Timothy DeLaGhetto and Paying Off Your Parents’ Debt

A month or so ago, I stumbled upon this video from Timothy DeLaGhetto on YouTube

If you don’t know, Timothy DeLaGhetto is a YouTube personality – he’s a rapper (Traphik), comedian, and vlogger. You may recognize him as one of the comedians on Wild’N’Out on MTV.

Photo credit: XXL Mag

The video is pretty short, but if you can’t watch it, here’s the gist – Timothy paid off his parents’ house. He goes into the “why” of it all in the video, and seeing his parents’ reaction was really touching.

This brought up something I wanted to bring up to you guys. Would you pay for your parents’ debt?

Paying Off Your Parents’ Debt – Why You Should

My case is kind of different in that the mortgage of the house we live in is actually under my name. But let’s also talk about other kinds of debt – credit card debt, personal loans, car loans, etc. If I had my money right, and I could afford to do so, I would love to pay off my mom’s bills. Simply put – she’s done so much for me that I can’t even begin to repay her. Paying off her debts would be a great way for me to show her that I appreciate all that she’s done for me.

I’ve also heard others say that paying off their parents’ house would be a sign that they have “made it. Not only is it a big “thank you” to your parents, but it’s also a goal that people just want to be able to say that they’ve accomplished. I’ve heard this mentality not only with paying off your parents’ mortgages, but also with buying your parents an expensive car or even a luxurious vacation.

With that being said, there are also a few reasons why you should not be paying off your parents’ debt.

Paying Off Your Parents’ Debt – Why You Shouldn’t

If you are still in debt yourself, don’t even think about paying off your parents’ debt! As much as I appreciate all that my mom has done for me, I don’t think she would like it if I went into debt just to pay off hers. There are other, more affordable ways to show your gratitude and a lot of it has to do with your every day attitude towards your parents. Simply spending time with them may be enough.

Also, I know of parents who are already expecting their child to pay off their debt. They end up acting less responsible with their money in the hopes that their kid is going to take care of it. Personally, I would never put that on any of my future children. If that’s the only reason why you’re even thinking about paying off your parents’ debt, then I don’t think you should. Not only does it put a whole lot of pressure on you, but you can also grow to resent your parents for expecting these things of you.

Ultimately, this is a decision that is up to you. If you’re funds are right, and you really, truly want to do this for your parents, then go for it! I think Timothy DeLaGhetto’s choice was a great example. Personally, if I didn’t have all of this debt and all my retirement funds were on the right track, then I would think about paying off my mom’s debt. But until then, I’m going to show my gratitude in other ways.

What do you think? Do you think about paying off your parents’ debt? Why or why not?


I’m Going to #FinCon14!!!

By the time this post goes live, I will be sitting in an airplane on my way to New Orleans!

Not only will this be my first trip to The Big Easy, but this is also my very first solo trip ever.

Needless to say, I’m a bit anxious.

For those who don’t know, #FinCon14 is happening this weekend in NOLA! FinCon is a huge conference for the personal finance nerd in all of us. A lot of my favorite personal finance bloggers are going to be there, and there will also be a ton of sessions I can’t wait to attend! I can’t wait to learn more about growing my blog and creating awesome content for y’all!!!

I’ll be documenting my trip along the way, so make sure you’re following me on Facebook, Instagram, and Twitter! Also, if you’re going to be in New Orleans this weekend, too, please hit me up! I’d love to meet everyone face-to-face finally!

I know, short post for today – I’ve got to get packing!

Oh, and if you haven’t already, make sure you enter the Totally Awesome Amazon Giveaway right here on LvL!

Until next time…


August 2014 – Expense Tracking Results

Last month, I vowed to start tracking my expenses after seeing my credit card debt yet again grow more than I was throwing at it.

Midway through my own personal challenge, I shared with y’all just how hard it was to track expenses at all.

To top it all off, I recently just got engaged, which means I need to be that much more mindful of my spending! Not only do I need to save up for a wedding, but most importantly, I need to save up for our future life together!

After weeks of keeping literally all of my receipts and diligently keeping record of every time I swiped, the results are in.

Let me tell you right now – the results ain’t pretty, y’all.

All in all – I spent about $4,613.84 last month. Here’s the breakdown of my August 2014 expense tracking:

August 2014 spendingSome observations

The majority of my expenses, $1,576.41 to be exact, is being thrown at my credit card debt. Which isn’t necessarily a bad thing – I want that debt gone ASAP! However, since I’m still spending money on my credit cards, paying this much toward the balances feels like trying to fill up a pool that has several leaks/holes in it – it’s counter productive!

So how do I make paying off my debt more productive? I need to fill in these leaks/holes. I need to stop using my credit cards! 

