I wanted to get everyone opinion here, I’ve had full custody of my 4 children for three years now, my ex-wife never gave me a cent for child support. She passed 6 months ago and now my kids receive survivor benefits. It’s a huge help and I’ve been able to pay off debt faster because of it. I mentioned that to my mother and she says that isn’t right and I should be saving that money for my kids because we were surviving with out it before and it’s their money. I completely disagree, what does r/personalfinance think?
I recently started Dave Ramsey’s baby steps and am really buckling down on my budget and paying off debt. All I have left are student loans I wasn’t planning on paying but Dave Ramsey really pushes being debt free. I have 20k saved up, and according to the baby steps I’m suppose to throw that all (except $1000 emergency fund) at my debt. I could have all my student loans paid by the end of the year, and have a 3-6 month emergency fund and a down payment for a house by the following year.
As a side note I have 20k in available credit Incase any emergencies come up. That $1000 emergency fund doesn’t make me feel comfortable. And my student loans have an interest rate of 4% so I don’t necessarily feel that paying $36,000 in student loans is mandatory right now. My kids are 3, 4, 5, and 8 so I have time to build college funds if I don’t fund them in the next year or two. Any input is appreciated.
Submitted March 31, 2019 at 10:28AM by Dre6485 https://ift.tt/2UkPXtv
