I love financials and would love to find part-time work researching this whole psychology of people and their finances, so if anyone has any connections they could send along, that would be great!
P.P.S. I would be happy to answer any specific questions you have after reading this.
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May today there be peace within...
May you trust your highest power that you are exactly where you are meant to be...
Loving wife to dh for 10 years
Loving mother to...
ds, 8
ds, 6
ds, 4
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It works!
EF: $1000/$1000
Mini Goal Challenge: 
Book club: 1/3
Sewing Club: Make a Handbag 
Grocery Challenge: $369/$400
Crockpot: 2/6
Mick
Here's how....
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