living paycheck to paycheck

[ouwasp]

I have family members that do this. What a stressful way to go about life. I just consulted with my wife, since she takes care of our banking... we have about a year's worth of income saved up. And our house and vehicles are paid for... and believe me, we are not wealthy. I have always believed in living within one's means, and to save money when possible. But this article speaks of a survey that says most Americans are just getting by, paycheck-to-paycheck.

http://townhall.com/tipsheet/katiepavlich/2013/06/24/wow-nearly-all-americans-living-paychecktopaycheck-n1626180

[8timechamps]

I have family members that do this. What a stressful way to go about life. I just consulted with my wife, since she takes care of our banking... we have about a year's worth of income saved up. And our house and vehicles are paid for... and believe me, we are not wealthy. I have always believed in living within one's means, and to save money when possible. But this article speaks of a survey that says most Americans are just getting by, paycheck-to-paycheck.

http://townhall.com/tipsheet/katiepavlich/2013/06/24/wow-nearly-all-americans-living-paychecktopaycheck-n1626180

It starts with a lack of financial education, and the "I have to have that NOW" mentality.

Saving/Investing your money is not the easy thing to do, and most people do what's easy.

Living that way would scare the **** outta me.

[yermom]

It starts with a steady job that pays more than it costs to live

You need that before you can make smart decisions

It's also expensive to be poor

[MsProudSooner]

Too many people think if they qualify for a $300K mortgage, that's what they should get.

I remember reading about a couple who decided that travel meant much more to them than a big house or new cars. Together, they earned a good income, but they certainly weren't rich. They purposefully bought a house that was smaller and less expensive than they could afford. They drove older cars that were paid off and seldom went out to eat. After contributing to their retirement funds, they contributed every spare penny to their vacation fund every month and took a trip to Europe just about every summer. The rest of their family lived in their McMansions and were in hock up to their ears - and thought the travelers were nuts because the lived in a tiny house and drove old cars.

[Chuck Bao]

Sadly, that is the American way. Our economy is now so dependent on imprudent consumer spending habits that we are in a low interest rate trap and that affects all of us. I only recently returned to the US and I am amazed that almost all the auto ads feature very favorable monthly lease terms. Now, what will happen when interest rates start to rise again, as they inevidentably should? Talk about "moral hazzard": the US Fed is essentially promoting risky consumer behavior through its on-going easy money program to support a flailing economy. That's fine for a while, but there should be some idea on how to ween ourselves off this low interest rate crack.

I'm now the proud owner of a Toyota pickup. It's not the deluxe version but it's all mine.

[jkjsooner]

I have family members that do this. What a stressful way to go about life. I just consulted with my wife, since she takes care of our banking... we have about a year's worth of income saved up. And our house and vehicles are paid for... and believe me, we are not wealthy. I have always believed in living within one's means, and to save money when possible. But this article speaks of a survey that says most Americans are just getting by, paycheck-to-paycheck.

http://townhall.com/tipsheet/katiepavlich/2013/06/24/wow-nearly-all-americans-living-paychecktopaycheck-n1626180

It's great if your spouse plays along. If it were up to me I'd have a couple of years salary saved up. That's just the way I work.

At one point I did have a large chunk saved up but then I paid off my wife's debts (which were accumulated before we met), a wedding, and a down payment on a house and now I don't have nearly as much saved. My 401k is decent and I could live for several years off of it if I had to but that doesn't really count and I don't want to have to touch it.

I hope to build back the non-retirement nest egg some day...

[badger]

I didn't live paycheck to paycheck, but rather, month to month back when I first got a job out of college. I had several bills I needed to take care of (apartment rent, utilities and TV/internet) and the rest of the expenses I flexed around based on how much was left after those three, because they were due at the end of each month, no matter what.

