*rant* one way to end up poor... Long

[Tama]

Why do that when others will bail you out?

[Jetfire]

For me, I'm not much of a saver. I know I should save more, but I'm having a hard time getting into the habit (though I do keep trying to). In my 20's I splurged more than I should have and racked up a lot of debt.

5 years or so ago, I consolidated all my debts into 1 loan at the credit union which I've been paying off regularly ever since. I also got a condo of my own just before the 35 year mortgages were nixed.

Today, I have about 10 months left on the loan. I have 1 credit card that admittedly is higher than I'd like, and the mortgage. That's it for debts. I take the bus, so I don't have any car-related expenses, just my condo and its fee. Once the loan is cleared off, my available funds per pay is basically going to triple. (granted most of it will go to the credit card to knock it down and then into RRSP's and savings). I'm *really* looking forward to that day.

[sirwired]

I am going to be $60,000 in debt in 2 weeks. I am buying a house.

I have already calculated my estimated expenses (added on $100 that will go to a special savings account for home repairs/needs) and figure that I will have about $200 left at the end of the month. Which I will save part, tithe part, and do my hobbies with part ($50/month tops).

Make sure you have the ability to take out a decent chunk of new credit. If you lose your furnace or roof before your "house repair fund" is stocked up, and can't get credit to finance it, you will be in a world of hurt...

I was taught about finical stuff when I was in High School. I can not be the only one who understands it (Judging by the posts here, most regular CS posters understand it). I just do not understand why other people do not get this simple concept, spend less then you make,

It's really odd... otherwise perfectly intelligent people become blithering idiots when it comes to money. My wife's sister isn't a moron, yet they are horribly in hock. My own parents have always lived above their means as long as I can remember and they are otherwise pretty normal people. (I didn't post a rant about them since they aren't mooching off of me...) I'm eternally grateful that my Dad was a Fed, and has a rock-solid pension that can't be taken away from them, as I'm sure they'll go BK within a few years unless visited by the Clue-By-Four fairy.

[Akasa]

When my grandmother died she left the house to all 4 of her children.

My 2 uncles were living there rent free at the time.

My mother and her sister wanted to keep the house and let them stay living there, they would just need to pay electric, water, taxes, and groceries. The house was all paid off.

That would have meant they would have to get a job. Unacceptable!

They insisted on selling the house and getting their share of the sale.

Within a year they were both at one point or another on my mother's door step asking to move into HER house, and live off her. They had already blown through the money and had nothing left. Still no job, and now no where to live.

[cindybubbles]

And he'll be shocked! Shocked, I tell you!

And after that, he'll find a lover to mooch off. Perhaps go to one of those Sugar Mama/Sugar Daddy/Sugar Baby sites.

[wolfie]

Been debt-free for over 3 years now. According to Statscan I make more money than the average person, but I'm still driving the same bucket-of-bolts '98 Corolla

I'm currently putting more than the book value into getting my '96 Elantra fixed up, but a lot of that is deferred maintenance items, and I KNOW the car's history (wouldn't be able to get something with the same life expectancy for the same money). I'm going by the "$1000/year" rule of thumb (i.e. if the cost of each additional year of life expectancy for the car is under $1000, it's worth fixing up).

Sounds like the increased maintenance due to age on your Corolla is less than the payments on something newer would be - so it's worth keeping. That's probably part of the reason why you've been debt-free for over 3 years.

Although I did splurge a few years later and bought myself the car of my dreams... A VW station wagon, which is still my daily driver, Now with 137k miles on the clock. Paid off for seven years now...

Jetta or Passat? Can't be Golf (the "A" platform wagon switched its North American nameplate from Jetta to Golf, but that was less than 7 years ago, so if you had a Golf wagon you wouldn't have been able to pay it off 7 years ago). Also, which model year, and which engine?

[taxguykarl]

After she left I accumulated more savings that I had EVER had in my life.

Just like when I got rid of my ex-GF...crack is not a cheap vice

And after that, he'll find a lover to mooch off. Perhaps go to one of those Sugar Mama/Sugar Daddy/Sugar Baby sites.

Should you be giving him ideas, Cindy?
That one in the OP will continue until their hosts wise up or get tapped out Which will come first, I won't hazard to guess.

[Tama]

Just like when I got rid of my ex-GF...crack is not a cheap vice

From the great Robin Williams, re crack (really coke, but hey): "They have something now called freebasing. It's not free, it costs you your house! It should be called homebasing!"

