Frugal Finance Part III
Life after College
Our 1st child, Richie was born one year before I graduated. That was hard. Want to know what my High School Memory Book said for my life goals?
1. Go to College
2. Enjoy my career
3. Maybe get married and start a family.
I was only going to have one child. We had six. I married while still in college. Well, the best laid plans.
So, we were married in 1987, Mike graduated and got his 1st teaching job in 1988, Richie was born in 1990, and I graduated in 1991. Leigha was born in 1992, and Tim in 1993. We were living at poverty level and were burdened with school and credit card debt
That is when a Christian Financial Counselor helped us on the way to financial freedom.
Here is how we did it:
1. A detailed expense/income evaluation
2. A detailed budget based on 2 savings and two checking accounts.
3. A debt snowball.
4. Tithe first and foremost. *A note of caution. I'm not talking about the prosperity gospel here. All we could realistically give was $25 each pay period.
5. We also relied on food stamps and Medicaid during this time.
Next time: the nuts and bolts of Solomon's Budget.
Thursday, August 6, 2015
Sunday, February 1, 2015
Frugal Finance: Part II
Juggling Full-Time College and Marriage
***Correction from my previous blog. My wonderful husband corrected me on my last point. It is called a 529 Education Plan, not a 509k as I had stated. It works like an IRA for Education. Just beware that if you use it for anything other than education for the stated benefactors, you will be taxed plus there is a 10 percent penalty. You can take one child off and put another on if you desire, however.
So, here I was one year on my own after high school, 19, one failed engagement and on my way to my dream, college, at last. Marion College was my choice as I had an entire church backing me spiritually and financially. After I got over that initial fear factor of the first semester and Mike helped me with the "Will There's a Will, There's a Way" study helps; I never looked at another C or worse the remainder of my college days.
Mike and I met as a result of his being the leader of my freshman orientation group. He smashed my finger in his car door preceding a scavenger hunt meant to get to know Marion better. Mike felt so bad that he asked me out on a date. I accepted, he was a no show. Apparently mommy was his alarm clock and she felt it was more important that he get his rest. Mike worked 3rd shift at a countertop factory. He slept after classes. He did ask me out again, set his own alarm this time and we had a wonderful time. The rest is ongoing history!
***Please pray for Mike's mother, Sonia. She is a dear, godly woman to all of who has always provided inspiration. Sonia is currently on a ventilator, but breathing 70 percent on her own at this time. Her health been in state of decline since having a tumor removed from her colon in November. Dehydration, illness and then pneumonia came after that. At this time she is alert but not responding to touch.***
So on August 28th, 1987-I became Mrs. Kathy Wolfe. It was exactly 365 days from the moment I first met him. Here is our frugal management #1 Look at all your options before renting or buying a house. Our 1st house was bought through an estate at the bank. We looked at many different options. It didn't make sense to rent and let someone else take our money. Renting isn't cheap either. We looked at some duplexes thinking that would be a good option. We could rent one side, to pay for the mortgage, and live in the other side. Then Mike found a gorgeous 100 year old 2 story home that was being offered through an estate sale. We decided to make bid and won. Then we put up a secured loaned. Our payments: $121.27 verses: rentals $350-$400 monthly.
#2 It really is romantic to if you can both work less and get to know each other more. Mike worked at the countertop factory full-time during the summer, but that 1st year after we were married, he only did part-time. I worked part-time to. He also had some music students for a little extra income. We made an average of $700 a month. My income went into savings for emergencies. This gave Mike and I the time to create moments that have continued to make our marriage strong for nearly 27 1/2 years and through 6 children. Three are in college, three at home, and we've home schooled them all! The college students are honor roll.
#3 Budget! Budget! Budget! Ours was simply one of those budget books you buy at the store. It worked. When life changed like career and kids eventually came along we veered from this important tool and it strained everything. more on that in another post.
The wedding: budget savers for this special moment. I drop my jaw at the extravagant amount couples spend on there weddings now days! How we had a frugal wedding in my next blog.
***Correction from my previous blog. My wonderful husband corrected me on my last point. It is called a 529 Education Plan, not a 509k as I had stated. It works like an IRA for Education. Just beware that if you use it for anything other than education for the stated benefactors, you will be taxed plus there is a 10 percent penalty. You can take one child off and put another on if you desire, however.
So, here I was one year on my own after high school, 19, one failed engagement and on my way to my dream, college, at last. Marion College was my choice as I had an entire church backing me spiritually and financially. After I got over that initial fear factor of the first semester and Mike helped me with the "Will There's a Will, There's a Way" study helps; I never looked at another C or worse the remainder of my college days.
Mike and I met as a result of his being the leader of my freshman orientation group. He smashed my finger in his car door preceding a scavenger hunt meant to get to know Marion better. Mike felt so bad that he asked me out on a date. I accepted, he was a no show. Apparently mommy was his alarm clock and she felt it was more important that he get his rest. Mike worked 3rd shift at a countertop factory. He slept after classes. He did ask me out again, set his own alarm this time and we had a wonderful time. The rest is ongoing history!
***Please pray for Mike's mother, Sonia. She is a dear, godly woman to all of who has always provided inspiration. Sonia is currently on a ventilator, but breathing 70 percent on her own at this time. Her health been in state of decline since having a tumor removed from her colon in November. Dehydration, illness and then pneumonia came after that. At this time she is alert but not responding to touch.***
So on August 28th, 1987-I became Mrs. Kathy Wolfe. It was exactly 365 days from the moment I first met him. Here is our frugal management #1 Look at all your options before renting or buying a house. Our 1st house was bought through an estate at the bank. We looked at many different options. It didn't make sense to rent and let someone else take our money. Renting isn't cheap either. We looked at some duplexes thinking that would be a good option. We could rent one side, to pay for the mortgage, and live in the other side. Then Mike found a gorgeous 100 year old 2 story home that was being offered through an estate sale. We decided to make bid and won. Then we put up a secured loaned. Our payments: $121.27 verses: rentals $350-$400 monthly.
#2 It really is romantic to if you can both work less and get to know each other more. Mike worked at the countertop factory full-time during the summer, but that 1st year after we were married, he only did part-time. I worked part-time to. He also had some music students for a little extra income. We made an average of $700 a month. My income went into savings for emergencies. This gave Mike and I the time to create moments that have continued to make our marriage strong for nearly 27 1/2 years and through 6 children. Three are in college, three at home, and we've home schooled them all! The college students are honor roll.
#3 Budget! Budget! Budget! Ours was simply one of those budget books you buy at the store. It worked. When life changed like career and kids eventually came along we veered from this important tool and it strained everything. more on that in another post.
The wedding: budget savers for this special moment. I drop my jaw at the extravagant amount couples spend on there weddings now days! How we had a frugal wedding in my next blog.
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