Posted by Daniel T. on February 19, 2007, 8:42 am
> Daniel T. wrote:
> > I track my family's spending pretty closely. We don't do much frivolous
> > spending, no Starbucks and the like. Maybe we eat out more than we
> > should but our spending last year was a full 50% more than our income
>
> Am I reading that right? That would mean if you earned $50K you spent
> $75K. Did you suddenly have some big life event impact your income or
> expenses? I would think most people who go under do it more gradually.
Actually the "big life event" happened a couple of years ago (my wife
and oldest daughter started college) and I haven't been able to get a
handle on it since. Our savings (including the equity in the house) are
now spent and I simply can't let it happen again this year. I need to
sit down with someone smarter than myself in these matters who isn't out
to sell me something. How do I find such a person?
The only organization that I have found on the internet that sounds even
remotely close is Debtors Anonymous. Anyone have experience with them?
(Yes, I know I should have done something about this sooner, but I
didn't.)
Posted by Melissa on February 19, 2007, 9:39 am
> > Daniel T. wrote:
> >
> > > I track my family's spending pretty closely. We don't do much
frivolous
> > > spending, no Starbucks and the like. Maybe we eat out more than we
> > > should but our spending last year was a full 50% more than our income
> >
> > Am I reading that right? That would mean if you earned $50K you spent
> > $75K. Did you suddenly have some big life event impact your income or
> > expenses? I would think most people who go under do it more gradually.
> Actually the "big life event" happened a couple of years ago (my wife
> and oldest daughter started college) and I haven't been able to get a
> handle on it since. Our savings (including the equity in the house) are
> now spent and I simply can't let it happen again this year.
How old is your daughter? I have 3 sons ages 22, 25, 27, who are all in
college, supporting themselves & living on their own. The first year the 2
youngest moved away to college (in 2002), we helped with their housing
expenses, but we only did that for a little over a year. Ever since,
they've been working and paying their own way in life. They are learning
first hand how to live within their means. DS#2 took a year off school to
work extra hours to get himself a car (he and DS#1 were sharing a car that
first year).
All of them are working 35+ hours per week and taking at least 12 credit
hours in school. It can be done by someone who really wants to do it. They
knew from the start that we were in no postition to put them all through
school. We just don't make that kind of money.
Just because your wife and daughter WANT to go to college doesn't mean you
have to go into major debt to make it happen.
Melissa
Posted by nospam on February 19, 2007, 2:54 pm
On Mon, 19 Feb 2007 09:39:02 -0500, in misc.consumers.frugal-living "Melissa"
>All of them are working 35+ hours per week and taking at least 12 credit
>hours in school. It can be done by someone who really wants to do it.
Not everyone can do that, it is not just a matter of will power.
Posted by Melissa on February 19, 2007, 3:41 pm
> On Mon, 19 Feb 2007 09:39:02 -0500, in misc.consumers.frugal-living
"Melissa"
> >
> >All of them are working 35+ hours per week and taking at least 12 credit
> >hours in school. It can be done by someone who really wants to do it.
> Not everyone can do that, it is not just a matter of will power.
I realize that many people have limitations to how much they can handle. In
our case, all 3 (at least to begin with) were going to private colleges and
had NO access to FASFA or any help at all. They've done very well, and it's
been a huge growing experience for them. They learned that nothing is
handed to them, they have to work hard to meet their goals. My youngest son
and his wife are graduating in May after 5 long/hard years of working and
school. They have no interest in living off of the government cheese. No
loans, no Fed help, just plain hard work and living within their means.
I've seen too many couples learn how to work the system. I am proud that my
kids refuse to go that route and are willing to make their own way in life.
Just like we did. Living on 1 income for 22 years while we raised our kids.
No State or Fed help. We had the kids, we supported them.
My oldest son has transferred to a State college, and will qualify for some
FASFA help. Not much, but some. He and his wife work hard...she carries the
medical insurance, and they live with 1 car. He uses public transportation,
and works and studies his a** off to do it. It can be done. To many young
people today think they are "owed" help. Mine don't. They realize they are
adults and responsable for their own lives. Imagine that...personal
responsability.
Melissa
Posted by Larisa on February 19, 2007, 5:46 pm
On Feb 19, 2:54 pm, nos...@nospam.com wrote:
> On Mon, 19 Feb 2007 09:39:02 -0500, in misc.consumers.frugal-living "Melissa"
> >All of them are working 35+ hours per week and taking at least 12 credit
> >hours in school. It can be done by someone who really wants to do it.
> Not everyone can do that, it is not just a matter of will power.
You can seriously wreck your health doing that. I know someone who
did this; worked 80 hours a week and went to school full-time. Yeah,
she graduated. But now she has a really horrifying autoimmune problem
with her eyes, a thyroid disorder, and all sorts of other things that
she didn't have when she started out. Not worth it, in my book.
LM
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> > I track my family's spending pretty closely. We don't do much frivolous
> > spending, no Starbucks and the like. Maybe we eat out more than we
> > should but our spending last year was a full 50% more than our income
>
> Am I reading that right? That would mean if you earned $50K you spent
> $75K. Did you suddenly have some big life event impact your income or
> expenses? I would think most people who go under do it more gradually.