[protege]

According to Statscan I make more money than the average person, but I'm still driving the same bucket-of-bolts '98 Corolla

Corollas tend to go on forever. My '07 might not have seen 100,000 miles yet, but it's going to have to last until well after that. Other than a brake job, I've had to do very little. But, it is going to need some cosmetic attention soon. There's a scab on the roof where a pigeon shit on it. Rather than spend hundreds on it at a shop, I'll be pulling out the wire brush and doing it myself.

[Seshat]

We're on disability. There are some things I'd love to have that we can't afford - stuff that matters, like better health insurance than the 'free' govt insurance - but we're currently able to save up for one-off purchases that matter. We're almost finished with the plumbing repairs/upgrades, for example.

We're a third of the way through buying our own house. While living on welfare/disability. We're proud of that!


Anyway, my point is best summarised by Charles Dickens:

Mr Micawber's famous, and oft-quoted, recipe for happiness:

"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."

Charles Dickens, David Copperfield

[taxguykarl]

Corollas tend to go on forever. My '07 might not have seen 100,000 miles yet, but it's going to have to last until well after that.

When the tran crapped out on Mrs. TGK's Corolla, the techs were amazed that it was only 105,000 miles. Apparently her ex didn't believe in maintenace.

[EricKei]

Her nickname for me used to be Scrooge. HMMMMM I wonder why.

I have that reputation -- being a tightwad -- among certain of my relatives. Specifically, the ones who have owned cars that cost more than the (little bitty) house I'm living in...and trade up to the newer model every other year or so ~_~ I've spent most of my working life either on EBT/foodstamps or just barely making too much to qualify for them -- and my dear Aunties (Gawd love 'em ) don't understand why i don't often splurge.

[Peppergirl]

I used to be one of those annoying, childish people who spent money they didn't have. I finally woke up one day and decided enough was enough. I was in my early 40's at the time (so this is recent), but better late than never!

I'm single and manage to rent a small house on an acre of property (great for my dog), a car payment, utilities and one credit card bill. I don't live frugally, but I no longer overspend. I have a decent job and work from home, but nothing to write home about.

That said, I do work a shitload of overtime when it's offered, and I bank most of it, but occasionally splurge on something. I do manage to have many of the latest gadgets like the iPhone, iPad and just bought myself a bigger flat-screen TV...but the kicker is that I paid cash for all of those items. 3-4 years ago I couldn't have done it because I was constantly playing catch up from not having my priorities straight.

Like the OP said, it's all about living within your means and prioritizing your needs vs wants. I only wish I had learned this life lesson about 10-15 years earlier.

[prjkt]

My gf and I sometimes have the occasional money issue, usually when an enexpected bill rolls in, but for the most part we're ok.
I've started eating breakfast at home, taking lunch to work (saving at least $25 a day, $125 a week if I stick to it) and having a savings account I literally cannot get into. I applied for it online a couple of years back, but have been too lazy to go in an prove my ID - I can dump money in, but can't take it out. I'm OK with that.

Have two near limit CCs, but I've applied for a debt consolidation loan, so I'll cancel one, and reduce the limit on the other (one was originally a store card for an interest free computer purchase.)

So things will be looking up next year I hope

[KuariKaydrith]

My mother is a prime example of a person who continues to live beyond her means. It's bad enough that my dad has started sticking money into an account my mother doesn't even know about. She can't comment on how much money is left in their joint account because she can't be arsed to keep on top of the balance or go online to look at a statement, and this does work to my dad's benefit, thankfully.

For years my mother was one of those that would blow money hand over fist and only pay bills when she would get a final or disconnect notice, and then demand that we kids lie to our dad about it. She also had a horrible bingo addiction for way too many years even though she spent more than she ever won, and would even turn into a horrible bitch when she was refused the cash to go play - that got changed when they moved to a house with an hour drive into the nearest bingo hall. But then she started blowing money on more crafts than she would ever be able to complete in what is left of her life - I would *LOVE* a chance to raid her fabric hoard and bring a lot of it home with me, but she lives on the other side of the country for me so it's just not feasible, and I don't see her being willing to ship any of it to me either. She has fancy sewing machines and sergers that she really cannot use anymore because her body has other ideas but she still keeps spending...

I have visions of bill collectors trying to come after me when she finally passes away. I can't wait to tell them that none of her debt is my problem or responsibility. And we're all pretty sure that Dad is going to go first so even he will not need to deal with the hole she has dug herself.