Kegerator or student loans?

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mosquitocontrol

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So my kegerator fund was depleted when I bought and iPhone. But my car tax this year is 300$ less then I saved for! Should I spend this money on getting a freezer and some kegs for a kegerator or put it towards my massive student loan debt? Tough decision.
 
mosquitocontrol said:
So my kegerator fund was depleted when I bought and iPhone. But my car tax this year is 300$ less then I saved for! Should I spend this money on getting a freezer and some kegs for a kegerator or put it towards my massive student loan debt? Tough decision.
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What's a car tax?? I thought VA was sorta "Land of the Free" type thing. Honestly I never heard of a car tax except in Indianan and I thought they were the only ones. I think they have to pay a lawnmower tax too:off:

Back to the point. As one with a massive student loan debt and still in school, I would advise weighing your options carefully. There is talk now of passing a new type of income sensitive student loan consolidation bill that if your debt isn't paid off in 20 years the government pays it off. You can consolidate if you have separate student loans, or take out another, even if it is only to take a minimum of six credit hours which you can do online and already have a degree. If it were me I would get my fridge, or better yet save in this economy, but keep my ears peeled for news on student loans.
 
I already make Total payments of nearly 3600 a month. So an extra 300 doesn't make too much of a dent even though it's the right thing to do. Stupid conscience making decisions hard! I make too much ever qualify for any govt programs. I'm leaning towards some kegs and that sweet black freezer at lowes...... Would look nice next to my tv. Especially if done before football season.

By the way. That law has already gone into effect. But it doesn't apply to private student loans I believe ( not 100% positive) which is the main poblem in this country in my opinion. As word of warning to you, think about your loans before you graduate. Something I didn't do.
 
I'm in the exact opposite situation......I'm considering taking a couple thousand extra "grad-plus" loans to upgrade my brewing set-up.....It's such a naughty idea, but I can't get my mind off of it for some reason.
 
Pay off your student loans. Trust me. You're effectively making an investment that will let you buy more brewing equipment with the same amount of money years later.

Alcibiades, I spent a lot of my student loan money on partying in the big city back in the day. I highly regret it. I'm earning a decent salary with my graduate degree but my monthly payments cut into everything. Had I just saved that money, I could be using $50 a month in monthly payments for lots and lots of brewing equipment! :D
 
Can't consolidate private Loans in recent times. It's a total between my fiancé and I. We are voluntarily paying over twice the minimums. we are on track to have them paid off in 5 more years. Don't send your kiddies to private colleges! They are overrated.
 
mosquitocontrol said:
Don't send your kiddies to private colleges! They are overrated.
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I think that depends. I went to a liberal arts college and got a far better education than my friends who went to some highly regarded state schools, but it certainly didn't help my earnings.
 
mosquitocontrol said:
Can't consolidate private Loans in recent times. It's a total between my fiancé and I. We are voluntarily paying over twice the minimums. we are on track to have them paid off in 5 more years. Don't send your kiddies to private colleges! They are overrated.
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Actually, the key is to start poor. I started in a twenty thousand dollar a year, not including room and board, private liberal arts college and never paid a dime out of pocket except for government student loans. I was lucky though. I was an adult and lived at home and was laid off from work the year before and got to claim (and still do) $0.00 income. I survive on pop's wallet (actually grandma's house rent free plus free utilities) Social Security (I have COPD. I started smoking heavy at 13 and it got me at 30) and my refunds from excess financial aid. That's one reason I brew; it's cheap entertainment. I'll never make big money as I still have a year of college and then seminary to go to and we don't get paid well. I just can't do hard physical labor day in and day out any more in the heat and that's what I used to do.

Bill
 
Debt sucks, pay your bills first. Bottling isn't fun, but it gets easier with practice. Besides, there are always good deals on Craigslist for chest freezers. You might even find one free.
 
Since you are asking the question you already know the SMART thing to do. Student loan.

Sorry - I know you were hoping for hte other answer and I'm surprised at the "adult" answers showing up.

I'm proud of this forum.

SO - lay on a good bender and pay up.
 
I have to chuckle, as I got into homebrewing because for the price of one case of beer ($29.80 CAD for Molson Dry), I can brew 2½ cases of whatever I dang well want. It lasts longer, and I have no one to blame but myself if I don't like it.

Now that my lack of overtime has caught up, my financial advisor from the bank is recommending I stop drinking. I told her I can brew for just over $12 per case. Now the dang woman wants me to teach her how to do it... go figure.
 
