Work first, play later

Dear Dave,

I brought about $15,000 in student loan debt into our marriage. I’m 26, my wife is 27, and we’ve been married a little over a year. During that time, our parents have helped us out with financial gifts occasionally. Whenever this happens, my wife and I get into an argument. She likes to use the cash they give us to have fun, but I think we should use it to pay down debt and get our finances in order. What is your opinion?

Kent

Dear Kent,

If your parents didn’t specify what the money is for, then it’s up to you guys to decide together how it will be used. In my mind, the fun needs to be put on hold for a while.

You’ve already told me you have at least $15,000 in debt. If there’s more debt in the picture, I’d advise listing all your debts and begin knocking them out from smallest to largest using the debt snowball system. Debt is risk, and as long as it’s around, it’s eating up your largest wealth-building tool — your income.

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