Would you keep giving if it meant more debt?

View Poll Results: Would you keep giving if it meant more debt?

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  • Stop donations to keep from adding more debt.

    24 80.00%
  • Reduce to one kid (about $35/mo) and just take on that much added debt.

    5 16.67%
  • Keep giving and take on the added debt.

    1 3.33%
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  1. #1
    Licence to Kill Luv2BeFrugal's Avatar
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    Default Would you keep giving if it meant more debt?

    Ok, so here's the situation...and I seriously have no idea what the right decision is...

    We have 3 sponsored kids thru one of the children outreach programs (they're in the Philippines). It runs us just shy of $100/month.

    Dh has encouraged me to go back to school sooner rather than later (later meaning after he graduates in a year and a half). If we end up moving I can transfer credits (I'm taking general ed classes at first).

    So, here's the dilemma... We'll have to live (very frugally!) off of student loans for the year and a half while we're both in school. Do we continue to send the support and just take on the added loans in order to do it? Or do we go ahead and let them know we can't donate any more?

    I'm so torn...I hate to take on more debt than is absolutely necessary (this would increase debt appx $1800 plus interest), but I really enjoy sending to the kids. Ugh.
    Kace - married to Dh for 14 years

    Always pinchin' pennies!

  2. #2
    Registered User gentledenny's Avatar
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    Default Very generous person

    I beleive it is always golden ruleish to help others when you can so it may come back 10 fold. However. i dont beleive you go in debt to help others. If it is really a passion, I would continue to help one of the three and tell everyone else in your group of friends; how you are trying to help in hope that you may inspire someone else to take up the slack while your husband gets his degree and then you can continue to help others. And maybe to ease the loss you feel , donate time to help others in the local area. time is money and i am sure there are local children that need to be heard or held or hugged.

  3. #3
    Registered User lwlynch's Avatar
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    Default

    I would give up the donations. Atleast until you guys get into a financial situation to be able to donate again if you would choose to do so.. Good luck.

  4. #4
    Super Moderator Darlene's Avatar
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    Default

    Quote Originally Posted by gentledenny View Post
    I beleive it is always golden ruleish to help others when you can so it may come back 10 fold. However. i dont beleive you go in debt to help others. If it is really a passion, I would continue to help one of the three and tell everyone else in your group of friends; how you are trying to help in hope that you may inspire someone else to take up the slack while your husband gets his degree and then you can continue to help others. And maybe to ease the loss you feel , donate time to help others in the local area. time is money and i am sure there are local children that need to be heard or held or hugged.
    Well said Denny.

  5. #5
    Moderator baxjul's Avatar
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    Default

    Quote Originally Posted by Darlene View Post
    Well said Denny.
    I also agree with Denny! There are other was to donate.


    June grocery challenge $114.99/$400

  6. #6
    Registered User justpeachy92's Avatar
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    Default

    I agree with Denny, you can always find a local charity and give your time instead of going into debt.
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  7. #7
    Master Dollar Stretcher
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    Default

    I agree with the others. You should not under any situation go in debt to make a charitable donation.

  8. #8
    Licence to Kill Luv2BeFrugal's Avatar
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    Default

    Ok...sounds smarter than going farther into debt. Just breaks my heart to lose touch with those kids. Dh wants to just give anyway...debt doesn't bother him. I showed him all your replies and now he's okay with stopping.

    Still makes me sad... Thanks for all your input!!
    Kace - married to Dh for 14 years

    Always pinchin' pennies!

  9. #9
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    Default

    For me my financial sponsor kid is part of my 'things that have to be paid'.
    We have personal contact through letters and I don't want to fail her. I feel like 'I' (or other people who do this) am her way to education, a better life and a good upbringing.

    Did you discuss it with the organisation? Perhaps they have a fund to cover those 18 months while you still give the kids personal attention through cards etc. and then when you're making money again you'll start paying again. Or maybe you can 'share the burden' with some co-students, friends, church?

    Perhaps if there was no personal contact I would give it up if it would mean I had no housing, food etc. but now it costs like 1 time eating out for 1 person. I can deal with that.

  10. #10
    Registered User FrugalMomof3's Avatar
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    I agree with Denny 100%, you shouldnt go into debt helping others but it's really up to what you can and want to do.

  11. #11
    Licence to Kill Luv2BeFrugal's Avatar
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    Default

    Quote Originally Posted by Didi View Post
    For me my financial sponsor kid is part of my 'things that have to be paid'.
    We have personal contact through letters and I don't want to fail her. I feel like 'I' (or other people who do this) am her way to education, a better life and a good upbringing.

    Did you discuss it with the organisation? Perhaps they have a fund to cover those 18 months while you still give the kids personal attention through cards etc. and then when you're making money again you'll start paying again. Or maybe you can 'share the burden' with some co-students, friends, church?

    Perhaps if there was no personal contact I would give it up if it would mean I had no housing, food etc. but now it costs like 1 time eating out for 1 person. I can deal with that.
    It's near $100/mo...much more than eating out...and we don't normally eat out...no spare $$ for it (bdays/celebrations only...and then it's an absolute max of $20)...and there would be zero actual income...all student loans so it would be borrowing to donate and having 7.3% interest on the $$ until it's paid off years later. My dilemma is that it'd be purely borrowing to donate...I'd gladly skip eating out to send to them.
    Kace - married to Dh for 14 years

    Always pinchin' pennies!

  12. #12
    Registered User latierra84's Avatar
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    just think of it this way.. the quicker you go and finish school, the sooner you can go back to helping them or helping thru another organization. dont feel guilty about it. you must help yourself before you can help others. it might be really tight while you and dh are both attending classes but as long as both of you are committed to your plan (which it def sounds like you are) youre gonna be fine, and youve got each other.
    Marie

    I had a baby!

    Single mom, frugal to the bone, love doing stuff with my little one.

  13. #13
    Registered User gentledenny's Avatar
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    Default yep

    Now that i got some backup. I would say it sounds like it to me, that you and your husband or SO need financial help to go to school, that is why you are using student loans. So you dont borrow money you need to go to school, and use it to help those less fortunate. you stated it isnt a matter of doing without a latte to help these kids. If it is a legitimate charity. I dont see why they wouldnt allow you to continue to maintain personal contact with your 3 people knowing soon you will be able to help them with more if you explain the situation.

  14. #14
    Registered User missyali's Avatar
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    Denny, you are a gentle soul! Well said! I just love this group! You all make me feel some much better about humankind!
    BS2 ~ #1 CC ($10000.00) and car loan ($2000.00)
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  15. #15
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    Quote Originally Posted by Luv2BeFrugal View Post
    It's near $100/mo...much more than eating out...and we don't normally eat out...no spare $$ for it (bdays/celebrations only...and then it's an absolute max of $20)...and there would be zero actual income...all student loans so it would be borrowing to donate and having 7.3% interest on the $$ until it's paid off years later. My dilemma is that it'd be purely borrowing to donate...I'd gladly skip eating out to send to them.
    That's why I said 'for me': my kiddo is 22.50 Euro's a month.

    I would simply approach the organisation and see what they think about the situation. There are often additional funds available and maybe they can shift some to your sponsor kids for those 18 months. I'm sure there will be a solution that will not make you or the kids feel miserable.

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