September 2019 Monthly Running Challenge

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  • Avidkeo
    Avidkeo Posts: 3,190 Member
    edited September 2019
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    Advice please.

    Since the house sold and we bought a new one, and all the bills from moving etc are all settled we have a few thousand left over. We are paying back a little bit of the mortgage, giving our kids 1/4, and taking 1/4 each. This is around 750 (probably 300 usd). So not a lot but this is just personal pocket money.

    I'm currently sorted with shoes, I have 2 pairs that I'm alternating so should last me about 8 months based on my usual use. I have socks and all the other accessories needed. I do however have a personal interest free debt that is on a payment plan and will be paid off in less than a year. The debt is 700. I have no concerns about paying this debt and it will be paid off well before any interest kicks in.

    I want to buy a road bike so I can start taking my 5 and 3 year olds on bike rides along our foreshore cycle path. Realistically I'll probably need around 300 for a basic road bike then 150 for various accessories etc. And I'll probably buy some new clothing since I'm pretty scant on stuff atm.

    Or I pay the debt.

    I'm really torn. The debt doesn't bother me, but good money sense says pay it off, even though there is no interest, so no cost to the debt. But practical shopaholic me wants to buy something that I'm going to enjoy, hopefully get a lot of use out of and will be good for me and my kids. Granted I haven't been on a bike in over 10 years but isn't that what that saying is all about? I also want to use the bike to get to and from work.

    WWYD?

    And followup - what's the best garmin for running and cycling? If there is a sale, it might be nice to get a new watch too if I can get both with that money..
  • shanaber
    shanaber Posts: 6,392 Member
    edited September 2019
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    Thanks @Lazy_Bones_85 - Hobbes is doing ok. No surgery yet as we are waiting on the cytology to come back from the lab and then have to decide how we want to handle it. Right now I am leaning towards GA instead of a local so they can get good margins no matter what. But I will wait to discuss with the vet and his breeder (also my friend and trusted advisor on all things Hobbes).

    @advidkeo - for me personally I would spend the money how you like (on the bike, etc.) and leave the loan. A loan at 0 interest is like free money. I wouldn't be in a rush to pay it off.
  • ContraryMaryMary
    ContraryMaryMary Posts: 1,660 Member
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    Avidkeo wrote: »
    Advice please.

    Since the house sold and we bought a new one, and all the bills from moving etc are all settled we have a few thousand left over. We are paying back a little bit of the mortgage, giving our kids 1/4, and taking 1/4 each. This is around 750 (probably 300 usd). So not a lot but this is just personal pocket money.

    I'm currently sorted with shoes, I have 2 pairs that I'm alternating so should last me about 8 months based on my usual use. I have socks and all the other accessories needed. I do however have a personal interest free debt that is on a payment plan and will be paid off in less than a year. The debt is 700. I have no concerns about paying this debt and it will be paid off well before any interest kicks in.

    I want to buy a road bike so I can start taking my 5 and 3 year olds on bike rides along our foreshore cycle path. Realistically I'll probably need around 300 for a basic road bike then 150 for various accessories etc. And I'll probably buy some new clothing since I'm pretty scant on stuff atm.

    Or I pay the debt.

    I'm really torn. The debt doesn't bother me, but good money sense says pay it off, even though there is no interest, so no cost to the debt. But practical shopaholic me wants to buy something that I'm going to enjoy, hopefully get a lot of use out of and will be good for me and my kids. Granted I haven't been on a bike in over 10 years but isn't that what that saying is all about? I also want to use the bike to get to and from work.

    WWYD?

    And followup - what's the best garmin for running and cycling? If there is a sale, it might be nice to get a new watch too if I can get both with that money..

    Yup, I'm with @PastorVincent, I'd pay off debt. Then save for a bike and Garmin and choose the best bike and watch you can afford that fits your needs, rather than getting ones that fit a particular budget. As for cycling clothes, unless you're planning on some dedicated road riding, they're not necessary - spend the extra money on a watch! (FWIW, my watch cost significantly more than my bike.)
  • Avidkeo
    Avidkeo Posts: 3,190 Member
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    ContraryMaryMary wrote: »
    Avidkeo wrote: »
    Advice please.

