My husband and I are trying really hard to do the Dave Ramsey program. I can't say we are GI, because we still have cable and belong to a health center, but we are doing all theother stuff. My ILs just gave each of us $100 as Christmas gifts. Do I use it to pay down debt (add it into the budget), or use it as "my money to blow"? Both DH and I are leaning toward adding it to the budget to pay down debt....what would you do???

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Illini Bob's wife....mom to 3 little chiefs

I agree with you. I'd use it to pay down debt.

Pam

Why not spend some and save some?

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A day without laughter is a day wasted.

Generally everything we get goes to paying off debt! This year though a portion may go to buy us a new vacuum since we need one and my youngest will soon be at that age where he'll eat every speck off the floor! The rest will go to debt! If there's something you need, buy it, otherwise I'd probably put it to debt! Just send it in and remember that... "if you will live like no one else, later you can live like no one else"!!!

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Stay at home mom to my 3 boys... ages 5, 3 & 1!

I can do all things through CHRIST who strengthens me. Philippians 4:13

We love Dave! We are now at the point of paying off our mortgage! All other debt is GONE! We owe 220,000 on our mortgage and plan to have it paid off in less than 6 years! I would put your "unplanned money" directly towards your debt, It worked for us!

I'd use it to pay down the debt. DH and I are doing the debt snowball and have already decided that any Christmas money we get is going towards debt. If you really really can't resist and you just need a little something (and this way you also don't get discouraged with the program) Keep $25 of it for yourself and put $75 towards the debt.

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Have you been in the Spotlight yet?

I am assuming you have your emergency fund well established.. and if so, I would pay down debt.

For us, if we were to receive such a wonderful gift I would put it in savings as my water heater is about to go and we don't have a great emergency fund yet.

I would maybe take a little bit and dh and I would go out to dinner together (nothing extravegant, like $25) and put the rest toward debt.

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~Happiness is a large family~

I am a Bit Different ,

whenever I Get Cash I stock up on Groceries , toiletries and cleaning supplies , Get a Haircut , Get the Kids Hair Cut , Fill Up the gas tank, Make a double phone payment. Etc. etc. ....
Not that money goes that Far ....
I just feel like getting ahead on Things like these when it doesen't Have to come out of the regular budget... It Makes it easier on the Budget Later
Then Again I am not a Dave Follower - so what do I know ??


That Works Best For me....

Yes, we have our emergency fund established and we are able to pay a minimum of $1000 extra per month to pay down our debt. But, yes, we decided that we would indeed use the extra $200...and any other $ we get for Christmas....to further decrease our debt. i LOVE Dave.....my husband is totally into him too, and THAT is saying somthing!

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Illini Bob's wife....mom to 3 little chiefs