<p>Like dsmo said, the key is to be smart from day one. You have live well below your means so that when more expensive things happen, like all of the layoffs going on, you can be able to survive through the rough times. One example of stupidity for me was buying a brand new $25,000 car when I started my job. I also have school loans to pay but by being a single it was no burden. My engagement and marriage came rather quickly. It’s a blessing to have a family but it also cost a lot of money. Another sinkhole for me is my commute to work…120 miles roundtrip per day, but that is only temporary. My job moves around quite a bit until permanent assignment in 2011 and since my wife is in college I try to stay close to the campus and the daycare. </p>
<p>The other thing to budget carefully for is medical expenses, but this can be very hard to budget for. One unexpected illness or car accident and you can be in deep debt if you don’t have a good health plan. A coworker of mine has three kids who he is trying to put through college and doctors have found cancer in his digestive system. He is very worried about the cost of the medical care.</p>