One member of the Women in Red has drawn praise for her ability to save while providing a high-quality life for her family on one income. Here she shares the secrets of her success.
Location: somewhere between complete exhaustion and utter euphoria
Posts: 5,883
I can't believe that is what we make a year and our mortgage is 1/2 hers. I guess I really have no idea where our money goes. Oh, one place, school. We spend over $10K a year on the girls' school. That does not include uniforms, books, shoes, aftercare, etc. My goal is by this time next year to be saving 1/4 of my income each month.
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Michelle
-- Mom to Beth, 11 and Sam, 8
Same here! I was like, well no wonder she can save so much! We live in the same col kind of area, have the same # of family members, and she makes double what we do. I could put away half that 5000 dollar check too if I was her, no sweat!
I already do all the things suggested, except I only put 10% of my gross in savings each month instead of 15. And I have no 401k- I wouldn't have anything left!!
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Originally Posted by choleblack
I have to admit they lost me when they mention the monthly income of 5,000. I can't even imagine that kind of money every month.
Chole
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Laura, mama to Abel, age 9!
~my 2 favorite boys~
~@~@~@~@~@~@~@~
I want her health care/tax expenses. With what they take out of my dh's check for those expenses it would be literally twice what she has budgeted.
Interesting article. I could use a little more "just don't even walk in the store" attitude.
Yes. We make about 1/2 what she makes, and they take out lots for taxes, health insurance.....we pay 300.00 for family ins, and he gets double taxed on retirement; he's a teacher so they take out for the state teacher retirement system (all good and fine) AND they also take out for social security! Normally, teachers and other government-type employees do not pay into social security as they have specific retirement plans, but here in AZ, they take out for both. CA and IL didn't do that.
We're trying to move out of AZ because of the poor teacher salaries, health insurance, etc. Even though CA has a higher col, most districts pay full health benefits for families, and the salaries are better. I can't wait to move!
Location: When I dare to be powerful -- to use my strength in the service of my vision, then it becomes less and less important whether I am afraid.
Posts: 9,502
Quote:
Originally Posted by choleblack
I have to admit they lost me when they mention the monthly income of 5,000. I can't even imagine that kind of money every month.
Bringing that home would surely change my life too. lol... We make just over half of that, and our rent is $920 a mo, ins is $112 for our car and $156 for us and those are just the ones she mapped out that we can afford. Her $1500 a month for retirement and leasure expences would break us. That is over half of what we bring home! lol...
But that being said, we will be there some day. Dh is already getting a $400 a month raise when he goes into the academy. He will get another $500 a month raise when he is done with FTO (about a year after academy) and within a year of finishing FTO (Feild Training) he will be bringing home $4200 a month. Not that far from where she is. And the beauty of being a state worker is we don't ever have to worry about retirement. It isn't just good, it is better than good. I have talked to SEVERAL retirees from the State Patrol and they love their retirement package, and I picked the same one for us. So yay! One less thing to worry about, but man. That seems like a long way from here.
Good tips, thanks for posting it!
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Val; Living the dream we have been working towards for over 5 years.
Mama to Alex, Cyan, and Logan. Wife to my very best friend.
and Sam, 8 
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