Repeat after me! PAYMENTS KEEP ME FROM PROSPERING! Joking aside, it’s time to consider total purchase price for non-appreciating items and not how payments fit into your budget. Can you pay cash for that outfit, computer, furniture, vacation or car? No? Then you cannot afford it. Step off of the financing treadmill so you can stop acting rich and work on getting there for real.
Proverbs says it best – the borrower is servant to the lender (Prov 22:7). Payments say continue a job you hate because you can’t afford to do something more fulfilling. Payments make it difficult to build an emergency fund. The next emergency to visit creates – you guessed it – more payments. Debt is modern day slavery.
Imagine the disposable income you can have without debt payments. Even on your current income. Please don’t think more money will resolve anything. Overextended lifestyles just increase with income. Remember, what matters is not how much, but what you do with the money you make.