[USER]

If there are any stay at home moms here or spouses with stay at home moms that get money for themselves every month,

Would you use that money instead for investing or contributing to paying off low interest debt, such as a car, faster?

We have 12K left out of $60K (didn’t pay $60K as there were incentives).

We share accounts.

In addition, I have an account that is designated as my own as I am not working (HYSA) where money from the general budget is deposited to either be saved, used as fun money/ do whatever with it.

We both enjoy that money (went on vacation with the kids, date nights, take outs, etc.).

Once I start working part time, that will go into our joint account and that amount of money from the general budget that is transferred monthly will stop.

[Ashley]

No, I don’t see a reason to pay off low interest debt faster.

[Candice]

Pay down the debt with the highest interest rate.

Unless you can invest at a higher interest rate than the interest rate associated with the debt.

[Tyli]

I’m a SAHM and we just put any extra money towards our next biggest priority. Sometimes it’s saving up to pay cash for a large expense and other times we invest more.

My IRA is filled regardless thanks to my spouse working and everything else is tucked into a joint brokerage so we both benefit from investing or other goals we are working towards.

I would have a hard time throwing extra money at a car payment for a vehicle I didn’t even want though (Maybe that’s what you mean). That would be tough.

I would fight hard not to be in that situation!

[Vanessa]

I’m may be getting lost in the details. You said you share accounts but then you have an account designated as yours that is funded monthly like an allowance? So then does your partner have a similar account?

If they don’t, where do they get ‘their’ money?

If you each have separate accounts, no, I’d keep it separate and not pay joint expenses.

For the same reason you have created separate accounts, one using it for joint expenses and the other for themselves may create resentment in the future.

[Charlotte]

I don’t think this decision is unique to you being a stay-at-home-mom. We all have to decide priorities for our money.

What is your priority?

[Mike]

I feel that after you subtract inflation from your hysa interest rate and then include depreciation on the car, you would better off paying off the car quicker if that’s what you want to do.

If the money (and the debt) is shared then it doesn’t matter if it comes from, that’s just a shell game.

[Author]

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