I read this article yesterday on Yahoo-Finance. Danielle Wagasky also has a blog, Blissful and Domestic - thrifty living where she has chronicled the last 4 years of saving and being thrifty for the betterment of us all.
No credit card debt, no car payment and no mortgage! They were saving for a 30,000 down payment on their first home. Now that is the way it used to be done! So many young couples go in-over-their head too early on in their new marriage and get into debt by buying too big of a home, and furnishing it with items that used to be bought by only those who had the incomes to afford it. The "I want it all NOW" mentality can be your doom.
Their prescription for debt-free and living well:
no eating out
no mindless spending
thrift-shopping
sewing
baking
no cable
grocery shopping once a month
a tight food budget
cash for everything
watch their gas mileage
no kiddie snacks
freezes anything that she can
joined a food co-op
bought a cheap foreclosed home
I need to read her blog on the once a month grocery shopping. That is my biggest challenge right now.
By the way, they did buy their home - $28,000 for a 3 bedroom foreclosed home in Las Vegas. They paid cash and had some money leftover to redecorate the kitchen.
Now that's what I call the POWER of CHEAP!
ZDZ8D4ZTQK6X
I made $15,000 per year right out of college and went into instant debt. :(
ReplyDeletewell that sucks.
ReplyDeleteIt's true, the need it now generation and mind set is terrible these days.
ReplyDeleteI love this post, I just wish my adult kids could get this.
ReplyDelete