I have not written here the last one month and half and i am hoping to get back to my usual writing and establish a rhythm that i can keep in the long run. That being said, this year is a life changing one for our family – at least that’s what we’ve been told by those who have been there. We are expecting our first baby in six weeks. A boy that’s correct. And we are very excited about all the changes that are occurring as we eagerly expect him. This addition to our family is making us gear up with even more greater resolve to get out of debt.
Today i want to share some of the ‘money sucker’ advices that we have received during this period. I call them ‘money sucker’ because if we chose to take them we will fall back into more debt. We therefore decided that they were not for the best interest of our family financially, and also we are still working to kick debt off.
1 Buy a Van – you will need all the space to carry the baby and the baby stuff when travelling.
As i have written here before, i am a proud owner of a seventeen year old clunker – but my wife has a reliable 2006 accord. While my clunker is getting close to it’s sunset days, it will not be replaced because our baby is on the way and certainly not with a car note – since the baby is not an emergency.
2 Purchase a Home – The baby will need a lot of space to play.
While this argument has some truth, not everyone may be ready for the leap of being a homeowner. We certainly know that we want to get our student loans to a manageable level before we can even bring the discussion of homeownership on the table. And it’s not on our priority list. We also feel that by the time our son is old to start running up and down the yard we probably will have paid off all our debts.
3 Get Leather Furniture – The baby will mess any cloth upholstery furniture in the house.
Since the leather seats can be cleaned easily if the baby makes a mess this almost got me. However, i remembered the financial peace classes by Dave Ramsey and he has a slogan that goes “If you will live like no one else, later you can live like no one else.” and we decided that we will keep paying off our debts and once we are debt free we can chose to live the way we want.
Please feel free to share any other well intended advices out there that might put parents to be in more debt.
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