Commuting costs are the next highest expense at $564.19. This amount includes gas, tolls, parking, and BART fare. Not only does my commute take up a huge chunk of my day, it takes up a huge part of my budget. Unfortunately, there isn’t much I can do about this expense. For now…

I pay about $500 per month towards the house – this includes mortgage, HOA, electricity, cable, etc. Not bad considering I’m splitting all these costs with my brother, mom, and auntie. Don’t think I’m changing anything in this category quite yet.

Retirement savings sits at $463.64 per month. This is the amount I need to max out my Roth IRA for the year.

My monthly car loan payment is $372.81 and my monthly car insurance payment is $154.67Yikes. This is what happens when you finance a brand new car, folks. As far as the car loan payment, there’s not much I can do. But I do plan on re-evaluating my car insurance – whether it means paying for the year in advance to save some money, or even jumping to a new provider, I plan on lowering this monthly amount by the end of the year!

I spent $203.23 on Merchandise and $162.95 on Restaurants in August. This is above the regular $120 in cash I withdraw each month for my regular “play” money. I definitely plan on cutting back on these categories. These were all unplanned and unnecessary purchases. If I can keep these kinds of purchases down to the planned cash of $120/month, I can really save some serious money this way.

Currently, I’m throwing $200 at my student loans and I plan on keeping it that way for a while. I’ve rounded my minimum payment to the next $100 increment, so I’m overpaying right now, but it’s still a manageable level for me. No change needed.

In August, I put $100 toward my travel savings, mainly toward my “fun money” for #FinCon14! This category will definitely increase and shift in the next few weeks, especially because I have a wedding to plan and pay for!

Seeing the naked truth behind my spending was incredibly eye-opening. Personally, I don’t think I can keep tracking expenses in this way in the long run, but I know I’m going to be a lot more aware of where I spend my money.

Action items:

-Stop using credit cards!!!

-Look into lowering car insurance payments

-Keep Merchandise and Restaurant spending limited to allotted “Play Money” of $120 per month.

In the coming weeks, I’ll be updating y’all on how I plan to change my budget/expenses to accommodate for The H2B (new nickname, thanks Daniel!) and my engagement/wedding festivities.

An Announcement

These past couple of weeks have been so crazy over here! I’ve been wanting to update you guys for a while, but truth be told I just couldn’t find the time to do so.

There’s a lot I want to write about, but now just isn’t the time. I will share this announcement though…

The BF's Proposal

The Ring!

Yes, it’s true folks – The BF and I are engaged!

Which means The BF is no longer, well, The BF. Does that make him The F? Haha!

There’s lots I want to update y’all about, but I’d rather sit and thoughtfully write everything out instead of rushing a post for you. I just had to share the news!

If you don’t yet – follow me on Instagram, Facebook, and Twitter to keep up with me and all things LvtL!

Until next time…



Totally Awesome Amazon Giveaway!

Amazon September.jpg

Hi Lovelies! Today, I’m putting up my very first giveaway here on Lisa vs. the Loans!

I’ve teamed up with my blogger friends to bring you a Totally Awesome Amazon Giveaway! This month we’re giving away a $750 Amazon gift card to one lucky reader!

 If you want a chance to be the lucky winner, here’s what you need to do – bookmark this page and come back every day to enter and earn bonus entries by sharing the giveaway with your friends on social media. Good luck!

Entering giveaways is one of my favorite money savings tips! I figured I could help you guys out and bring a giveaway to you! Let me know down below in the comments if you’d like to see more giveaways here on Lisa vs. the Loans! 


Prize: $750 Amazon gift card

Organized by: Oh My Gosh Beck!

Co-hosts: Dividing by Zero ♥ allisonleighann. ♥ To Be Bright ♥ Pretty Thrifty ♥ Jenn’s Blah Blah Blog ♥ Honey & Birch ♥ Do It All Working Mom ♥ Misadventures with Andi ♥ Stacy’s Savings ♥ Put A Little Umbrella In Your Drink ♥ Broward Saves ♥ Blog by Donna ♥ Random Thoughts ♥ Mandy Jean Chic ♥ Thrifty in Pittsburgh ♥ True Story Book Blog ♥ Mom and More ♥ Finger Click Saver ♥ Annabel & Alice ♥ Babushka’s Baile

Rules: Use the Rafflecopter form to enter daily. Besides the mandatory blog comment entry, all other entries are optional. Giveaway ends 10/3 and is open worldwide.

Are you a blogger who wants to participate in giveaways like these to grow your blog? Click here to find out how you can join a totally awesome group of bloggers!

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a Rafflecopter giveaway

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