So, ever since the hubby and I had our talk about putting the refunded tuition money into our emergency savings account, he's taken more of an interest in our finances! This has been exciting for me, since I now have someone I can share my overly detailed spreadsheets with. Yup, I'm a nerd.To my amazement, he recently created his own debt repayment spreadsheet! Hold on... Okay, I'm back - I just fell off my chair!
It's been a glorious week or so since he really started actively participating in our finances. However, a few days ago he threw me a curveball. He suggested going a little slower than originally planned. Although my head was screaming "WHAT? SLOWER? If there was some way I could rent you out and get money faster to pay this off, I probably would!" I sat there quietly and tried to understand where this proposal was coming from.
See, for a very long time we have done pretty much what we want to with our money (hence the situation we are in). He is proposing extending our repayment plan by about 6 months so we can enjoy ourselves a little more along the way. Believe me, I get that, I really do! Recall my question about taking a vacation while in debt? He thinks that giving ourselves a little more breathing room along the way is going to make this whole process a bit easier. In my opinion, although we only have small buffers in for fun and a possible trip in the mix, it's what we need to do right now to change our overspending ways and get this monkey off our back!
Although I was loving the few days when we were in sync and totally on the same page, it appears as though he's flipped a couple of pages without me and we're trying to get back to the same one. Any suggestions?
Question : Would you recommend moving forward as planned with a 12-13 month repayment plan or take the slower approach so we can have a little more wiggle room along the way?
I'd personally be on the same page as you. I want it gone as fast as possible. I figure a "short" period of pain (since you are only talking about 12-13 months) is worth it. If it was going to take 2 yrs or more then I could side with him a little easier. Having said that I would also qualifiy as a nerd and not a free spirit (Dave Ramsey's classifications). Maybe that makes a difference?
ReplyDeleteHmm.. I think both points are good. I know, I'm sorry, I'm no help.
ReplyDeleteI would love to get out of debt as soon as possible, but it's also about learning to maintain a certain lifestyle. Though we will be getting out of debt soon, we won't go back to spending like we were either. Actually, it might turn out that our debt repayment is going to turn into our emergency fund/savings once the debt is gone. I don't want to lose steam and am going to be as aggressive at saving as we were at paying debt.
I'm with you, just get in and get it over with,but I can see the other point of view as my DH would agree with yours :)
ReplyDeleteI agree with your husband. Life is short and taking a whole year out of your life to pay debt is one less year you have to really enjoy.
ReplyDeleteMy husband would be with your husband, and I would be with you. Why don't you meet in the middle, and only increase your goal by 3 months? and then any additional spending you want to do has to come from extra income you create, either by babysitting, selling stuff, freelancing, etc.
ReplyDeleteI'm always trying to find a balance between paying off our credit card and also enjoying being young and affording a vacation. It's tough, but we manage.
I agree with Newlyweds on a Budget...how about the middle? I think if he's trying to reform his habits and it's a struggle it might be better to give him more wiggle room then have him be frustrated and not cooperating at a later stage. I also like the idea of generating extra income for the fun stuff...and finding free or cheap fun stuff to do together!
ReplyDeleteI'm with you but I'm single and can make my own c hoices..you unfortunately have another person's opinion to consider. I think certain personalities don't like to carry debt and others don't mind it- and I'm thinking the ones who don't mind it are often male!
ReplyDeleteI'd explain to him why you it's important for you to be debt-free and tell him it's not that much longer - at least I don't think it is for ya'll!
I'd be happy he's at least taking an interest but I don't think anyone wants to be told what to do but would rather participate.
Susanna
I'm with you - "short term pain for long term gain!" Get'er done!!
ReplyDeleteGet it over and done with and then start holiday plans, if he sees some sort of reward at the end, maybe he would be keener to get it off your backs.
ReplyDeleteI'm reading your posts out of order, but given that you kept a little of the deposit money I'd say it sounds like you're doing a great job of compromising. I'd lean a little towards your husband's point of view. When I was digging out of debt I put a huge chunk towards debt every month, but I was had savings goals. It was a good way to practice saving cash for big purchases at the same time paying off all the things I hadn't payed cash for! Worked for me, but that doesn't mean it will work for you. Just follow your heart, keep the conversation going, and I thin you'll be just fine!
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