Wants <==> Needs

November 18th, 2007 at 05:03 pm

Jenn are going through a season where we are SICK of paying mortgage payments. We have been debt-free except for the house for nearly four years, but this stupid house mortgage makes us angry!

If we paid the regular monthly payment for a thirty year mortgage at a fixed rate of 6% interest, only 17% of the principal & interest payments made in the first year go to principal! Where does the other 83% go? To the mortgage lender!!!

No wonder people aren't winning financially!

So, Jenn and I are attacking the mortgage. This translates to the fact that we are boosting income and cutting spending.

As part of the "cutting spending', Jenn and I are having to have the Wants vs. Needs discussion.

I have got to tell you, it is BRUTAL!

Here is what is up for cutting or eliminating in our budget:

* Cable TV
* Spending Money
* Babysitting Money
* Internet
* Entertainment Money
* Gasoline Money
* Christmas Money

Here is NOT what is up for cutting or eliminating in our budget:

* Vacation Money (we save for it monthly)
* Retirement Savings
* College Savings

I need some great ideas for saving a boatload of cash. Anyone have any great ideas?

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Posted in Uncategorized | 3 Comments »

3 Responses to “Wants Needs”

SingleGuyMoney Says:
November 19th, 2007 at 01:53 am 1195437219
1195437219

Yeah, that is a brutal conversation. Good thing you have a significant other to help you make the decision.
baselle Says:
November 19th, 2007 at 02:18 am 1195438694
1195438694

How's your grocery money? That's always a great place to cut - not like any of us are starving!
NoExcuseBudget Says:
November 19th, 2007 at 03:58 am 1195444691
1195444691

This is one of my favorite conversations to have with people. As many times as I've talked to others about a want vs. a real need, some people will say that cable is a need not a want... some will say it's the opposite. I commend you on knowing it's a want. It really comes down to how badly you want the motgage payment gone and to what extent you will let your frugality affect your lifestly... as for making more money, I've got a list of 50+ ways to make more here http://www.noexcusebudget.com/makemoremoney.html

Hope this helps and keep up the good work, you two have done an excellent job!

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I Was Broke. Now I'm Not!

On a crusade to help others win with their money!

Wants <==> Needs

3 Responses to “Wants Needs”

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