DH and I are setting up a debt repayment plan (likely following a mix of advice from Dave Ramsey + Gail Vaz-Oxlade).
Here's my question:
If we know now that this Spring we need to do some repairs on our back deck (to make it usable - there are rotten boards that have broken through) does it make sense to a) budget 1/5th of the amount needed each month from Jan-May so we'll have the cash on hand (in savings) to get the job done once winter's over, but therefore putting less on debt repayment for these same months or b) put the max on debt repayment for Jan-Apr and then taper back to minimum payments for one month to free up the repair cash - then going back to full pymts in June?
We have several things like this that we'll need to budget for - this is just an example (Christmas is another example). Some will be easy to manage in one month of minimum pymts (some might take two) - so just not sure if we should save while prioritizing debt repayment at the same time or do it another way?
Any advice would be appreciated. Thanks!
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