I enjoyed reading your post.
We were a little late to getting control over our finances. Not sure why, probably because we lived on my pay while our kids were young. When my wife went back to work we kind of went a little bit nutty. Then kids college. Still, we put some into our 401s but were consuming our take home pay at the same rate we were earning it.
Then finally we had that moment of clarity. From then on we went all in, paid off all our debt and mortgage and started saving. Took us 5 long years but the 5 years of austerity changed everything, now austerity has become our normal. Instead of owing banks 100s of 1000s of dollars we have 6 months income in savings and another 2 months in our checking account and continually adding to that and our 401s every month.
Still not where we want to be but way better than 6 years ago when we were in the financial toilet. In summary it wasn’t a change in income rather it was a change in our behavior. I think about 50% of US families don’t have $1000 for an emergency and are over $90K of debt. If the economy stalls and people start really losing their jobs it will be a blood bath. No savings, no income and a lot of debt it will not be a pretty sight.
Well done!
Being debt free and paying cash is very empowering. Keep it up!
My two youngest children are finishing high school and in college. They grew up during our austerity phase and adopted the economize mindset.
We have fun going to thrift stores and “treasure hunting.” They are careful about asking for money for things.
We still road trip, but now we do everything we want to do and I don’t have to budget. Interestingly, my children are often the ones saying, “We can do something else. This might be too much money.” I still deal-shop. They are conscientious and grateful for what they have.
Living lean allowed us to promise each child at least 2 years of college and a nice car when they graduated high school. Already delivered on 2, just 1 more to go.
Keep on the path, but have fun every now and again.
Weekend getaways can be romantic and affordable. Drive, bed and breakfast, museum or two, some romance time, community theater, dinner, max $200 to $300. Better yet, tell your wife to plan one and give her a budget. Breaks the monotony, reduces stress, and rekindles the spark.
If you really want to wow your wife, hit the pawn shop and pick up some bling. It’s about 25% of what you would pay at the mall or jewelry store. My husband was able to get me a heavy gold diamond studded ring (think superbowl sized) for just $400. Real gold, real diamonds, discounted for a repeat customer. Bought it in the summer and gave it to me for Christmas. Summertime is the best because Valentines and Mother’s Day have already passed and Christmas is months away.
Enjoy!