The month that my brake calipers started rusting up was the worst. An unexpected $500 car repair bill? Uggggggh

[C&CDean]

It starts with a steady job that pays more than it costs to live

You need that before you can make smart decisions

It's also expensive to be poor

http://www.daveramsey.com/home/

I've semi-followed Ramsey's "program" and it's worked wonders in my life. Someone like you would be a perfect fit for the baby-steps. Of course he believes that you'll never have peace without walking daily with the Prince of Peace Jesus Christ, so it may not be your bailiwick. From what little I know of you here's what he'd probably offer:

a) Get a second job.
b) Set a budget.
c) No more OU travel trips, and only home games if you get the tickets free.
d) Eat beans and wienies at home. No going out.
e) Sell whatever **** you have and use the money to pay off debt starting with the lowest balance (interest rates be damned). Then follow the debt snowball.
f) Save enough in an emergency fund to get you through 6-months if you lost your job. It's also there for true emergencies like a broken down washer or a $500 brake job.
g) Be patient and disciplined.

[FirstandGoal]

Very sound advice.

I have followed a lot of these practices throughout my life and would be in a million times better shape had it not been for men I was married to. Yep, it was the men who were fools with my money and I paid the price dearly a few years back. Since I've been on my own I've managed to dig myself out of the horrible financial hole I allowed them to put me in and that time even encompasses the time I didn't have steady employment for the first half of '06 and all of the expenses of breast cancer ('09 through 11 were the worst of the years--for 3 years in a row I hit my catastrophic out-of-pocket expenses), 1 kid needing a car and a year of college and now my second just now needing a car (which I purchased just this past weekend and paid for by writing a check)

I've managed to pull this off (in spite of not receiving a single dime of child support from their dead beat dad) all by myself by living within my means. I live in the same little 1400sq ft house I purchased almost 20 years ago. I drive an 11 year old car and I don't travel extravagantly, nor do I dress like a clothes horse. I don't own one single pair of expensive shoes or have a single designer purse or wallet. In short, I am quite frugal and as a result I have been able to survive the financial ebb and flow of my life.

Of course after this weekend I'm dead broke again but all that means is that I'm going to just have to start saving again for myself a car in about a year or two as long as start saving again for a house repair fund and then college for child #2 who will be graduating in '15. I have zero--- zero outstanding credit cards and only have a small one (max limit of 1K) for a true emergency.

[MsProudSooner]

Also, the best budget in the world will go to hell in a hurry if one encounters expensive medical bills, layoffs or a natural disaster like the recent tornados. Being able to put away a couple of years of salary takes planning and a certain amount of good luck.

[olevetonahill]

All my debt was caused By Ex's and Kids. Aw hell who am I kiddin I've just been a Dumas . But gettin a better handle on it now.

[cleller]

I think a lot depends on your natural predisposition, and your rearing. My mom was an excellent money manager and as a widow, held things together well by being tight. I grew up believing you had to be tight-fisted, or else. I had to really want or need something bad to part with money; a natural saver.

My nearest brother however, was more of a free spender, not a saver. In adulthood he realized the problems with this, and is now pretty solid, plus a heavy OT worker.

I really noticed the differences while at OU. Everyone would talk about going to Dallas for the OU-Tex game, and all these various good times. I couldn't believe anyone that age would dream of spending money like that.

[badger]

I really noticed the differences while at OU. Everyone would talk about going to Dallas for the OU-Tex game, and all these various good times. I couldn't believe anyone that age would dream of spending money like that.

Hopefully word is getting out among students that every dime you spend in student loans is a dime you'll never be able to default on. Around the time I graduated up till now, I've heard rampant rumors of student loan bills being used for non-student expenses (vehicle, rent, dorm decor, beer, clothes, you name it).

I know that making mistakes is part of growing up, but if the mistake is one that will stick with you the rest of your life, don't you just feel like screaming NO at these morons and threatening physical harm if they do something that dumb? Student loan debt might as well be renamed "financial STD"

[texaspokieokie]

I thought everyone lived check to check, when they 1st started out. My 1st wife & I had a portable TV that we bought somewhere in downtown Tulsa
when we got married. That'sthe only one we ever had while together. Went with us to CA & still had it when we split. 7 years. First year we had an ugly 56 chev & then got a used 62 chev before we left OK. That also went to CA with us.
We both worked & didn't have kids. Have to admit tho, we did blow some money in CA. Lotsa booze.

