The American Dollar
OUR FAMILY. OUR MONEY. ONE PERSONAL FINANCE BLOG.
One industrious American family's focus on a financial goal of freedom. Through worldly personal finance education, here is our story.
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Our Story: Both my wife and I are 27 years old and have gone through financial hell and back. Now we are on track to financial freedom, however we are not financial advisors or professionals, just everyday people. Share our journey from a negative networth and email us if you have questions or comments! :)



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Wednesday, August 23, 2006

Debt Free = Spend more money!

Home improvements have gotten me strapped. The old adage goes that if you can't pay for it with cash, it means you can't buy it now. As we are finishing paying off our 2.85% fixed student loan, we realize that afterward we are going to have a few financial allocation issues. At the moment, I get paid every week which goes directly towards the debt. My wife's checks are our monthly budget and fun. Here is the schedule of how I have my checks every week. I broke it down to 4 weeks in a month: A, B, C, D.

A-Emergency Fund to $10,000
B-Mortgage payoff
C-Retirement account maxed
D-Baby Fund/ Home projects

This is the schedule after we are debt-free, however we need to focus on paying for a fence before it gets too cold outside. If we start now, we can have it finished by October. Otherwise we can wait a couple weeks and it will be finished ultimately in November. Not something that I want to do. I would rather get it done as soon as possible, but at what cost? $1085 initial payment on Sept 23 puts us in the November schedule to have it done. Should I put off the student loan just for a couple weeks to get this in? I mean it would be a good move and ultimately everything is going to be paid off in september anyway, its just the idea of writing the checks earlier to the fencing company. To add another issue, we need to remodel our main bathroom's sink. The counter is scracthed and falling apart so that will be about $500 for parts and install. At least we know that we won't have any problems finding things to spend on when we are debt free. :)

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Emergency Fund
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