Debt Free and Broke

Why Debt Free and Broke?

Have you heard the rumor that once you get out of debt you can save away money so fast!!!  In our case that is so not true!!  We are debt free, except for the house, and still broke.  “Debt Free and Broke” is about our journey to build wealth on a small income. 

Who are We?

My husband is a general contractor, who just started his own company in January. I am a stay at home mom, extremely part-time hairstylist, and bookkeeper for our company.  We have a toddler and a newborn. 

What is our Budget?

I will be sharing how we did with our budget every month, along with ways that we have found to save extra money.  Our income is irregular so we have a set budget we try to live on every month whether it’s a high or low income month.

Income: $4,425.00
   Our Company $3,875.00 – Irrugular, this is the goal                                                  Rental Income $550.00 – We rent out our basement

Expenses: $4,416.75
   Church $462.50 – 10% + $20
   Taxes $968.75 – 25%
   Home $1,000.00
   Insurance $518.00
   Utilities $320.00
   Gasoline $195.00
   Medical $64.00
   Food $224.00
   Company Expenses $193.75 – 5%
   Savings $193.75 – 5%
   Repairs $150.00
   Gifts $77.00
   Clothing/Entertainment/Other $50.00

Thanks for joining me on my journey with Debt Free and Broke!

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4 responses to “Debt Free and Broke

  • nicoleandmaggie

    You’ve got some money going to savings, so hopefully you won’t be broke forever!

    I’m not sure though that you should be paying the Church more than you’re paying yourself in savings. Tithing doesn’t have to be 10%, and it is important to take care of yourself. I wouldn’t say to cut from tithing to go to gifts or entertainment, but saving is so important.

    • debtfreeandbroke

      Thanks I hope so 🙂 Tithing is so important for me that’s why it’s first on the list. He started his company in January and has only had 4 weekdays without work. We know that the reason he is busy is not just his hard work, tithing leads to blessings. No matter what our 10% tithing gets paid first 🙂

  • Christy

    Glad to have found you. I’m adding you to my blogroll. Good luck on your journey.

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