[SoonerAtKU]

I have no idea how my wife got out in the shape she's in, but her mother is the worst money manager I deal with on a regular basis. I told a story on here once about her wanting a computer to go along with her iPad, her Kindle Fire, etc. I told her to get a $250 Chromebook that would do everything she wanted and more, but of course she turns back up with a $750 behemoth and all the virus scanning software Best Buy could shove in her cart.

She's single and a tremendous help with our daughter, so I'm not ungrateful at all, but she has no retirement, no savings to speak of, and no real plan. She buys things when she's sad, it's 100% emotional and when we started looking for a house, she had to start the process herself. They tried to put her on a debt reduction plan to help her get ready to buy one in a year or two, but she got all butthurt that she wasn't in the same position we were. So now she's bought herself a $700 camera she doesn't need and can't use, and is making noise about needing a new car when hers is 2 years old.

It's insane to me. I'm by no means perfect, but this is nonsense, and she's not at all allowed to move in with us after she wastes everything.

[SanJoaquinSooner]

In a way, I still live paycheck to paycheck. I don't keep extra money in my checking account. So a day or two before the next paycheck, we may be approaching zero on the balance.

Of course we have credit cards and a home equity line of credit and IRAs and retirement accounts that could be accessed.

But keeping the funds low in checking makes us conscience of spending so we don't, without thought, spend more than we earn.

[badger]

In a lot of ways, our country's problems with debt reflect our country's problems with obesity. About the only way out of debt/obesity is personal responsibility.

Of course, you could also hit the lottery and get liposuction

[FirstandGoal]

I have no idea how my wife got out in the shape she's in, but her mother is the worst money manager I deal with on a regular basis. I told a story on here once about her wanting a computer to go along with her iPad, her Kindle Fire, etc. I told her to get a $250 Chromebook that would do everything she wanted and more, but of course she turns back up with a $750 behemoth and all the virus scanning software Best Buy could shove in her cart.

She's single and a tremendous help with our daughter, so I'm not ungrateful at all, but she has no retirement, no savings to speak of, and no real plan. She buys things when she's sad, it's 100% emotional and when we started looking for a house, she had to start the process herself. They tried to put her on a debt reduction plan to help her get ready to buy one in a year or two, but she got all butthurt that she wasn't in the same position we were. So now she's bought herself a $700 camera she doesn't need and can't use, and is making noise about needing a new car when hers is 2 years old.

It's insane to me. I'm by no means perfect, but this is nonsense, and she's not at all allowed to move in with us after she wastes everything.

Your wife's mother sounds exactly like mine. My mother is the perfect "what not to do financially" cautionary tale. She's 69 years old and still works like a maniac because not only is she living paycheck to paycheck, but she's actually not even making enough doing that. Mom has a beemer she has no business having, a nice HDTV, and spends a LOT of money on birthdays and Christmas on all of the grandkids. My mother equates being a good mother with giving extravagant gifts and making grand gestures. It frustrates the hell out of me and sadly she's passed that horrible money management gene to my younger brother, but my sister and I escaped that thank God.
She has zero retirement saved up. Nothing. Nada. Zilch. She will have to work until the day she dies or until she's so broken down that she can't get out of bed and do it anymore and then God only knows what will become of her. My sister and I worry about it a lot and have had conversations on how we are going to handle it when that day comes. I'm actually thinking that she will have to move in with one of us and be put on a very strict allowance and that thought makes me very sad indeed.

[hawaii 5-0]

It's been awhile but I still can remember those days of living paycheck to paycheck.

I finally got around to socking a little $$$ away each month.

It's a nice feeling to get out of debt. Now I don't buy anything I can't afford.

Now I'm saving about 20% each month for retirement.

Those 'poor but happy' days are still remembered fondly.

