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  #1  
April 20th, 2007, 09:50 AM
oicyur's Avatar Mega Super Mommy
Join Date: Mar 2005
Location: Utah
Posts: 3,978
Ok, I've been dying to ask someone's opinion about something we're trying to decide, but it's abuot finances so it's a personal question. I hesitate talking to anyone about it, but I'd really like an outsiders opinion. So here's the deal.

Last year we went through some real bad luck and were forced to dig ourselves a financial pit, if ya know what I mean. We're just now starting to dig ourselves out of it and it's so nice! I'm not saying we're rich now or anything, but the fact that we can afford to pay bills and still get groceries is a great thing! Well, we just found out we're getting an unexpected lump of extra money and with it we will be paying off 3 out of our 6 debts with some to spare, and we're now faced with what to do wtih the spare. (I know, tough situation, huh? ) We haven't been on any sort of vacation in nearly 2 years and we've been dying to go on one. We figured one out that wouldn't be to expensive, so we'd still have money to spare after the vacation, but we're not sure what the *smart* thing to do here is. Should we go on a much needed vacation, or should we put it away in savings to try and save up for a house or a rainy day? Or should we put the extra towards another debt that we're trying to pay off? I'm just torn on what we should do. Sure, putting away the money is smart, but when we've payed off 3 out of the 6 debts I feel like we've already done a lot of smart things that way and should reward ourselves. But maybe we shouldn't until we're out of this hole.

Anyways. Advice/opinions would be appreciated. Thanks ladies!
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"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it."
- Thomas Jefferson


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  #2  
April 20th, 2007, 10:11 AM
Member
Join Date: Apr 2007
Posts: 16
you could go on a cheaper vacation and save the rest? maybe somewhere close but not too close. look for cheap flights to vegas or LA or something. if you save the money and wait till you find a really cheap flight. i know the smart thing would be to save all the money, but you should get some fun out of it!
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  #3  
April 20th, 2007, 10:16 AM
geo-geek
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I have an extremely logical DH so this is what we would do with it. Pay off another debt. We didn't even go on a honeymoon because he thought that it was dumb to use money like that at the beginning of your marriage. I am having to take loans out for school the first time EVER and we know that once the car is paid off, even if I am still in school, those loans are next. We always try to save 10% of every paycheck for a rainy day and use the rest to pay everything off. We also would like to save for a house and those downs don't come cheap(that is what the 10% is for). I hope that helps a little bit. You also have to think that another little one is coming into the world and that doesn't come cheap either.
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  #4  
April 20th, 2007, 10:31 AM
oicyur's Avatar Mega Super Mommy
Join Date: Mar 2005
Location: Utah
Posts: 3,978
Quote:
you could go on a cheaper vacation and save the rest? maybe somewhere close but not too close. look for cheap flights to vegas or LA or something. if you save the money and wait till you find a really cheap flight. i know the smart thing would be to save all the money, but you should get some fun out of it![/b]
Yeah, we live in Utah would plan a trip to Seattle and drive there. His sister lives there, so we wouldn't stay in a hotel, maybe one night on the way there or the way back, but otherwise we'd be at their house. So we did the math and with our car getting 40 MPG we could easily do a week vacation to Seattle for $350, and that includes some money for entertainment. And with that we'd still have close to $800 left over to put in savings or towards a debt.
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Mom to Keira (6), Garrett (5), Libby (3), and William (8-29-12)
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it."
- Thomas Jefferson


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  #5  
April 20th, 2007, 12:06 PM
Platinum Supermommy
Join Date: Sep 2006
Posts: 11,883
if it were us, we would pay off some of another debt. that's what we've been doing for the last couple of years. once we pay something off...then we take that money and put it towards something else until that is paid off. for example. we had 2 car payments, one was $237 and one was $259, once the $259 was paid off we paid $496 towards the other car. with doing that, we've been able to get everything paid off. this june, we are finally taking a much needed vacation. we're going to lake tahoe and then on to the oregon coast. it feels great to be able to say, when we come home...that we have nothing left over to pay for. hope this helped...i know what it's like to NEED to get away.
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  #6  
April 20th, 2007, 01:04 PM
Mega Super Mommy
Join Date: Sep 2005
Posts: 4,930
Its always a tough situation. Dh and I have some debt with our car and the babies hospital bills. We are using our emergency fund to pay off the baby and trying to slowly pay off the car maintenance we had to pay. We need a vacation badly, but Dh is still in school and we are accruing lots of school debt as well. Personally I think the idea of spending a little bit is the best and then save it. Don't pay off your debts immediately. If you are already lowering it that is great. If the others can wait and you can just make monthly payments I would do that. We would have done that with the hospital bills, but we had the money and the interest wasn't good to keep the bills going too long. The reason I say to save the rest is that another rainy day can show up and having just a little emergency fund has always helped us.

If you guys are interested in long term ways to help your finances and you really want to find something that can help change your frame of mind long term on how to manage and create what you need, you should read Rich Dad, Poor Dad by Robert Kiyowasaki. GREAT book! Dh and I are always trying to improve our situation and this one really was helpful. Anyway, good luck deciding. Money can be difficult sometimes.
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  #7  
April 21st, 2007, 05:16 AM
Butter's Avatar Heather the Mama Duk
Join Date: Oct 2005
Location: San Antonio TX
Posts: 28,853
I'd go on the cheaper vacation and put the rest either into another debt or savings (if you're never going to touch it). It's a lot easier to stick to paying off debt if you don't feel deprived of any fun or "extras."
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~Heather, wife to Jamie (15 years; June 5, 1998) and mom to
Ani - 14 (February 15, 2000), Cameron - 12 (October 3, 2001),
Fritz - 7 (July 11, 2006), and Adrian - 5 (June 19, 2008)
Smaller on the Outside

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  #8  
April 23rd, 2007, 10:35 AM
oicyur's Avatar Mega Super Mommy
Join Date: Mar 2005
Location: Utah
Posts: 3,978
Thanks for all the advice, ladies! After getting lots of advice, both here and other places, we've decided to wait until the money comes, then pay off the 3 loans, and if we feel we have enough left over we're going on a vacation! Yea!

But thanks again for all the input!
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Mom to Keira (6), Garrett (5), Libby (3), and William (8-29-12)
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it."
- Thomas Jefferson


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