dave R 300KENTUCKY (4/14/13) – This week Dave discusses Don’t ask for a Murphy visit and Too much for date night
 
Dear Dave,
Is there ever a time you should dip into emergency fund savings in order to pay off your home early? - Eric

Dear Eric,
The only time I would advise this is when your emergency fund is too big, and you have a very small amount left to pay on the house. Keep in mind that your emergency fund should be three to six months of expenses, not three to six months of income. Besides, paying off the house doesn’t fall into the category of an emergency. The fact that you have to pay for your house doesn’t catch anyone by surprise.

I understand it can be very tempting to throw a bunch of money at your house, get rid of the mortgage payments, and own it outright. But I wouldn’t drain my emergency fund to make it happen—even if it meant being completely debt-free sooner. Life happens, and the moment you write that big check and weaken your emergency fund, the central unit will go out, the roof will spring a leak, or you’ll have major repair issues with a vehicle.

When you do things like that, you’re just begging for Murphy to come visit. And that’s not my definition of financial peace! - Dave

Dear Dave,
My husband and I have a baby and are trying to live on a budget and pay off about $14,000 in debt. He wants to spend $100 a month for a date night, but I think this is too much under the circumstances. I’m a stay-at-home mom right now, and after taxes he makes about $3,200 a month. What do you think? - Ashley

Dear Ashley,
You win on this one. If you’d told me you guys make $150,000 a year, then I’d say he was being completely reasonable. But with your income and a lot of debt to boot, it sounds like he’s just looking for an outlet to spend some money. The good thing is you’re working together and beginning to take this personal finance thing seriously. You’re just a little bit apart on the particulars in this area.

I think you back this amount down to $40 or $50 for now. That’s plenty for a reasonable dinner and perhaps a baby sitter for a couple of hours. If you have family or friends nearby, you might not have to figure baby-sitting expenses into the equation at all. Keep in mind, too, that going out on a date doesn’t have to mean spending money. Years ago, when my wife and I were broke, we did tons of stuff that didn’t cost a dime. Picnics in the park or a pretty hike through the woods are great ways to spend time together while keeping the pocketbook in your pocket.

Be creative and make sure you find ways to have “us” time on a regular basis. But you’re right on this one, Ashley. You can go out and have plenty of fun together without spending a lot of money! - Dave

* Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.


Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story on social media.

In Other News...

Bluegrass in the Park Folklife Festival Set for Aug. 7-8 in Henderson

HENDERSON, Ky. (8/2/15) — Thirty years, over 250 bands, one riverfront location, one of the first festivals of its kind… Read More

Opportunity Available to Become a Martin Scholar

MADISONVILLE, Ky. (8/1/15) – Thinking of going back to school to finish your degree but need a little cash to make it… Read More

Most Read This Week

July 27, 2015 6046

Death of Central City Man in Dawson Springs Under…

by SurfKY News
July 27, 2015 3810

School System Announces Free Lunch/Breakfast at…

by SurfKY News
July 31, 2015 3527

Miss Hopkins County Fair 2015 Chosen

by Tammy Holloway, SurfKY News
July 30, 2015 3518

Webster Man Leads Police on Chase through Parts…

by SurfKY News
July 28, 2015 2690

Hanson, Owensboro, Bowling Green Youths Win at…

by Tammy Holloway, SurfKY News

Most Read This Month

July 17, 2015 16443

Muhlenberg Most Wanted - Top 10

by SurfKY News
July 23, 2015 15401

UPDATE: Family Confirms Body of Missing Teen…

by Shawn Freels, SurfKY News

Stories Trending Now

August 01, 2015 2321

24th Annual Miss Teen Hopkins County Fair Pageant…

by Tammy Holloway, SurfKY News
August 01, 2015 2188

Little Miss, Mister Hopkins County Fair Chosen

by Tammy Holloway, SurfKY News
August 01, 2015 1612

'Diggers' Return to Find More Hatfield-McCoy…

by SurfKY News
August 01, 2015 1135

Knight Crowned 2015 Miss Pre-Teen Hopkins County…

by Tammy Holloway, SurfKY News
August 01, 2015 995

One Injured in Vehicle Roll-Over Accident

by SurfKY News
August 01, 2015 530

South Korean Automotive Supplier INFAC North…

by SurfKY News
August 01, 2015 523

Who Will Be America's Next President?

by SurfKY News
August 01, 2015 462

Commissioner Comer Honors Kentucky Farmers'…

by SurfKY News
August 01, 2015 446

Keeping the Faith - 'In Scorn of the Consequences'

by SurfKY News