Earn or Burn Money Challenge

As I write, the temptation to go buy something "Christmasie" for tomorrows Christmas program is pulling me in all the wrong directions. It’s not the fact that I can’t go buy an outfit, but it never seems to stop there when I shop last minute. Once in the store, other things haphazardly end up in my basket.

My plan B, slash rational is maybe I could just go buy some Christmas accessories like... Santa earrings, bracelets, a belt from the color scheme of red or green... but then that wouldn’t work either. I am pretty sure by the time I reach the checkout I would have convinced myself to buy not only an outfit for me, but for Autumn and Ansel as well.

Never Charles though, he's the male sort that isn’t easily fazed by those things like me!! Plus I could hear him already saying, "Take it back!!" before I even make it home. A new game system might make him blink twice though! For now though, I will make do and stay HOME!!!! Old habits die hard! I hope to have the same state of mind once all this is over. Day one begins January 1, 2010!

The Little Family

There are so many things I am appreciative of as this contest draws to a close. The accountability that and respect that I have gained about money and its purpose has really changed for me. Before entering this challenge, I carelessly spent money. I would very often shop before I paid my bills, and would ask for extensions to cover my carelessness. My outlook on spending money was totally wrong. My husband would always say, "Next time I get paid, we will pay such and such first." Sure enough when his check was deposited, I had already overspent from the previous paycheck and the present checks funds were already accounted for.

What I am really trying to say is that the discipline has been very helpful, especially the worksheets.  They have helped in allowing us to realize and visualize where everything is going and how much money we actually make. I believe money management works for all levels of income, regardless of our various income brackets. For my family, change has come in steps; it's been a matter of throwing away the sale advertisements, cutting up the credit cards, and resisting the temptation to "drive thru" instead of just driving home!!

For Christmas we have set a limit to allow ourselves a little "Merry." We feel good about the changes we have made and shopping is not so dreadful because we created a spending plan!! Initially it was total deprivation; however that would only create a spending monster once I am able to go shopping. We have acquired knowledge to help us to make reasonable decisions with our money and as a result holiday shopping was thoroughly peaceful and stress-free for the very first time!!! Special thanks to AMOCO, Melissa and Jeremy, and of course our families and friends!

Tara Little

There are so many things I am appreciative of as this contest draws to a close. The accountability and respect that I have gained about money and its purpose has really changed for me. Before entering this challenge, I carelessly spent money. I would very often shop before I paid my bills, and would ask for extensions to cover my carelessness. My outlook on spending money was totally wrong. My husband would always say, "Next time I get paid, we will pay such and such first." Sure enough when his check was deposited, I had already overspent from the previous paycheck and the present checks funds were already accounted for.

What I am really trying to say is that the discipline has been very helpful, especially the worksheets. They have helped in allowing us to realize and visualize where everything is going and how much money we actually make. I believe money management works for all levels of income, regardless of our various income brackets. For my family, change has come in steps; it’s been a matter of throwing away the sale advertisements, cutting up the credit cards, and resisting the temptation to "drive thru" instead of just driving home!!

For Christmas we have set a limit to allow ourselves a little "Merry." We feel good about the changes we have made and shopping is not so dreadful because we created a spending plan!! Initially it was total deprivation; however that would only create a spending monster once I am able to go shopping. We have acquired knowledge to help us to make reasonable decisions with our money and as a result holiday shopping was thoroughly peaceful and stress-free for the very first time!!! Special thanks to AMOCO, Melissa and Jeremy, and of course our families and friends!

Tara Little

Check out the Little family's tip of the month below!

With around a month and a half left of the challenge, the Little family is continuing to press onward towards their goal. In this edition of the Earn or Burn Podcast, Tara gives a brief update on how things are going with her job and what to expect from her family this holiday season! Check it out in the player below!

Charles gives a brief update on how things are going for him in this semester's classes as well as how Tara's job is going in this edition of the Earn or Burn podcast. Check it out in the player below!

Man does time fly… It's almost the end of October already. We are totally loving this fall weather.. it always reminds me of the days when Tara and I first started dating. Her birthday is this month, and I am looking forward to making it special for her… she has been such a strong partner in this challenge and in life and deserves to be rewarded especially on her birthday. It's not only a day to appreciate her but in doing so I will be showing appreciation to God for allowing her to be born and blessing me with her as my wife, from whom also came two beautiful children.