5-0

[SoonerorLater]

People that are good with money usually share one common trait, they are able to delay self gratification. I was lucky enough to be raised that way. Even though I succumbed to the allure of borrowing for a while it was my parents (and grandparents) teaching about money that help bring me back to the fold. The best advice I ever got from my parents and it has stuck with me for all these years is that "you can't afford everything you can pay for"

[C&CDean]

My folks were frugal (they had to be cause they were poor). My pop was the tightest man I ever knew. He window-shopped a lot, and always was "gonna buy me one of them someday." One of them could be a new truck, an airplane, a new rifle, new boots, something. Never did. If it wasn't for my mom in the later years he would still be driving the 1954 International and wearing the same pair of re-soled boots he bought new in Mexico in 1959. He did still own the boots when he died though. Wore them too.

When I left home I spent every dime I had and a whole bunch that I didn't have. The upside is/was that there's pretty much nothing I haven't done/bought/tried. The downside is/was I was broke all the time and owed big-time $$ to pretty much every lender out there. Citibank, Sears, Dillards, Penney's, Chase, GE, and a whole bunch more. I bought high, sold low, and was always upside down. BAD.

Went through two marriages with two women that were even bigger spenders than me. At one point I think I had about 12-13 credit card accounts with at least a $2,500 balance on all of them. Some were at 21+% interest. What was weird is that my credit score always stayed high, I suppose because of the amount of $$ I was making?

18 years ago I met my current wife. We decided to pool our resources, and slowly but surely chip away at our combined debt (she came into the marriage with similar credit issues). As kids left home we were able to sell some ****, throw more $$ a bills, and get into better shape. We eventually dropped all the cards except 2. American Airlines and Marriott. We use them every day, and pay the balance off every month. Haven't carried credit card debt in about 6 years now.

We eventually were able to buy a farm 11 years ago, purchase a lot of high-dollar equipment, and have continued to pay stuff down. We don't do without like Ramsey says (I just bought a couple new Yamaha VXR Waverunners last week, own new trucks, a Lincoln, bought a lakehouse on Texoma, travel a lot, etc.) and I've been able to invest a fairly signifcant chunk of change with an investor recently.

Before I turn 60 (4 years from now) I will be completely debt free, and will own ~ $1.2 million in property and assets which can be liquidated at any time. I also will have my retirements, my wife's retirement, her SS, and all of the savings/Roth's/investments we've accumulated/are accumulating over the years. In short, we'll be in like Flynn, set like a jet, rockin' like a roller, the cat's meow, and groovy.

Moral of the story? Patience and discipline. And did I mention I worked 37 years for one company, worked at farming much of that time, and currently work another full-time job and continue to farm? If you're sitting around worrying about being broke or how you're gonna pay your bills then may I suggest you have plenty of time to find another job or two?

Being in charge/control of your financial situation is a very, VERY cool thing. It doesn't happen overnight, but if you'll get after it now, before you know it you'll be going "dang, this is fun."

[badger]

Deano, do you think you wanted to spend a bit because your parents forced you into frugality in your early years, similar to a kid being in a strict, disciplined house early-on and then going wild in college?

It would make sense, as the spendy ways seemed to be the generation after the Great Depression, who were frugal by force.

Of course, it hasn't stopped future generations from continuing to max out credit cards and debt loads... :eek:

[C&CDean]

Deano, do you think you wanted to spend a bit because your parents forced you into frugality in your early years, similar to a kid being in a strict, disciplined house early-on and then going wild in college?

It would make sense, as the spendy ways seemed to be the generation after the Great Depression, who were frugal by force.

Of course, it hasn't stopped future generations from continuing to max out credit cards and debt loads... :eek:

Spot on. My folks were uber-religious too. I rebelled against all of it; way before I was college-aged. 9th grade was it for me. Couldn't take it any more. Moved out, got a job, bought motorcycles, smoked dope/did drugs, and was in juvenile hall by age 16. Joined Army at 17, and never looked back. Not what anyone would consider a "normal" or "recommended" journey, but it was my journey and it worked for me.

[cleller]

I thought everyone lived check to check, when they 1st started out. My 1st wife & I had a portable TV that we bought somewhere in downtown Tulsa
when we got married. That'sthe only one we ever had while together. Went with us to CA & still had it when we split. 7 years. First year we had an ugly 56 chev & then got a used 62 chev before we left OK. That also went to CA with us.
We both worked & didn't have kids. Have to admit tho, we did blow some money in CA. Lotsa booze.