Having a kegging system will make your life easier. With a fiance and all those student loans. You need a little more simplicity in your life. You are already paying way more than you have too. Indulge...treat yourself. You deserve it.
 
mosquitocontrol said:
Can't consolidate private Loans in recent times. It's a total between my fiancé and I. We are voluntarily paying over twice the minimums. we are on track to have them paid off in 5 more years. Don't send your kiddies to private colleges! They are overrated.
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You will win with money because you have a plan. Keep it up! Most people just wonder around life letting things happen you are controlling it. WTG:mug:
 
I love having as little debt as possible, but you gotta live life too. If you are paying 2x the amount you owe per month in student loans, I say you deserve a treat.

However, I would not recommend this to someone who would buy brewing equiptment at the expense of their bills.
 
sounds like to me you done made up your mind. you just need a little push even though it might not be the smart thing to do, go ahead and get that kegerator. you will enjoy it and you then can lean on paying off your student loan. otherwise youll wish you had of when the money is gone.
 
get out from under that debt as fast as you can - the kegerators and toys can wait

you can have plenty of that stuff when you're not making interest payments
 
Pay down your debt...

We dont "deserve" anything. Using the excuse that you "earned it" or "deserve it" is the same excuse that is used by those who never escape thier debt riddled lives.

You havent earned it until you have paid off your financial obligations to others first. Then you have earned it. You owe a debt, someone owns a large part of your security, you need to get that back ASAP.
 
The Pol said:
Pay down your debt...

We dont "deserve" anything. Using the excuse that you "earned it" or "deserve it" is the same excuse that is used by those who never escape thier debt riddled lives.

You havent earned it until you have paid off your financial obligations to others first. Then you have earned it. You owe a debt, someone owns a large part of your security, you need to get that back ASAP.
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As someone who has escaped his debt ridden life and has said "you deserve it" in this thread, I feel the need to respond.

Each person needs to take stock of their own financial situation for themselves. Clearly it is not responsible for the average person to buy brewing supplies with money that should be tagged for debt payment. However this guy is already paying double his monthly payments in student loans... aiming to pay them off in a mere 5 years. This type of financial plan displays a lot of commitment and planning... clearly not someone who is irresponsible with their money. When paying $3600 a month, a $300 fun reward every so often is a drop in the bucket, and a good motivator to keep yourself on track.

Sorry Pol, I'm not jumping on you. I just felt the need to justify my response. I normally would agree with you, so I don't want it to look like I am giving irresponsible advice.
 
How about a compromise. Take $150 and put it towards loans, then start looking on Craigslist or eBay with a $150 budget. You might get lucky!

As I see it, if you're paying twice the minimum on your loans, you are exceeding your obligation and every so often a splurge keeps you going. Even when I was totally broke, I'd occasionally buy myself something small. Makes you remember that you're not JUST working to pay debts.
 
I agree with Octang. You are already doing an amazing job of paying off your debt, and you need to spend a little money on something fun every now and then.

Paying off debt should always be a top priority, but if you are just working your ass off and putting all of you money toward your debt then what is the point?

You gotta have some fun in life, and if getting a kegging set up would give you a way to relax and take your mind of the day to day, then i say go for it!!

My wife has always been very supportive of me spending a little money here and there on my hobbies, because it keeps me happy and usually gives us something to do together that we can both enjoy.

just my .02,
cheers
 
for ****s sake get out from under that student loan, once you do you can buy yourself a nice kegerator, flat screen TVs, all kind of **** you can have that you will enjoy more than interest payments
 
Divided, just as I expected. Actually I thought it would be all for the kegerator. Its hard to see $300 making a difference in the midst of my loans even if its right. Well, I'm going to hold off a month or so and decide then. For now I've put the money in my savings account and if some deals on kegs comes up on craigslist I'll think about it. I've compromised and bought some heavy duty shelving to store the majority of my bottles. I've made it nearly 40 batches so far bottling, a little longer can't be too bad. Mainly, I'm contemplating moving back to New England next year, and I'm thinking to might as well wait until then. Plus, if I wait a little longer I can count the kegs as a wedding expense provided I brew my own for the party! At least that's what I'm thinking.
 
mosquitocontrol said:
Divided, just as I expected. Actually I thought it would be all for the kegerator. Its hard to see $300 making a difference in the midst of my loans even if its right. Well, I'm going to hold off a month or so and decide then. For now I've put the money in my savings account and if some deals on kegs comes up on craigslist I'll think about it. I've compromised and bought some heavy duty shelving to store the majority of my bottles. I've made it nearly 40 batches so far bottling, a little longer can't be too bad. Mainly, I'm contemplating moving back to New England next year, and I'm thinking to might as well wait until then. Plus, if I wait a little longer I can count the kegs as a wedding expense provided I brew my own for the party! At least that's what I'm thinking.
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I understand. I'm in the "pay off loans" camp. I think in my case that it's my age- I did have some immediate gratification wants when I was younger. It's hard to imagine, but if you pare down your debt little by little now, it'll pay off big when you're older. That's hard, though.

