Recently, Beks over at Blogging Away Debt admitted that she is going on a trip with her family to Italy and Ireland. The cost is substantial ($3,000) so their debt repayment will stall for a bit. Beks was apologetic, but most of her readers (myself included) said this was an important event — one that she can’t do just any time.
That got me thinking: What would I go into (further) debt for?
Of course, I didn’t have to look too hard. There are a couple of examples in the recent past: Tim’s trip to his best friend’s wedding and a heavy bag to vent our frustrations. I do not regret either expense, although I would have loved to put the money toward debt. These are things that, after careful thought, were not optional. (I’d already put off the heavy bag for three years…)
And let’s not forget the move. I estimate that we spent about $3,000 to get ourselves and our stuff to Phoenix. (I include things like deposits, since those funds had to be diverted from debt repayment.) That one was a toughie — the sheer expense made me cringe — but, in the end, it was necessary. Unless I wanted my husband to continue being physically incapacitated and acutely uncomfortable.
Health is an easy one, though. Few of us would hesitate to get our loved ones the care they needed, cost be damned.
I’m thinking more along the lines of voluntary spending. Things that we could technically opt out of; but we don’t. The event is too unique or the item is just too worthwhile. Travel definitely falls under this category — especially trips with family members. Then again, I’ve read some bloggers who will scrounge up the money for an iPhone, no matter how bad things have been.
We all have different priorities, and that’s why I want to hear from all of you. The sheer variety of answers could be interesting indeed. So, tell me, what would you be willing to pay a substantial amount for, even if you’re still in debt (or if the purchase would put you back in debt)?
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Thanks for the article. For a few seconds my mind raced wildly! lol We have been on a debt free mission for so long I haven't even thought about what I would be willing to go into debt for. I am afraid I am so practical that it would have to be a new dishwasher. sigh…mine is on it's last leg. DH told me that we have to save for it and if nothing else goes wrong maybe some year…er, day I can get one. I am becoming increasingly impatient.
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Abigail Reply:
February 27th, 2010 at 9:00 pm
I can understand practicality. Now that Tim's friend's wedding and such is taken care of, I think there isn't much I'd be willing to stall debt repayment on, either. My grandfather and his wife are arranging a cruise for the family, but I'm not going because it's just too expensive, I'm afraid. I'll miss out, but this is just not the year to add any more unnecessary expenses.
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Great question!
The two for me would be medical bills of any kind for the family (thats part of how we got in debt in the first place) and our cars. I need a car for work so its a necessity to keep our income coming in. The only other thing is a MAJOR repair on the house. Gotta live somewhere.
At this point in my life though, I may just beg parents for money- desperate I guess!
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Abigail Reply:
February 27th, 2010 at 9:03 pm
I definitely think we can't help obvious necessities like that. As I said in the post, medical bills are no question at all. (We were overwhelmed with medical-related costs, too. That accounts for most of our debt.)
House repairs and a car definitely qualify as necessities too (unless you live and work in an area with EXCELLENT transportation). And I think, if your parents could help you out, it makes a lot more sense to borrow from them than to finance it on credit cards or with a bank loan!
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