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.

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.

Posted on 2/2/14
3/13 - 16
3/13 - 16

Most Read This Week

April 28, 2015 4106

Search for Stolen Vehicle Ends with Woman Charged…

by SurfKY News
April 27, 2015 3443

Online Petition Seeking Re­opening of Shanice…

by Samantha Carver, SurfKY News
April 28, 2015 3304

Man Charged with Stalking Smoke Shop Clerk

by MPD
April 27, 2015 2857

Hopkins County Drug War ― Are We Winning?

by Doreen Dennis, SurfKY News
April 30, 2015 2751

Family Says 'Goodbye' to Dog After It Allegedly…

by Doreen Dennis, SurfKY News

Most Read This Month

April 17, 2015 15403

An Open Letter from an Addict

by Olivia Kirks
April 23, 2015 8440

Man Charged with Sodomy, Incest/Victim under 12

by SurfKY News

Stories Trending Now

May 03, 2015 1142

Two Injured During Two-Vehicle Collision

by SurfKY News
May 03, 2015 869

Faith Baptist Hosts Family Fun Day

by Tammy Holloway, SurfKY News
May 02, 2015 594

Baptist Health Hosts Annual ‘Bike Safety Day’

by Gary Gates, SurfKY News
May 03, 2015 555

Dave Says - May 3, 2015

by Dave Ramsey
May 02, 2015 491

Conquering the clutter: Cleanliness with kids is…

by SurfKY News
May 03, 2015 410

Legislator's Log - Week of May 3, 2015

by Brent Yonts
May 03, 2015 372

2015 Correctional Employees' Week Celebrated…

by Michael Caudill
May 03, 2015 360

Outdoor Truths – May 3, 2015

by Gary Miller
May 03, 2015 334

Keeping the Faith - 'You Are Stuck With You'

by Ronnie McBrayer
May 04, 2015 211

Teen Injured During Collision with Police Cruiser

by SurfKY News