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Can I afford it?

Home Personal Finance and Budgeting Can I afford it?

  • Avatar moabjer 
    Participant
    Status: Pharmacist
    Posts: 2
    Joined: 02/08/2019

    I feel you AZPT. I’ve been pondering the same thing this last week. I feel like I’m a traitor every time I spend money on extras because in my mind I’ve made spending an enemy in order to accomplish my goal of paying down debt.

    I graduated almost 9 years ago from pharmacy school have about $50,000 more to pay off. It’s down from $190,000. While I should be celebrating I still often feel like I’m sliding backwards.

    The one thing I’ve done that has helped me feel a little better was calculating my net worth. With my debt (mortgage, student loans, credit card, etc) I’m actually not broke. I have a small positive Net worth, and its grown $3,000 since I last checked it a few months ago.

    Track Your Financial Goals with These Four Measurements

     

    Good luck

    #189344 Reply
    Liked by AZPT
    mkintx mkintx 
    Participant
    Status: Physician
    Posts: 28
    Joined: 01/08/2016

    My husband and I were just having this conversation the other week.  We have been diligent about following our investment and personal finance plan, but I want to adjust it and more aggressively pay off debt.  His argument is that the student loans are at less than 2%, we are already saving diligently for retirement, and drive old paid off cars, so we should be willing to have a little more fun with our money.  We can afford a fancy vacation, and put money into a vacation account every month, but I’d like to put an end to these loans.  The thing is, we are both correct.  Neither of us knows what tomorrow brings, and we both know that neither we, nor our kids, are getting any younger.  There isn’t a perfect answer, or we’d all have the same financial plan and asset allocation.  It’s an ongoing discussion to have and so far we are striving for a happy medium.

    #190816 Reply
    Avatar jz 
    Participant
    Status: Physician
    Posts: 622
    Joined: 01/09/2016

    Beware of deprivation, which  leads to backlash.  This is true in dieting, penury, and sleep and sexual deprivation.

    #190831 Reply
    Liked by mkintx
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1783
    Joined: 09/18/2018
    It’s an ongoing discussion to have and so far we are striving for a happy medium.

    Click to expand…

    I think you answered your own predicament.Having fun with your money isn’t really the question. Neither you or your kids are getting any younger but the vacation stuff is a family experience. Providing for your needs and not missing out on experiences is what your goal is. One the kids are out of the nest, I think experiences will be there as well. Do some now and some later. Good luck.

    #190835 Reply
    Liked by mkintx

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