Budgeting KOTA Territory couple doesn't fear Fiscal Cliff - KOTA Territory News

Budgeting KOTA Territory couple doesn't fear Fiscal Cliff


After months of meetings, arguing and talks, lawmakers finally begin to compromise in an effort to avoid the fiscal cliff. If the House passes the bill that the Senate has agreed on, a tax hike in the U.S. can be avoided. But all this uncertainty in Washington does have people in KOTA Territory worried. Although most say, so far, it hasn't affected they way they spend their money.

"We're pretty confident in our financial abilities," said Target shopper Sarah Mooney.

They are so confident; Sarah and Scott Mooney say the approaching fiscal cliff doesn't really cross their minds. "We plan for the future, but not specifically because of anything that the government does," said Sarah with a laugh.

This could be a good move, especially since the current deal to avoid the cliff, is not a done deal. The Mooney's say after Sarah decided to become a stay at home mom they took a financial course to learn to live off of one income. "It taught you to get rid of all your credit cards and that if a major debt comes it's better to have an emergency fund which we do; cash on hand," said Sarah.

"It's pretty nice being on a budget," said Scott.

Sarah and Scott say, planning ahead and saving before buying has left them with only a house payment. "We still shop and everything, but ahead of all that before we do any of that 10% goes into retirement funds and a certain amount goes into saving for a car instead of a car payment," said Sarah.

Saving money before shopping and paying with cash is a great way to avoid debt, but sometimes saving can be the hard part. "Budget for everything even though it's hard to do," advised Sarah.

The Mooney's say they are much happier and more carefree because of their financial situation. "It's a good feeling, I mean it's awesome," said Scott.

The Mooney's say they are so comfortable, not even the possible fiscal cliff can shake them. If passed by the House the current compromised bill will extend tax cuts for people earning less than $400,000 a year, and for couples that earn less than $450,000 a year, as well as continue unemployment benefits that are set to expire Tuesday.




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