I discovered MMM just a year ago and have realized many problems in our finances/lifestyles. MMM is great! We are DITK (double-income, tons of kids) with 5 kids.
It's been a balancing act trying to save for retirement while also trying to provide some level of college savings for the kids. Being double income, middle class, there is ZERO chance of getting any financial aid anywhere, unless it is merit-based. Anyway ... enough complaining about that.
We have made big changes since discovering MMM ... maxing out 401Ks for the first time, cutting needless spending, etc. Now, the next big thing on our list is to down-size.
Our youngest is heading off to college (hope) after the summer and it's time to sell off our big-a$$, clown house. It was helpful when we had 5 children living at home. Now, it's just a time and money sink. I would like to retire in 2017 ... 2018 more likely. Our plan is to downsize, really trim back our expenses and sock some $$ away for retirement.
We only have a few more years to do that. I wouldn't mind renting or moving to a condo for awhile. We plan to stay local due to friends and work situation.
In fact we have signed on with a realtor and are scheduled to list the house next week (3/29).
So, short term goals:
1. major de-clutter: Before moving, to simplify life ... ease the move, and also we expect to be living in a smaller situation.
I am tempted to sell off most of my hobby gear (telescopes, cameras, kayaks, etc) and tools and equipment. My thought is to re-assess after the move re-acquire only those things that I really need or seriously want. Is this foolish? My wife thinks I am over-reacting and being foolish.
2. Cut the cable: I have been putting this off, knowing that we will move soon. My thought is to just do a clean break with clown-services, and clown-utilities, when we move and get re-established later. This includes Clowncast cable and our land line phone, as well as cell service.
3. Simplify in our new life: Do we reaalllyy need a tractor mower? How about that power washer? Chain saw too? (that would be hard ... I love sawdust and 2-stroke fumes on a Saturday afternoon). Have one TV only, no HT system or expensive services.
4. My wife wants us to get a travel trailer for travelling and future vacations (no air fares). I think this might be a good idea but, think we can rent one for a trip or two first to see how we like it.
I am looking for any other ideas or suggestions from the MMM crowd. I look at this as a golden opportunity for starting off "fresh" and escaping the clown-life.
Good ideas or things I have overlooked?
Thx,
Rob