Sunday, September 19, 2010
Keeping it Between the Mayo and Mustard
If we wanted to keep paying our bills, paying off debt and raising our credit score it was very important to keep it between the mayo and mustard on the road of life. This involved a lot of discussions about what was necessary spending and what was not.
It became very important to us that we had the things in life that we needed, wanted and recognized the things that we could live without.
Needed:
We needed to pay our bills on time.
We needed to be able to afford healthy groceries.
We needed to be able to experience life with our children while still taking care of our family. We wanted to be able to attend community functions but couldn't continue to spend so much money doing it.
We needed to pay off our debt.
Wanted:
We wanted to be able to afford vacations for ourselves and the whole family.
We wanted to be able to replace things when needed such as household items and cars.
We wanted to be able to meet problems head on without feeling like our world was crumbling every time something surprised us.
We wanted to be able to save for things like school clothes and Christmas Shopping.
Things we could live without:
Impulse buying.
The newest, latest and greatest of everything.
Replacing things that weren't broken, worn or in disrepair.
Never having money when we needed it.
Worrying about how and when are bills will be paid.
Buying just for the sake of buying.
Buying to make ourselves feel better.
Buying because everyone else is.
Looking back on the choices that we made seems weird to me. We have been at it for almost 3 years and it's second nature to look at the things that we are buying through new eyes. While I do some impulse buying now...it's with free money (money that's been set aside for free spending) - but once you make changes for the right reasons it's much easier to stick to your guns decision wise.
Right now we are at a cross roads in our financial journey. We have made the necessary changes, raised our credit score to a good range and are making smart money choices. We have applied for a home loan and are waiting to see what comes from that. We have already been in contact with the underwriter's answering questions that they had. It's amazing that not one of them are about our credit...it seems to be speaking for itself. The thing is I know that there is a chance that they might still say no.
I keep telling myself that if they do I will take it in stride...realizing that it is our fault. That it may take a few more years of showing a good track record. It also adds fuel to the teaching my kids about the way the world works credit wise. I want them to grow up making smart money choices, realizing there are consequences for poor money management and knowing the security of taking care of your home, life and family.
This is part of a Series on Money Management that I am working on for the next couple of months. I will share the tips and tricks that have worked to keep our family in the black.
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Good for you for making the hard choices to make the needed changes. Change is hard. You should be proud of yourself, even if that loan doesn't come through.
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