•Tuesday, February 10, 2009
I was reading the latest post at Thrifty Florida Mama this morning and I began to think about where my husband and I are in all of this economic upheaval? Thrifty Florida Mama placed everyone in 3 categories:
1. Lots of people are in financial dire straits. They have experienced job loss, foreclosure, or reduction in pay. They may be in panic mode, depression mode, or (hopefully) living off savings they built up before the bottom fell out.
2. Many people are in caution mode. They are worried about the possibilities of job loss, or wage reduction, and rising costs of housing, utilities, and escalating credit card minimum payments. They know that their current budgets would not be sustainable in the event of a major loss to income.
3. The third group is carrying on life as usual, either because they have lived frugally in the past and are reaping the benefits of a debt-free life now or because they feel they and their jobs are immune to the current recession.
Out of the 3 categories I would say that we have been very blessed to be in the 3rd group. Not because we are totally debt free although, we are working at it, but because we are fortunate enough to have a stable income. My husband is military and I know they have cut the military back before, but I don't see them doing it to his job. I am not saying it isn't possible, but the war is still happening and President Obama must deal with the economic crisis before he can deal with the war. Even after the war is over I still have a firm belief that my husbands job will be safe.
If we were in need I could always return to work. If another income was needed I could go back, but at the moment we have decided due to all of the overhead expense that comes with working (ie: gas, work clothing, child care and etc.) it is better for our family if I stay at home.
Lastly, all of our debt but 1 student loan (possibly 2), our home and our property will be paid off this year. This will free up approx. $1200 monthly leaving us with a total of approx $2000 a month left over after bills and all other expenses. We will be working on paying off the student loans next year and then the property. We do have a one or two items we would like to purchase in between our debt payoff that we will also be saving for and paying off.
I am glad that Thrifty Florida Mama placed this post because I haven't truly looked at where we stand during the current crisis. Honestly, I believe I haven't thought about it because the only place we have seen a loss throughout was in our mutual funds and it was a loss of less than $1,000. My family is truly blessed and fortunate for our home, vehicles, jobs and overall lifestyle during a time when so many others are in financial crisis!
1. Lots of people are in financial dire straits. They have experienced job loss, foreclosure, or reduction in pay. They may be in panic mode, depression mode, or (hopefully) living off savings they built up before the bottom fell out.
2. Many people are in caution mode. They are worried about the possibilities of job loss, or wage reduction, and rising costs of housing, utilities, and escalating credit card minimum payments. They know that their current budgets would not be sustainable in the event of a major loss to income.
3. The third group is carrying on life as usual, either because they have lived frugally in the past and are reaping the benefits of a debt-free life now or because they feel they and their jobs are immune to the current recession.
Out of the 3 categories I would say that we have been very blessed to be in the 3rd group. Not because we are totally debt free although, we are working at it, but because we are fortunate enough to have a stable income. My husband is military and I know they have cut the military back before, but I don't see them doing it to his job. I am not saying it isn't possible, but the war is still happening and President Obama must deal with the economic crisis before he can deal with the war. Even after the war is over I still have a firm belief that my husbands job will be safe.
If we were in need I could always return to work. If another income was needed I could go back, but at the moment we have decided due to all of the overhead expense that comes with working (ie: gas, work clothing, child care and etc.) it is better for our family if I stay at home.
Lastly, all of our debt but 1 student loan (possibly 2), our home and our property will be paid off this year. This will free up approx. $1200 monthly leaving us with a total of approx $2000 a month left over after bills and all other expenses. We will be working on paying off the student loans next year and then the property. We do have a one or two items we would like to purchase in between our debt payoff that we will also be saving for and paying off.
I am glad that Thrifty Florida Mama placed this post because I haven't truly looked at where we stand during the current crisis. Honestly, I believe I haven't thought about it because the only place we have seen a loss throughout was in our mutual funds and it was a loss of less than $1,000. My family is truly blessed and fortunate for our home, vehicles, jobs and overall lifestyle during a time when so many others are in financial crisis!
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