The following is an excerpt from Emily Lambert | November 16,2011 | Forbes.com
This story appears in the Dec. 5 Investment Guide issue of Forbes Magazine. Click here for the full Investment Guide 2012 special report.
Lori and Joe Biancofiori got married in May 2009 and left for a one-week honeymoon in Mexico. They’d put $10,000 in wedding expenses on their credit cards, thinking they’d pay it all off in a few months. But the week they returned to their Chicago home, Joe was laid off from his job as a bank manager. Then Lori’s salary was cut 5%, the transmission on their car went kaput and they started buying groceries with their credit cards. By November 2009 they owed $18,000.
Panicked, they canceled cable and started using Mint.com to track every dollar spent. Today they earn 25% more than they did before Joe’s layoff, but, Lori says, they’re keeping a “we’re broke mentality” to save more. It’s working—they’ve paid off…….
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