by Claire
There’s so much to share! We’ll get there with time but after reading some comments today I do want to let everyone know a little bit more about who…and where…I am! I live in the San Antonio, Texas area…so urban to answer that question…even though it IS Texas and many people think that Texas is synonymous with rural. 🙂
My husband and I both work outside the home and make a very good combined income. I don’t know that I am ready to share the number just based on what milk and ramen created in the comments! If some of you see our combined income I really may have to go into hiding for a few weeks while the cyber-tomatoes are thrown at me!!! I’ll get there….I promise. I am battling through some shame on that front at this time.
Thank you for the cell phone comments and insurance queries b/c these are two areas that I can stand up and say we are getting the best possible deal out there! My husband works for a major telecom company so our cell phones cannot get any cheaper courtesy of his employee discount. Yay! Thanks for the reminder that this is a big area to give thanks in! I tell my hubby that his employer was absolutely in the top 10 reasons I fell in love with him…because I never have to deal with a cell phone customer service rep again! I have horror stories of battling them on billing errors or a malfunctioning phone and I am thrilled that now I can just hand the phone to hubby and not deal with that mess! As for insurance–that’s my industry so we are good on that front too! I don’t sell insurance mind you–I am employed by a major insurance carrier so I am confident in my understanding in this area and confidence creates better decisions, doesn’t it?
That’s it for now–while I can’t respond to each and every post, I am definitely reading them and thought these issues warranted this post!
Born and raised in Texas. I’ve at least driven through every state in the US courtesy of a roadtrip loving Dad.
I’m single with two children and a good parenting relationship with their father.
I am a “life is just half full of funny” kinda gal. Humor is my saving grace and I am thankful for it every single day. I have a strong Catholic faith and am thankful for that foundation.
I read a lot for a living but still enjoy a good book. I love biographies but in recent years have found the need for fun fictional books–sadly, for a long time I just didn’t enjoy fiction!
I love live theatre of any kind–from local productions to Broadway.
I love to scrapbook and pride myself in my kids’ albums.
I love being a mom but also love my career. I’m blessed to have found a balance allowing me to be at everything my kids need and want me to be at–while also having a career.
Favorite Quotes: Well behaved women rarely make history.
Behold the turtle. He makes progress only when he sticks his neck out. -James Bryant Conant
Lucky! Those are two of our biggest fixed expenses and it’s a lot of work to constantly try to make sure we are getting the best deal.
Thanks for sharing your location. I’m hoping that because you’re in Texas, maybe you at least have a moderately-sized mortgage payment? I’m located in the Midwest and I thank God that housing prices are more reasonable than elsewhere in the country.
That said, if you’ve owned your house for awhile and are paying a higher interest rate, maybe refinancing the mortgage is a good move for you? This could open up some significant cash flow to pay down debt.
Bummer my cell phone bill is 200.00 lucky you. 🙁
Looking forward to seeing that “really big” debt number. I assume big because why else would you have taken over this blog?
Higher than average income does not really matter when dealing with debt. If you make $200K but spend $201K you will end up in the same place. If your OUTgo exceeds your INcome, your UPkeep will be your DOWNfall.
Higher income does give you an advantage: a larger shovel to work with to dig you out. Someone with below average income has fewer options on what can be temporarily (or permanently) cut out of the lifestyle in order to turn things around. Once you realize you have been walking around carrying money in a bag with holes, you will feel like you just got a raise.
Recommended reading: Living With Less So Your Family Has More by Jill and Mark Savage. It is an interesting study in prioritizing your life, not just in money decisions. I found this book opened my mind to the difference between a want and a need so I could make appropriate choices to reach my family goals.
It’s on the right hand side of the blog, above the links section, under Broken Down
I agree with RB – we also live in TX (Austin) and also make a good income, but debt is about spending and not about income. And San Antonio is so beautiful and there’s so much to do! Hard to cut back, and I can attest that Texans love their brand new big cars (and trucks!). Sometimes it’s hard feeling like everyone here drives a new car but me.
Keep it up, I love your positivity even with all the comments that are quite direct.
To Walnut – TX urban real estate is not cheap. And the property taxes are very high to make up for no state income tax. The $900 I paid on a 5BR historic home in Indianapolis would only get me a studio apartment in Austin.
