We have two incomes and we're young adults. What should we do with all of this money? Now, that statement should be taken with a grain of salt; Lovetta is a teacher, and I make less than a teacher does. Our incomes are not spectacular, but they now exceed what we pay out every month in our bills. There's a whole world of possibilities before us.
Naturally, the first thing I want to do with this money is buy an iPhone. I've been wanting one ever since they were first released, but honestly, the data plans are killer on a college budget if you don't have someone subsidizing the plan you've purchased. That's not as much of an issue now, though I must admit that after some number crunching, my inner poor college student still cringes at the bill.
They always said that an Apple was the forbidden fruit...
Lovetta, ever the saver that she is, then brings up the good point that now would be as good a time as any to start saving for a down payment on a house. I happen to agree with her; the better the down payment you get, the better the monthly payment you get after. We're certainly in a good position to do some saving. Speaking of saving, another thing we've been wanting to do since the day we got married was start doing some long-term investing. Again, now's as good a time as any to start contributing to some sort of retirement mutual fund or some such.
Still, there are a few toys, gadgets, furniture items, etc. that I feel like we've deprived ourselves of because we simply couldn't fit them into our budget. It's also important to save while you have the wherewithal to save. How do you balance the two? How do you know exactly what to aim for in your long-term savings goals without going over for rainy day funds or entertainment type things?
I think that "growing up" or "entering real life" really is just code for "more confused than you were before" or "have more questions than you have answers."
There will be lots of people out there willing to sell and tell you what to do with all that extra money floating around (have gold lying around?). I say, do both. Save for that down payment but spend a little on yourselves.There's my two cents...
ReplyDeleteTania
Man, we're still trying to figure all that out :-p and are in no way the authorities on this subject - lol! A friend recently reminded me of these words by Gordon B. Hinkley and what you were saying reminded me of it: "We have been counseled again and again concerning self-reliance, concerning debt, concerning thrift. So many of our people are heavily in debt for things that are not entirely necessary. When I was a young man, my father counseled me to build a modest home, sufficient for the needs of my family, and make it beautiful and attractive and pleasant and secure. He counseled me to pay off the mortgage as quickly as I could so that, come what may, there would be a roof over the heads of my wife and children. I was reared on that kind of doctrine. I urge you as members of this Church to get free of debt where possible and to have a little laid aside against a rainy day." :-) I love Gordon B. Hinkley. The whole article is here: http://www.lds.org/ldsorg/v/index.jsp?hideNav=1&locale=0&sourceId=dda28d00422fe010VgnVCM100000176f620a____&vgnextoid=f318118dd536c010VgnVCM1000004d82620aRCRD
ReplyDeleteLove ya, bro!