Five Credit Cards Down, Despite the Added Expenses of a Baby
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The Bathiche Family
Age: Evibeth, 24. Tarek, 25.
Background: The Bathiches are stationed at Fort Meade. Both are in the Army. Tarek is staff sergeant, and Evibeth is a sergeant. The couple has two children, 4-month-old Sophia and 3-year-old Anthony. Together they earn about $67,000 a year.
Goal: Build savings while paying down credit card debt and create college funds for their children.
Progress: At the start of the challenge, the Bathiches owed about $27,600 on six credit cards. Since the beginning of the year, they've been able to pay off five credit cards and significantly reduce the balance on the sixth. In June, their total balance was down to $13,500, and they have since paid off about $7,000 of that.
New developments: Tarek left in mid-July for specialty training. He's currently in Pensacola, Fla., and is set to return at the end of October.
Having to juggle her job and two children, including a new baby, Evibeth has slipped a bit in keeping her eating-out expenses in check.
"For the first few weeks he was gone, I cooked," Evibeth said. "But the drive-through is so much easier with two kids."
It's a good thing the couple gets an additional $250 a month in separation compensation.
How the economic crisis is affecting them: Like many consumers, the Bathiches are dealing with higher gas and food prices. The added costs of a new baby have increased their expenses. But they had prepared by saving more and cutting back in many other areas.
Next step: The Bathiches are working to pay off the remaining credit card debt, and they are close. Once they are out of debt, they will start college funds for the children.
