Thursday, October 9, 2008

Doom and Gloom or Lesson Learned?

TV Set
TV Set

Every time I turn on the TV (which is less and less often these days) all I see is negativity and fear. Frankly, I believe that we should learn from all this and realize that we can't just buy things with no thought as to how we will pay for them and to take responsibility for our poor choices both financial and otherwise. Is is really a bad thing that it's not quite so easy to get a huge mortgage or a credit card?

A few years ago Mike and I were thinking of moving for his job (we didn't). We even started looking at houses and got pre-approved for a mortgage. The bank approved us for a ridiculously large amount that was DOUBLE the price range we were looking at. What if we had gotten ourselves into that kind of house payment? Just because a bank or credit card company is willing to let you spend the money doesn't mean you should. Sometimes we have to learn that the hard way, don't we?

11 comments:

That Good Part said...

It was good for me to get out with my Red Hat friends yesterday and get away from the Gloom Tube as I've started to refer to the TV!

Just to laugh and have fun was great...kept most of my $$ in my pocket though only spending on lunch and an ice cream...I was proud of myself!

Leigh said...

Great reminder!! I whole-heartedly agree with you!!! Living within our means is not something most families ( or even singles and couples) do these days. Businesses and the government should follow the same ideal of "living" within their means, IMHO.

K said...

Yep...that is part of the reason that our country is in this financial mess. Lenders gave bigger loans to people than they could possibly afford to every pay. Then, those people lost their jobs, and got even deeper in debt. Then, the companies got into debt because none of the people they gave loans to were able to pay. So, now we're giving those lenders millions upon millions to pay back the debt which they never would have been faced with if they hadn't lent too much money out to begin with.

Whew...rant over.

Anonymous said...

I just keep the TV on HGTV all day. I sometimes turn on Nancy Grace at night, but she has been talking about the same thing for four months now with nothing much new happening so I don't even listen to her much anymore. I watch the local news some, but not any national news. as for mortgages, I bought something for way less than what we could've bought. I knew what I was comfortable paying and that is what we stuck to. Plus, this was the only four bedroom house for sale in the whole town so I didn't have much of a choice. :-)
RetroHousewife

Mrs. Homemaker said...

Ours is usually on PBS Kids, if it is on at all. Maybe later at night we will indulge in a cooking show, for inspiration, or some sort of documentary... not much else. I know the economy is not great right now, but do I really need to be bombarded daily with how much the stock market has fallen?

It's not avoidance of truth, it's avoidance of stress. The more I let all the news into my head, the more stressed I get. Then I can't focus on things like getting our home, food, and finances in order. Everything will work it's way through in time.

neverforsaked said...

You are right on with this.....just because you are approved for a loan or credit card amount, doesn't mean you should use it......it's our responsibility, not the bank's responsibility to pay our bills, so we should make the decision on how much to spend, not just use the line of credit.

Terri said...

That is a great reminder!

Lisa's Blessed A Latte said...

Amen...maybe we should go back to owing "No Man" anything. Not that were there,but sure would love to be!!!!

thedomesticfringe said...

such a strange concept today...don't buy things unless you have money for them?

If only we could learn to be content.

Anonymous said...

A friend once told me that bad credit is a blessing in disguise. lol I totally agree with that. We got our credit in bad shape many years ago and now we buy everything with cash (except our house). All of our cars have been bought with cash and we have a very small house payment of $475 per month. My husband did rack up a lot of student loans and those suck! But we will get them paid one day. We pay cash for all Christmas and birthday gifts and all of our clothing. So, I think we are in pretty good shape.
RetroHousewife

Hazel said...

Well said but what gets me is the people who ignore all the warnings on TV and spend ,spend spend . Canada may not be in the same shape as USA but we are not far behind .I've been a lot more frugal making bread and deserts my friends thin I'm crazy , but in the end who is eating better an also saving money ME