Everyday I am motivated to continue all that I am doing (work, school, etc.) knowing that it is for my wife and children. Tara, Ansel, and Autumn, I love you and I will (by God's grace) always make sure that we as a family are victorious in fulfilling our God given purpose in life. Tara be proud because we declared by in 2008 (by faith) that we were going to change our financial circumstance in 2009 and we have made many sacrifices to ensure that this would happen. You know, they say that the problem that angers you the most is the one that you are meant to solve. Our fervent efforts for financial change are first based on our utter disgust with financial bondage and desire for financial empowerment.

"No, in all these things we are more than conquerors through him who loved us."   Romans 8:37

Charles G. Little   

Last month we were challenged to save money by using coupons. We didn't really use any coupons since the ones that we came across were for things that we didn't need but we did manage to save money on groceries with our Kroger card. We also saved 3 cents a gallon on gas with the Kroger card and a couple of times we were able to use our shoppers reward to get 10 cents off per gallon of gas. As for the rest of the year we are counting our pennies as well as the clock as we approach the end of the 2009 challenge and AMOCO plans to transition into the 2010 challenge. If there are any families out there that have looked at any of us competing and said "man I wish that we had the chance to get assistance in changing our financial situation and a shot at 20 GRAND!" well, this is your chance. If interested go to www.earnorburn2010.com  to apply. Look at it this way if you're planning on taking steps to change your financial destiny then you may as well enter for a chance at allowing AMOCO's money challenge be the avenue by which you get there. We've said it before and we'll say it again this completion has changed the way that we think about money management and has caused a change in our spending behavior.

Tip: You know that you are going in the wrong direction (financially) when your liabilities (Bills/Debt) exceeds you capital(income)

Charles

Tara Little has stepped into the world of teaching as the 2009 school year gets underway. Check out the video below as she discusses how the new job is going as well as provides an update on Earn or Burn challenge!

Tara Little gives a short interview about how things went during her first day class in this edition of the Earn or Burn podcast. Check it out in the player below!

Well it is official, I have just completed my first week and a half of school. Overall, it’s been going pretty good! I love my little first graders. They are very mature, I must add!! We are gearing up for an exciting and fun filled year. Our first field trip is Friday!!! I can’t wait! Lately, it seems as though transition is our new last name. It’s been inevitable. I think we have finally entered into a groove where we can see it all begin to come together.

I want to say thank you to our family and friends for their support! Thank you to my grandparents for sponsoring most of my classroom decorations. The Cat and the Hat would not have been possible without you!!xoxo. Thanks to my mom for purchasing clothes for Ansel and Autumn over the summer. It was a tremendous help, especially since Autumn is growing like “chutes and ladders.” Also thank you to my dearest mother in law and stepdad for watching the kids on the fly, when I had to make a dash to my classroom leading up to the first days of school. Way to go Auntie and Granny for rocking the after school shift for us since my work day is longer than public school!! To the sisters on both sides for free babysitting!! I owe ya… a pair of shoes from my closet.lol. Thanks to all those near and dear to us who understand that we are competing and fix us food and pitch in so that we can stay focused!!! It feels good to know we can count on ya’ll.

Finally we know that this Make-over would not be possible without AMOCO and the coaches! We only hope to continue to implement the strategies and principles we have learned thus far. So since this challenged has not killed us, we know it is only making us stronger!! Hats off to all the families!
Tara Little

It's August 2009 and we are gearing up for the school year (Tara's Teaching Career) and making adjustments for a household with two working parents one of whom is a part-time student. Last Friday, Tara and I celebrated our 5 year wedding anniversary with a night in with the kids watching movies and simply enjoying each others presence.

We enjoy the peace of mind that consequences of simple and inexpensive decisions bring. The change that we both desire has called for us to really make some sacrifices this year. There have been events that would normally temp us to spend what we don't have just to celebrate them in a way that we thought would be necessary. Some of these sacrifices include not vacationing but spending time at the beach with family and friends, not having a big birthday party for the kids but having a homemade cake and ice cream, and instead of having a party for Tara's graduations we had a night in with the kids.

