Comments on: The Real Price of Spending While In Debt: $6.25 Footlongs… http://manvsdebt.com/the-real-price-of-spending-while-in-debt/?utm_source=rss&utm_medium=rss&utm_campaign=the-real-price-of-spending-while-in-debt Sell your crap. Pay off your debt. Do what you love. Tue, 22 May 2012 12:39:44 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Marc Wyzykowski http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-6452 Marc Wyzykowski Sat, 12 Dec 2009 22:55:13 +0000 http://manvsdebt.com/?p=158#comment-6452 Speaking to your question, I have resorted to leaving my credit card and debit card at my apartment in my desk. I have to make a conscious decision to bring my cards with me on days when I plan to make a purchase. On top of that, I leave the cards in my car during those days to ensure that I cant readily whip it out without having to make a deliberate trip back to the car. That still doesn't stop the mrs. from using her copy of the card though... Damn her! Speaking to your question, I have resorted to leaving my credit card and debit card at my apartment in my desk. I have to make a conscious decision to bring my cards with me on days when I plan to make a purchase. On top of that, I leave the cards in my car during those days to ensure that I cant readily whip it out without having to make a deliberate trip back to the car.

That still doesn’t stop the mrs. from using her copy of the card though… Damn her!

]]> By: sam @ moneypenny http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-59 sam @ moneypenny Mon, 06 Apr 2009 04:03:02 +0000 http://manvsdebt.com/?p=158#comment-59 This is one of my favourite subjects! I call it the 'opportunity cost' of your cash. Yes, that footlong might be $5, but what would (or could) that money be doing elsewhere? This is as true for when you're in debt as when you're not, because it can just as easily be applied to savings / investment interest as debt interest. For example, $10 a day in coffee/lunch/lotto tickets/etc. over a 40 year worklife adds up to almost TWO MILLION DOLLARS when you consider compound interest. Two million bucks in just ten dollars a day! As I have a mortgage, I've worked out that a $40 thing actually costs me nearly $100 over the life of my loan. Makes you look at a cup of coffee in an entirely different light. Fabulous post - keep working on your friend! :) <abbr><em>sam @ moneypenny’s last blog post..<a href="http://www.moneypenny.me/index.php/getting-started/57-getting-started-part-3a-how-to-create-a-budget-that-actually-works" rel="nofollow">Getting Started - Part 3a - How To Create A Budget That Actually Works</a></abbr></em> This is one of my favourite subjects! I call it the ‘opportunity cost’ of your cash. Yes, that footlong might be $5, but what would (or could) that money be doing elsewhere? This is as true for when you’re in debt as when you’re not, because it can just as easily be applied to savings / investment interest as debt interest. For example, $10 a day in coffee/lunch/lotto tickets/etc. over a 40 year worklife adds up to almost TWO MILLION DOLLARS when you consider compound interest. Two million bucks in just ten dollars a day!

As I have a mortgage, I’ve worked out that a $40 thing actually costs me nearly $100 over the life of my loan. Makes you look at a cup of coffee in an entirely different light.

Fabulous post – keep working on your friend! :)

sam @ moneypenny’s last blog post..Getting Started – Part 3a – How To Create A Budget That Actually Works

]]> By: ABCs of Investing http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-57 ABCs of Investing Mon, 06 Apr 2009 03:15:08 +0000 http://manvsdebt.com/?p=158#comment-57 [...] Man vs Debt figures out the real price of spending while in debt. [...] [...] Man vs Debt figures out the real price of spending while in debt. [...]

]]> By: Switch to Riches» The 50 Best Money Tips for College Grads http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-56 Switch to Riches» The 50 Best Money Tips for College Grads Sat, 04 Apr 2009 20:57:04 +0000 http://manvsdebt.com/?p=158#comment-56 [...] 45. Don’t get TOO caught up in money management that you are labled as ‘cheap’. Learn the balance between money management and fun. If not, you’ll go crazy! 46. Calculate your net worth every so often to find if you are [...] [...] 45. Don’t get TOO caught up in money management that you are labled as ‘cheap’. Learn the balance between money management and fun. If not, you’ll go crazy! 46. Calculate your net worth every so often to find if you are [...]

