Take the money you were paying for the "toy" as you call it and put it towards the highest interest credit you owe on.

You're already use to living payday to payday, so use that freed up money wisely.

 

Your reasons are honorable.

Dig out of the hole, support your family, before you know it..kids will be older, you'll be out of the hole, you'll have money in the bank, be ahead of things, and can then pickup another bike and enjoy it again.

 

Good luck to you. Just stick to the plan and soon you will be riding again. Your priorities are in the correct order - Family first.

 

Good on you dog...26 years ago when my first daughter was born the first thing to go was my bike and I didn't get another until my financial house was in order and could pay cash...that was 2 years ago.

 

I agree with this train of thought and lived by it for my entire adult life. However, when i look back and get honest with myself, that's how I ended up turning into the compulsive 'gotta have it now when i can't really afford it now' person. I am not saying by any means that's how you are, nor am I saying everyone who lives by this creed eventually gets like that, but, I am saying that I didn't have enough self control to prevent myself from getting there.

But, I am only 36 years old, in great health, and with the salary I make there is no reason why I can't be debt free with the exception of my house, and with another paid for with cash harley in about 5-6 years.

My first goal is to be rid of all debt except my house within 2-2.5 half years. Then I am going to start funding my (larger) emergency reserve until I get enough money in there where we can survive for six months with no income.

Then I'm going to start hammering away at my house mortgage, however, this is where my agreement with your philosophy kicks in. In addition to hammering away at my mortgage with the money I used to send to bills, I am also going to start contributing to my toy (harley) fund. Then when I get enough to buy, I will do so with cash.

 

Your a smart guy. Toys are just what they are...toys. If they fit into your budget, great. But willing to seperate yourself from this in order to get a head....trust me. someday you'll be thankin yourself.

 

It's a hard pill to swallow. I was there 4 years ago. I had to sell my first bike, a 2000 sportster. I have hated getting ride of my bike ever since. IT WAS THE RIGHT CHOICE! Making the right choice is not always the easiest and sometimes is one hell of an awakening. Sometimes being a Man and a Father means giving up your joy so that they have theirs. I promise you this; you'll feel a weight lifted off your chest and the joy they'll have when you can afford that extra birthday gift or take your wife out to that restaurant she's been dying to go to will make it all worth it. I have got to a better finacial place in my life now and have the bike of my dreams. I still miss my old sporty, but I wouldn't change a thing...

 

The reasoned voice of responsibility...

 

Good for you OP. I decided when I was young I wasn't going to live in debt like my parents. Going on 21 (read previous sentence.. now) and I still don't have a credit card when most people I know had one at 18. Bought my Harley at 18 with $1,000 down, boosting up my credit score, and haven't missed a single payment on any of it ever. I refuse to live beyond my means. Hopefully I keep it up.

 

Its good to have a card, make a few small purchases every now and then, and never pay interest.

If you get stuck somewhere and your bank is closed, that card could come in very handy.

That is what I do anyway.

$10,000 credit card limit, but I carry zero balance.