My dad seldom gave me advice, he taught by example. But the one bit of financial advice he gave me amounted to this: “Never go in debt and you will always get by.”
Among many things that Sherry and I agree on is finances. She is more frugal than I. Very seldom have we went in debt and when we did we sat down and made sure we could make the payments, and the majority of the times determined to make double payments and pay a debt off early. WE have always paid our debts off early, even on houses. WE have NEVER went in debt for things that we just “WANTED”, Sherry has never been a ‘Shopper and impulse buyer’.
In my lifetime I have seen too many ladies who wanted clothes they did not need and trips they could not afford. Then I have known men who wanted a gun, truck, car or motorcycle they did not need, and most could not afford.
Christmas just passed, that is one thing we have always agreed on, never go in debt for Christmas gifts. Up until we could afford to buy a new car and pay for it, we drove used cars and trucks. As the boss, I knew that my $1,000 truck got me to and from work as well the $10-30,000 trucks the guys who worked for me drove. Some of them picked up a six pack every night as they went home. I preferred to just go home, have supper and relax(or work).
I always smiled when I heard guys who did not take care of their money say, “my money don’t last from payday to payday.”
I told one guy, “The best way to double your money, is fold it in the middle and put it in your pocket.”
It is wise to have a budget the family can agree on and STICK TO it, to the best of your ability. I am smiling, we had a cigar box and little packets we made to hold the money. Each payday the money was allotted to the little packets. Sherry’s mama had always lived by the rule save something, if it is only fifty cents. We hit on the idea once that when I got promoted, use the increase to buy a savings Bond every months.. That idea got us our first house many years later
It is not fair in a marriage for the husband to decide he needs the Harley Davidson, but tells his wife she did not need the new dress. It is not wise to spend the grocery money, on beer, a trip,a party or clothes.
Unless a couple can agree on finances, it will split two loving people.
Did you know by making one extra payment in the first few years of a 30yr loan, will cut the mortgage by a year? That is saying one payment equals 12.
Fords 100 years apart: 1910 and the 2010 (at least they are about the same color, but the 1910 was born black)