Timing

**bluebird728** · 07-09-2007, 09:17 AM

I could use a bit of of the collective wisdom here.

A few months ago I was widowed. From the small life insurance policy and the sale my my late husband's vehicle I was able to pay off all the credit card debt (there was a lot), get my teenage daughter a clunker car, and create a healthy EF.

On my income I can pay the mortgage (but it is too big) and next summer we will be downsizing to a smaller home. I don't want to disrupt the kids or myself anymore by moving right now.

Other than the mortgage I have student loan debt. If I really would like to pay that down, but on the other hand I feel like the kids and I really need some fun in our lives. I think it could be reasonable to just pay the minimum for the next year and not really work on savings (other than my 401k at work) and spend money on having some fun and restoring ourselves. What would you do?

**staceyy** · 07-09-2007, 09:25 AM

You need some fun at this time in your life. I like your plan. Just don't go overboard with the spending. Best of luck to you.

**Little Birdie** · 07-09-2007, 11:03 AM

Do you have any high interest debt? If you do, I would make that a priority.
Do you have a fully funded emergency fund? If not, I'd make that a priority.
Do you contribute enough to the 401k to get all the available employer match? If not, I'd make that a priority.

Beyond that, only you can really say what is right for your family. I am sorry about the loss of your husband.

I have only one more question: Can you spend money on having fun and restoring yourselves without creating additional debt?

**TheRootedNomad** · 07-09-2007, 11:50 AM

I'm sorry for you're family's loss. I can't imagine what that must be like for all of you. With that in mind I think as long as you're in a safe place financially and not digging backwards it's ok to put moving foward financially on hold while you get other parts of you're life to a good spot.

**FrugalMomof3** · 07-09-2007, 12:01 PM

I think you are doing great, as for what would I do, pay down as much debt as possible while still having fun in your life

We all need to be happy.

**Luv2BeFrugal** · 07-09-2007, 03:24 PM

I like your plan, too... You definetly need some fun family togetherness... How about setting aside "$x" in an envelope each payday just for fun? That way you don't go overboard, but you still always get your "fun time" in?

**bluebird728** · 07-09-2007, 04:29 PM

Thank you all for the feedback.

I like the idea of putting some money in an envelope each payday specifically for fun. I think that is a good way to ensure that we do it, but without going overboard.

I thought about it a bit more. One thing I can do easily is to take any extra from bonuses, tax refunds, etc and put that toward the student loan debt. That should keep us moving in the right direction, but not effect us on a day to day basis.

We are in a reasonable, stable position now. So I guess that it's reasonable to not push the frugal button too hard.

**ubumartin** · 07-09-2007, 08:17 PM

I am sorry for your loss. I think you have the right idea. You need to plan financially but if you have some extra to enjoy life with your family then that is just as important. As you know, life is short and the time with your kids is priceless.

**Cricket1** · 07-09-2007, 11:12 PM

I vote for fun--sounds like you're overdue. I'm sorry for your loss.

**PrairieRose** · 07-10-2007, 08:19 AM

Sorry to hear about your situation. I would be very careful about making any big financial decisions too quickly. I know from the loss of my dmom I feel as if my judgement is not at it's best. I can't imagine how losing my dh would affect it.

**lori121** · 07-10-2007, 09:50 AM

So sorry for your families loss. Hugs.

Just don't go overboard. I know it's easier said than done. As we need to learn not to spend so much.. Bless your heart.

**jamie79** · 07-10-2007, 10:35 AM

I am so sorry for your loss. Remember that " they" say not to make any huge decisions for at least a yr after suffering such a loss. I do believe you and you kids need some fun in your life. If you have paid off alot of your debt and can continue moving forward, why not

**sdrjeolsen** · 07-10-2007, 12:31 PM

Bluebird, I am so sorry for your loss. My heart goes out to you. Sending HUGS your way. I would be sure to have fun, but not go into debt to do it. Your kids need to create memories with you, but as I remember from being a kid, it isn't about how much money, but more about the time spent together. I had a brother that was killed 10 years ago and left a wife and 5 kids, ages 5-14. Thankfully they were not in debt, but they really didn't have any money either, they had struggled just above the poverty level their entire marriage. My Dsil made sure they got out and did things and not just sit at home. Even though they had very little spare $, (she didn't work and had no training to fall back on) they found cheap way to do things; state parks, flee markets, picnics, frisbee and football games, etc.
Time flies and soon the kids will be moved out, so be sure you make lots of time for fun!