can you help me go over my budget? - Page 2

[Chicky2]

I understand that, but if they aren't making a truck payment, that $ plus his OT can go into building savings back up. I realize it's a bit of a risk, but imo a small one.

[mrstim]

Originally Posted by SubliminalDarkness

I think it's in their best interests to hang on to the savings. If something happened to DH's employment(he was laid off, fired, got sick and lost his job, etc.) they would need money to live on. Or if someone ended up in some catastrophic emergency, they'd need money. If some major repair on the house came up, they'd need money. Etc.

Here is our reasoning:

As for the truck note, we're paying $900 in interest TOTAL on the loan over the 3 years of the note, IF we NEVER put anything extra on the payment. We've faithfully put about $50 extra every month on it. So we know we're not really paying quite that much. IF our a/c unit went out (and it's 102 here today - I'm NOT living without A/C) we'd end up having to put that on our credit card (high interest) OR take out a loan for it if we paid off the loan now. Having that money in savings is a safety net. Yes, it's not financially more prosperous for us to have the money in savings vs. paying the debt, but I sleep better at night. KWIM?

I've cut offerings down $25, Reduced clothing, I've only spent $100 so far in groceries this month.

I'm selling all I can via Craigslist and Ebay - as soon as our savings is up to 10K and we feel perfectly safe there, then everything else we can squeeze from the budget/selling will go straight to the truck.

[Thystle]

I am going to guess the DH likes the truck and wont part with it. Some people get very touchy about giving up their "things". On the same page you could consider selling the new paid off car too and getting something cheaper and using the leftover funds to pay off the older truck. Alas almost no one will EVER do anything that drastic. People get VERY stuck on keeping their vehicles.




Can you cut back alot more on tithing and volunteer there instead?

[fioner]

I don't see any reason for them to sell either one of their vehicles. They have two good, dependable vehicles, money in savings, and they own their house. I think they're doing pretty well. If they can squeeze out more money to pay off the truck faster, that's even better.