    Since the house sold and we bought a new one, and all the bills from moving etc are all settled we have a few thousand left over. We are paying back a little bit of the mortgage, giving our kids 1/4, and taking 1/4 each. This is around 750 (probably 300 usd). So not a lot but this is just personal pocket money.

    I'm currently sorted with shoes, I have 2 pairs that I'm alternating so should last me about 8 months based on my usual use. I have socks and all the other accessories needed. I do however have a personal interest free debt that is on a payment plan and will be paid off in less than a year. The debt is 700. I have no concerns about paying this debt and it will be paid off well before any interest kicks in.

    I want to buy a road bike so I can start taking my 5 and 3 year olds on bike rides along our foreshore cycle path. Realistically I'll probably need around 300 for a basic road bike then 150 for various accessories etc. And I'll probably buy some new clothing since I'm pretty scant on stuff atm.

    Or I pay the debt.

    I'm really torn. The debt doesn't bother me, but good money sense says pay it off, even though there is no interest, so no cost to the debt. But practical shopaholic me wants to buy something that I'm going to enjoy, hopefully get a lot of use out of and will be good for me and my kids. Granted I haven't been on a bike in over 10 years but isn't that what that saying is all about? I also want to use the bike to get to and from work.

    WWYD?

    And followup - what's the best garmin for running and cycling? If there is a sale, it might be nice to get a new watch too if I can get both with that money..

    Yup, I'm with @PastorVincent, I'd pay off debt. Then save for a bike and Garmin and choose the best bike and watch you can afford that fits your needs, rather than getting ones that fit a particular budget. As for cycling clothes, unless you're planning on some dedicated road riding, they're not necessary - spend the extra money on a watch! (FWIW, my watch cost significantly more than my bike.)

    Yeah I'm leaning this way.
    I currently have a garmin vivoactive 3, do I even need to upgrade it, or will it work fine on a bike? I only care about the GPS, speed, HR. Not too worried about other metrics - though I conceded I don't even know what other metrics a watch can measure for cycling. The running metrics are starting to get insane!
  • autumnblade75
    autumnblade75 Posts: 1,660 Member
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    5.7 miles on Tuesday and 6.8 on Thursday. Three runs left, and 28.5 miles possible. It seems unlikely that I will run more than 21 of those. But 112.5 + 10% = 123.75. I will have to strive for another extra 1.25 miles to up my goal to 125. Of course, it's possible that I fall short and run only 18 miles (or less!) and keep the same goal for another month.

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  • noblsheep
    noblsheep Posts: 584 Member
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    Avidkeo wrote: »
    ContraryMaryMary wrote: »
    Avidkeo wrote: »
    Advice please.

    Since the house sold and we bought a new one, and all the bills from moving etc are all settled we have a few thousand left over. We are paying back a little bit of the mortgage, giving our kids 1/4, and taking 1/4 each. This is around 750 (probably 300 usd). So not a lot but this is just personal pocket money.

    I'm currently sorted with shoes, I have 2 pairs that I'm alternating so should last me about 8 months based on my usual use. I have socks and all the other accessories needed. I do however have a personal interest free debt that is on a payment plan and will be paid off in less than a year. The debt is 700. I have no concerns about paying this debt and it will be paid off well before any interest kicks in.

    I want to buy a road bike so I can start taking my 5 and 3 year olds on bike rides along our foreshore cycle path. Realistically I'll probably need around 300 for a basic road bike then 150 for various accessories etc. And I'll probably buy some new clothing since I'm pretty scant on stuff atm.

    Or I pay the debt.

    I'm really torn. The debt doesn't bother me, but good money sense says pay it off, even though there is no interest, so no cost to the debt. But practical shopaholic me wants to buy something that I'm going to enjoy, hopefully get a lot of use out of and will be good for me and my kids. Granted I haven't been on a bike in over 10 years but isn't that what that saying is all about? I also want to use the bike to get to and from work.

    WWYD?

    And followup - what's the best garmin for running and cycling? If there is a sale, it might be nice to get a new watch too if I can get both with that money..

    Yup, I'm with @PastorVincent, I'd pay off debt. Then save for a bike and Garmin and choose the best bike and watch you can afford that fits your needs, rather than getting ones that fit a particular budget. As for cycling clothes, unless you're planning on some dedicated road riding, they're not necessary - spend the extra money on a watch! (FWIW, my watch cost significantly more than my bike.)

