We're Broke..

[Booknut]

It's called I can pinch a penny so hard that you can hear it scream for miles!!!

I love it, you should start a blog and title it that!

 

[AmberDaClown]

Throughout the oil and natural gas industries only about 1.5% of the stock is owned by company executives. Now this statistic doesn't come from the oil companies themselves, the numbers – and the numbers that follow – come from Bill Clinton's undersecretary of commerce for economic affairs; one Robert J. Shapiro.

Here's what Shapiro has to say about the ownership of the other 98.5% of oil company shares: "The data show that ownership of industry shares is broadly middle class, with the majority of industry shares held by institutional investors, often on behalf of millions of Americans through mutual funds, pension funds and individual retirement accounts."

Also ... from the Shapiro study:

• Almost 43 percent of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,700.
• Twenty seven percent of shares are owned by other institutional investors like pension funds. In 2004, more than 2,600 pension funds run by federal, state and local governments held almost $64 billion in shares of U.S. oil and natural gas companies. These funds represent the major retirement security for the nation's current and retired soldiers, teachers, and police and fire personnel at every level of government.
• Fourteen percent of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000.

You see? The people listed in this study are ... YOU! Not fat-cat oil company executives. Not George Bush and Dick Cheney.

 

[loveysbydesign]

I love it, you should start a blog and title it that!

TY!!!

 

[MaMa3Princess]

It's called I can pinch a penny so hard that you can hear it scream for miles!!!

LOL you are so right. We are a family of 6 and we live on about just as much and it is all about the budget !! I hope you manage to make it work for your cruise

 

[megnsamsgracie]

Just curious as to how a family of 5 living on 50,000 a yr. can consider a cruise?

We are a family of 6 living on about 45K or close to it. We took a cruise and did Disney in December and taking either a cruise or Disney this fall again. We do it just fine and even put savings away! We have VERY low bills each month, less than 2K and I cut the heck out of coupons.

 

[mom2taylorandemily]

We are a family of 6 living on about 45K or close to it. We took a cruise and did Disney in December and taking either a cruise or Disney this fall again. We do it just fine and even put savings away! We have VERY low bills each month, less than 2K and I cut the heck out of coupons.

I am soooo impressed. We do ok too, we are 4 on $50K, things are tight due to gas, DH drives almost 75 miles a day round trip for work. So, gas is costing us about $100 a week just for DH. School is out so I'm not driving much and I'm trying to keep mine to 3 weeks per tank. We clip coupons, and we are not eating out much at all. Its just happening on special occassions. Father's Day will be dinner at home for DH this year and homemade cards with the kids cutting the grass and weeding the gardens. We are going to WDW in Dec., we got a PIN code and we used that.

 

[mumom95]

It's called I can pinch a penny so hard that you can hear it scream for miles!!!

Oh tag fairy, where are you?

 

[natenapril]

Just curious as to how a family of 5 living on 50,000 a yr. can consider a cruise?

Are you freakin serious? This really hit a nerve with me. Who in the world are you to judge?

 

[bethy]

It's called I can pinch a penny so hard that you can hear it scream for miles!!!

You go girl!

Um . . . can I get some penny pinching tips?

 

[megnsamsgracie]

I am soooo impressed. We do ok too, we are 4 on $50K, things are tight due to gas, DH drives almost 75 miles a day round trip for work. So, gas is costing us about $100 a week just for DH. School is out so I'm not driving much and I'm trying to keep mine to 3 weeks per tank. We clip coupons, and we are not eating out much at all. Its just happening on special occassions. Father's Day will be dinner at home for DH this year and homemade cards with the kids cutting the grass and weeding the gardens. We are going to WDW in Dec., we got a PIN code and we used that.

I will be completely honest here b/c it CAN be done on limited income.. actually, $45k is a lot to us!

Our mortgage is $750 (inc taxes)
Home owners ins is $130
Car ins $175
Cable/phone/internet $165
Cell phone $150 (which we have 4 lines for family, they contribute $30 towards the bill)
Groceries (around $140 for the month! BUT its not cash OOP.. its all GCs doing Target deals!)
Gas $300 per month for 2 cars
elec $225 per month
Life insurance $170 for 2


Our water is $130 every 3 months. Taxes are about $500 per year (4 vehicles and the boat). Our oil killed us! $1500 and it only filled 1 of 4 tanks (one was still full). Thankfully putting in a wood stove though!