At the start of the competition we were invited to spend time in Florida with some friends at their time share, but of course we choose to dedicate our tax return to paying off debt. This year has provided us with an opportunity for tremendous financial change for the better and it has also provided many opportunities to make decisions that would keep us in financial bondage. We have, "by God's grace, with accountability, and with determination, continued to make these sacrifices and while we have not been completely flawless in our quest for change we think that we have made tremendous strides.

The secret to setting your mind to practice behavior that is opposite to destructive habits is by sheer faith: "Now faith is the SUBSTANCE of things hoped for, the EVIDENCE of things NOT seen." Hebrews 11:1. We want anyone who needs financial freedom to know that in order to reap a harvest of prosperity in the future you must  sow seeds of sacrifice in the present.

You have to have a vision of where you want and/or need to go and then seek out the knowledge or direction and then apply that knowledge.

"Knowledge + Practice = Confidence"

Be encouraged and know that nothing is impossible to them that believe.

Charles Little

You're Hired, (I have a job), You're Hired, (I have a job), You're hired, (I have a job). I will teach first grade when school starts in August. There is a lot to do, classes to decorate, lessons to plan, back to school meetings!  Oh my!! It hasn't sunk in that I have a job!

Tara

Today was another job fair! What looked liked an opportunity or open door two weeks ago for a teaching job ended up not being one. Its okay though because things happen for a reason. So today I went to the last job fair of the summer for teachers and it was really nice. I have a date set next week to go meet with personnel at a surrounding district! Getting a teaching job will not only help us in this competition but in the spring when Charles will possibly attend school full time. Aligning things financially now will definitely make the difference in us living off of one salary again later. Next time it should be a lot less stressful. I am just happy because our minds and hearts are in the right place. We have been reading Dave Ramsey's book more and all the sacrifices big and small are worth it. My favorite quote or mantra from his book states that,"If you live like no one else, later you can LIVE like no one else!" So when I am tempted to decide between my needs and wants, I am reminded of Dave. Stay tuned to this months and next months surprises!

Tara Little

Hello all! We are here in the third quarter and still kicking and although we have not met any of our virtual cash goals from February to May, we have been successful in reducing our monthly debt. This includes reducing our house payment from $780 to $522.78 and eliminating a $358 car payment.

Although Tara has graduated, I am still in school and man it is tough, but it will be worth it in the long run. Working full-time and going to school part-time is something that I have been doing since the summer of 2006. We are in the process of setting the stage financially for me to be able to go to school full-time in the near future so that I can finally finish with my degree.

“We are a success in who we are first and in what we do second.”

The Little Family Earn or Burn c/o 2009

As first time homeowners, the Little family is excited about their new residence! Watch the video below as they fix up the kitchen floor and talk about the home buying process.

Well, I am happy to report that the job fair went well. I was able to speak with a principal at a district of choice and also tour the school where the position is. I am hopeful that I will get a teaching job soon! This money challenge has shed light our financial situation in many ways. It has helped us to take inventory of where we are and where we want to go financially. Which in turn makes us not precocious or braggadocios, but I am proud of the progress we have made. Needless to say we have not stopped, but are even more determined to make profound impressions on our finances in order to win the challenge, but also to win in life! I know that Charles and I will never be the same as a result of this contest. As we pursue life, liberty, and happiness, the principles we are learning through trial and error will be our guide.

Little by little we are decreasing the money stress in our lives. We can sleep at night knowing that we are finally able to pay bills on time, and that we are digging ourselves out of that nasty negative hole each month. These last few months have definitely been an opportunity for us to set the stage for our family to live, work, and play not only here and now, but after the competition as well!

I'm not an octopus anymore either. All of our transitions have pretty much come to an end. (school, graduating, moving...) I chopped off my other six arms over the weekend, as I enjoyed my grandmother's 80th birthday party. Not Charles though... he had homework on his mind.. Sucks to be him... (snicker snicker... Summer school is over for me buddy! I love you though Charles, hang in there!

After meeting with our coaches, we have a new game plan to win! Not to mention that we scored some free movie tickets for some free entertainment... NICE. I was thinking we should see that new Imagine That movie, instead of Transformers: Revenge of the Fallen. What do you think, Charles?

