– Cheyanne I’m nervous because his slow season is coming up in between. During this time he usually gets about half the hours – and of course less money – than during the rest of the year. I’m a little scared, even though there hasn’t been a strike in the past six years. Do you think we should go ahead and pay our remaining debt or keep every penny in case they get out?
The likelihood of them going on strike is pretty slim. Chances are, they’re just rattling their sabers and talking big about the stance for the negotiation. Most of the factories are currently lagging behind, and the last thing they want is to come back even further. Everything has been screwed up so badly by COVID-19 that unless the union demands completely ridiculous things, things will likely go well.
Dear Cheyanne, I’ll tell you something that might blow your mind: You two can pay off the debt and have put some money aside to live on during this time. If you do, you will actually be more punchy than ever. You both need to be on the same footing financially and do things with a sense of urgency, but right now I don’t think you need to worry too much.
I think you’ll be fine Cheyanne. Should you be intentional and thoughtful about the situation? Absolutely. It is always wise to look ahead and plan for the future. Paying off that debt and saving a ton of money can really put your mind at ease.
– Dave
Dave Ramsey is a financial advisor, writer, and radio host.
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