America's cheapest family - OS Style

nifferwilko

Had a quick look but I couldn't see if this had been posted already - if it has sorry!!:o

Logging onto yahoo today I saw this

http://www.abcnews.go.com/2020/story?id=3432477&page=1

This family of 7 live on $35,000 a year (about £17,500). I know that it can be done because of this board, but some of the comments generated for this story disbelieve them.

There's a little video to watch for it too, midway down the page - enjoy

p-pincher

With everyones soaring debt ithink alot of peole, including me,could learn alot from them. especially the line if you cant afford it dont buy it.

moanymoany

Just watched the clip, good for them. Amy whatsit who started the 'Tightwad Gazette' says much the same. Plan everything, buy what you need as cheaply as you can, save as much as you can, recycle as much as you can. She describes how her and her husband coped on less than $30,000 dollars a year and managed to save a massive percentage of their income.

There is no doubt, living below your means leaves a margin for saving against a rainy day. The essentials of life do not include mobiles, gadgets and games, evenings out, holidays and cars you cannot afford. If you aint got the cash and you buy on credit you are spending future money, if you can't afford it now what makes you think you will be able to afford it later?

larmy16

Fascinating. I still don't understand how people do it and save. What with rising food costs, car ins, tax, car running costs,fuel, utility bills, council tax and a rising rent, even by taking no holidays, no new clothes, few outings etc, I only just survive! Phew that was a long sentence.

I love these kind of stories though.

odds-n-sods

thing is tho, that they may actually 'make' more than $35K - they said they spend $3400 a month - that is $40,000 a year.......... and if they have that after taxes, they make a lot more something like $80,000. their ideas are good, but I think they are misleading on how much they actually make. DOnt' forget that health insurance is expensive in the USA and if you jsut need a prescription that can cost a fortune if you dont' have it.

pigpen

We are a family of 10 and probably 'live' on less than that because the rest goes on paying off the debts.. which were accrued over several years mainly when hubby was a FT student and we had £9000 a year to live on as a family of 7!!!

Ok.. very quick calculation ... our 'running costs' are £20,000 annually.. including clothing/insurance policies/food/mortgage/council tax..

If we rented we could drop that by £4800 a year!!!! (based on the rent charged for the house next door)

It isn't hard.. you've just got to be careful!!!

And now I'm going to pay my debts lol.. well it is payday today!!