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After I got divorced, I took charge of my finances with a fury. I worked FT while my daughter was in daycare. The impt thing for me was that we had med/dental ins and money to live on. We lived in this roach/spider infested trailer in FL--no heat, no air and wet when it rained. As tight as money was, I contributed the maximum to my company's 401k. I just broke even--not going into debt but also not saving any money. I transferred to CA--to live with my parents. The move put about $3000 on my credit card. I read almost every book about personal finances--Tightwad Gazette, Charles Givens, Suze Orman, etc. etc. I made a list of EVERY cent I spent for a month--food, gas, unnecessities,
to see where I could cut back and I did. I was able to open a money mkt acct (better than a savings acct), open a mutual fund for my daughter, get life ins. I don't like to rent, so I went to a first time homebuyer seminar--the county gave me $4000 for closing. I took a loan from my 401k and used it as down pay't( the pros don't advise this but it worked out for me). I bought my condo by the beach for $85000 and now worth over $300000. I remarried and had 2 more kids, I SAH. Money is not as tight bec I'm still frugal. Husband and kids aren't. Moral of the story: if I can do it, so can you.
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That's a good tip on the money market account. I know nothing about investments, are you able to withdraw it like you would a savings account? I need to start putting some back for taxes on my paper route I'm doing, so I'm not hit next year with a large sum due.
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Very inspiring. I'm sure your proud of yourself, because I'm sure proud of you!
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A money mkt is not an investment. It's a liquid savings acct that earns higher interest than a regular savings acct. You may have to deposit a higher amount of money in there but I find that it is a perfect place for an emergency fund.
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That you for sharing, that is a awesome story! WTG!!