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Turning 50

13 Responses to “Turning 50 ”

1. Wink Says:
   February 8th, 2020 at 12:25 pm 1581164721
   1581164721
   Yes I would do it! You have to live your life while on your debt repayment journey. As long as you are able to meet your debt repayment goals (which you are doing) and can save enough to not go back into debt to take the trip. Maybe also start looking at ways to keep the cost down if possible....earning airline or hotel miles?

2. creditcardfree Says:
   February 8th, 2020 at 01:35 pm 1581168909
   1581168909
   While do not want to be a downer and I do think you should make this a goal, I'm not sure that splitting your focus to yet another place to save is a good idea right now. Partly because you have a lot of debt and the trip is four years away. Every dollar set aside for some savings goal is money that you are NOT applying to debt that is continuing to accumulate interest, particularly those student loans. Retirement savings yes of course, because we all need that, but a trip is a luxury. You will be amazed at how much you can set aside monthly once you aren't working on debt. You might be able to save for your trip in a year or less once the debt is gone. Just my thoughts because as you know I think focus is key to a fast debt payoff and as Dave Ramsey says to be gazelle intense! In the meantime, you can be doing your research and planning, read books about Monaco, ect to keep the dream alive!

3. starfishy Says:
   February 8th, 2020 at 02:26 pm 1581172012
   1581172012
   How fun to start planning ahead for your 50th!! I had the same thoughts as CCF - start gathering info and planning the trip, but delay saving for it and keep throwing all of your money at debt first. If it was me, I would focus on retirement and debt reduction, not pay any extra to my mortgage, and then start saving for the trip a little closer to the date I want to go. Whatever path you choose - enjoy the planning and dreaming - that's half the fun of a big trip! Woohoo- your journey is so amazing to follow - thanks for sharing it with all of us.

4. CB in the City Says:
   February 8th, 2020 at 03:13 pm 1581174816
   1581174816
   Double down on paying off your debts, but think of it as part of your journey to Monaco. When you get rid of those debts, you will have so much extra money at your disposal, and saving for the trip will go fast. I understand it may not be possible to make it by age 50, but don't let that hinder you. Your trip will happen when it is time for it to happen.

5. Butterscotch Says:
   February 8th, 2020 at 04:02 pm 1581177776
   1581177776
   You get one life.

6. terri77 Says:
   February 8th, 2020 at 04:59 pm 1581181146
   1581181146
   Go for it!

7. Carol Says:
   February 8th, 2020 at 09:03 pm 1581195837
   1581195837
   I second what CCF and CB said. Any debt you get rid of brings you closer to realizing your dream! And how much more fun to think of debt repayment as getting ready for Monaco.

8. Lots of Ideas Says:
   February 8th, 2020 at 09:24 pm 1581197046
   1581197046
   Amber, I think it is a great goal to have a trip to Monaco in four years, but I don’t think diverting money to it now makes sense.
   Money you are saving (outside of retirement) earns almost nothing.
   Money you owe costs you quite a bit, as you know from looking at the interest on your credit cards.
   
   I would take the time to look at the next four years as one span of time.
   - how much will you earn during that time
   - how much will your non debt expenses be - maybe divided by needs and wants, including sinking funds
   - how much is your total debt (be brave, look at the real balances on your student loans)
   - what is the debt costing you each month - need to be brave here too, it might give you a sick feeling! Good thing is that as you pay, this amount drops each month. There are online amortization tools to help you calculate this
   
   Then it is a math exercise
   Income minus expenses minus debt minus debt cost
   
   The balance, if there is one, is what you would have for a trip to Monaco. If it’s a negative number, are you willing to carry that amount of debt into your 50’s? It’s OK if you are, but I would still wait to pull the Monaco money - probably $5000 - 10000 - in the fourth year. But you would still have reduced your debt service costs quite a bit by then.
   
   If you feel safe doing this, you could try to accumulate airline miles on a credit card between now and then by putting everything you spend on a credit card and paying it off every month. I know this might not be ‘safe’ for you though, so only do it if it doesn’t make you anxious.
   
   You could also do some small things like get your passport if you don’t have one, learn a little French in preparation for your trip, read travel guides. Also figure out a ‘good’ time to go - not at high season, when it is most expensive and crowded.
   
   I have been to Monaco, and it is beautiful! I went for the Grand Prix auto race one May, and the flowers were spectacular.
   
   I think making this is a goal would be a great motivator for you...just do it smartly!

9. rob62521 Says:
   February 8th, 2020 at 09:36 pm 1581197818
   1581197818
   Heavens no, it would not be wrong. You'll get your debt paid off; you've done a marvelous job so far and unless you decide to go crazy and give up all this good work, why not put a little aside for your dream trip! It will help you on those days when you get frustrated that you are saving for something fun too!

10. FrugalTexan75 Says:
    February 8th, 2020 at 10:07 pm 1581199655
    1581199655
    I'm with CCF, CB, etc. You are doing so well with your paying off debt focus. I would say, once the cc debt is gone and you have a decent emergency fund, then maybe it would be appropriate to add the focus on saving for a trip. But doing research now wouldn't hurt.
    
    I'm wondering if there are apps you can use to earn points towards travel expenses there (I vaguely recall someone posting about apps they used to get free / reduced hotel stays in vegas.)

11. Lucky Robin Says:
    February 9th, 2020 at 05:19 am 1581225571
    1581225571
    I don't think so. I always dreamed of going on a cruise for our 25th wedding anniversary, but we don't get to, because we still have debt. We are close to being done, but we aren't done. We won't be done until 2 months after our anniversary. So I am hoping we can go for our 26th or 27th because we will be out of debt. Even then we might have to wait because of my mom's health. Instead we are doing something much smaller so we can keep our eyes on the goal. Sometimes you have to shift your dreams by a year or two or five. Is waiting until you are fifty-five and out of debt first that much of a difference than going at 50? I mean, I turn 50 in a few days and it's not that big of a deal. It's just another birthday. I wouldn't attach so much significance to it.

12. LivingAlmostLarge Says:
    February 22nd, 2020 at 02:30 pm 1582381844
    1582381844
    focus on paying off the credit card debt. Then see how much you are sending to student loans. What is the minimum and what you send as overage. Then determine how much you need for monaco? Then divide the amount by the overage and that many months ahead you save for monaco. But before then? Pay off the student loans!

13. My English Castle Says:
    February 25th, 2020 at 03:08 am 1582600136
    1582600136
    Amber--Can I recommend some of the small towns around Monaco and Monaco during the day? The public transportation is wonderful and reliable. That part of France is one of favorites and I'm happy to offer advice as it gets nearer.

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