Author Topic: Case Study: Mustashian for less than average person  (Read 4378 times)

MIGhunter

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Case Study: Mustashian for less than average person
« on: September 17, 2014, 03:54:17 AM »
Current expenses:
Rent $700, ((Electric $150/50, Gas $150/50) flip flop between winter and summer), Water $45, Trash $25, Cable $110, Phone $145
Total: 1225

Assets: None

Specific Question(s): I just recently found this site and have been reading like crazy.  Here's my situation, after 5 years of Navy service, I got out and got a job in the local hospital.  After 14 years my base pay is $13.55 hitting about $17 with night and weekend differentials.  Our retirement fund has been frozen and converted so many times over the years, I have no clue what it is now.

My semi-mustashness:  I haven't had a car payment since 2002.  My car finally gave out and now my wife who is anti-mustashian (get into that in a min) is itching for a new car. 

I cut my own hair already.  Pretty much my only money vice is that I enjoy video games so I pay $15/mo for an online game that I play with some friends.  This is instead of drinking, etc.

My downfall is the wife.  She likes to shop, drive, shoes, makeup, etc.  She's the farthest thing from being mustashian that you can think of. 

My income works out to be about $1500/month, I think I pull in like $2700 but after taxes and our crazy medical insurance, I net about $1500.  How does one work on the stash with a lower income, an age of 41 and a wife who won't budge on certain commodities? 

{EDIT} I only work 3 12 hour shifts a week because I value my time with my kids.

deborah

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Re: Case Study: Mustashian for less than average person
« Reply #1 on: September 17, 2014, 04:13:44 AM »
So how do you spend the other $275 a month? Do you have a breakdown? It sounds like your wife isn't all that anti-mustashian if you are living within your income. A brother had a wife who raked up $30,000 in credit card excess in 12 months many years ago. That's anti-mustashian!

MIGhunter

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Re: Case Study: Mustashian for less than average person
« Reply #2 on: September 17, 2014, 04:21:00 AM »
We don't have any credit card debt because quite frankly my credit sucks and my wife doesn't work.  She had to quit her job about 4 years ago do to medical issues and hasn't gotten disability yet.

The other 275/mo my wife manages to spend.  Sometimes it's legit on doctor's appointments and medications, some times it's going out to eat or shopping. 

tccoastguard

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Re: Case Study: Mustashian for less than average person
« Reply #3 on: September 17, 2014, 05:46:32 AM »
Where's the food?  You guys eat right?  Easy targets are going to be the cell service and cable but that might be difficult with a reluctant spouse. What is her reaction when you approach her with the concept of frugality?

foobar

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Re: Case Study: Mustashian for less than average person
« Reply #4 on: September 17, 2014, 07:07:48 AM »
Current expenses:
Rent $700, ((Electric $150/50, Gas $150/50) flip flop between winter and summer), Water $45, Trash $25, Cable $110, Phone $145
Total: 1225

Assets: None

Specific Question(s): I just recently found this site and have been reading like crazy.  Here's my situation, after 5 years of Navy service, I got out and got a job in the local hospital.  After 14 years my base pay is $13.55 hitting about $17 with night and weekend differentials.  Our retirement fund has been frozen and converted so many times over the years, I have no clue what it is now.

My semi-mustashness:  I haven't had a car payment since 2002.  My car finally gave out and now my wife who is anti-mustashian (get into that in a min) is itching for a new car. 

I cut my own hair already.  Pretty much my only money vice is that I enjoy video games so I pay $15/mo for an online game that I play with some friends.  This is instead of drinking, etc.

My downfall is the wife.  She likes to shop, drive, shoes, makeup, etc.  She's the farthest thing from being mustashian that you can think of. 

My income works out to be about $1500/month, I think I pull in like $2700 but after taxes and our crazy medical insurance, I net about $1500.  How does one work on the stash with a lower income, an age of 41 and a wife who won't budge on certain commodities? 

