5-Year Progress Check

The following is a staff writer post from MikeS.  He is a married father of 2.  So, with the cat, he ranks number 5 in the house.  He loves numbers and helping people. Please leave any questions or comments below for either Mike or Crystal. Just for fun, I decided to compare my budget today; to the budget I had in place 5-years ago.  This exercise isn’t something that I do on a regular basis.  It was prompted by a discussion I had with a coworker.  She is in the process of buying a house and that got me to thinking back on saving and buying my first house.  As I have said before, I have made decent progress over the past several years in managing my finances better.  How much better you might ask?  Let’s take a look. Income Five years ago, I had been with my current company for about 5 months.  My salary at the time was $79,000 a year.  Having a dependable income was precisely why I had left my previous job 5 months earlier.  The old job was commission based and I wasn’t a very good salesman.  Today, my annual salary is $95,000 a year … Read more…

Who Am I and What Do I Know About Debt?

As the name of this site implies, I am married with debt. This does not mean I am married “to” debt – actually we are getting a divorce! But seriously, I just recently turned 30, have been married for 7 years, and have two daughters (age 6 and 1.5). I am currently an overworked state employee working for my state legislature, and my wife teaches 2nd Grade in a private school. A few years ago we seemed to be on the upward mobility trajectory. Then my wife lost her well-paying job as a public school teacher, and our earnings were sharply reduced. At that point I nearly freaked out and lost my mind, preparing myself for homelessness and the soup kitchen. At that time we only had one child, yet I was absolutely terrified – we had no emergency savings and tens of thousands of dollars in debt, including a large credit card balance. We were lucky to land on our feet as my wife found a (lesser paying) job, we never missed a bill payment or did without the necessities. After the near-disaster, I began to tackle our debt. We paid off approximately $20,000 in credit card debt, but … Read more…