So maybe if you figure out the 12month plan we are at $2200 per month or maybe $2300.


Also, we get $125 per week rental income (we do claim it) and my groceries come out of that.. the stuff I cant get at Target (like some meat and produce_. Whats left all goes into my "rainy day" fund.. so I usually get to save about $90 per week. No one knows I have this money stashed aside (DH could care less, as long as the bills are paid!) We recycle ALL bottles/cans and that goes into spending money for vacation. The kids are the ones cashing the stuff in and they split it 4 ways.

We have lived off $30 a week for groceries including diapers/wipes. We did NO cable for 4 months b/c we didnt have the money. We just crimp and save.

 

[loveysbydesign]

I will be completely honest here b/c it CAN be done on limited income.. actually, $45k is a lot to us!

Our mortgage is $750 (inc taxes)
Home owners ins is $130
Car ins $175
Cable/phone/internet $165
Cell phone $150 (which we have 4 lines for family, they contribute $30 towards the bill)
Groceries (around $140 for the month! BUT its not cash OOP.. its all GCs doing Target deals!)
Gas $300 per month for 2 cars
elec $225 per month
Life insurance $170 for 2


Our water is $130 every 3 months. Taxes are about $500 per year (4 vehicles and the boat). Our oil killed us! $1500 and it only filled 1 of 4 tanks (one was still full). Thankfully putting in a wood stove though!

So maybe if you figure out the 12month plan we are at $2200 per month or maybe $2300.


Also, we get $125 per week rental income (we do claim it) and my groceries come out of that.. the stuff I cant get at Target (like some meat and produce_. Whats left all goes into my "rainy day" fund.. so I usually get to save about $90 per week. No one knows I have this money stashed aside (DH could care less, as long as the bills are paid!) We recycle ALL bottles/cans and that goes into spending money for vacation. The kids are the ones cashing the stuff in and they split it 4 ways.

We have lived off $30 a week for groceries including diapers/wipes. We did NO cable for 4 months b/c we didnt have the money. We just crimp and save.

Thanks everyone for enjoying my "I can pinch a penny so hard you can hear it scream for miles" !
I also have to add that depending on where you live $50,000 for a family of 5 may seem like alot or a little! We live in the Lehigh Valley in Pennsylvania and $50k a year here for 5 is not very much at all...however somewhere else in the USA it may be considered alot.


We are very frugal and I stockpile when things are on sale.
I also belong to several coupon trains and can be seen hitting all the clearance sections of stores when looking for something we need.
I even have a birthday present closet where my kids go "shopping" for presents for parties they attend...when amazon has their huge toy sale I fill the closet with awesome name-brand toys and never spend more then $5.00 for each toy...this also works for Christmas as I have many nieces and nephews to buy for.
A Wii...not in our house, I'd rather have my kids doing things other than video games and plus we're not spending $$$ on games/rentals. Plus all their friends have one so they get to play it when they go to their friend's house to play.
I also frequents many deal websites and $ saving websites such as afullcup, mommysavers and slickdeals.
HTH!

BTW...I'd love to see that Tag fairy-LOL!

 

[dvcgirl]

I will be completely honest here b/c it CAN be done on limited income.. actually, $45k is a lot to us!

Our mortgage is $750 (inc taxes)
Home owners ins is $130
Car ins $175
Cable/phone/internet $165
Cell phone $150 (which we have 4 lines for family, they contribute $30 towards the bill)
Groceries (around $140 for the month! BUT its not cash OOP.. its all GCs doing Target deals!)
Gas $300 per month for 2 cars
elec $225 per month
Life insurance $170 for 2


Our water is $130 every 3 months. Taxes are about $500 per year (4 vehicles and the boat). Our oil killed us! $1500 and it only filled 1 of 4 tanks (one was still full). Thankfully putting in a wood stove though!