My wife and I married right out of college at OU. We lived like typical newlyweds, with old the old tv, window unit a/c we bought used, tiny rent house, rarely ate out, etc.

However, we each had managed to save a few grand while working throughout college, which we had in savings accounts. (luckily those paid well back then). Still, neither us ever gave any consideration into dipping into the savings. Any gratification it brought would have been outweighed by guilt.

So that is another big factor, having both partners with the same attitude toward money. So many marriages blow up over money.

[ouwasp]

Sure are some interesting perspectives in this thread. My older bro has been one of those check-to-check fellows his entire life. even when we were kids, his lawn mowing $ would be spent instantly. Besides my parents instilling a decent money ethic (that stuck with me), watching him constantly blow all his money made me decide to not be like him. He's never been married, never owned a house...

About 15 yrs ago I saw one of his pay stubs. I knew he was paid twice a month. He made almost as much as my wife and I did at the time! So just bluntly asked him: "Bro, you get paid this much?! But you don't have anything to show for it? What's the deal?" His smug answer: "Let's just say I'm remarkably self-absorbed..."

So I've never pitied him. All these yrs later, nothing's changed. He's had several different jobs, nice incomes, but all his money is always gone. Going to concerts and buying crap off the internet. He lives in a dump rent house and has a 100 k mile vehicle that's not paid for. Last month he had a car repair bill of about $400 that would have been a huge crisis, except he happened to have worked about that much overtime during the previous pay period. Sometimes I can't believe the knucklehead is related to me.

[yermom]

http://www.daveramsey.com/home/

I've semi-followed Ramsey's "program" and it's worked wonders in my life. Someone like you would be a perfect fit for the baby-steps. Of course he believes that you'll never have peace without walking daily with the Prince of Peace Jesus Christ, so it may not be your bailiwick. From what little I know of you here's what he'd probably offer:

a) Get a second job.
b) Set a budget.
c) No more OU travel trips, and only home games if you get the tickets free.
d) Eat beans and wienies at home. No going out.
e) Sell whatever **** you have and use the money to pay off debt starting with the lowest balance (interest rates be damned). Then follow the debt snowball.
f) Save enough in an emergency fund to get you through 6-months if you lost your job. It's also there for true emergencies like a broken down washer or a $500 brake job.
g) Be patient and disciplined.

i'm not talking about me. i lucked into a skill that will likely always pay good money, and a job that pays enough that i can pay my bills and mostly goof off when i want

the "brake job" part is hitting home on my 10 year old performance car right now though...

and Dave Ramsey can suck it!

[Soonerjeepman]

paying off a divorce...basically putting out $700 a month for my son..between childsupport/car insurance (that the ex doesn't even help with)/health ins etc. IF I had that I'd be doing great.

I to, don't have a car newer than 1997. Unfortunately, all gas guzzlers...hoping in a yr or 2 (done with child support ($250) next june, I can get something better.

I've been a spender, but doing a lot better.

I try to get my kids to see this:

Do I NEED it, WANT it or can I AFFORD it? If I NEED it but can't AFFORD it, figure it out...(extra job, sell stuff), If I WANT it, then it goes to AFFORD...if not then no.

[C&CDean]

i'm not talking about me. i lucked into a skill that will likely always pay good money, and a job that pays enough that i can pay my bills and mostly goof off when i want

the "brake job" part is hitting home on my 10 year old performance car right now though...

and Dave Ramsey can suck it!

Do you own a home? Do you have a car payment? Do you have a retirement plan? Do you have 6-months salary saved up just in case? Do you have credit card debt?

If you answered no to any of the above questions except number 2 and 4 then you need Dave.

[yermom]

i'm in something of a rebuilding phase currently, but i am in a good place. it could be better though.

my only real debt is student loans at the moment.

i'm not about to eat beans and rice every day to save money like he says. he's a bit too extreme to be realistic. a lot of his ideas are valid though

[C&CDean]

paying off a divorce...basically putting out $700 a month for my son..between childsupport/car insurance (that the ex doesn't even help with)/health ins etc. IF I had that I'd be doing great.

