Strictly speaking, his advice was preceded by another Heinlein maxim as well. "Sovereign ingredient for a happy marriage: Pay cash or do without. Interest charges not only eat up a household budget; awareness of debt eats up domestic felicity." Today, that advice gets abused eight ways to Sunday, as the average household is currently carrying credit card debt to the tune of over $10,000. Assuming an interest rate of 18%, this works out to about 150 bucks a month going to the credit card company. That's money NOT available for things like fresh flowers on your desk... new skis... upgrading to gourmet coffees and wines for daily consumption, or dinner out (including tips and babysitter).
Luxury item #1: Get out of consumer debt
Being debt-free is an incredible luxury! There are a ton of books and articles out there already on how to budget and avoid debt, so I won't hold forth on how to do it. The important issue is WHY to do it. And the answer is simple. Peace of mind is the ultimate luxury!
Luxury item #2: Make some time to make a wish list!
While putting the wheels in motion on reducing debt, there's a happier issue to think through as well: What is it you really want out of life? Peace of mind (and of household) starts with asking these Really Big Questions!
More importantly (assuming you actually care about your relationship), what is it your partner craves? If you don't know, well... it can be fun finding out. Too many financial planning exercises are painful, which is why not enough people do them. This exercise, finding out what really matters to you both, isn't.
What are the things in life that really feel like luxury to you? Now is the time to identify them, and separate out the smaller, less satisfying things you're paying for that keep you from getting what you really want.
To keep to the spirit of fun, I've found it's useful to agree to some simple ground rules:
Being realistic, there will, of course, be a price tag associated with the wish list. Also being realistic, not all luxuries cost an arm and a leg, either. If you have the iron will to make a strict budget and do without so that you can go hang out in Tuscany for a month next fall, good for you (and yours!) If you're like me, though, it may make sense to make do with lesser luxuries.
Luxury item #3: Keep looking until you find reasonably-priced luxuries that really make your life more worth living, then revel in them!
That's all it takes. If you get this far, you've done a few extremely healthy things. For starters, you've actually talked to your sweetie about money, without it being a crisis! You've spent some time dreaming together. You've examined your debt and thought about what it's costing you. And with any luck, you've found at least one thing you can enjoy without feeling guilty about what it's costing you... because it's an investment in your piece of mind.
--
Print and Internet publication rights are granted, free of charge, for this article, provided the credit paragraph and copyright remain intact.
If you use this article in HTML form, please set resource link as a hyperlink. Please e-mail me the URL of any place the article is posted, or a copy of any electronic newsletter or eZine, etc. A copy of any printed publication using this article would be greatly appreciated (contact me via e-mail for mailing address!)
About The Author
© Andy White, budget guy for Coudy Coffee - because life is too short for mediocre coffee. For gourmet coffee and espresso; coffee gifts, information and resources, visit http://www.coudycoffee.com.
Bankruptcy is in the news these days, as Congress has... Read More
After October 17, 2005, a lot of people are going... Read More
In today's consumer society it is all too easy to... Read More
Congress recently passed sweeping legislation that will significantly reform American... Read More
Lots of people take a large ammount of loans and... Read More
Debt settlement is the process of negotiating with your creditors... Read More
Good credit is everyone's dream. A wise use of credit... Read More
Credit counseling is a viable option for those who are... Read More
Wholeness requires separation. In order for you to experience yourself... Read More
In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More
Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection... Read More
Let's look at a real world example: A woman purchased... Read More
An inability to manage credit, growing debt and bankruptcy are... Read More
A few times I wonder what sort of credit system... Read More
Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More
The New Year often brings with it a desire to... Read More
Planning To Achieve Debt EliminationOnce you have started the process... Read More
There is more than one kind of bankruptcy. You should... Read More
A Debt Checklist allows you to look at items and... Read More
It happens all the time. Debt collectors try to collect... Read More
If you have found yourself in a position where you... Read More
So you feel like a hamster spinning your wheel? The... Read More
When you find yourself thinking about using a credit counseling... Read More
The Bankruptcy Abuse and Consumer Protection Act, signed into law... Read More
Filing bankruptcy is not fun! It is a last resort... Read More
I have faced this financial question 8 years ago and... Read More
Your FICO score or credit score as it's commonly called... Read More
Credit card debt have you drowning financially? You're not alone.... Read More
It's difficult not to be concerned when facing numbers like... Read More
While driving around your community, you may have seen signs... Read More
Happy Independence Day from The Money Motivator!If you don't celebrate... Read More
WILL MY CREDITORS STOP HARASSING ME?Yes, they will! By law,... Read More
We have all experienced getting so far in debt we... Read More
Signing up for a debt management program is easy; it's... Read More
Planning To Achieve Debt EliminationOnce you have started the process... Read More
Bankruptcy has long been a big question mark in the... Read More
If you are considering bankruptcy as a solution to your... Read More
Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More
Debt consolidation, equity loans, credit counseling, debt management plans, even... Read More
Who will benefit from the new bankruptcy reform laws? The... Read More
A headline for a retirement annuities flyer declares "Future Secured!"... Read More
Amy Wright, 34, was extatic when her realtor showed her... Read More
Debt relief is a topic on a lot of consumers'... Read More
Can you stop debt collectors ? . . .You better... Read More
Who are these people anyway? They viciously harass you and... Read More
How do I lower my debts?There are several ways of... Read More
Personal debt reduction practices, the steps people take to relieve... Read More
Last April, Congress passed the Bankruptcy Abuse and Consumer Protection... Read More
So you are getting collection calls? You're desk is full... Read More
What is Credit?Credit means that you are using someone else's... Read More
There is a law all smart people break.Parkinson's law.Parkinson's law... Read More
As they stare down at a teetering pile of bills,... Read More
Filing bankruptcy is a common practice among the U.S. Over... Read More
Bankruptcy is in the news these days, as Congress has... Read More
Credit card debt have you drowning financially? You're not alone.... Read More
Financing a college education is one of the more expensive... Read More
If you have multiple debts, you may well be wishing... Read More
If you've ever earned enough money to put some aside,... Read More
Happy Independence Day from The Money Motivator!If you don't celebrate... Read More
An inability to manage credit, growing debt and bankruptcy are... Read More
An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More
In all the technical discussion you hear about credit... Read More
Getting Behind Getting behind on your debts owed can be... Read More
In March 2005, the U.S. financial services industry succeeded in... Read More
Log onto to a search engine such as google.com and... Read More
It is possible for creditors and third-party collection agencies to... Read More
Debt Relief |