Anybody make less than $16,000 a year?

seaar2000 · #1 (**permalink**) 11-16-2004, 02:23 AM

I make about $16,000 a year. I was wondering if anybody made around that much a year and how they are saving and being frugal to keep cost down. I do get child support, but I don't count that as part of my budget. I use the child support for my mortgage. I am very frugal to the bone. Cook by scratch, keep heat down, keep lights off, shop at discount grocery stores, use coupons for what I only use, starting to hang dry clothes up, consolidate all my running in one errand, make my cleaning products. The only debt I have is my car. That will be paid off in Mr of 2005. Will have it paid off in three years instead of four. Figure the interest looks better in my pocket than the banks. After that I will only have my mortgage to pay off. Refinanced my mortage and went from a 30 to a 15 yr mortgage. I was doing okay for awhile, but with the cost of living going up so much in the last couple of years I am having to find ways to be more frugal. Do have and emergency fund of $1,130 and have them take out $200 a month out of my check and put it in a credit union where I hardly stop. Any suggestions or ideas will be greatly appreciated. Thank you very much. Rene

liveandchi · #2 (**permalink**) 11-16-2004, 07:42 AM

Rene - You are doing incredible. Obviously with the way my credit and saving is I don't have anything to offer to help you out, but I'm very impressed and just wanted to know reading the post is a great motivation for me. How did you start out? Have you always been this way or was there something that got you to start? I'm looking for anything to help motivate me at this point.

terry1156 · #3 (**permalink**) 11-16-2004, 08:33 AM

Great job on a limited budget. Do you have a home business? I've mentioned this in a couple of other threads. It is a great way to get tax dollars back. You don't even need to spend more than you are now. You just need to make a few adjustments and do some record keeping.

crosses · #4 (**permalink**) 11-16-2004, 08:57 AM

You seem to have incorporated most of the saving tips out there. I assume that you use freecycle.org to get some things for free. If not, you should check them out.

This may seem a bit frugal to many. It is a left over havit from a drought we had in our area some years ago. I have a big barrel where the rain gutters pour into and it fills up with the rain water. I use this water to water plants and the yard and even a load of laundry once in awhile. It's a habit now so I don't even think about it, but many of my friends say I'm crazy.

miclason · #5 (**permalink**) 11-16-2004, 10:08 AM

I make $11,000 a year, but, I don't live in the US, so I don't know what it would be like, given the cost of living...I've always said that I wouldn't want to go to the US because my living standards include things I know I couldn't afford ther (like a maid!...People tell me I'm crazy, because in the US I could have a newer car, nicer house, a larger TV, a DVD player, and better clothes...yes, but, who'll be doing the cleaning/washing/ironing??...Me!)

I'm impressed with what you have accomplished, though...can I be like you someday??

asrai · #6 (**permalink**) 11-19-2004, 01:49 PM

DH and I will have made under 20,000 CA this year (take home not sure how much before taxes). All of my taxes will be refunded becuase I"ll make under the minimum limit for Canada (mainly set for students). I only worked less than half the year and part time at that. I'm really frugal he's not so much, but we make it work. We only have one child and she doesn't go to daycare.

In Alberta, there are loads of classes and stuff you can take for free. And if you are poor they will help you with things like library cards and kids sports fees and going to the pool.

joesbaby · #7 (**permalink**) 11-20-2004, 10:53 AM

my husband and i make less than $16000 a year. we are trying to start our own business, becasuse joe lost his job. what we do is haul and remove scrap metal from people.

i dont know what i can tell you to keep expences down, ive cut everything to the bone. i shop good sales with double coupons, i try to help out as much as possibal with our business.

have a good day
ericka

seaar2000 · #8 (**permalink**) 11-29-2004, 02:31 AM

Thank you everybody for your suggestions. I try to keep my expenses low and yes at times it can get rough, but one does what one has to do. Starting a business at this time is not feasible (sp). With the great insurance I have at work I would be to afraid to start a business. Where I work they pay for our insurance and it don't cost a dime. The girls are put on free. What their dad's insurance don't pay, mine does. The only thing I have to pay is for my prescription. Which can run from $2-$15. This helps quite alot. Renee

terry1156 · #9 (**permalink**) 11-29-2004, 02:41 AM

Renee,

Oh, that is even better. Starting a home business when you are working is the perfect time to start it. You can spend one or two hours a week doing it and then deduct 10% - 20% of all your household bills on your taxes. There is no rule that says you have to work a certain number of hours to qualify. All you have to do is set up an exclusive area in your house/apartment.

adbullock · #10 (**permalink**) 12-13-2004, 12:03 PM

Some money saving tips I've learned. One cooking big stock pots of stew, soups, red beans, etc. The steam heats the house thus lowering the electric/gas bill + it generally provides for more than one meal and most of these types of meals can be cooked rather cheaply, you can also stretch the meals again by adding rice or mashed potatoes...really cheap fillers. Another one...my weakness is downey april fresh scent. I really love it. The liquid not the dryer sheets, but it is rather expensive when you wash as much as I do with three kids. Soooo, I take an old unmate sock and tie it into a knot and add about a tablespoon of the liquid downey to it and put it in the dryer. You can reuse the sock for several loads before it loses the scent and softening power and you've stretched the one bottle to four bottles worth of laundry. Every little bit helps. Also I run bath water for the children the oldest goes first (she's a girl) and after she's finished it's cool enough for my 5 year old but not too cool and not too dirty that I don't have to run another batch of bathwater. Hmmmm...buying in bulk and repackaging at home that saves a lot of money in groceries also less waste=good for the enviornment. Good luck and I hope this helps some.

amomof4 · #11 (**permalink**) 12-24-2004, 04:08 AM

I think you are doing an incredibly job with what you have to work with.

I you haven't already gotten it, I would recommend the tightwad gazette. It will help flow your creative juices.

Another thing I would suggest is this. When your car is paid off, continue making the payments, only make it to your savings. It is really important to have a large emergency savings. I will tell you a story of what just happened to my daughter.

My daughter is a single mom of one ds who is 12. She recently sprained her ankle, so she was unable to work for a week (she is a waitress). After returning to work, she lost her job. She got another one quickly, but they would not allow my latchkey grandson to call, so she lost that job. She got another one rather quickly, but to her dismay, is earning considerably less in tips. Then, a week later, she wrecked her car. She didn't have the $500 deductible for repairs, but the insurance company totalled it, so I guess it didn't matter. However, she had never put the title in her name, which will cost about $200, and the insurance company won't pay the claim until she does. To top off her misery, someone hit the rental car while it was parked, and now the rental agency want her to pay for the damage. Whew, when it rains, it poors!