Use it Up, Wear it Out, Make it Do, or Do Without
Monday, October 13th, 2008I love this quote above. I don’t know who coined it, but it is a principle that is coming to the forefront of Americans today.
A couple of months ago, I had a mournful experience. My mountain bike of 21 years finally gave way. At $325 in 1987, this bike had served me well! It tread thousands of miles, including miles and miles of mountain terrain and twice across international boarders. I have ridden it up hills and sometime it rode me down hills.
I suspect that only about 60% of my bike was still original. I’d budgeted spending for repairs and even created a spending plan in my budget to put aside cash every month to save for and purchase some nice upgrades. I can still remember the day back in ’92 when I put that new Deor XT Rear derailleur on my bike.
Recently, I found myself in a most regrettable situation. I thought I could make Bridgestone last another few years, so I had not created a budget to replace it. Being a user of Mvelopes (now Finicity Money Manger) for over 6 years, I should have had more foresight. I guess I was in denial because I like to squeeze every last drop out of everything (except brussel sprouts…but that is another story) and I was sure I had time to set up my budget for a future purchase (Mvelopes is perfect for this).
My family, unbeknownst to me, had been preparing for this day. The members of my family had been setting cash aside in their individual budgets for a bike for me. After my family convinced me it was okay and after some research and nearly 2 months in peak riding time without a bike, I found my bike.
Well, I am a saver through and through. Not only did we pick up a good quality bike on sale (21% of retail—fall is a great time to get a deal on a bike), but we were able to use some accumulated points from a Visa rewards program that allowed us to pick up the bike at no cost. I am planning and hoping for another 20+ year ride. Best of all, my wife and kids were able to keep and reallocate the cash they had saved to something else.
We are living in times where we have to find a way to make our cash go further. Don’t be embarrassed if you don’t have the newest car or the trendiest clothes (I don’t). There is so much more comfort and peace knowing you are living within your means than trying to impress a neighbor, friend, or worse, someone you don’t even know!
Personal cash flow management is core to living within our means. Part of personally managing cash is also finding ways to extend the life of the things we use and need. We likely need to take a hard look at our definition of needs and wants, and likely have to do without some of the wants. The price for financial peace is worth it! Although I was tempted by some really nice (rather expense) bikes, I knew that a bike was definitely a want for me. Balanced against needs and financial goals, the decision was an easy one.
Use it up, wear it out, make it do, or do without!
Warren Rosner, Accounting
