DAVE RAMSEY

Dave Ramsey says: Use gift money to pay debts, then go have fun

Aug 31, 2021, 11:45 AM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

Dear Dave,

I brought about $15,000 in student loan debt into our marriage. I’m 26, my wife is 27, and we’ve been married a little over a year.

During that time, our parents have helped us out with financial gifts occasionally. Whenever this happens, my wife and I get into an argument.

She likes to use the cash they give us to have fun, but I think we should use it to pay down debt and get our finances in order.

What is your opinion?

– Kent

Dear Kent,

If your parents didn’t specify what the money is for, then it’s up to you guys to decide together how it will be used. In my mind, the fun needs to be put on hold for a while.

You’ve already told me you have at least $15,000 in debt. If there’s more debt in the picture, I’d advise listing all your debts, and begin knocking them out from smallest to largest using the debt snowball system.

Debt is risk, and as long as it’s around it’s eating up your largest wealth-building tool – your income.

I’m sure your wife is a good, smart lady. But it’s time she started being a little more mature when it comes to financial matters.

Let her know how important this is to you and why it’s so important to your future as a couple. You two should be working together and getting your financial house in order as a team.

I recommend treating the money from your parents just like a paycheck. That means including it in a written, monthly budget, and taking care bills, debt, and any other financial responsibilities you have first.

Trust me, there’ll be plenty of time for fun later. The amount of student loan debt you have isn’t astronomical, but it does need to be cleaned up as fast as possible.

Once that’s taken care of, you’ll be able to really concentrate on saving and investing, and yes, some fun along the way!

— Dave

Dave Ramsey

(Pexels Photo)...
John Delony

5 tips for dealing with toxic stress in your life

The human body can’t handle being in fight, flight or freeze all day every day. If stress is pervasive and persistent, your stress may become toxic. Here are five tips to help you get a handle on it.
2 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Tweak idea for side gig to avoid too much debt

Playing around with $4,000 in debt to make $30 a pop for YouTube videos is a business risk, Dave Ramsey says.
7 days ago
(Unsplash Photo)...
Ken Coleman

Going in style: The right way to write a resignation letter

You’ve made the decision to leave your job. You’re almost out the door, and on your way to a new opportunity. But before you get too carried away, don’t forget to send a resignation letter.
9 days ago
(Pixabay Photo)...
Dave Ramsey

Dave Ramsey says: Hope and hard work can put you on path to financial success

Possibly the biggest factor separating those who stick with it and gain control of their finances, from those who give up and go back to their old ways, can be boiled down to one simple word - hope.
14 days ago
(Unsplash Photo)...
Christy Wright

You should know the history of these 3 American businesswomen

October is National Women’s Small Business Month. In honor of this month, here are some facts about three of American history's amazing female entrepreneurs.
16 days ago
(Pexels Photo)...
Dave Ramsey

Dave Ramsey says: Respond to inflation by adjusting your budget

You can prepare for inflation and address the results without being panicked. You are still in control of your money, inflation or not.
21 days ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Why fall maintenance is important for your heating system and A/C

It’s easy to ignore your heater and air conditioner when they’re working but the moment something breaks, you will likely regret not keeping up with maintenance. After all, if something goes wrong, you may be stuck with a repair that will take longer and be more expensive than simple maintenance.
...
Schwartz Laser Eye Center

How to sharpen your vision with elective procedures

Imagine opening your eyes in the morning and being able to see clearly. You wouldn’t have to wait to put on glasses or contacts, and there would be no more blurry showers nor forgetting where your glasses are.
...
BARROW NEUROLOGICAL INSTITUTE

More stroke patients eligible for acute treatment, thanks to research

Historically, patients underwent acute stroke treatments according to strict time guidelines. But thanks to recent advancements in stroke research, more patients are becoming candidates for clot-busting drugs and endovascular therapy at specialized centers like Barrow Neurological Institute.
Dave Ramsey says: Use gift money to pay debts, then go have fun