I am 48 years old and have 3 boys (16, 13, 7) and a wonderful husband. I have so badly wanted to "get it" when it comes to living frugally, but I get caught up in suburban life and credit line mortgages. Expenses such as music lessons, soccer teams, vacations, clothes, healthy organic foods, restaurants etc. have kept me from our goal of paying off our mortgage, car loan, etc.
I would love to hear about any stories where families have started living frugally "late in the game" and have achieved success. I want the best for my boys regarding school and opportunities as I am sure every parent feels. Thank you to everyone for your support and thank you to this site for providing inspiration.
By jjawt from BC
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Hello jjawt, although I am in the UK I think living styles are reasonably similar for me to assist. I live a suburban life but thankfully, I don't keep up with the Jones'. This means I don't aspire to be like others who are happy to spend money on credit and worry about how to pay debts off.
There are many sites and forums for advice, start doing your research. You could start by looking at the need of 2 cars, can you get by with 1? Do your children need to do all the activities? Can you start looking at your eating schedules and change to meal planning and bulking out meals and eating more veg and less meat and cooking from scratch? I use cheap electricity at night to set my washing machine and dishwasher going, is this possible for you?
It takes planning and some time to achieve a cheaper lifestyle but because of the financial situation in the UK and the impact on food prices, fuel etc., I have now given up eating out to twice a month and the cinema nights out are on the back burner for this year anyway. If you look at your life as a whole you will be upset and give up on this new challenge but look at one area first, solve this and move on to the next think - baby steps.
If you would like more information message me. Good luck with your new adventure, I hope to pay off my mortgage early and I have found new fun outings which don't cost a lot or are free. Can this also help you?
It's never too late. I pretty much lived that lifestyle when I was married. I never was an over spender but I certainly wasn't frugal either. When I got divorced at the age of 48 and custody of two teenagers, I didn't have much of a choice. I found it so rewarding when I found a bargain at the thrift store or when I got something free my using double coupons. It's really fun being frugal because you feel so in control of your life.
In my case, becoming frugal has brought so much self esteem and I don't care what other people think. I have a good friend that has always seemed envious of me because I don't have debt. And now that we are seniors, it seems beneath her to ask an establishment for a senior discount. I have a sister that has always told me I'm lucky because of no debt but she does not get it that having a secure lifestyle required sacrifices.
I know you want the best for your kids but doing without one thing or activity for the good of the future is well worth it. It's a good feeling knowing a house is paid off and there is a raining day savings. Sleep comes easy.
For great motivation, try Dave Ramsey. He has radio shows/podcasts that feature call-in listeners who are paying off debt. His books are super! His method is to pay one bill off, take that monthly bill money and put it toward the next bill, etc.
The best way to pay off any debt faster is to make more than the minimum payment every month. BUT: you should pay any amount over the minimum with a separate check and mark on the "For" line TOWARD PRINCIPAL, otherwise they can put that extra money toward interest and it is perfectly legal. If you do this for credit cards, charge accounts, home loans, your mortgage, etc, you will start to see the balance owed drop.
Thanks so much for everyone's comments. I can't tell how heart warming it is for me to receive feedback and advice on my mortgage question. I actually over pay my mortgage every month but did not know they could put it to interest! Are you sure? I must get to the bank and change my automatic withdrawal, save the money seperately and then put it directly to principal.
Thanks again everyone and for this site. It really helps me stay focused on what is important. Warmest Regards
Jjawt BC Canada
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