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Trimming the Tax Bill but Hit By a Tuition Speed Bump
Kim Colón has been deployed to the Middle East until February, which leaves her husband, George, to tend to the family's finances.
(By Gerald Martineau -- The Washington Post)
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"When I was single, I'd see something, and I'd get it," he said.
But he's sticking to the budget and handling things just fine.
The couple did hit a financial speed bump. The college financial aid for Kim's daughter didn't come in time to pay for the fall semester. Because they still haven't built up an emergency stash of money, they charged the $1,500 tuition expense.
They didn't check with me. I would have told them to set up a payment plan with the school, which many colleges do these days. This challenge is supposed to be credit-free.
However, when the daughter's scholarship money comes in, they will pay off the debt immediately.
How the economic crisis is affecting them:
"It's a little tough," George said. "It's expensive. You're more conscious of spending and bills."
But they are able to handle the higher expenses because they've paid off so much of their debt.
"We're hanging in there, but if we had not been part of this challenge, we would probably not be paying a lot on the bills. We would be paying a little here, a little there. But oh man, it's a relief not to have those bills now."
Next step: The Colóns need to pay off the last portion of their consumer credit debt, then focus on paying off their car loans. Then they will attack a substantial amount of home-equity debt and Kim's student loans.
