Totally debt free before Disney?

[Liltx]

Depending on our tax deductions this year, we might not qualify for the rebate. Which I am fine with. Would be nice though.

We also need to start putting more toward principle in our house. We have only lived here for a little over a year so only have 27% equity. I think this was our last move so that should help us.

Monica

 

[HonestAbe]

I gotta say something...im confused. You mentioned going to Sandals for the anniversary instead? What's that about?? If you cant afford DL, how can you afford Sandals?? Seriously I think you need to take another step back. If your MIL cant maintain the taxes on a rental property and the home she lives in, you should be taking over her properties for her and managing her money. It sounds like she sucks at it and you're lefting holding the bag because your DH doesnt have the backbone to stand up to her. She can stay in her house, but you guys need to take charge of her finances so you can make sure the taxes are paid and there's money in the bank for her needs in the future (like a new motor.) Also - sounds like you had some awesome vacations and that is cool, but seriously you guys need to put more money in the bank. Even with everything you said, it sounds like you didnt have enough money in the bank to start with. You're seriously 9000 in cc debt?? He was driving a 99 jetta?? You can make the choice to keep blowing your money on vacations and being irresponsible and worrying about what the future holds (great youre working on retirement, but you have a serious cash flow situation IMO cause all the money is locked away...) or quit taking the vacations for 1 year, stay at home and then the money goes into a slush fund for vacations which gets replenished or paying the senile MIL taxes...

 

[Liltx]

I can see why you are confused because you can't see our numbers. We drive our cars until they fall apart, try to get 10 years out of them and only pay three years out of those ten. That IMO is not irresponsible but actually smart. That way we pay little to no interest on a brand new car. We could pay off all of our cc debt today but like I said it is zero interest and we are building back our 3 month emergency fund first (right now we are at about one month).
We are fine with paying MIL's taxes etc. but I am not going to babysit her everytime she needs grocery money. Just our choice for now later we might change our mind.
We have a good plan for paying off the cc debt in less than a year. We thought we had enough money in the bank but because of the expenses we had that cost over 2 months income we are working to replinish that. We didn't want to totally deplete our savings to zero. It could have been much worse, I know lots of people who live month to month. We were able to pay for over $30000 in expenses and only have $9000 in credit card debt I don't think that's too bad. Our only other debt is our house and a $6000 car loan on dh brand new car (not bad either since I know people owe $20000 on the same car). I know we should have had 6 months salary saved but we just won't ever have that we shoot for 3. Again our choice and priorities.
I can afford DL in 2008 but then would not put that money toward the debt payoff. SO we have decided to wait until 2009 when we will have all debt paid off and have money saved for Sandals and DL with the kids. We would rather drive old cars and take vacations, those actually add up to about the same money per month. It's just our priority I don't expect everyone to agree. Now if I took those vacations and didn't have a retirement plan or savings then that would not be smart.
Sorry if you didn't understand.
Anyway, I am done with this topic. The question was whether or not to go to DL in 2008 and I have decided not to and to instead put the money toward the debt. Problem solved. Again thanks to everyone for helping me to make the right choice.

Monica

 

[Sienna]

I always think it's a better feeling to go on vacation knowing you've already paid for the trip ahead of time, rather than thinking about paying the bill when you get home. Come up with a formula to pay off the debt, but also include a little vacation savings, too. You've got to have something to look forward to.

 

[Amy&Dan]

Monica: It sounds like you made the right decision for you! I think you sound like a very responsible family and as someone who has helped family members many times (some who are responsible, others who are not but family is family) I can tell you that helping family is NEVER a bad investment, and I think your husband has a backbone and a love of family, even family that is a total PITA! Its his mom what is he supposed to do? Have fun at Sandals, Disenyland will be there when the time is right for your family!

And I agree with Andy, paying off that amount of debt in that short of a time speaks volumes to your finances and how sound they are. Good for you!