I to, don't have a car newer than 1997. Unfortunately, all gas guzzlers...hoping in a yr or 2 (done with child support ($250) next june, I can get something better.

I've been a spender, but doing a lot better.

I try to get my kids to see this:

Do I NEED it, WANT it or can I AFFORD it? If I NEED it but can't AFFORD it, figure it out...(extra job, sell stuff), If I WANT it, then it goes to AFFORD...if not then no.

I paid $970 a month in child support back in 1987. That'd be like paying maybe $1,500 now? After $34,000 in legal fees I managed to get custody of my kids. She was ordered to pay me $570 per month, but never did. Finally, the state of Arizona garnished her wages. Never got any back support, but started getting about $500 (after the state took their fees for collecting). Do you know how long it would take to recover $34K at $500 per month? A long ****ing time. Oh well, water under the dam. It was worth it I guess.

When I look back at how broke I was then (I drove a $200 Toyota Corolla for a year, shared an apartment with a coke fiend, and literally had like $7 to last for two weeks after paying just the bills that were in pink envelopes threatening collection) I have to laugh. Proof that hard work, perseverance, and faith will get you through the ****storms.

[C&CDean]

i'm in something of a rebuilding phase currently, but i am in a good place. it could be better though.

my only real debt is student loans at the moment.

i'm not about to eat beans and rice every day to save money like he says. he's a bit too extreme to be realistic. a lot of his ideas are valid though

Oops. I forgot about student loans. Ramsey's number 2 worst thing to ever do behind credit cards. I know you ain't gonna eats beans and rice. I've seen you. Heh.

[yermom]

mine aren't that bad. i didn't really qualify for that much in the first place. ~$18k isn't that hard to deal with

having a degree from OU is totally worth that...

[olevetonahill]

Oops. I forgot about student loans. Ramsey's number 2 worst thing to ever do behind credit cards. I know you ain't gonna eats beans and rice. I've seen you. Heh.

Heh,

[Soonerjeepman]

I paid $970 a month in child support back in 1987. That'd be like paying maybe $1,500 now? After $34,000 in legal fees I managed to get custody of my kids. She was ordered to pay me $570 per month, but never did. Finally, the state of Arizona garnished her wages. Never got any back support, but started getting about $500 (after the state took their fees for collecting). Do you know how long it would take to recover $34K at $500 per month? A long ****ing time. Oh well, water under the dam. It was worth it I guess.

When I look back at how broke I was then (I drove a $200 Toyota Corolla for a year, shared an apartment with a coke fiend, and literally had like $7 to last for two weeks after paying just the bills that were in pink envelopes threatening collection) I have to laugh. Proof that hard work, perseverance, and faith will get you through the ****storms.

wow...yeah, I've been there too, $7 to pay the pink bills....lol. I'm definitely trying better, still eat out way too much. Even though the ex and I halfway get along, I've asked her to kickback some CS (which I, like a DA, offered more than was legally obligated to keep it 50/50) since his health ins has gone up $40 a month since the settlement, and now spend $60 a month on car ins...her response...the court said $250...*itch.

[8timechamps]

Twice a year, I offer my services at a local community "fair". I speak to groups about the basics of financial planning, investing, living within one's means, etc. Without fail, I end up consulting folks that don't understand why they can't get ahead. Then, I start asking about what their expenses are, and it always includes "well, we do have cable, we do go to Mexico once a year, we do go to a few games, We eat out four or five times a week, etc.". My advice is always the same:

Pay yourself first. Put money away (if you can do a retirement account, that's preferable...if not, then put it in a savings account, just put money away).

Like I said in my first post, it's not the easy or fun thing to do, so most people don't do it.

[8timechamps]

I paid $970 a month in child support back in 1987. That'd be like paying maybe $1,500 now? After $34,000 in legal fees I managed to get custody of my kids. She was ordered to pay me $570 per month, but never did. Finally, the state of Arizona garnished her wages. Never got any back support, but started getting about $500 (after the state took their fees for collecting). Do you know how long it would take to recover $34K at $500 per month? A long ****ing time. Oh well, water under the dam. It was worth it I guess.