Thanks Melissa and Jeremy, we will save you two some popcorn. :)

- Tara Little

Check out the video below for the Little family's tip of the month!

We are slowly but surely trying to get settled into our new place. It has been quite cozy this first week. Unpacking boxes and getting everything in place has been happening a little at a time around our schedules.

I have decided to stop working at the preschool/ childcare center due to the lack of cost effectiveness. I discovered that the majority of my pay is going solely to tuition for my children to attend the school. It is not worth the distance in gas either. So we will rely on Charles' overtime for extra income for now.

Another job fair today! I can’t wait!

- Tara

In the latest Earn or Burn Podcast, Charles Little discusses the differences between secured and unsecured debt, which debt the Little family is tackling first, and the possibility of him returning to school in the near future. Check it out in the player below!

My first week of work has been both exciting and exhausting. Currently I am working full-time at a private preschool with four and five year olds while I pursue a position in a school district. I am looking forward to June because we had so much transition in May. My husband will pick up overtime hours this month and my paycheck should really help us meet our goals. It is weird not being in school. I find myself feeling like I still need to study or do something school related.

We finally closed on our house over the weekend, and our new house payment with taxes, insurance etc, is much cheaper than what we had been throwing away on our apartment over the last 5 years. We can’t wait to make it our own. So far we have been able to save on paint and supplies thanks to Charles' mom. As a result of this purchase, we will be well within our recommended total housing payment budget percentage.

Finally, since we could not save our income tax; we applied the mass majority of it to our debt. We were able to pay not only all our unsecured debt, but one of our car notes up through December. As a result we went from having 21 payments on our 2005 Toyota Camry to 9 payments remaining!!! THAT FEELS REALLY GOOD!!! Lunch for me is free at the school as well. I now pack a snack and eat breakfast before I leave. Progress is definitely being made one dollar at a time!

- Tara

I can definitely say that graduating never felt so good!! Obtaining both my degrees have been very worthwhile. Going to school has definitely put more money into our pockets. Getting my associate degree increased my hourly wage, but a Bachelor’s degree on the other hand is going to give me a pretty decent salary. I look forward to the extra income and continuing to pursue higher education!! Special thanks to my hubby Charles for enabling me to go to school full-time while he worked full time, held down the fort, and pursued his education on a part time basis. His sacrifices alongside my precious babies made every night class worth it and possible!!

Now we are moving on! Though we may be having trouble, mainly staying in budget each month; we pride ourselves because we are making great strides. Last month's income tax afforded us the opportunity to take care of all our unsecured debt. We were not allowed to save any portion of it, so we applied the remainder toward other debt. We feel good about the weight loss, that Leanne spoke about.

My thrifty secret this month has been consignment stores, I have been able to find really cute clothing, name brands all for great prices for the entire family. Also we have been “redboxing” it for entertainment. You can’t beat dollar rentals, but don’t want to get carried away either. We actually were able to get free Monday night movies, with a code that the company texted to our cell phones just for going to their website and signing up for the service during their promotional period. They have since changed the services, to the first Monday out of the month free, as opposed to every Monday! We’ll take it. New releases and all.

We are packing up and moving out of our apartment as well, we will discuss that in more details when everything is finalize. Life is starting to feel better, as we continue to improve our financial situation!

God Bless,

Tara

We are decreasing so that we may increase...

As we both approach the end of our school semesters, we look ahead with a fervent spirit to meet and exceed the challenge. We've definitely had the heart to compete since before day one but have found ourselves juggling so much within the last few months that we weren't able to engage this challenge like we've really wanted to. We realize that there are three elements to gaining financial freedom: paying off debt, saving, and making more money.

At the start of the challenge, we didn't make enough money to hardly live, let alone save, because of our debt; it's a veeerry vicious cycle. Before Earn or Burn we, like many families, would find ourselves having to get those ugly super high interest payday advance loans just to make ends meet. Our strategy for fixing this situation was actually inspired by the problem, which is simple, to start attacking every debt and monthly payment that we can to either eliminate them or get them as close to or below the recommended budget percent as possible.

