Starting Off
Our family is just starting off. We have been married almost three years. Within the last year we graduated from college last year and had our son. We have never carried credit card debt and–thanks to a car Tim’s parents gave him when he was in school–we have no auto debt. The only debt we carry is a small school loan that will be paid off within the next ten months. We also have two months worth of savings for emergencies which we are continually adding upon until we have six month’s of savings.
We track our expenses with Quicken and keep to a budget. We share one car. We rarely go out to eat and instead eat nutritious, home-cooked meals. We employ other frugal methods to help us keep saving and paying off our school loan. We have made sacrifices to live this lifestyle and it has been worth it.
Yet we know that we could do better in organizing our finances and reaching our goals more quickly. We need to finish obtaining life insurance and create a will. We also need to have a more solid cash flow. Over the next month we will look at our finances from this year and come up with our financial goals for 2009. I’m excited to have a game plan for the next year.
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