I apologize for the misconception, Adam. How does the tax burden stack up against those of us with property taxes+state income taxes? For instance my mill levy is 2.17798 per 1,000 on residential real estate in addition to a state income tax of about 3%-7% based on federal taxable income. Does cost of living balance out or is it significantly more expensive in Texas?
Also, buying a studio in downtown Austin is going to be significantly more expensive than buying a house outside of a city center. In my midwest town, I’m only a couple miles from downtown (still pretty urban), but housing prices are significantly less expensive than if I were to purchase a condo downtown.
Walnut, no apology needed. I’ve only lived in Austin 2 years, and I don’t know about other Texas cities, but they seem to be comparable from the few things I’ve seen. I can take a stab at your question.
Property taxes in Austin are about $4000-$5000 for a $175K property. Probably similar to Indiana income + property tax. The difference being that the $175K only gets you a 2/1 condo a few miles from downtown. A 3/2 bungalow in the same vicinity from downtown would go for $350K+ with $6-7K in property tax. In other words, a monthly burden of ~$2400 for mortgage, tax, insurance for a 1950s-era home.
In Indiana, my monthly burden for a colonial style 5BR home within a mile of downtown was $900, excluding income tax.
I can’t speak to San Antonio but I think probably similar. I can also say that if you get into the suburbs, property prices are much lower – probably similar to what you’ve seen in the Midwest, maybe a tiny bit higher.
I’d say you were getting a heck of a deal in Indiana!
We are getting ready to move to the Austin area…we pull out (from CA) in less than 2 weeks. The price comparison to CA is amazing.
We are looking outside of the city and the prices are amazing.
Ah, now I can visualize better, thanks for those details! I won’t add any debt reducing suggestions, you sound like you’re working on a lot already. San Antonio…if you work for USAA insurance (HQ there) you are awesome, I love everything about that bank. And if you don’t, well that’s okay, at least you don’t have insurance headaches!
Hang in there! I’ve been reading this blog for the past few years and think you will be the most relatable yet! You can do it 🙂
oh my word i almost fell out of my chair with your debt! i felt like that for a long time too…im excited to learn about your journey!
Bigger income = bigger shovel to dig out of debt! Which is a great thing.
But bigger income = bigger chance of getting into high debt, for instance “Doctor”itis (Benz, mansion, etc., etc.)
A little scary to post income because even some of our closest friends don’t know!
It’s kind of necessary just because its hard to gauge, not sure if Beks or Tricia ever posted their incomes so if you did that would be new!
You’re for sure going to get a mixed bag of comments, that’s blog life lol.
Claire, I am sure it took a lot of courage for you to take over this blog and post about your personal finances.
From your first few posts you sound like you are quickly finding ways to reduce spending.
I applaud you for that. I know it isn’t easy or fun.
Your family and my family are in the same boat right now in terms of debt (we actually have quite a bit more debt) and I will be following along with you as you post your personal stories.
Let’s get through this together! Wishing you the best!
Claire,
With so much debt, you should really consider much more economical transportation. Sell the $25k Accord and look to buy reliable transportation for less than $10k. There is a strong market for used cars now so you should get a good price for the Accord. We are debt free and have not paid more than $10k for a car since we got serious about getting our finances in order. When you look to buy your $10k car, have it checked out by a mechanic so you can get the best deal and make sure it is in great running condition.
Let the tomato throwing begin! LOL. OK Claire, I suggest you go on and put it out there how much you earn, you don’t have to give details. Then you won’t have to WORRY about it anymore and you can get on with your goals. If it upsets some people, so be it. They are not the ones you want cheering you on anyway. Secrets make things harder and make you feel worse. I personally don’t care how much you make but just for your sake I say let it all hang out. ( guess you can tell what generation I’m from) I’m on your side Claire as are most of the people visiting this site. Head up…face the fire. Go Girl!
one more thing, if you start reading a comment and it seems like its going in real negative direction, quit reading it and delete it if you can. No one needs to be judging you on here. By the way, Shame is one of the most damageing emotions in the world. Don’t let it run your world. You have nothing to be ashamed of if you are working to make your life better and help others in the process.
As long as you are honest with yourself about where you can cut spending to redirect it into debt payments, I don’t think the total income $ matters.
I’ve learned that you can’t judge other people’s financials. Couples I thought should be flush often turn out to be supporting parents or siblings, for example. You never know what someone’s situation is, even if you know their income.
“..many people think that Texas is synonymous with rural.” The one thing I do know is that Texas is BIG, in fact bigger than the UK where I am from.