Thursday, April 21, 2011

How Do You Do It? Money-Wise

I was running the numbers yesterday to see when Todd and I will be able to go down to a one income family.  I got so sad, because I dont see how it is possible for us to ever be a one income family.  I hate to think that we spend everything that we earn...even when we are debt free (but the house). 

By the end of March, we will owe mid $2,000 on our last credit card debt.  We have paid off nearly $900/month in revolving debt in the past year and a half which is a huge feat! However, even with that $900/month nearly freed up, we still have alot of things we want to do.

After our last debt is paid off, we will secure 1 year's worth of the bi-yearly & yearly bills ($5,000).  We will also save up an additional $6,000 to use as 3 month's living expenses.  Between the "bi-yearly" payments and 3 month's living expenses, we will have enough money to actually live off of if something were to happen for 6 months. 

Once that is taken care of, we want to:

1.) Start investing $500/month into a Roth IRA (this along with what we contribute at work with our employers would be 15% of our income)
2.) Save for our next vehicle (Goal: $12,000)
3.) Add a 1 1/2 car garage onto our house for hubby to use as his "workshop" and tear down the house next door. 

On top of all this, start a family. question is, how do you do it?
I know there are a few stay at home mom's out there that read the blog, and some with very limited income.

I understand that we dont NEED a $12,000 vehicle.  We most likely wont even "NEED" a vehicle for the next 5-10 years (hopefully)! But this is still looming in my mind, especially seeing as we drive so much.

And the house next door houses alot of hubby's tools and welding materials.  There is a hole in the roof and it is caving in.  Before long, the house will fall down around all of hubby's equipment.  We need to really consider getting it taken down, but we also need to find a home for some of our belongings and his equipment.  We are planning on going through and getting rid of alot of items, but we will still need to store some items.

Any suggestions and criticism is welcome.
I just dont see how all of this is possible on ONE income.

Todd's Birthday Surprise

Todd is going to be 40 next month (May 30th), and I have been thinking of a once in a lifetime gift for him.  My step mom mentioned something with Todd racing a race car. I found out that there are a few tracks around our area, but you have to have your own car, and it is EXPENSIVE!

The next, I decided I wanted to do a scenic flight around our area.  I called several places, and found one that is perfect for us. To be honest, I think I am more excited about it than Todd will be when he finds out what we are doing on the 31st of May.

The day after Todd’s birthday, I am taking the day off from work and we are going to go to lunch and then we will drive up to Cleveland to Burke Lakefront Airport.  This is a small airport close to the Cleveland Airport.  We will be flying over Cleveland and other areas for one hour with a personal pilot on a 4 person Cessna plane.  I was expecting it to be several hundred dollars for the two of us, but not so!

Todd is going to be flying the plane with the pilot, and the price is $62.95!  For me, because I will be a passenger (and official photo-taker!), I am riding for less than $30!  After all the regulatory fees and taxes, the cost is a few dollars less than $100!


Not only will it be an experience of a lifetime, it is affordable!

We had been talking about going to Cancun or someplace tropical when we hit the big milestone of 30 and 40 years of age (as we both are this year,) but $100 is much more affordable.  We are going to lunch at his favorite place that gives a LOT of food for a LOW cost, Benihanah’s!  We will get the lunch boat for $9.75/person.  I just hope I don’t ralph it all up on the plane.

I’m so excited…can you tell?
Now, how am I going to keep this a secret for over a month without bursting at the seams?