{EDIT} I only work 3 12 hour shifts a week because I value my time with my kids.

Your wife needs to get a job as soon as possible (i.e. when the kid enters school). Otherwise your working til 65 or so.  I am a bit curious about your take home. Given that you are a family of 3 (and I assume one of the kids is under 16 or else the wife would be working and kids imply more than 1), you should be paying 0 dollars in federal income taxes taxes (actually you should get a refund from child tax credit) so you should only be paying payroll (<200) and state taxes (can't imagine they are more than 200) and health care (yeah that can be 800+ but it should be noted that this should come out pretax so those numbers should drop). If you are paying that much in health care, you need to see if you qualify for ACA instead of employer healthcare. I think if more than 10% of your pay goes towards health care you are eligible.  The other thing that happens a lot is you get a big tax refund in april.

MIGhunter

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Re: Case Study: Mustashian for less than average person
« Reply #5 on: September 17, 2014, 09:51:29 AM »
It's me, the wife, a 17 year old and an 11 year old. Food is paid for. Wife can't work due to PTSD and a dissociative disorder. I'm hoping she'll eventually get on full disability but that's been a battle. We usually get about $5k back in taxes at the end if the year. This year I was planning on using it to out right buy a car since our 98 crv died. No car payment our loan because that's stupid.   

Jeremy E.

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Re: Case Study: Mustashian for less than average person
« Reply #6 on: September 17, 2014, 10:09:29 AM »
I think your best bet is to
1. drop your cable, get cheap internet and netflix (shows that you want that aren't on netflix can sometimes be found on the internet.)
2. republic wireless is coming out with a $100 phone, the moto E, in october.  there is also the great moto G which is $150, if you can scrape together enough money to buy one of these for each family member that needs one, and you all get on the $10 a month plan, you will save some money in the long run.  You will still be able to have internet on the phones through wifi when you are home.  If you must have internet on your phone away from home, you can get the $25 a month plan.
3. if you have interest/time, through the GI bill you could probably take local college classes if there is a college near you(there is 2 year nursing degrees that would probably significantly increase your pay at the hospital) or take classes online.  Alternatively learn a trade skill like welding, plumbing, or some other such trade that has a need in your location.
4. lastly, you could work more hours in 7 years when your youngest hits 18.

cheapdad

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Re: Case Study: Mustashian for less than average person
« Reply #7 on: September 17, 2014, 10:21:08 AM »
That is a tough spot to be in with the wife.  My wife has been a little hesitant about a couple things but when we talk about what we want out of life, we usually come to some agreement.  Sometimes she agrees that we don't need something and we stop buying it, and other times she says that retirement wouldn't be worth it of we have up other things.  My personality is the type that would turn the ac to 90 in the summer (110 degrees where I live) and just sweat it out.  Maybe you can talk with her about the goals you have and what you want out of life. Maybe you want to travel with her or move to another state where it is prettier.  Find out what she wants out of life.  Try I find a balance that gives you both what you want without spending too much.  My wife love to eat out and go on dates.  That sounds expensive. After talking to her, it honestly didn't matter where we are or what we did as long as it was being out together.  So we consider subway or chilies or lunch at the park a date and we are both happy. 

Another way I go about it would be to increase your 401k contributions by a percent or two every few months.  A couple bucks won't be noticed and will be easy to adjust to.  Keep that up until you reach a point that is uncomfortable and then either stop increasing or give yourself back a percent.  Find te comfort zone that is right for your family.

Weyfarere

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Re: Case Study: Mustashian for less than average person
« Reply #8 on: September 18, 2014, 06:11:28 PM »
Pretty much my only money vice is that I enjoy video games so I pay $15/mo for an online game that I play with some friends.
If you're definitely keeping that, see if a longer subscription period is cheaper per month. I remember World of Warcraft went down a couple bucks a month if I paid 6 months at a time.