It was no ordinary dishwasher; it was practically an antique. When we bought the house, it was high on our list of items to replace — and we wanted it done yesterday. The problem was the thing refused to die. For four long years it chugged away mercilessly, leaving us practically-minded folk reluctant to chuck it for cosmetic flaws alone.
See, we believe in being old school: saving for what we need and want until we can pay cash. The old school-way is something our grandparents practiced: a method of saving supported by three important questions:
- What will you need/do you want in the future?
- How much are you willing to pay for it?
- How long must you/are you willing to wait for it?
From there, everything else falls into place. Know, for example, your car needs a tune-up that costs $100 and you’re able to wait three months. Easy math: you need to save $33.33 each month in order to pay for it. Then, budget accordingly.
You’re probably wondering what ever happened to the nasty dishwasher. Since it had so much life left, we saved a very little at a time until we were able to replace it the old school-way.
So, let’s debate. Is "old school" the way to go or do you more frequently make a case for instant gratification?
“Old School”, as you refer to it, is the correct way to do things. But as a husband, when the wife gives permission to buy a new “toy”, I jump at the chance and pay when I can. Because we both know who the treasurer is in the family.
Hello hi_c,
How does “pay[ing] for it when you can” work out? Do you have a strategy in place that works for you? Thanks for being an active reader!
I suppose I didn’t fully disclaim that statement. We pay for it when we can, with a rule:
No finance charges on the credit card!
It’s like the 11th commandment. We have 25 days to pay for it, else you receive a scolding and much more discretion the next time you want to splurge on a whim.
Hats off to you! I admire your rule! Sounds like you guys have it all figured out. It’s actually kind of “old school” with a new school twist.