Featured Image credit: Mike Licht
As many of you may know the student loan debt crisis is simply out of control and someone must fix it, I will be presenting my ideas and ambitions on that later this year But onto the topic you clicked to actually read about. I have recently come across the financial guru named Dave Ramsey on Youtube and he has reinforced my views on limiting spending while in a crunch to pay off debt. So while everyone was out buying plasma televisions, new game consoles, phones and games I was working overtime on Black Friday and Cyber Monday and not spending money on things I do not truly need.
Sure, what harm would $200 in games do to someone suffering student loan and consumer debt? The numbers game will say not much, but the logic behind this choice is to live life in a way that is conscious of spending. Each dollar earned, should hopefully advanced your financial goals. I’m all for people getting deals and such, but if the dollar is owed to someone else, one should think if that money should be used once again on yet another unnecessary item. I have yet to get Super Smash Bros. Ultimate yet, as I intend to simply buy it with cash versus a credit card. Thankfully I have managed to avoid any spoilers to date.
Be reasonable with your spending
I believe everyone this Christmas season and beyond should start doing an actual look into where their money is going. How often are you replacing electronics and other items? What items are essentials and what are casual ones that can wait? I know, working a job does require some time for play and relaxation, but how much should there be? And more importantly, how cheap should it be? The last game I can remember that I bought DLC for was Fortnite season 5 and Just Dance 2018. How I long to go to Casa Bonita in South Park and endure the Champion’s Ballod in Breath of the Wild, but funds do not compute for that at the moment. Funds and responsibility tell me that I do not need to buy skins in League of Legends or purchase every yearly installment of a franchise.
Purchasing large items on credit cards are risky…
If you already have a credit balance, is it smart to put a Xbox One X, PlayStation 4 Pro or a Nintendo Switch on that card because of a bundle or a special season? That is up for you to determine, just know that if there is a possibility for interests to accrue, the sale might end up costing you more than it costs at a non-sale price with cash. Just like the economic crisis of 2007 we need to ask are we buying devices we can not afford. If the answer is yes, than maybe you can give that Black Ops 3 another try before buying Black Ops 4… Maybe 2K18 can be played a few more months before getting 2K19. Times are rough and we have to decide how to get out of these rough times. One can not spend their way out of being broke. One can invest and pay their way out of debt faster if the right budget is implemented.
If you really want that game, make sure you lower your spending in other areas. Going out to eat, buying lunch at work, while at Target and Walmart make sure to go only off the list you had before entering the store.
It pains me to write this post
There is no doubt, that I love this country. I love being American. I love being able to works towards that American dream. What I do not love is the financial crisis we have created through dynamic systems that put people like you and me into these binds. The student loan crisis, people getting subprime loans, people suffering because of medical disasters. This is just a few of many. With more people finding themselves at jobs where they are underemployed or underpaid it makes me unhappy.
With large sums of money from corporations going towards marketing and studies on human behavior is there any reason to wonder why debt and overspending is so high? I may not be an economist or even qualified to talk on these matters, but I am compelled to say I may be a broken clock who happens to be right twice a day.
I purposefully wrote this article after Black Friday and Cyber Week so that we can have the clarity of hindsight. Now if you can open your bank balance or credit card balance and see was it all worth it. If the answer is yes, no comment is needed. If the answer is no, what will you do outside of the massive days of spending to make up for those decisions?
I feel great that I did not get sucked into all of the sales during Black Friday and Cyber Sales week. I know that my next paycheck will help me get to the financial goals I have in life and I look forward to walking into a store buying Smash Bros with cash instead of using a credit card. I will always be a gamer, so I know I can play my new favorite game later. If you disagree with this article I just ask that when spending alot this holiday season you attempt to make sure that your savings and/or debt are in better shape than they were in October of this year. Until next time….
Please voice your opinions in the comment section below. Let’s try to solve these financial crisis as a village.