Do you think that our generation has forgotten how to do this?
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02-04-2012 13:01 #1Senior Member
- Join Date
- Mar 2008
Living within one's means
02-04-2012 13:02 #2
Yes, I do. Credit is so easy to come by and we all seem to love instant gratification.
02-04-2012 13:06 #3
Yes I do
My partner and I, moreso my partner than I, really struggle with this. We grew up in families that were quite well off and we never wanted for anything. Now he seems to want to keep living the life of a well to do family, when we are not so.
When looking at houses to buy, he's always turning his nose down at houses in certain suburbs where "bogans live". Yet these are the suburbs we should be living in, because it is what we can afford.
02-04-2012 13:07 #4Senior Member
- Join Date
- Nov 2007
Yes. I have many friends who are guilty of this. A lot of them "need" the latest expensive, luxury car when their current one is a mere few years old. They "need" a 4 br house just for them + hubby + 1 child because they "need" two bathrooms, a spare room, two living rooms etc.
My DP and I earned a measley wage between us during our first year together yet we didn't struggle nearly as much as some of our much wealthier friends and the only difference I can think of is DP & my lack of debt. We simply saved up for and bought our car, we rent within our means and we're not buying until we have a considerable deposit. Even then it will be modest.
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02-04-2012 13:09 #5
I'd say i live within my means.... i just spend every cent of it forgetting to save
I think some of us just dont save like our parents/grandparents did because its just so easy to get credit and loans. Buy now pay later then... oh crap i bought too much, now i have too much to pay for (seems to be my younger brother and sisters mantra anyway)
02-04-2012 13:11 #6
Not in my circle of friends. Most of us don't have a credit card or even a personal loan!
02-04-2012 13:13 #7
I used to, terribly. I can't have credit cards, for me they are the devil. I have an Amex charge card these days which must be paid in full each month. The only debt we have is our mortgage.
Still don't save much though, should do better at that.
02-04-2012 13:17 #8
Yes I do, I learnt the hard way and now we live within our means though I am guilty of not saving when I should I'm currently saving for a car for myself, we could possibly get finance but it's not something I want to or will do esp when I know if I worked at saving I could pay cash within 2-3 months. When it comes to buying a house I want to have no other debt mainly because I see how other people struggle to make repayments on everything and I don't want to struggle so we will be hitting what we have left hard once I get my car, on paper we could be debt free by the end of the year it's just a matter of pulling our socks up!
02-04-2012 13:17 #9
Yes, I think we have as a big generalisation. I agree that easy credit is one of the reasons.
When I first had a credit card I had a modest $500 limit in line with my income. Each year the bank would send me a letter offering to increase it considerably. They even gave me pre approval for a gold card with a big limit and encouraged me to accept it without checking my existing circumstances. At the time I had no job (being now a SAHM) and no savings with that bank at all. If I'd accepted I'd have had a $10000 limit, expensive annual fee, 20% interest rate and no job!
Very easy to get yourself in financial distress while getting used to buying whatever you want.
(I didn't accept btw - thankfully.)
Last edited by MissMuppet; 02-04-2012 at 13:19.
02-04-2012 13:20 #10
I used to spend whatever I earned... Now we save or spend on necessities with the odd luxury. And we are happier for it. We do have a credit card that gets all the direct debits ie bills/insurance etc but we have the money to pay it off asap. We are better off as 1 full time and 1 part time with a bub and another on the way than we were as 2 FT people. go figure.
This may shock my family (and I will never admit it to them) but I am happier being part time at work and mostly at home, even tho I shop at Target and not Cue/myer/portmans, eat at the local restaurant vs the lovely one in the city, see movies on cheap tues vs fri/sat night.
I like budgeting and thrive on keeping my grocery shop as basic so I can cook fabulous things from scratch. I enjoy taking home made delicacies at half the price to work/family functions rather than buying stuff.
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