Look at it this way- being frugal now will pay off big for you later. I have four cars, a boat, two homes, three computers, etc, and no debt (including no mortgages). That isn't because I'm wealthy- far from it! But it's because I never spent an extra dime as long as I had debt. I paid cash for my last few vehicles- one because I saved 7 years for a pick up truck! Still, I thought is was easier to put $300 a month in the bank for 7 years, than to pay $900 a month for 6 years on a truck. (If you do the math, that $33,000 truck with 6 years of financing is $53,300!). So, I "saved" $300 a month for the truck, got the truck and then "saved" over $20,000.

It's counter to the way most Americans live, but I will retire at age 46 as a result. I guess my true answer to you in your question is: "If you have to ask, you shouldn't do it."
 
mosquitocontrol said:
So my kegerator fund was depleted when I bought and iPhone. But my car tax this year is 300$ less then I saved for! Should I spend this money on getting a freezer and some kegs for a kegerator or put it towards my massive student loan debt? Tough decision.
Click to expand...

If you buy the kegs etc now, then you will able to drink beer from them while you try and figure out how to pay the debt off. :tank:
 
Just $300 out of 175k debt is practically pennies. I just work with all spoiled young 'adults' who never had to pay for school loans (or work during school) and now make a ton of money. They are all under 25 and blow their huge salaries on $200 per night bar tabs, $5,000 vacations, $40k cars, and houses. Its hard to find reality most days which is what you guys are for. I'm just finishing saving up for a wedding, making my goal of paying off 35k in debt this year, and quitting my job to move home after my lease is over (provided I can find one ahead of time).
 
mosquitocontrol said:
Just $300 out of 175k debt is practically pennies. I just work with all spoiled young 'adults' who never had to pay for school loans (or work during school) and now make a ton of money. They are all under 25 and blow their huge salaries on $200 per night bar tabs, $5,000 vacations, $40k cars, and houses. Its hard to find reality most days which is what you guys are for. I'm just finishing saving up for a wedding, making my goal of paying off 35k in debt this year, and quitting my job to move home after my lease is over (provided I can find one ahead of time).
Click to expand...

You sound so level headed and smart! Good for you.

$300 out of 175K seems like just pennies- but believe me, that is what I did. I came out of divorce with literally NOTHING, and two little kids besides. Paring away a few dollars at a time really does add up. I didn't have a cellphone (still don't!), money for lattes, or high speed internest or any of those "necessities" while I dug my way out. It was hard, I felt it was unfair, and I wanted to give up.

I'm glad you're giving it alot of thought. It shows that you're trying to justify your wants vs. your needs. That's the most mature way to look at everything in life.
 
If I might add just a thought thought,

When I was 19-20, and very dumb, I was in a good bit of debt for medical bills and some bad choices. I was working a mundane job which paid good, but all my money went to debt. Do you know what happened? I got the idea in my head I, "wasn't enjoying the fruits of my labor", and went wild in debt and ended up bankrupt. It's clear from talking to you you wouldn't do that, but a man does need to enjoy, "the fruits of his labor", NOW AND THEN. If it were me I would treat myself, but only if I was the type of guy who wouldn't be tempted to treat myself tomorrow, next week, and next month too. It doesn't sound like you're scrapping the bottom of the barrel just to get by. I would get a used set up and enjoy my treat, but before doing so I would make sure that's the treat I really wanted. Half the fun is deciding what to get and hunting for bargains.

I will say though be certain to keep some money on hand. Before you start paying debt you really need 3-6 months of expense money on hand in a savings account that you can rip out if you lose your job before the bill collectors start calling. That's rent, food, gas, etc. In this economy I might even try for a bit bigger expense account. Noted financial Guru Dave Ramsey says not to make one single payment on unsecured debt beyond rent and the like until you have that 3-6 month fund. The idea is if you lose your job or an emergency comes up, you do not want to go further into debt.

Good luck,:mug:
bill
 
I think I'd see that kegerator as money I could have put toward getting the debt behind me. That is to say, I wouldn't enjoy it as much, because I knew it wasn't the "mature" thing to do. For that reason, I'd stick the money toward the debt. However, you're really plugging away at the debt, so I think a kegerator would be a fair indulgence. It's not a BMW, after all. It's cooler than that.
 
As a recent grad, with about $200,000 in loans to pay back...spend the money on beer! If you wait 5 years, then buy it, yes, you'll be better off financially, you'll be more able to afford it and other stuff yada yada yada. You're also going to spend those 5 years bottling!

In reality, if you put it towards you'r loans, you're going to get out of debt 3 days earlier, but you're going to suffer through bottling for 5 years!

If you're making double payments on your loan you're doing well enough that you can waste $300.
 

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