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No New Watch for Me

February 17th, 2018 at 05:40 am

I'm at work and my coworker is talking about how he just bought this watch (making payments mind you) and how this watch can do everything, you can even have the face, for a price, changed into a brand name item, like Gucci or Louis Vuitton.

Normally, I'd be all over it looking and saying that's nice, even considering buying one but this time I thought how stupid and a waste of money. He even talked about how he had bought a new phone. It took everything in me not to say anything.

Later he brought up the watch again, when it was just he and I, I told him what a waste, you just wasted a part of your retirement and some of your kids college tuition.

The next day, he's talking about this watch trying to justify his purchase, he goes on to explain that men have to have things that make them feel good. I told him, he owes me no explanation and that he can do whatever he liked with his money. I said to him, when you look at how you spend your money, you see what's important to you, and that having nice things, brand names etc are important to him. However being debt free and retiring early are important to me. Neither is better than the other, it's just ones perspective. I apologize and went back to work.

My goal is to pay off two more CCs 💳 and start my 401(k) contributions back up at 8%.

I'm struggling right now because, as soon as I bump my sinking fund, something happens, car repair, tooth and it's back down. I know that I should be using the EF but I just don't want to. I feel good about paying cash for things.

I'll be finishing up my taxes today. I'm looking at about a $1300 refund, I really wanted to throw it all at CC4 but, car insurance is due and my sinking fund is low, so I have to use a part of that money for the car insurance. Plus, I have to fix my tire rod(?) that's another $200 maybe. So all in all I'm looking at maybe just over $700 on CC4. This sucks.

However, I can keep budgeting each month my car insurance, pay $1000 on CC4 knocking it down to about $850 and keep $300 for the tire rod. If I take this route, rather than starting the process of paying the car insurance every six month in April, I'll start in October. I think this option gives me the most satisfaction because I've knocked this CC down, and that's where my motivation comes from, seeing that debt going goodbye.


6 Responses to “No New Watch for Me”

  1. creditcardfree Says:

    Great plan Amber! You will get there.

    I'm glad you can see that how we spend money should match up to our priorities. And yes, the coworker has the right to spend their money according to their goals. I do think his is misguided, but to each their own. I'm sure you gave him some seeds to consider.

  2. Butterscotch Says:

    It was good to apologize to your coworker for being harsh. Bad vibes can really kill the atmosphere of a workplace.

  3. Turtle Lover Says:

    I also like the way you handled your co-worker. :-)
    You know what is good for you and you don't judge others.
    I, too, always find it interesting when I notice I used to be "like that"

  4. snafu Says:

    I see a huge change in your viewpoint and money management attitude. 'Normally, I'd be all over it looking and saying that's nice, even considering buying one ...' is no longer your modus operandi. All your fans here are supporting your focus on becoming debt free and cheering every step forward. I've no idea what interest rate you are being charged on your Target CC but it's likely higher than the fee you are charged for the convenience of monthly payment car insurance.

    Looking forward, since you plan to move, it's helpful to review your stuff to begin identifying anything that you no longer use, no longer need, no longer enjoy that can be released, sold, re-gifted, donated or recycled/trash. Moving is a huge job and it's too expensive to move stuff that no longer serves your needs. If there are items to be sold, you can start, take a photo and post in local FB sell page for example. Animal shelters appreciate worn towels and bedding. Local Consignment shops .

  5. Amber Says:

    Snafu, thanks for the support and the tough love at times 😉
    I've actually started the process and have posted a few items to sell but nothing, it's tough but I'm trying. Whatever doesn't sell I'm donating.

    Honestly, I never thought to look at the interest rate. Since Target and the HSBC cards are about the same in balance, I'm going to take a look at the interest rate and throw at the one with the highest rate.

  6. rob62521 Says:

    Amber, you've come a long way. And yes, it is difficult sometimes to not get judgmental when you see others making foolish mistakes. But, you've matured and changed your way of thinking. Yes, you are doing without, but for a greater good. That watch sounds nice, but in the long run, how long is it going to have what I call "the shiny new car feel" until something bigger, brighter, shinier, or cooler comes out? Some of my friends have the Apple watch and as amazing as it is, I don't think it is worth the money. It's another techno toy. I enjoy technology, but there are so many other things out there I enjoy as well. I'm one of the few who still wears a watch and I have three -- two newer ones (as in one is two years old and it was a birthday present from my husband, one that is far older that I bought to replace one that broke, and my grandmother's wrist watch. The two newer ones are the kind that don't need batteries replaced. The older one I have to wind. I like it except the face is so small, I have to really get it up close to see the time. I still wear it here and there. So, an Apple Watch would be a waste of money for me since I have three perfect good watches.

    As for the bumps in the road with the sinking fund...that's why you have it. As Snafu says, look for things you can sell to make additional money. A few years ago I wanted a new stove. Did I need one? No, But I wanted a new one. So, I saved money like crazy and took things to a local auction. I didn't want to spend money in our savings account. I wanted this to be "new" money so to speak. It took me awhile, but I did get the stove and am still using it.

    As for CC4 -- you didn't run up the bill in one day and you won't pay it off in one day. Be patient. You have come a long way. You'll get it paid off if you keep doing the fine job you have been.

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