Friday, April 25, 2008

Party Like You've Got An Economic Stimulus Coming

So, even though I think it's a colossally bad idea for the government to just hand out cash, and even though I think that when you do get that cash you should put it towards your debt or in savings and thus negate the whole stimulating of the economy thing, I am totally stoked to get out direct deposit. Why? Because I'm not following a lick of my own advice.

Since Dave and I took the Dave Ramsey Financial Peace course last fall, we've paid off over $12,000 in consumer debt and plan to be debt free (excluding our mortgage and my insane private Christian college student loan) by the end of this year. We've been living pretty lean and mean to get to this point and I have to say we're pretty proud of ourselves. And here is where our economic stimulus plan comes in. Instead of moving up our debt free date, Dave and I decided to go splitsies on the money and have some fun. Oh yes, that means we're drawing a line straight down the middle and he gets to do whatever he wants to with his half and I get to do whatever I want with mine. The Ramsey would be so disappointed.

I, however, am totally geeked. Here's the plan, once the check hits the bank, Dave and I are going to go get a little swing set for the kids. The rest of the cash dollars will get split and into our hot little hands. Dave will most likely be purchasing a bunk motorcycle to work on to his tinkering hearts content, and I will be purchasing...something. I'm thinking of maybe getting something off of my Christmas Fantasy List, even though my dream purse has changed. Maybe I'll fix up the house a little and paint some rooms (ha.), maybe I'll replace some items in my wardrobe that have seen some better days. Maybe I'll use the money for CVS shopping and get a billion things for my money :).

After living for quite some time (relatively, anyways) on a pretty strict budget, I'm kind of excited about spending a little willy nilly. What's funny is that this is kindof throwing me for a loop. I mean, I haven't felt deprived on our budget, I haven't felt like I've missed out on a lot. Dave and I discussed where we wanted our money to go and at what level we were content to live at to get out of debt the fastest. And so, while I wasn't getting to do all the stuff we'd done in the past (eating out whenever we wanted to, buying clothes just because, getting the kids a fun little toy whenever we went to a store), I was so excited at seeing the debt get lower that it didn't seem to matter. And now, all of a sudden, I am able to throw caution to the wind and do some fun stuff and have it not mess up my plan at all!!

I have to say, in case you couldn't tell, I'm quite excited. But what about you? What are you doing with your check?

12 comments:

LeeAnn said...

Hi Kristen,
I found your blog through Daisha's blog. I grew up at church with JR. We are Dave Ramsey-ing it too...school loans and the house are all that's left and it feels SO good! We are using our stimulus payment to pay for a new (to us) car because the $500 one we bought for me a few years ago is on it's last leg. Yipee for financial freedom!!

amber said...

Hey girl! We started Dave Ramsey about 4 years ago..right when we had Carter. So...we too have been living on quite a strict budget:). We actually got a refund this year and of course it went to pay off Ben's car. We have no more car payments...YIPEE!! Soooo, we are using our stimulus check (I also believe this is a bad govt. idea)...but we are going SNOW SKIING FOR A WEEK OVER CHRISTMAS!!! I am very excited!!!

Tiffany said...

(Sigh.) What a cute purse!

Sarah said...

Well, we are actually going the DR way with the tax rebate check - either paying off a chunk of debt or saving it to refinance our house. BUT - that is mainly because we are using our little tax refund plus my work bonus towards our NYC trip! So we're using some of our extra money for fun, too.

You guys have the budget thing down and you're doing a great job on Financial Peace. So play with your money a little. And most importantly, let us know what all you get! ;-)

Robin said...

I only wish we could play with the money!!! Don't think I am complaining, but the money is going to pay for this new baby! I had awesome health insurance with the state college that I worked at with both Peyton and Gavin and she cost us $300 TOTAL and he cost us $450...that is prenatal appts, hospital and the whole nine yards, even the complications in my pregnancy with Gavin...Well, this time we have an HSA and insurance that doesn't cover a lick of the pregnancy! so, economic stimulus won't be our plan...not this time anyway!
Have fun and make sure and tell us what you ended up with!

We are getting a swing set for the kids next week! whoo hoo! Let's see a pic of yours when you get it!

oh and WAY TO GO on the mortgage and loan goal for the end of the year...we aren't near that close when it comes to our mortgage...but it is coming along!

Nicole McIntyre said...

How many guesses do you need to figure out what we are doing with ours? That whole hubby works for the Ramsey thing.... I really like your idea though. Sometimes it's nice to reward yourself for working hard. It keeps you focused better.

Ditto on the "this is a REEEEAAALLLY bad idea" thing.

Diana Richards said...

We have no official plans for our money, but with Josh's job now up for elimination, I bet we'll be DR-ing the majority of it! We did split our refund one year like you and Dave...it was AWESOME!

J. Canterbury said...

We're adding our to the stock pile of cash for a downpayment on our first home...whenever we get one?!

Nicole McIntyre said...

Okay, so I have to amend my previous statement. We are now using a small portion of ours before it goes into savings to buy a new fan/light for our bedroom. The motor finally died on the hideous one that came with our house. We are currently saving up to finish up our upstairs on our house and the rest of the loan from China will head that way.

April Spicer said...

Good for you! How fun to just get some fun things for YOU without having to worry about the budget. While I would love to do something fun with this money, it looks like it'll have to be devoted to this whole moving thing. Since we are not getting what we wanted from the sale of our home, all our pennies are being eaten up...literally. So I had planned on paying off debt with it but it looks like we'll have to hang on to it for awhile to see if we need it. Noah needs a bed so maybe we'll get to splurge a little on that. Only time will tell.

thirtycentcircus said...

Your plan sounds totally fun, you guys deserve to have fun with the "free money" ya'll have worked so hard! Ramsey would be proud!!! I'm sure Ramsey hates this free money idea so why apply it to his plan, it would insult him! :) good job on the debt tackling...that's an amazing amount in such a short time. :) I'm with April on where our money will be headed...the moving truck and new home down payment will be the final resting place for our "free money". I will say though this is one of the few times where having four kids comes in handy...money wise that is :)

Chad Gardner said...

I just sent an e-mail to DR with a link to your site. He'll be so disappointed! But congrats on being debt-free (sorta) at the end of the year! That's awesome!