So maybe if you figure out the 12month plan we are at $2200 per month or maybe $2300.


Also, we get $125 per week rental income (we do claim it) and my groceries come out of that.. the stuff I cant get at Target (like some meat and produce_. Whats left all goes into my "rainy day" fund.. so I usually get to save about $90 per week. No one knows I have this money stashed aside (DH could care less, as long as the bills are paid!) We recycle ALL bottles/cans and that goes into spending money for vacation. The kids are the ones cashing the stuff in and they split it 4 ways.

We have lived off $30 a week for groceries including diapers/wipes. We did NO cable for 4 months b/c we didnt have the money. We just crimp and save.

Here's the key to your budget.....very low mortgage and no debt!

Yes, it is possible to live on very little if you have no debt. Our taxes/insurance for our home in NJ are a bit more than your mortgage (and we have no mortgage!) but otherwise our essentials or "must haves" run us 30K a year (no discretionary spending in there though). That 30K includes 800 a month for groceries/toiletries and roughly 500 a month on average for doggy health care.

The key for us....small house, no kids, no debt.

 

[bjgrazi]

I will be completely honest here b/c it CAN be done on limited income.. actually, $45k is a lot to us!

Our mortgage is $750 (inc taxes)
Home owners ins is $130
Car ins $175
Cable/phone/internet $165
Cell phone $150 (which we have 4 lines for family, they contribute $30 towards the bill)
Groceries (around $140 for the month! BUT its not cash OOP.. its all GCs doing Target deals!)
Gas $300 per month for 2 cars
elec $225 per month
Life insurance $170 for 2


Our water is $130 every 3 months. Taxes are about $500 per year (4 vehicles and the boat). Our oil killed us! $1500 and it only filled 1 of 4 tanks (one was still full). Thankfully putting in a wood stove though!

So maybe if you figure out the 12month plan we are at $2200 per month or maybe $2300.


Also, we get $125 per week rental income (we do claim it) and my groceries come out of that.. the stuff I cant get at Target (like some meat and produce_. Whats left all goes into my "rainy day" fund.. so I usually get to save about $90 per week. No one knows I have this money stashed aside (DH could care less, as long as the bills are paid!) We recycle ALL bottles/cans and that goes into spending money for vacation. The kids are the ones cashing the stuff in and they split it 4 ways.

We have lived off $30 a week for groceries including diapers/wipes. We did NO cable for 4 months b/c we didnt have the money. We just crimp and save.

You're lucky you seem to live somewhere real estate taxes and car insurance is low.
In NJ our very modest house 3 bedrooms, 1 bath w/a tiny kitchen has an over 6K real estate tax which is going up again.

Our car insurance is almost 4K a year ($359 a month) because of a teen and college student. My son doesn't even really drive, but because he lives in the house we have to pay for him.

My groceries --- wish they would cost me $140 a week (you say you spend that a month), I spend close to $170 a week including diapers (that's a good week. I use coupons when they work and shop for deals.

Gas cost us over $700 in May, due to my husbands job and his company sending him on Jobs in S. Jersey instead of jobs closer to home.

So although it must feel nice to be superior because you live on limited income with your additional $6,500 from a rental it's all relative to where you live.

 

[Booknut]

Absolutely its relative to where you live. We live in the burbs of London and our basics look like this (have converted to dollars for ease!):

Monthly expenses:
Rent: $1900
Council Tax (like property tax but even renters have to pay): $250
Gas/Electric: $160
Water: $90
Diesel for DH car: $500 (he drives 70 miles round trip to work)
Insurances (home/car/medical): $200
Phone/Cable/Internet: $120
Mobile Phones: $50

So for us, before we even eat or do anything else we've already spent nearly $3300 which is one of our salaries. So the other salary is for food, clothing, misc expenses and our savings.

Not so easy to put some aside for a home or holidays nowadays as those expenses above keep going up almost on a monthly basis yet our incomes don't go up that fast. And we're lucky as my mom is moving in with us to look after our baby when I go back to work, if I had to pay for a nursery we wouldn't have two cents to rub together!

 

[mpls_mm]

I don't think anyone feels superior for having low expenses, I didn't get that feeling at all. It's not just relative to where you live, it's also what stage of planning you are in and what your priorities are. It's easy for any of us to pick apart someone elses budget. I have a girl that works for me for $12 an hour and is 30 and her house is paid off. It's easy to feel bad that I am nowhere close, but then you find out her husband is 55 and he paid it off before they even met, so you don't know peoples situations.

 

[MaMa3Princess]

We live in Ga on the outskirts of Atlanta where cost of living is still reasonable. I think everyone with larger families have stated the same thing we have to catch sales, plan for everything and the bottom line is that you we have no choice but to think about every monetary decision you make.

My kids are pretty content they dont have the latest and greatest but we are by far poor. We do the change jar for saving. I do surveys, Buzz Point, any and everything that you can name to pay for our tickets. I always buy gifts with coupons. Coupons are your best friend. Sales papers are your best friend, consignment shops are our best friend. cooking from scratch saves us lots of money and our van is paid off no new cars for us. We are extrememly blessed that my DH has a job where he earns reward points for all of his meetings and travel we always use those to rewards points to pay for our lodging. My kids think that it is christmas when we go to the library to check out books. I comb the paper for free and cheap things to do all year long. But 1 week out of the year we do vacation and we are extremely blessed that we are able too not that we deserve it but we a grateful that we have never came up short and had to cancel our vacation plans and I read some of the trip reports and I am in awe of all that some are able to do but at the end of the day I am so thankful thankful that my kids get to experience the magic and they are thrilled with staying offsite and maybe only getting one souvenir. They are saving there own money to pay for a the Lilo and Stitch character breakfast now that is big time for them.

But as everyone said you have to work with what you got

 

[noodleknitter]

You're lucky you seem to live somewhere real estate taxes and car insurance is low.
In NJ our very modest house 3 bedrooms, 1 bath w/a tiny kitchen has an over 6K real estate tax which is going up again.

Our car insurance is almost 4K a year ($359 a month) because of a teen and college student. My son doesn't even really drive, but because he lives in the house we have to pay for him.

My groceries --- wish they would cost me $140 a week (you say you spend that a month), I spend close to $170 a week including diapers (that's a good week. I use coupons when they work and shop for deals.

Gas cost us over $700 in May, due to my husbands job and his company sending him on Jobs in S. Jersey instead of jobs closer to home.

So although it must feel nice to be superior because you live on limited income with your additional $6,500 from a rental it's all relative to where you live.

I didn't get that feeling from that post, at all. Different areas, different situations, different people. I'm not being superior when I say that I couldn't wouldn't ever want to live in England now! Yikes! And I know the costs of car insurance and gas. We save money where we can. I also know many who say they don't have a dime, are credited out, but own every toy on the block, from boats to video players.

I admire people who live simply and within their means. Living within one's means is a sign of character, imo. so, yeah to those who manage it!

PS, Booknut, It is so not fair that you have to pay property tax on rentals!!!

 

[megnsamsgracie]

*snip*
So although it must feel nice to be superior because you live on limited income with your additional $6,500 from a rental it's all relative to where you live.

I do not feel superior AT ALL! It was choices we made. We are very blessed to have such a low mortgage and no debt. But I was responding to the post about how to live off $45K a year. It is doable. But my house that we paid $97K for and is now worth $195K here, is probably double that elsewhere.. in that case, I could NEVER afford it!

 

[tonilea]

*snip*
So although it must feel nice to be superior because you live on limited income with your additional $6,500 from a rental it's all relative to where you live.

IMO, the person you were responding to didn't come off as superior. However, living within your means and living well on less is something to be proud of.

 

[NY Disney fan]

I am starting to feel the heat from this economy. First time ever, in my adult life that I am in debt and I have been using a written spending plan for about 10 years. I plan to get down to $0 within a few months as I am super determined. How I got into debt was by having a few unexpected expenses (funeral, legal fees) all at once and I don't want to touch my emergency fund (yet) because it was sooo hard for me to build. I'm so thankful I do have that Efund.

If my cruise and round-trip air (in August) wasn't fully paid for already, I would not go on a vacation this year at all.