    Yeah I'm leaning this way.
    I currently have a garmin vivoactive 3, do I even need to upgrade it, or will it work fine on a bike? I only care about the GPS, speed, HR. Not too worried about other metrics - though I conceded I don't even know what other metrics a watch can measure for cycling. The running metrics are starting to get insane!

    As I learned in college studying finance, 0 interest debt = making money, because you get extra cash flow to do more stuff in the same timeframe. That said, though, I get that it's mentally exhausting to be in debt, so your call.

    I looked up vivoactive 3 and Garmin website says it does track cycling - this video might help. Without pairing it with a bike sensor of some sort, I suppose it will only give you speed, distance and HR. Add a sensor for more precise speed (by measuring wheel spin) and cadence and such. I doubt you'll need to measure wattage :D
  • girlinahat
    girlinahat Posts: 2,956 Member
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    @Avidkeo I'm with @noblsheep on this one.

    The way I look at it is in terms of holistic risks. So the debt is interest-free, and will be paid off in a year if you do not change the status quo. Let's imagine two scenarios -

    You could a) buy the bike, spend six months doing an activity with your kids which will leave both you and them healthier mentally and physically, six months of payment towards the debt, then get hit by a bus. That leaves 350 remaining to pay somehow.

    you could b) pay off the debt, save the money, get hit by a bus and still need another 350 towards the bike but you are no longer in a position to ride it because, well, bus.

    Here's another thing - not all debt is bad debt, as long as you are making payments that improves your credit history for applying for additional loans (something I am finding having applied for a mortgage - I have no debts, and am having to use my credit card to show I can borrow and pay). In addition, some debts penalise you for paying off early.

    personally, I'd buy the bike.
  • Scott6255
    Scott6255 Posts: 2,445 Member
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    @Avidkeo I'm of the same mindset as @PastorVincent, I'd pay off debt. I hate owing money to anyone, and you never know from one day to the next what will happen that will require unplanned expenses. But that's just me; I'm very conservative.
  • T1DCarnivoreRunner
    T1DCarnivoreRunner Posts: 11,502 Member
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    Avidkeo wrote: »
    Advice please.

    Since the house sold and we bought a new one, and all the bills from moving etc are all settled we have a few thousand left over. We are paying back a little bit of the mortgage, giving our kids 1/4, and taking 1/4 each. This is around 750 (probably 300 usd). So not a lot but this is just personal pocket money.

    I'm currently sorted with shoes, I have 2 pairs that I'm alternating so should last me about 8 months based on my usual use. I have socks and all the other accessories needed. I do however have a personal interest free debt that is on a payment plan and will be paid off in less than a year. The debt is 700. I have no concerns about paying this debt and it will be paid off well before any interest kicks in.

    I want to buy a road bike so I can start taking my 5 and 3 year olds on bike rides along our foreshore cycle path. Realistically I'll probably need around 300 for a basic road bike then 150 for various accessories etc. And I'll probably buy some new clothing since I'm pretty scant on stuff atm.

    Or I pay the debt.

    I'm really torn. The debt doesn't bother me, but good money sense says pay it off, even though there is no interest, so no cost to the debt. But practical shopaholic me wants to buy something that I'm going to enjoy, hopefully get a lot of use out of and will be good for me and my kids. Granted I haven't been on a bike in over 10 years but isn't that what that saying is all about? I also want to use the bike to get to and from work.

    WWYD?

    And followup - what's the best garmin for running and cycling? If there is a sale, it might be nice to get a new watch too if I can get both with that money..

    I had a similar situation recently when I moved, but a bit more money, a lot more debt, and no kids. I put aside some money for an interest free debt in a savings account. It doesn't pay enough interest to be worth saving just for the sake of it; but if something changes for me financially, I have the money there to pay off that debt. As I make payments, I take that amount from savings. It is a bit more complicated than your suggestions... but basically it is financial security for that particular debt without going ahead and paying it all off early. If my expectations to be able to keep making payments comes to fruition, then I will gain access to that money after that is proven to be a true expectation.
  • Scott6255
    Scott6255 Posts: 2,445 Member
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    @AlphaHowls looks like your knee is feeling better! Good luck on your HM tomorrow!
  • Elise4270
    Elise4270 Posts: 8,375 Member
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    @rheddmobile snakes like buffets too! 😀

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