Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Dave Says - April 14, 2013

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.

© Copyright 2014 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 by using one of the social media links below.

Posted on 2/2/14
3/13 - 16
2/6/2014 - posted
3/13 - 16
button coupons
2/6/2014 - posted
3/13 - 16
2/6/2014 - posted
3/13 - 16
button classifieds
2/6/2014 - posted
3/13 - 16

Most Read This Week

December 16, 2014 10948

Coal Miner Fatally Injured in Underground Mining…

in Top News For All Sites by Dick Brown
December 17, 2014 7862

Elderly Couple Found Shot to Death in Muhlenberg

in Local (Muhlenberg) Top News by Trooper Stu Recke
December 17, 2014 6861

Three Men Charged with Burglary

in Local (Hopkins) Top News by Madisonville Police Department
December 19, 2014 4736

Armstrong Mine to Layoff 39 by End of Day

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 19, 2014 4602

Dawson Springs Man Charged with Sexual Abuse of…

in Local (Hopkins) Top News by Detective Sean McCance
December 18, 2014 4241

Cat Scratching over Dog Ownership Escalates

in Local (Hopkins) Top News by Amber Averitt, SurfKY News
December 19, 2014 4136

Woman Flown to St. Mary's after Two-Car Collision

in Local (Hopkins) Top News by Trooper Stu Recke
December 16, 2014 4132

Highway Crews Pre-Treating Roadways for Potential…

in Hopkins News by Keith Todd
December 16, 2014 3788

KFWC Proposes 2015-2016 Deer Season Dates and…

in General News For All Sites by Department of Fish and Wildlife
December 19, 2014 3505

Vehicle Fire Causes Traffic Back-Up on Pennyrile

in Local (Hopkins) Top News by Doreen Dennis

Stories Trending Today

December 20, 2014 1826

KET’s Kentucky Life Segment to Feature Old…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
December 21, 2014 1334

UK Family Doctor Gives Back, Stays Grounded…

in General News For All Sites by Allison Perry and Elizabeth Adams
December 21, 2014 1160

AG Conway Announces 2014 Keep Kentucky Kids Safe…

in General News For All Sites by Daniel Kemp
December 21, 2014 1133

Final 'Frozen' Performance Set for Tonight at LWC

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
December 22, 2014 1060

Earlington Church Toy Drive Blesses Community…

in Local (Hopkins) Top News by Tammy Holloway, SurfKY News
December 21, 2014 969

Edumedics LLC to Expand Louisville Headquarters,…

in General News For All Sites by Office of the Governor
December 21, 2014 959

Follow Safe Sleep Recommendations for Infants

in General News For All Sites by Beth Fisher
December 21, 2014 926

NCM Motorsports Park to Break Ground on Kimberlee…

in General News For All Sites by National Corvette Museum
December 21, 2014 874

Legislator's Log - Week of Dec. 21, 2014

in General News For All Sites by Brent Yonts
December 21, 2014 848

Dave Says - Dec. 21, 2014

in General News For All Sites by Dave Ramsey

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss