Frugal Five Meet Maggie

Maggie is a frugal mom with 2  kids ranging from   21 and 16 years old from Rhode Island 

What is your financial life?

I have been primarily  stay at home mom to 2  boys  and have a great husband that I have been married for 22 years. For many years, my husband and I lived on one  income. It  has been a challenge and we've struggled a lot along the way. We do have a mortgage and believe in paying cash. Things are ok now and I'd like to keep them that way and "save for a rainy day" While I don't believe in using credit cards, I have never really saved money.  I have only been back in the workforce for the past 5 years working in a doctor's office. that money has really gone towards my oldest college money.  He lives at home and goes to the local state college. He is pretty good about contributing as well. I don't want him to get student loans.   My main concern is retirement we are still 20 plus years away from that  but I feel that we don't have enough money saved and are behind the 8 ball. 

What is your budget buster?

Feeding 2   growing   boys! They eat eat and eat! I am always looking for healthy and filling recipes. 

What is your favorite money saving tip?

Pay in cash. If you can not afford it  Don't buy it.  I am a huge fan of Suze Orman and love her Can I afford segment on tv 

If you had an extra $1000 what would you do with it?

I would put it towards my emergency  fund. 

What is your best resource for frugal living?

Living bellow  your means I follow a frugal mom message boards. I keep a calendar  and write on it if I spend or spend "allowable" or no spend. It helps keep me accountable. The first month I did it, I was surprised how many times I spent on a whim.  Each month I do better, last month I only spent on allowable items (groceries, things I have budgeted for). I'm still working on my extra spending like eating out for lunch, but I am a work in progress and I try not to be too hard on myself. 

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Disappointed in Suze Orman

I have been a huge supporter of Suze Orman over the years. I have watched her Saturday night tv show on CNBC and cheered when she said denied to folks on her Can I afford it segment. I have read most of her books from the library over the years.

She recently came out with a new prepaid credit card called the approved card and it has a ton of fees. Suze claims that she is worth $25 million dollars and I know I feel that she is scamming the folks that most would get denied on her show. I don't think she should be getting into "bed" with a credit card or debit card company.

 There is a $3.00 set up charge plus a $3.00 monthly fee. There is also a $2.00 transaction fee at the ATMs. Bottom Line just because Suze Orman is endorsing the card doesn't make it a good card.

A big case of I want it!

This lady should have called Suze Orman show to do the segment Can I Afford it! She would be denied denied denied big time.

Instead she went out bought a 100k car on a disability check Yikes her monthly payment is more than 1/2 of her monthly $2500 disability check.


I don't think she is playing with a full deck-accept some personal responsibility on making a decision like that. Instead she is blaming the car dealership, they are not innocent either but you had a big case of the "I want it." You want a 100k car because of the status, the image it shows.

Anticipate, Address and Adjust

I think many people go through life without a financial plan. If you look at all of the foreclosures happening, a lot of these people jumped into home ownership without thinking if they could afford being a homeowner. Or becoming a stay at home mom when living on two incomes is already difficult.

Suze Orman shares How to plan for tomorrow in Oprah's magazine.

Anticipate- If you do an adjustable rate mortgage make sure you can afford the highest rate. Or consider saving for a larger down payment so you can actually afford the house.

Address - If you do get yourself in a financial mess, own up to it. Make a plan on how you are going to get out of it. Money problems are a leading cause of marriage problems. Address them together as a couple and don't stick your head in the sand.

Adjust- What steps can do you do to get out of this financial mess? Can you starting working part time if you are a stay at home mom.

Be smart about your money and doing some planning can really help you avoid the squeeze.

Frugal Five Meet Stephanie

Stephanie is frugal teacher from Pennsylvania who does web design on the side. You can check out her profile at http://www.stephdesigns.com

What is your financial life?

I am currently single and proud! I have gone through a messy messy divorce and he left me and my financial life in such a mess. We were married for 8 years, bought a a house and he just charged charged charged everything. I am on a lot of stuff that I still need to get paid off. We did sell the house. Currently I am renting a condo and hope to buy my own in 2-3 years.

What is your budget buster?

Dealing with the mess my ex-husband left

What is your favorite money saving tip?

Honestly make sure your life partner has the same value system as you towards money.


If you had an extra $1000 what would you do with it?

Towards the credit cards to get paid off!


What is your best resource for frugal living?


I am currently reading Suze Orman's Women & Money I have always enjoyed reading her books for ideas on getting financial advice. I wish I followed it more.

Suze Orman on Women and Money

Suze Orman was recently on The View and shared some money advice for women bases on her newest book Women & Money: Owning the Power to Control Your Destiny

1. Stop Co-signing loans -women often get in trouble when cosigning a loan for family members or friends.

2. Get your own seperate saving account from your spouse-you never know what might happen.

3. Make sure you have an emergency fund of 8 months of living expenses.

4. Make sure you are contributing to your 401k at least to the company match. If you don't have a 401k; contribute to a Roth!

See her in action:

Can I afford it?

The reason a lot of people are in credit card debt is because they don't ask the question- Can I afford it? They just pull out their credit card and say "Charge It"

Suze Orman does a great segment on her CNBC show called Can I afford it.

Some of the things that I have seen asked

Coach Bag for $500

I don't get the whole concept these high class pocket books. I don't think I have spent more than $50 a good bag and most of the time my mom gives me one for my birthday every other year. LOL

The 24 year old girl said she was debt-free but had a $5000 bill in collections and had over $400 on her credit card. She was going to use her work bonus on paying for the Coach bag. Suze denied her "Can I afford it?" No, no put that money towards your credit card debt-you have no business spending $500 on a pocketbook.

18,000 Harley

I thought for sure Suze was going to approve this one. The mid 40 guy makes good money-has $26,000 in personal savings/emergency fund and he was going to pay cash for the Harley. She said his 8,000 won't be 6-8 months of an emergency fund. She denied it! When you think about it good advice-bulk up more of the personal savings and he would do it once he gets the 6-8 months of an emergency fund.

She does approve every once in a while-she approved a 30 years for a $75k vacation home.

I have been enjoying Suze's money sass lately and really do need to pick up her newest book.