When I look back at how broke I was then (I drove a $200 Toyota Corolla for a year, shared an apartment with a coke fiend, and literally had like $7 to last for two weeks after paying just the bills that were in pink envelopes threatening collection) I have to laugh. Proof that hard work, perseverance, and faith will get you through the ****storms.

I've been there brother. Rice and beans would have beaten Ramen noodles any day!

[olevetonahill]

8Xc ya got a Point. It takes discipline I DGAS if ya just make 200 a Month save 10% . Hell I was always broke Folks was Poor I made good money and spent it it Like a drunken sailor .Why I was poor.
I have made several Millions over my life time, Spent most of it On Wimmens and Booze.
My biggest regret? I wasted the rest :disturbed:

[badger]

I paid $970 a month in child support back in 1987. That'd be like paying maybe $1,500 now?

Between daycare costs, food, utilities and rent/mortgage payments, that sounds about right. Of course, a lot of those costs have skyrocketed recently, so it probably went a lot further back in the 80s. :(

A wise in-law said that parents feel wealthy after certain milestones --- when they're done with baby formula, when they're done with diapers, and eventually, when they're outta college.

One out of three, so far for me :)

[C&CDean]

Between daycare costs, food, utilities and rent/mortgage payments, that sounds about right. Of course, a lot of those costs have skyrocketed recently, so it probably went a lot further back in the 80s. :(

A wise in-law said that parents feel wealthy after certain milestones --- when they're done with baby formula, when they're done with diapers, and eventually, when they're outta college.

One out of three, so far for me :)

Up until another little Badger or NP comes along. Them little ****ers are expensive. Especially if you're gonna be one of those parents who goes "little Badger is going to college and I'm paying for it no matter what." Hopefully your kids will have some drive and pursue schollies and the like. Prolly will since their momma did.

[badger]

There is no greater revenge on those that treated you like sh!t in high school than having your name announced for scholarship and award (after award, after award...) at the end of your senior year as they sit there and sulk at their lack of achievement and recognition.

[ouwasp]

When the twins hit first grade and our childcare costs went away, then we started pulling ahead. About 7 years ago, we paid off our house, but I continued having the house payment amt taken out of my check and deposited in a credit union acct. We call this The Fund.

The Fund has paid for a new driveway, and when the twins reached driving age, the vehicles to fill up the driveway. I would have preferred the kids pay for their own cars (like I did), but wife vetoed. The parents should buy the first cars (like she had done for her).

Now, when the twins finish college in a couple yrs, we should be sitting pretty. Then retirement will be upon us!

[badger]

we should be sitting pretty. Then retirement will be upon us!

how does one prepare for which you cannot prepare for?

oh, if only i majored in philosophy :P

[8timechamps]

badger, if you and NP are saving for little badger's college education, you shouldn't be in anything except a 529 college savings plan. It's like the 401(k) of college savings.

[NormanPride]

Right now we are saving for paying off the house. Next will be the kids college... And we will be doing everything we can to get her to pay her own way, but... It's not like it used to be. School is so damn expensive because student loans are driving costs up.

[Sooner24]

I was fortunate to have a job that paid well with insurance. Having been to every OU home football game for the last 41 years plus the usual yearly away game not to mention 26 of the last 30 Big 8/12 basketball tournaments I told my wife last year when I retired if I had all the money that I spent on OU sporting events I could have retired 5 years earlier. She said she wished I had gone to more events. 

[olevetonahill]

I was fortunate to have a job that paid well with insurance. Having been to every OU home football game for the last 41 years plus the usual yearly away game not to mention 26 of the last 30 Big 8/12 basketball tournaments I told my wife last year when I retired if I had all the money that I spent on OU sporting events I could have retired 5 years earlier. She said she wished I had gone to more events. 

Heh. Ya reckon Mamma 24 is tellin ya sompun?

[Sooner24]

Heh. Ya reckon Mamma 24 is tellin ya sompun?

I'm beginning to think so. ;)

[olevetonahill]

I'm beginning to think so. ;)

Ya prolly orta go fishin er sompun. :friendly_wink: