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​We're On Our Way to a Debt Free Life!

​Hi Cath,

I joined the Cheapskates Website last week (November 2010) in the eager hope that it will help us to pay off some debt, teach us to stop wastage and help my peace of mind. Already, we have had some positives occur and I just wanted to share this with you. If you didn't take the time with the Cheapskates Website, then I'm not sure what I would be doing right now! 

My husband and I are both 28 and are now expecting our first child, a little boy, in March. Having been together since we were 19, we have managed to incur the following debt:

- $310,000 home loan
- $30,000 personal loan
- $7,000 credit card
- $6,500 loan from family

We both have great jobs and make well over $100,000 a year, although we have NOTHING to show for it. Our assets certainly DO NOT outweigh our liabilities, a thought that makes me feel completely ill. We have not saved for bad times with an emergency fund and have always fallen back on loans and credit cards to help us out when things got tough, or when we needed something. 

It wasn't until C injured himself playing football this year which involved him having to take three months off work, surgery (even with private health insurance we had to fork out close to $1,500) and lots of physio and doctors' visits. We weren't prepared and with a baby on the way, I realised we were in some serious trouble. 

I tried to make changes to our budget which has always been done in Excel (to the exact dollar - but we have never stuck to it), but I just wasn't able to do it on my own. Since joining the Cheapskates Club, we have completed the following:

- Begun a 50c jar (saving of up to $5 per week)
- Spending $10-$15 per week less on groceries 
- Applied for a lower interest rate credit card and cut the other up! (Saving approximately $50 per month)
- Begun a Christmas account (Saving us $10 per week)

Total all up at the moment is a saving of around $2,000 per year! I feel so proud of myself and it has made me even more determined to play around with the budget and see where else I can make savings. I am devouring the Tip Store and Forum to get more ideas on ways to save. Addicted now you could say! 

Anyway, I just want to say thank you for the effort you and the members put into the Cheapskates Club website. I have a feeling that things may have become even more dire if I hadn't have found you! I know that by the time our little guy is born, we will be on our way to living a debt free life. 

Keep up the great work! 

A., C., and Little Fitz

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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
  • About Us
    • Cath's Story
    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
    • Current Forum Discussions
    • How to Use the Member Forum
  • Inspiration
    • Getting Started
    • 31 Days of MOO Index
    • Articles
    • Housekeeping Routines
    • Budget Renovations
    • Saving Stories
    • Learning Centre
  • Recipes
    • Recipe File Index
    • Meal Plans
    • Add a Recipe
    • $300 a Month Food Challenge >
      • $300 a Month Food Challenge
      • The $300 a Month Food Challenge Forum
  • Newsletters
    • Newsletters 2023
    • Newsletters 2022
    • Newsletters 2021
    • Newsletters 2020
    • Newsletters 2019
    • Newsletters 2018
    • Newsletters 2017
  • Saving Money
    • Latest Tips 2023
    • Latest Tips 2022
    • Cheapskates Tip Store
    • Tip Sheets
    • Top Tip Competition
  • Contact
    • Changing Details
    • Help Files