Payoff house? Sell toys?

[JoeP]

One often-overlooked aspect of toys is the overhead they demand.

For example, that $6500 hot tub may seem like a cool toy to have, especially if it listed for $8000, but consider the hidden costs: electrician to install power, town inspection, chemicals, time for monitoring water balance, time/money for changing out water every 4 months, fixing issues that WILL arise, the cost of powering it, accessories...the list goes on.

Costs like those apply to other toys as well, and are usually quietly absorbed into the family expenses. Next thing you know, that $6500 toy is costing you an additional $400/yr.

Now figure out the overhead for all your toys. Selling toys not only liberates residual equity, but it also frees up maintenance costs.

[ZZZ]

Update:
I spent a long time going through the entire years income/expenses, spelled everything out in detail on paper. It showed exactly as I have saying - we are WAY short and savings wont carry us a whole lot longer. Now she seems to get it, and couldnt come up with a better plan to get out of this than what I proposed. So we have officially put a bunch of the 'toys' up for sale. I also suggested we do better at tracking expenses and budgeting more formally. Since she doesnt want the hassle she gave me the checkbook, etc and said I can take control (yeah!). She's also considering ways of boosting her income to help more. So I think we're finally on the right path - time will tell but I think we're making the best decisions for the issue at hand.

Ah... Communication. Keep it up. Set a budget and talk about it at the very least once a month.

Let us know how it goes.

[LivingAlmostLarge]

Congrats allan what's the update?

[disneysteve]

Update:
I spent a long time going through the entire years income/expenses, spelled everything out in detail on paper. It showed exactly as I have saying - we are WAY short and savings wont carry us a whole lot longer. Now she seems to get it, and couldnt come up with a better plan to get out of this than what I proposed. So we have officially put a bunch of the 'toys' up for sale. I also suggested we do better at tracking expenses and budgeting more formally. Since she doesnt want the hassle she gave me the checkbook, etc and said I can take control (yeah!). She's also considering ways of boosting her income to help more. So I think we're finally on the right path - time will tell but I think we're making the best decisions for the issue at hand.

It sounds like you're making good progress but the part I bolded concerns me. Her throwing in the towel and saying, "Here, you do it" is not the way you want to handle it. It really needs to be a joint effort. Now that might mean you drawing up the budget and then sitting down with her and discussing it and tweaking it if anything really doesn't sit well with her but she needs to be actively involved in the process. It isn't about who is in control. It is about the two of you together taking control.