Fiscally Fit

My husband and I were surprised to learn that one income is better than two. We were both working and had two kids in day care. Long days, commuting time, tired kids in the backseat — we’d pick up something for dinner on the way home, then head off to bed. We had no time together as a family. We never thought one of us could stay home. But when we looked at our financial situation, we found that we were spending more by both working outside the home, with gas, car-maintenance, and day-care costs. I quit work. Now we have more time together as a family, family dinners instead of fast food, and a lot less stress. Our quality of life has greatly improved.
Melissa Wanat
Livermore, California

The most surprising financial advice I’ve ever gotten is to work with a debt-consolidation company to eliminate debt. These are nonprofit companies that help clients eliminate their debts quickly and safely. They purchase all your debts, then consolidate them into one low monthly payment. It’s one thing that you can do to get immediate improvement on your credit score and see that the bills do get paid with one check. This nearly eliminates the interest that rolls in at such a high rate and takes away the harassing calls.
Kristy Earnest
Dallas, Texas

My first memory related to money was of my parents’ keeping a strongbox in the linen closet, where my mother would save money from each of my father’s paychecks. When there was enough to purchase whatever they were saving for, they would buy it. They never used credit cards. Although I do use them, I never charge more than I can pay for in one month.
Mary Bryndza
Avondale, Pennsylvania

One of my college economics professors once posed the question, What investment, across our lifetimes, will yield the highest return? Many students thought the answer was a home or real estate, but the professor said that it was our education. While homes and other properties can become high-return investments, a college education provides the tools necessary to secure a financial future. I think about this advice every time I pay back my student loans.
Erin Geiger
Birmingham, Alabama

I was surprised when I learned that it’s a good idea to carry a credit card to develop a credit rating for the future. Credit cards are seen as negative financial burdens in the eyes of many. But if you don’t establish a credit history, good luck getting approval for a heating hookup, let alone a mortgage.
Suzanne Slater
Brighton, Massachusetts

Almost 10 years ago, when I met with our current financial planner for the first time, he reminded my husband and me to save for “real life” and not just focus on putting it away for retirement.
Sharon Murphy
San Rafael, California

To become financially free, you must freely give. I have found this to be true time and time again. When I give freely my tithe and give generously to others, I not only reap the intangible rewards of giving but also find my bank account surprisingly bigger than when I panic and hoard, hoping somehow to get ahead.
Nicki Moore
Norman, Oklahoma