Nov 08 2008
Money Saving Opinions
Raising six young children has taught me the value of saving every penny you can. Over the years I have learned that there are needs and then there are wants for every person, and for each person it will vary. For me a need is something that you must have in order to be healthy like water, food, a place to live and utilities, prescriptions and gas for your auotmobile. Wants are things that you can do without and not suffer because you do not have it.
I know many are thinking that I left a few off there like car payments, credit cards and loan payments. I commonly refer to this category of obligations as a self-inflicted need; we make a consious decision to add it to our list of obligations. While they are valid and should be payed as you agreed, I believe they should be avoided if it is reasonably possible.
I have a saying that I try to live by, “Why use credit when you can pay cash and own it outright?” I have learned my lesson of purchasing an automobile on credit, all it took was having to pay for a car that had been totaled in an accident four years after it was rendered useless. I owned one credit card as an adult and although I payed more than the minimum monthly payment for years one ilness that cost me four months of work meant having to pay an additional $1000 of interest and penalties.
Even though I purchased their protection plan that covered missed payments due to medical illness, I was denied the benefits because the plan was not valid unless you worked a certain number of hours per week and I fell short by three. I have since cancelled that credit card and vow never to own one again, for me the uncertainty of life is too much of a gamble to justify using them.
Just wanted to share a few of my personal views and opinions about buying on credit and share with you my experiences which have led me to vigilantly save every chance I can.
