Reply to If you have significant debt

Forum Index » Off-Topic

Reply to "If you have significant debt"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Do you feel like you shouldn't spend any money on anything but bare necessities? We have pretty significant consumer debt and I know we should be putting every dime towards paying it off. We also should be saving money for college (paying off the debt will help a lot with paying for college). If we watch every penny we might be able to pay it off in 3 or 4 years. But that means we don't do anything extra (take kids to the movies, sign up for kid sports, go anywhere, buy DD "cool" clothes etc) It means our kids can't do a lot of what their friends do (private school). But I know the sooner we pay it off the more money we save. It just means restricting our lifestyle a lot. If you have debt, are you paying it off aggressively and not spending on much of anything?[/quote]

Are you still living beyond your means and adding to your debt?  Are you saving anything?  Retirement?  How is your emergency fund?  Do you have a budget and do you stick to it?  Do you pay more than the minimums on the credit cards?

I can appreciate that it's hard to cut to really, really bare bones, though this is what I would do.  None of things you list as "wants" strike me as necessary or even particularly important.

I'd allocate a small (couple hundred dollars) worth of "fun money" for every month, whether it's used on clothes, lunches out, whatever, and once it's done, it's done.  Everything extra goes to debt.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics