Kegerator or student loans?

[Arkador]

eliminate the debt!!! You can buy alot more than just a kegorator once the loans are paid off.

 

[mosquitocontrol]

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.

 

[Yooper]

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.

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."

 

[Denny's Evil Concoctions]

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.

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.

 

[mosquitocontrol]

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).

 

[Yooper]

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).

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.

 

[BillTheSlink]

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,
bill

 

[elkdog]

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.

 

[murphyslaw]

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.

 

[Denny's Evil Concoctions]

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!

What he said.

 

[Natron008]

I know it's not the cool thing to do, but as someone who is 10 years into my student loan and still paying I say - PAY YOUR LOAN!

You will not regret it later in life and when you consider interest, it will result in a much nicer set up for you down the road.

My biggest problem was that I differed for about a year after college while I partied my money away. I don't regret the partying, but That $100 payment/mo was much easier to stomach than the $350/mo I have to pay now!

 

[greenleer]

If the $3,600 you send each month is more than 2x your minimum payments, it sounds like you're already on a very aggressive debt reduction plan with a nice "debt snowball". A one-time $300 principle payment compared to doubling-down on your minimum payment every month is virtually negligible. If getting the keg setup interferes with your ability to double-down on your student loan payment for this month, then pay your student loan. Otherwise, I say get the keg setup.

 

[HillbillyDeluxe]

The responsibility in here is sickening!!!

 

[HillbillyDeluxe]

Where the Fu@k is deathbrewer when i need him!!!!?

 

[Jkane101]

Not trying to be rude or douchey in anyway...but I'll assume that the massive debt means you actually graduated and as such, do you really have to ask?

Pay down your debt...period.

 

[HillbillyDeluxe]

Get the kegorator dude!!!

 

[dantodd]

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).

Buy the kegerator out of the wedding money. Serve homebrew at the wedding and save way more than $300 on the bar tab. You get the kegerator you want, your guests get better beer and you save money.

Easy Peasy.

 

[HSM]

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.

"car tax"... lol. I lived in WVA for 2 years and was darn surpirsed to find a tax collector at my door. We sat down and determined the Kelly BB value of my car and I wrote a check for a few bucks and he was gone.

BTW, if you have a "kegerator fund" you ususally don't buy iPhones with it. iPhones come from the "usless **** I don't need fund". You need a Kegerator.