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.
No New Watch for Me
February 17th, 2018 at 01:40 pm
February 17th, 2018 at 02:04 pm 1518876263
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.
February 17th, 2018 at 02:26 pm 1518877598
February 17th, 2018 at 03:40 pm 1518882012
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"
February 17th, 2018 at 05:38 pm 1518889137
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 .
February 17th, 2018 at 05:43 pm 1518889397
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.
February 17th, 2018 at 06:24 pm 1518891854
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.