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  1. 02-02-2008, 10:27 PM #1
    wannabedebtfree
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    Default How should I apply this $?

    I am expecting a large refund (yeah, gonna change my deductions as soon as I use the witholding calculater to determine what to change it to) this year.

    I am also getting married (in Jamaica) on 9/1/08. We are having a reception after our return.

    My plan...use my refund to pay for the wedding. Use the $ we expect in June to pay a lot of the reception (we are also saving $ for the balance of the reception).

    Is this the smart way to use this $. We do owe on a credit card and a line of credit but I thought we should just continue to make payments on these instead of paying them off. WWYD? TIA!
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  2. 02-03-2008, 12:07 AM #2
    Samigirl
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    I would scale down the wedding plans enough to pay off the credit card.


    How much we enjoy what we have is more important than how much we have. Life is full of people who have more than they know what to do with, but cannot be content. It is the capacity to enjoy life that brings contentment.---Unknown
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  3. 02-03-2008, 08:39 AM #3
    Jill B.
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    I agree with Samigirl. I think all the return money should go towards paying off the credit cards. Scale back reception plans and then start saving the extra from paychecks to pay for reception. It would be great if you could start your marriage off with no debt but SL and mortgage (or as close as you can get it to that)
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  4. 02-03-2008, 09:24 AM #4
    McD
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    I would focus on paying off the three bad debts--Belks, cc, loc.
    McD
    -wife to Z
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    Blog: http://familystylemayhem.wordpress.com/


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  5. 02-03-2008, 11:26 AM #5
    FrugalMomof3
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    I would focus on cutting down your debt, that would mean scaling down on the wedding plans.

    If you return is so much, why cant you just scale down the wedding plans or have your significant other pay half of the wedding expenses? If he already is, than it seems this wedding will have a hefty price tag... better to scale it down and pay off some debt. JMHO.

    My wedding costed me $2000 total. (Church service, reception w/75+ people, DJ, cake, flowers, decorations, table decor, gifts, etc...)
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  6. 02-08-2008, 12:38 AM #6
    cottageliving
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    I agree with the others: if you were to reduce the cost of your reception you will thank yourself over and over again.

    Congratulations on your upcoming marriage!
    Jen



    30 yr old DD
    3 kitties (2 adopted from my daughter)


    As of January 1, 2011------------------------ Updated June 10, 2011
    Short term goals:
    - $2,000: to set up my consulting business. DONE! INVESTED ANOTHER $5000!
    - $4,000: down payment gift to daughter to bring her down payment on a house to 20% and avoid PMI. ON HOLD.... her offer wasn't accepted...
    - $1,500: pay off Student loan ALMOST THERE!
    - $1,200: pay off credit card (was disputing with creditor (ALL PREDATORY FEES charged on ZERO BALANCE), but I'm giving up the fight to make this go away...) PUT OFF till June/July
    - $11,600: Pay off Cornerstone car loan by end of May 2011 DONE
    - Complete tax returns by February 15th DONE




    Long term goals:
    Continue to follow a modified Dave Ramsey plan to pay off debt. Progress has been made, but there is much to do...
    Balances January 1, 2011 -----------------June 10, 2011
    Citimortgage on home: $104,500-------- $102,775
    BofA Mtg on Rental: $27,000------------ $26,000(Est)
    HSBC Equity Line on Rental: $11,900------ $9,902
    Citibank car loan: $13,830 -------------- $11,663
    Cornerstone car loan: $11,600------- PAID OFF!!
    Student Loan: $1,500------------------ $320
    Credit card: $1,200-------------------- $1,200
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  7. 02-20-2008, 06:50 PM #7
    monkeymia
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    I also agree with paying off the debts as you are probably paying high amounts of interest and it is in your best interest to pay these off sooner rather than later.

    Congratulations on your upcoming wedding and hope its a wonderful day for you both.
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  8. 02-20-2008, 06:53 PM #8
    FrugalWitch
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    Pay off the debts.
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  9. 02-26-2008, 08:49 PM #9
    happimommi
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    I agree with what everyone else has said, scale back the wedding and reception and pay off some debts. What a great wedding present to give yourself.
    Congrats
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