I’ve written a bunch about marriage and money before, but I’ve never really discussed a specific incident where the hubs and I disagreed on how money should be handled.
It’s actually pretty rare for us to full out argue about money because we have our system really down pat.
I can maybe count one time in almost four years of marriage when we had a big money showdown fight, and that’s because he forgot to pay the water bill about two weeks into married life…
Lame argument, I know.
After all, there are way better things to fight about when you’re married, like whose turn it is to sweep the floor and do the dishes (which, if you’ve ever seen one of our yearly anniversary updates, you’ll know that “chores” are the #1 thing the hubs and I bicker about.)
Still, we don’t really argue too much about money in particular since we don’t really spend a lot, and we’re committed to the same goals. There are times when I don’t understand why he wants to purchase a particular item, but since he has his own discretionary amount to spend every month, I can’t really say much. Luckily he can’t say much about the $50 I spent on makeup the other day either due to the same principle.
So, let’s not call this an argument. Let’s call it a discussion.
I wanted to pay off a big chunk of student loans.
My student loan balance is still completely stupid high. It’s around $33,800 now, but I just love seeing “33″ in the front of the number and not “39″ like it used to be. Gotta celebrate the small victories.
One of the things I really wanted to do by the end of the year was bring that balance below $30,000. Seriously, how amazing would it be to see a “2″ in front of that loan amount?! (I even wrote about this goal on DC’s blog.)
So, I wanted to go ahead and put 4k towards the loans (2k in November and 2k in December), because I currently have the income to do so since my blog and freelance writing biz continue to bring in more money than my day job ever since July.
Hubs Said No
I’m actually glad I ran this by the hubs, because normally I would just go ahead and do it since I am in charge of day-to-day finances (and he’s in charge of long term investing.) Yet, something told me to mention it to him because it was kind of a high number.
He immediately was all, “I don’t think that’s a good idea.”
Of course, his reason was – you guessed it – the twins. (For those of you who don’t know, we’re expecting two bundles of joy in April)
He explained that just because we currently have the income doesn’t mean we should spend it, even if it is for a good cause.
Also, come January, my contract with my day job will be over, and I will only have my business income. It means no more double income, which is a bummer, but it is also necessary because I can’t keep doing both at once. (It’s really hard.) So, even though I argued that my business income would still be steady next year (since it was very solid July-October,) the hubs felt it wasn’t enough to rely on, since we have no idea how the whole raising-two-brand-new-kids thing will go.
We also will have to add on some more expenses next year. For one, we’re moving across the country in May. We want to start college savings funds for the twins. We want to get life insurance for me. The hubs already has it (for my readers abroad, check out AAMI Life Insurance.) Plus, there are all sort of things to buy for the twins, and twins are more prone to health issues, so we don’t know if we will have to pay for extra healthcare.
My Side of It
My argument was that despite all of the uncertainty, we could still comfortably bring my student loans under 30k by the end of the year. We have an emergency fund in place (3k). I’ve saved the funds to completely max out my IRA, so that’s taken care of. I have put 7k in a savings account just for the twins with the goal of filling it to 10k by the time they come in April. I even have a vacation fund that’s fully funded and a moving fund halfway funded. We’ve even already purchased 90% of our Christmas gifts and will have no rent until May because we’re staying with family.
So, I felt really confident putting funds towards my students loans, but I understand the hubs’ point about the unknown. We’re both super nervous about being first time parents to two kids no less, so if the hubs feels more comfortable having an even bigger cash reserve, I can’t blame him for that.
Basically, when he said no, I dropped the issue and that was that (gotta let ‘em win sometimes, ladies!) I think it’s a wise choice in the end though since I know next year is going to bring a lot of changes and big moves and parenting and me being a full time business owner, so things might get crazy…
What do you think? Was the hubs right to say hold off on the loan payments or do you think paying them off would have been okay given how much we’ve already saved up for next year?