Basically, we are trying to get our DTI (Debt to Income Ratio) as low as possible so that we can get below our means and work toward creating a better standard of living (we are decreasing so that we may increase). So far, we have been successful in using our income tax money to pay off all of our credit debt and get caught up on past due bills, which in turn increases our credit score and keeps us from paying hundreds in interest.

My wife has secured a full-time job which she will be starting at the end of May, and I will continue to work OT. I know that my wife has stated that shopping is a temptation for her, but I must say that I don’t think that I heard her complain once about not being able to splurge with any of the income tax money. She is certainly a phenomenal woman and jewel and I am a veeerry blessed man!

Stay tuned for more updates on what else we are doing to improve our situation.

Philippians 4:12-13

- Charles

It's a tag team effort for the Little family as they juggle to responsibilities of school, studying, working and being parents. Check their new video out below!

I can definitely say we are making progress. We have our heads in the right place, and every day we are making conscious decisions, both big and small to improve our current financial situation. Some of the ways we are saving include going to Sam's to buy bulk items that we use more frequently. Others are using coupons on items especially like cosmetics, toiletries, and grocery items that pick up at the store on a regular basis as well.

In all I may have saved about $5-10 with coupons last week, not including card discounts at checkout. Needless to say these are improvements, especially when previously we didn't even think about putting any effort into clipping coupons before going to the store. Now I see them as "free" cash that we can use. I am excited about this new phenomenon!

Also, I have been aggressively looking for a job, until I can start working in the fall as a teacher. I have an interview on Tuesday. Which if I land the job it will aid in bringing in some extra cash to go along with Charles' overtime. Lastly, we made $76.oo at the garage sale, which we were very happy about, especially since it was our very first garage sale ever, and we did not know what to expect. Our goal was between $50 and $100. We landed square in between. Next time we will definitely, bring all our junk!

- Charles & Tara

The numbers are in. The data is compiled. Check out the image below to see the Little family's progress in the AMOCO Federal Credit Union Earn or Burn Money Challenge.

I definitely agree with the LeDoux's. This is a lot more challenging than I thought. Our major point of reference has still been fast food. Though an improvement from over $200 bucks at the beginning of the competition, to roughly $100 bucks last month, the fact still remains that it is wasteful spending, and that money could go toward savings. Though we have been successful with incorporating taking lunches, a small step, a month of saving receipts and actually seeing the damage on paper is an attention-getter! Now it makes me really want to begin to hone in on this area more.

I know I have rationalized when I'm out and am not prepared and hunger sneaks up on me. I've said, "I'll order off the dollar menu," everyone has one now-a-days. The truth is, I really despise fast food, I know it can drill a hole in your pocketbook like no other. I have learned so much about it in my nutrition courses. Not to mention, money is already tight, and eating out definitely isn't cheap. I would be better off driving my rear to the store and preparing a healthy alternative that would last much longer. My personal goal, this month, is to try to eat before I leave the house, or keep a snack in my purse to hold me over until I get back home. In an effort to not obey those stomach pains when I'm out, or at school, to master this monster. By telling myself it'll have to wait. Sometimes we need to use "tough love" on ourselves. No excuses!!! Excuses can be very costly, and we can’t afford that!

Special thanks to all that have left comments, suggestions, or love! We appreciate it! Please continue to let us know those things that are working for you. Let’s grow together!

- Tara

Not much has changed since the last blog, but we have been doing or best to maintain a balanced budget. We are certainly pacing ourselves and counting down the days to May 16th, Tara's graduation date. It's been quite a trail, but it is finally here. In the mean time I have picked up about 16-19 hrs a week in overtime to hold us over until my wife graduates and starts working.

"Focus is the key, because from the inspired moment that you set out to meet a goal until the expected date of that goal's manifestation adversity will come, but remaining focused will keep the REASON for the sacrifice before you empowering you with the ability of consistency and persistence."

- Charles

To the LeDoux, Presley, and Ovalle family,

Sometimes my wife and I look at our situation and when we observe how much we are over budget monthly it gets to us, but what helps us to remain encouraged about change for the better is the fact that we continue to focus on the substance of the change hoped for, and that hope continues to be the evidence that MOTIVATES us to pursue the future that we desire to one day be our present.

To all of the other families participating, remember that transition isn't always comfortable especially in the beginning because you are disrupting a pattern that has brought undesirable results in order to implement another pattern that WILL bring desirable results. TO GET WHAT YOU NEVER HAD YOU MUST DO WHAT YOU'VE NEVER DONE! I just want to remind you all that we are in this together and to remain encouraged.

God has blessed us all to be selected for this challenge so we could change our situations and be an example to many others as well. Remember, take everyday as an opportunity to make a DECLARATION of Independence from debt! God bless you all and be encouraged and victorious in obtaining the change that you all desire.

"No, in ALL things that we are more than conquerors through Him who loved us." Romans 8:37

Love,

The Little Family

On yesterday, Codee Presley and I were featured on Great Day Houston, and I must say that Tara and I are both proud of and inspired by her and her husband Fred’s effort and success with their garage sale. Keep up the great work guys! This has had Tara and I talking about what we could gather to be sold in a garage sale. There are certainly some things that we have thought of off the bat that can be sold.

As for us we have made some progress with a change in lifestyle and habit that was not mentioned on yesterday's segment of Great Day Houston. I think that this was due in part to the major emphasis that was placed on our considerations of getting into a starter home to assist in changing our financial situation. We understand the costs (maintenance, repairs, taxes, insurance, etc.) that come with owning a home that don’t come with renting.

For us this isn’t an anxious attempt to get out of an apartment and into a house, but an opportunity to decrease our housing payment to net income ratio from a current 44% to 35% or below as to aid us in successfully creating a working budget all around. Of course we have been only considering foreclosures that are move in ready and don’t have any structural, plumbing, electrical, or roofing problems.

All in all, the point that Debra made concerning the potential costs of home ownership is very valid and shouldn’t be taken lightly by us or anyone looking to purchase a home.

- Charles

As for the advice given us on the last blog, I started rolling coins last night and so far we have accumulated about $21 and counting. I returned the equipment to Comcast on yesterday in order to cut out the cable bill by about $50 and we have reduced our cell phone plan from $79 to $49.

This is great in terms of an initial rate but, our minutes have been reduced drastically and with this being our only means of communication we are considering changing again to the $89 plan that gives us unlimited anytime minutes which will eliminate overage fees.

I must take time out to acknowledge how very proud I am of my wife for all of her incredible efforts of sacrifice thus far. She has been very faithful in styling her own hair, doing her own nails, and not shopping on the dime.

Because she effectively juggles being a wife, mother, and full time student (due to graduate with a BS in Education in May) as well as a practicing financial steward, I believe that she deserves the world. Whether we win the $20,000 grand prize or not I can guarantee my baby this one thing: that I will one day within the not so distant future be able to give her the world or at least as much of it as she desires. Tara, I want to encourage and congratulate you openly on being a phenomenal woman. I love you.

We want to once again say thanks for the love, support, and ideas that we’ve been getting from you all so early in the challenge and please continue to share with us as you all see fit.

- Charles

Good day all you faithful bloggers, we are definitely ready to earn our way out of debt and into savings. I know that some of you may have heard the adage that suggests that “the best way to make money is to save money” and that is certainly our #2 goal. I say #2 because paying off debt is our #1. We can’t truly say that we are saving money that belongs 100% to us when we owe someone else.

A couple of strategies that we intend on using this week in working towards our goal include changing our cell phone plan and canceling our cable. Also, I will be starting a newly offered and guaranteed overtime shift at an afterhours urgent care clinic which will prove to increase my monthly income substantially. We aren’t very experienced at coupon shopping, so if there is anyone who can give us some advice about this subject and others in order to help us make a financial difference for a life time fee please feel free to express. We are all ears!

- Charles

Get to know the Little family better! Watch the video below as they discusses the top three things they want to get out of the Earn or Burn contest, financial temptations, and some general financial advice.

Charles cut his own hair this week saving $20, while I maintained my own hair saving $35. This week we are planning to start tracking our spending by collecting our receipts, and reviewing and documenting on Fridays.

- Tara

Charles and I are flexing our financial muscles and getting ready to shave some unnecessary weight off of our finances. For starters, Charles saved $7 by taking leftovers for lunch. Way to go, sweetheart!

- Tara