hit a new financial milestone this week!

[bigdaddybus]

Currently, My wife and I are saving/giving 50.08% of our monthly take home pay!

We accomplished this by doing the following over the last 6 months.
1. Creating a zero based budget and sticking to it (started Nov 2012)This was our first budget in 18 years married.
2. paying off $30,000 in consumer debt (Nov 2012- April 2013)
3. My wife recieved a promotion at work (Jan 2013)
4. we just recieved our annual raises which pushed us over the 50% savings mark (May 2013)
5. populating multiple savings accounts to aid in budgeting (vacation, emergency, etc)

With 4 kids (2 of whom are in daycare)I am proud of what we were able to accomplish. A big thank you to Dave Ramsey for putting together "Financial Peace University" and "The Legacy Journey". I didnt really feel like I needed any financial advice, but I defiantely feel significant momentum building in our financial future and our wisdom with money.

[97guns]

congrats....its always nice to see a couple on the same page as far as finances are concerned. i see it much too often when one wants to save and the other a spend thrift, its what my brothers marriage was like and it ended after 18 years.

[Blessed]

Congrats!!!

[bjl584]

Congrats.

[bigdaddybus]

congrats....its always nice to see a couple on the same page as far as finances are concerned. i see it much too often when one wants to save and the other a spend thrift, its what my brothers marriage was like and it ended after 18 years.

Oh your comment just hit me right between the eyes.

My wife and I are currently in complete disagreement on what's next. She wants an inground pool/landscaping/fenced in yard/firepit and I want a fairly expensive sports car.

We both would prefer our want first, and you have to admit the two things are so far apart that its hard to come to a middle ground on it. Right now we are content saving....this way we both come out ahead and neither of us "wins"

Thanks bjl584 and Blessed!

[OmniLeasing]

The best kind of life, is the life with no debt! It makes you, your wife, and kids live happily ever after!

Good job on getting on-board with your wife, and challenging the obstacles life has thrown you guys. You're doing great, and should start teaching your kids how finance works! That way they can grow up and be responsible for themselves!

Best scenario when they are younger, would be to take you and your wifes TOTAL monthly income, sit your kids down at the table, and tell them you're going to show them how much you make a month, and how much bills take from that EACH month.

I was told about this, and thought that is a great idea, and a great way to make the kids realize how you don't have unlimited amount of money just because you are a parent.

I hope this helps, even though it sounds like you are on the right pace Keep it up, Bigdaddybus!

[bigdaddybus]

The best kind of life, is the life with no debt! It makes you, your wife, and kids live happily ever after!

Good job on getting on-board with your wife, and challenging the obstacles life has thrown you guys. You're doing great, and should start teaching your kids how finance works! That way they can grow up and be responsible for themselves!

Best scenario when they are younger, would be to take you and your wifes TOTAL monthly income, sit your kids down at the table, and tell them you're going to show them how much you make a month, and how much bills take from that EACH month.

I was told about this, and thought that is a great idea, and a great way to make the kids realize how you don't have unlimited amount of money just because you are a parent.

I hope this helps, even though it sounds like you are on the right pace Keep it up, Bigdaddybus!

Thanks!

My wife and I are pretty transparent with our kids (for what we feel is age appropriate) as far as finances go. The best so far is when my daughter told some friends of ours "We are broke!". We had to clarify that we aren't broke, we are on a budget. It was a good opportunity to share with her that there is a huge difference between budget and broke

Also, my daughter was one of 2 kids in her 7th grade class (60 kids) last year without a cell phone. She fully understood that it wasnt a money issue, it was an age/responsibility/when mom and dad think you should have one issue. She received her first phone the last day of school after getting straight A's.

I like the concept you mentioned to teach kids money management skills. I am just not thrilled with my kids knowing how much we gross as we make 3-4X the median income for our area and I dont feel the kids need to know that. Its amazing what kids talk about with their friends, our kids told us awhile back that we were 5-10 years younger than most of their friends parents....and they dont do cool stuff like camping they do "old people stuff" like golfing. lol Oh,its never a dull moment in my household with 4 kids 12 and under.

[thesimplemoneyblog]

Congratulations on your saving success!

[karenjcarlson]

Congratulations!

A few generations ago, this kind of savings would not have seemed so extraordinary! It's a testament to creative budgeting and priorities that you have been able to achieve such a high savings rate. It is a goal for me as well!