Comments on: Maintaining Balance: Is Getting Out Of Debt A “Need” Or “Want”?

By: Frugal Confessions

Frugal Confessions — Mon, 26 Jul 2010 12:07:55 +0000

[...] that our monthly budget is a bit out of whack. Here are our current percentages: 49.2% Needs (with all debt payments included, though some people put debt repayment into one of the other two cat…), 10.8% Wants and 40% Savings. After we pay off the last of our non-mortgage debt in August, our [...]

By: tom

tom — Wed, 15 Apr 2009 04:51:45 +0000

That is a pretty interesting chart and a simple one to follow, I never looked at it this way. Its a great way to base a budget on. I am personally following something similar, i save 50% of my income, and this month I may be able to save more then 50%. tom’s last blog post..Expense tracking was a real smack in the face

By: Roundup and Link Love – 2008 Tax Deadline Looms Edition | The Wisdom Journal

Sun, 12 Apr 2009 01:36:47 +0000

[...] Maintaining Balance: Is Getting Out of Debt A Need or A Want? [...]

By: Baker

Baker — Sat, 11 Apr 2009 13:48:49 +0000

@ Jill – We are definitely on the same page. I’m very obsessive about getting out of debt at times, which is the core reason I struggle with balance. I’m glad you connected with the article and took the time to comment!

By: Jill

Jill — Sat, 11 Apr 2009 12:14:23 +0000

Great article. My feelings exactly. Thanks for giving me perspective. I think it is a personality trait to be in debt in the first place…obsessive.. so is getting out of debt. I am impatient and want it now. It helps me to focus on a date then I know, for example the car loan will be paid off by a certain date and I concentrate on that. It is also important to have that balance. Enjoy life while you are at it.

By: Carnival of Pecuniary Delights No. 2: Saving Money Edition @ Finance Help Ideas

Carnival of Pecuniary Delights No. 2: Saving Money Edition @ Finance Help Ideas — Fri, 10 Apr 2009 06:57:12 +0000

[...] Baker from Man Vs. Debt presents Maintaining Balance: Is Getting Out Of Debt A “Need” Or “Want”?. [...]

By: Baker

Baker — Wed, 08 Apr 2009 02:00:40 +0000

@ Wealth Pilgrim – Neal, I definitely need to start trying that a little more. I’ve realize recently that “as soon as possible” is not really a good time frame. Or rather that it leaves no money left over to spend on wants. I’m working on setting goals with more specific time frames and then actually rewarding myself! Thanks for the comments!

By: Wealth Pilgrim

Wealth Pilgrim — Tue, 07 Apr 2009 14:18:20 +0000

Great topic Baker! This division between needs and wants is crucial - but it can go too far. Its an individual issue and approach. What works for me is simply to ear mark a certain amount for savings FIRST and then spend the rest on whatever I want. In my case, this has been a real home-run. I got out of debt completely and paid off the mortgage on my home using this method. I think the best approach is one that everyone on your team will get behind. For me, that was critical. Wealth Pilgrim’s last blog post..This Is The Week To Choose Financial Freedom

By: Baker

Baker — Mon, 06 Apr 2009 13:21:37 +0000

@ Brandon – Thanks for the comment, I couldn’t agree more! To me it is a NEED to at least stay current, which is why we will have a year’s worth of student loan payments saved before heading to Australia. I couldn’t imagine placing them in deferral, unless there was a catastrophic (and lengthy) emergency.

By: The Almost Millionaire

The Almost Millionaire — Mon, 06 Apr 2009 13:07:05 +0000

I think it is a want. A need would be to have enough income to maintain a minimum debt service on your existing debt, so that you don't fall behind and ruin your personal credit. Making AT LEAST that minimum payment each month is the only thing that you NEED to do in my humble opinion! Great post, Brandon The Almost Millionaire’s last blog post..Should I buy a house?