]]> By: Tom http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-34 Tom Tue, 31 Mar 2009 19:51:40 +0000 http://manvsdebt.com/?p=158#comment-34 This is odd because I was researching advice on what I should tell my Cousin and he's in the same boat. I work with a lot of people in debt and it's hard to give people the facts straight because they hear what they don't want to hear. They want the debt to disappear yet they don't make more money or cut back on expenses. My cousin wants to get rid of his $4,000 debt at 20 something percent interest yet he won't get rid of his outrageous $500 car payment, DirecTV with every channel known to man. Sometimes I can't feel sorry. Great post and blog BTW, keep up the great work. <abbr><em>Tom’s last blog post..<a href="http://www.findsecuredcards.com/blog/best-debt-collection-books/" rel="nofollow">Best Debt Collection Books</a></abbr></em> This is odd because I was researching advice on what I should tell my Cousin and he’s in the same boat. I work with a lot of people in debt and it’s hard to give people the facts straight because they hear what they don’t want to hear.

They want the debt to disappear yet they don’t make more money or cut back on expenses. My cousin wants to get rid of his $4,000 debt at 20 something percent interest yet he won’t get rid of his outrageous $500 car payment, DirecTV with every channel known to man. Sometimes I can’t feel sorry.

Great post and blog BTW, keep up the great work.

Tom’s last blog post..Best Debt Collection Books

]]> By: Baker http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-33 Baker Tue, 31 Mar 2009 18:16:47 +0000 http://manvsdebt.com/?p=158#comment-33 @ Kate - Thanks for the comment! I'm honored you would consider linking it and appreciate all the support! @ Kate – Thanks for the comment! I’m honored you would consider linking it and appreciate all the support!

]]> By: Kate Kashman http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-32 Kate Kashman Tue, 31 Mar 2009 17:58:49 +0000 http://manvsdebt.com/?p=158#comment-32 I love, love, love this article! I'm linking and as I said in my link, "If I were carrying around high interest consumer debt, I would print out this article and tape it to my wallet." Good stuff! I love, love, love this article! I’m linking and as I said in my link, “If I were carrying around high interest consumer debt, I would print out this article and tape it to my wallet.” Good stuff!

]]> By: Baker http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-30 Baker Tue, 31 Mar 2009 14:17:59 +0000 http://manvsdebt.com/?p=158#comment-30 @ Adam - I agree with you 100%! By the time you saved up the cash for a purchase, often times you realize it's not worth the cash in your hands! It's a weird feeling at first, especially if you were used to using credit cards like I was! @ Adam – I agree with you 100%! By the time you saved up the cash for a purchase, often times you realize it’s not worth the cash in your hands! It’s a weird feeling at first, especially if you were used to using credit cards like I was!

]]> By: Adam @ Checkbook Diaries http://manvsdebt.com/the-real-price-of-spending-while-in-debt/comment-page-1/#comment-29 Adam @ Checkbook Diaries Tue, 31 Mar 2009 13:37:25 +0000 http://manvsdebt.com/?p=158#comment-29 Adding the APR on your credit cards is actually a really good way to look at how much every purchase ACTUALLY costs you. The dynamic between friends is funny. In a group setting, I can see any one of my friends calling me captain killjoy for providing more than the bare minimum financial advice asked for, but in a one on one setting I think it would be more of a revelation that your friend comes to. Although when you are starting to get rid of debt, having a balance of debt repayment and spending is a good way to ease into it, I've found that once I'm rolling with my debt repayment I can't STAND spending even on things that I really want. I typically end up talking myself out of things that I've been specifically saving for, because I worked so hard to save tha money. Like the site, keep up the good work! Adding the APR on your credit cards is actually a really good way to look at how much every purchase ACTUALLY costs you. The dynamic between friends is funny. In a group setting, I can see any one of my friends calling me captain killjoy for providing more than the bare minimum financial advice asked for, but in a one on one setting I think it would be more of a revelation that your friend comes to. Although when you are starting to get rid of debt, having a balance of debt repayment and spending is a good way to ease into it, I’ve found that once I’m rolling with my debt repayment I can’t STAND spending even on things that I really want. I typically end up talking myself out of things that I’ve been specifically saving for, because I worked so hard to save tha money.

Like the site, keep up the good work!

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