Im Afraid To Use My Savings To Pay Off Debt

I’m Afraid To Use My Savings To Pay Off Debt

Lauren is with us in texas merry christmas lauren how can i help hi merry christmas eve my husband and i have a question we are just getting started on baby step two and we’re about to receive about a ten thousand dollar settlement from an accident and so originally we were planning to put that all polish baby step two but we are debating now because our our ac

Unit are heating an area unit went out again today we have to go to a place and over the last two summers it’s gone out and we’ve had to have work and repair done on it i believe it’s about 17 years old i think it was what the house was built so we’re just wondering if we should go ahead and put all that towards debt and just hope nothing happens over the summer or

Should we set some aside and plan to help that you know replaced because every time someone comes out of course they’re always telling us they don’t know how much it’s gonna last well sure they’re trying to show you a unit the i mean the repair upgrade the replacement is a standard heating and air process what what what went wrong is last time what’s the repair cost

Today they came out they replaced the motor and it was $250 okay what’s your household income um i think they take home we bring home so my income fluctuates on the walnuts we probably bring in like $4,500 a month so your household incomes like $70,000 a year give or take okay about and how much debt do you have not counting your home about seventy five thousand

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On what um about thirty student loans forty credit cards and the rest on a car 430 and student loans what about 30 on student loans i guess no credit cards forty reading words okay ouch our credit cards are the problem how long you been working on this how long have you been doing dave ramsey debt snowball gizelle intense we’re completely focused but we have not

Been to balance to be okay that’s what i was that’s kind of what i was sensing and so there’s a two or three things that go into this all right there’s the practical aspect of the question that you asked to replace you’re eating an air you don’t want to be without heating and air in texas you don’t be without air in the summer that’s a bad problem you probably can

Fix that and patch it up for another three or four hundred dollars if it comes up again and you can pull that together out of your budget if you have that level of an emergency and keep on trucking it’s not going to kill you the other aspect though is something happens when you sell out to the idea mmm-hmm when you sell out to the idea you’re either forced to or you

Just choose to completely completely lean into the idea where it’s no longer safe and i’m just going for it and that’s what putting the ten ten thousand on the debt and rolling up your sleeves and doing the budget super super tight for the first time and really growling and saying we’re not going out to eat and really growling and saying we’re not going on vacation

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And really growling and saying i have enough purses and enough shoes and really growling and saying honey you can’t buy any more tools you’ve got enough and whatever it is whatever it is that we’ve all been just kind of it’s okay we do a little bit a little ad and lily this lilith and suddenly we end up seventy-five thousand dollars in debt making seventy thousand

Dollars a year right and that’s how that’s how forty thousand dollars in credit card happens it wasn’t one stupid thing it was death by a thousand cuts wasn’t it yes and when you sell out emotionally you’re going the opposite direction from the death by a thousand cuts because there’s a kind of a visceral sense of positive desperation does that make any sense yes

In other words the way it makes the way it kind of makes you feel scared when you put the whole ten thousand towards this debt with that limping heating and air system that kind of thing down inside of you is kind of like edgy and raw and scared that’s the thing that drives you on out of debt that means you’ve sold out right in a good sold out into the system you

Know and you’re gonna go do this it’s like you know and and there’s there’s something to that that’s not all mathematics and practical that that i’ve that i’ve watched people do for 30 years and and when they become unreasonable they get unreasonable results that’s what i’m trying to say and so i would put the whole ten thousand towards it and i would double down

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On my commitment and my visceral reaction to this situation and i would just start you know getting up early and working late and i would sell everything in sight where the kids think they’re next and we would cancel vacations and we’re not doing this and don’t even talk to me about seeing the inside of a restaurant unless you’re working there and you’re getting

This mess cleaned up that’s what i would do yeah i understand the logic of what you’re laying out but the logic of what i’m saying also works and it actually works better you’ve got to lean into this to get the results that you hear people get with these debt-free screams here on the air really good question though thank you for joining me let me talk that through with you

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I'm Afraid To Use My Savings To Pay Off Debt By The Ramsey Show – Highlights