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Do you live within your means?

Discussion in 'Consumer Affairs' started by evearael, Oct 13, 2006.

?
  1. within your means

    19 vote(s)
    61.3%
  2. to your means

    8 vote(s)
    25.8%
  3. beyond your means

    4 vote(s)
    12.9%
  1. MaddLlama

    MaddLlama Obstructor of justice

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    I live well within my means, with room on either side. Technically I do have some student loan debt that has to be paid off at some point, but if I wated to I could pay it outright. We are saving up some money for a new house though, so we're trying to cut back. I had a problem with some medical bills and the insurance company not too long ago, so nobody will give me a credit card anyway. Except Target, strangely enough.

    I really lucked out in the finance department. Really, really lucked out.
     
  2. Comet

    Comet Harvey Wallbanger

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    Live within your means and don't upgrade till you pay off the last lifestyle.....

    PS- COMET is taking over..... 20 now, play the contest

    On the thread note: don't upgrade till you have paid off the debts. Then you will never live outside your means.
     
  3. michel

    michel Administrator Emeritus
    Staff Member

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    Within (probably too much within).

    Whe we first got married, my wife was the one who was thrifty (having had to organise her parent's finances from the age of 12).
    I, working for a bank, was just above the average salary level(although we did have a small 'perk' of having cheaper mortgages). We never went out, I used to brew our own wine (some of it was drinkable; I also had a go at beer which was awful - it was so bad I tipped it all out over a rose bush - that bush was the best one in our garden from then on!)

    In ever bought new clothes (except for underwear); we had hand-me-downs from my parents, and I bought all my work suits from charity shops. When I retired, I paid off the mortgage on the house (by then the interest rate the bBank was charging me was above that for ordinary customers).
    The trouble is, that having lived so thriftfully for so many years, it is difficult to change. We only go the see a movie when we get free preview tickets, and fingd it hard to spoil ourselves.

    Maybe we should start 'SKI-ing' ) (Spending Kid's inheritance); but at least we know that if they have trouble buying a house, we can help then (as we helped them with their living expenses while both were at UNI). We don't actually spend our income - even with me being retired.
    I blame a lot of this on schools; schools are there to teach the teenagers on what adult life is all about - and, I think, far more should be done to tech them how to budget, and to learn to save before buying. The only thing we have ever borrowed for was the house. Everything else was always out of savings.

    I guess the media is also responsible; whenever I see the permanent adverts for loan consolidation, and "why wait, buy it now, pay leter" certainly don't help - people even borrow to go on lavish holidays.
    Here, we have 'The citizen's advice Bureau' to whom most people turn for advice - but that is when they are already deep in trouble; the impetus must come from the schhols. (No point in asking parents to deal with it, for one, they probably don't know how to manager their own money, and kids are notoriously good at doing the exact opposite from what they are told).:rolleyes:
    Common sense, an ability to budget, and a refusal to pander to the "buy, buy, buy" advertising on television, and the ability to live thriftfully.
     
  4. Revasser

    Revasser Terrible Dancer

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    I think I live within my means. I don't have credit cards, I don't take out loans and I use prepaid phone services. For emergencies (and online shopping), I have a Visa debit card which I keep topped up with money, but I don't go into debt if I can possible help it. I hate being beholden others in that way. The only problem with this is that our society forces you into credit in some ways. If some time in the future, I do want to take a loan out for something that realistically requires one (like a house), I will have trouble because my refusal to use credit now means I won't have a credit history in future.

    I think sometimes people will take a loan or use credit cards, etc. thinking they will be able to keep on top of it, but then they find that they can't because they couldn't control it as well as they thought, or something unexpected happens which means they are unable to pay. This can lead to those never ending cycles of debt you hear about where people are taking out loans to pay off other loans and then more to pay off those...

    And sometimes people's means simply aren't enough to live on in the first place.

    I've no idea. I've never looked into it.

    Discipline, a stable economic climate. I'm not sure what else.
     
  5. lizskid

    lizskid BANNED

    Joined:
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    You all bring up valid points, insurance is a huge thing for many! A medical disaster can criple the finances of even a well-to-do person at times. We were paying $50 per year for my father's nursing home when he passed, as he had not long term healthcare programs, and his medication, at that time, was not covered by any Medicare D or anything.

    I have insurance and longterm health care policies (learned from what I saw with Dad) but it is still a concern. I do not charge on a card what I cannot pay off, and only use a card that pays me 5% cash back, so it actually makes me money to use it. I am looking at pacing out my next car purchase and work on the house so that it will coinicide with my retirement from teaching, so that I may limit major expenses once my income changes.
     
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  6. Valjean

    Valjean Veteran Member
    Premium Member

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    As several people have pointed out, we Americans walk a financial tightrope, as a catastrophic medical emergency can wipe us out in a moment, even if we do have insurance -- a major expense in itself.

    I fault the greedy insurance companies. They put their own profits above the public welfare.
     
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