Local Couple Avoids Debt Crisis

Saving money by couponing has become a necessity for some people lately.

For others, it is an obsession.

Americans love the thrill of saving money, and now a local couple is actually making a living from teaching people how to do this.

Savings.com is sponsoring Idaho Falls natives Cassie and Alex Michael as they teach workshops around the region about staying out of debt by budgeting and couponing.

The Michaels, also known as “The Thrifty Couple” have five children and live comfortably just north of Salt Lake City, but life wasn’t always so stable for them.

Just a few years ago, the thrifty couple wasn’t exactly living up to the name.

In fact, during their first few years of marriage Cassie and Alex built up $100,000 in debt.

“Right after our honeymoon, I had to get a loan from the bank to check out of the hotel,” said Michael.

Reality hit the Michaels when their family started to grow.

“We realized we had a problem when we were expecting our first child. We didn’t know what we were going to do,” said Alex.

That’s when they decided to work their way out of debt and start saving for the future.

It took seven years to get out of the red, but by using two principles Cassie and Alex were able to avoid bankruptcy, and that’s what they teach in workshops today.

The Michaels say be intentional. Sit down as a family and set goals.

They also instruct couples to communicate openly about finances and keep each other accountable.

Cassie compares with coupons with actual money.

That cash is a very nice thing to have in the bank for more than one reason.

“It’s just so freeing and it helps decrease the number of fights we have about finances, because we’re open and we communicate,” said Alex.

The Michaels said it’s a good idea for couples to set a spending threshold.

If you spend over a certain amount, like $25, you have to discuss it with your spouse first.

If you’re interested in future events, you can follow this link.