web analytics

5 ‘Holy Grails’ Of Personal Finance You Need To Stop Worrying About

There was a time when I cared about these things we tend to call holy grails of personal finance.  You know, obsessing about checking your credit score, buying a home – those things that cause you to rack your brain at night if you’re one these personal finance types who cares about these things.

I stopped caring a long time ago because in the grand scheme of things they don’t affect how I sleep at night.  At one time yes, but these days?  No.

Car Insurance

There was a time when I cared about how a speeding ticket would impact my car insurance rate.  When pulled over I would going into a long diatribe with the officer about how this would affect my insurance rate.  Those were the days.  But now it doesn’t really matter as much to me.  Any tickets I’ve gotten have not impacted my insurance rate as they’ve gone down for each year.  I pay around $60 per month.  Even during the years when I was more a speed demon than I care to share here :-)   Even if it did, car insurance is just one of those I hate to deal with but can’t live without if I drive a car.

Credit Score/Checking My Credit Score

I used to obsess around checking my credit score.  So much so that I was getting new scores every 2-3 months.  Now that I use cash for everything that doesn’t matter so much any more.   Now, keep in mind, I have never had a late payment EVER but I still have debt :-)   It is what it is and losing sleep about it isn’t something I plan on doing again.  I have a plan to pay off my consumer debt in a few months but I’ll still have student loan debt *shrug*

Buying a Home And Living The American Dream

Been there, done that and have the underwater t-shirt to show for it.  I keep saying to my husband that I don’t think we will ever buy another home.  Please don’t write about the tax benefits either because when you break down the dollars you really don’t come out on top.  Property taxes, maintenance, HOA fees etc- all things you pay just to get the holy interest which magically gives you a  better financial life with the deduction.  I just don’t believe in the good ole American Dream which tells us that you have to buy a house in order to live it.  I’ll pass.

Carrying Huge Debt

Being 6 figures in student loan debt used to be something I was ashamed to admit.  As you probably guessed, now I don’t care LOL  I try to live my life free of shame and while it is something I don’t enjoy, it’s a part of my life,  I’ve learned an expensive lesson.   I’ve seen other PF bloggers and readers ashamed to admit it but guys, it’s here, admit and accept it.  It only shapes who you are if you can’t own up to the reasons why you ended up with the debt.  Let that go, because Sallie surely needs her money and she isn’t letting you go.  Like others I am working on this area of my life and don’t profess to be an expert.  However, while working on getting out of debt, it isn’t something I plan to lose sleep about.

Coupon Clipping/Extreme Couponing

This is a waste of time for me.  Time=Money and I refuse to spend hours clipping coupons to save a few cents while buying crap I don’t need again in the name of “I bought 23 toothbrushes for $2.60!”

Being Frugal

I hate this term.  Being frugal=cheap and I hate cheap anything.  I like to think of it as having more wisdom as it relates to my spending habits.  Frugal means shopping the sale rack for clothes that no one wanted so they are now marked down.  Being wise means waiting for the very coat I’ve wanted for months to go on sale.  The difference is waiting to get what I want instead of waiting for everyone else to get what they want and then pick up leftovers at a bargain in the name of being frugal.  Same thing with shopping for food.  Being frugal means buying some cereal I don’t normally eat on sale when all I can do is get what I want and when it goes on sale great, but otherwise I get what I want.

What do I obsess about?

  • Having An Emergency Fund-for obvious reasons
  • Paying down debt

I don’t lose sleep over these items either but they remain priorities for the present  time.

What are your holy grails when it comes to money?

 

 

  • Anon

    Buying a house can be a great thing, but the situation has to be right for you. If it isn’t, then don’t do it! It is very true that even if your mortgage was paid off, you’d still have to pay property taxes, maintenance, insurance, ETC! There is no free home…

    Couponing, while a drag, has saved me 2-3K a year for 3 years now. But I’m experienced and know how to do it (sale, store Q, MFQ, rebate = Free or better). Also, many websites will tell you how (try mojosavings.com). For others who don’t know how, it takes a while to learn. Still takes me a couple of hours every week to prep before going grocery shopping. So, again, this can be something that can work great for one person and not for another.

    I don’t think there has to be any “holy grail” per se, but the realization that what works for some won’t work for others–largely due to different lifestyles and personalities. So, I would say that you should find what works for you and get really good at it.

  • http://eloquence-inc.blogspot.com/ Eloquence Inc

    I do disagree though that never owning a house is a wise move…when this blogger is old and can no longer work or they will no longer hire her…is she going to be comfortable paying increasing rents to remain stable or moving every year or two to a cheaper place, or stressing over the same bills in her 70s that she was in her 30s, with half the money to handle them?  Buying a house is about looking forward…but just like the first house she bought wasn’t the right investment, it’s possible that retiring in this expensive country period isn’t the right investment either…something to seriously consider. 

    • http://www.girlsjustwannahaveufunds.com/ Ginger-GirlsJustWannaHaveFunds

      Hi there.  My answer to you is yes.  In 30 years whether or not I have a mortgage, I will still need to pay property taxes, home insurance, maintenance fees/HOA fees, utilities etc – all of those things are related to the upkeep and financial responsibility of a home.  Just because you’ve paid off the mortgage doesn’t mean you’re in the clear. 

      I’ll also correct you on your assumptions.  Whether or not they were the right purchase is something that remains to be seen in this economic climate.  In the mean time I rent while renting out my other homes because renting gives me the flexibility to move around as I please which is more valuable to me than the financial responsibility of living or being stuck in a owner occupied home.

      What works for me may not work for others but this is my perspective and it works for me.  I accept that renting may not be ideal for others but having investment properties where tenants pay all of the mortgage while I rent someone else’s home with the flexibility to move around as I please is best.  Tis all :-)

  • http://eloquence-inc.blogspot.com/ Eloquence Inc

    Amen to this post!  I still say I want somewhere paid off/paid for when it’s time to rest my old bones and I’m too old to work, but honestly, I’ve seen plenty articles advise retirees that retiring OUTSIDE OF AMERICA is the best use of their fixed income dollars…and that lines right up with this blog entry which advocates not killing yourself to pick up a home debt here with all the financial burdens that come with it, and with my secret dream which is to retire back home!  Homes down there are cheaper especially if built from scratch, and nobody cares about credit they care about income and job history and whether you have any banking history with them…always said to myself instead of killing myself over the credit score thing here, why not just get a home in an area I can use it for a vacation rental there, then move into it at the end?  Now I read your article it’s making even more sense.  I can’t plan on a 30 year career in the same place so i find it hard to buy a house here even though i want one…Jamaica though, I am guaranteed to go there again and again til I die, it’s the only stable place in my heart/life when looked at over a 30 year period….I can’t get too emotionally tied to anywhere in the U.S. cause it’s always and only about where the jobs are!

  • Shannon Mouton

    While my parents obsess over having a good credit score, I can admit that I don’t…at all. I’ve never read it in anyone’s obituary, and it’s not important enough to go there, then it’s not important.

  • http://www.facebook.com/nic.mclean Nicole McLean

    Right now, the only thing I’m worried about is making sure that I can afford my health insurance and coming up with money to fund my start-up. Debt will come and go. It is what it is. I don’t shop a lot, or do a lot of extravagant things and honestly, I’m just tired at this point. Getting sick and then getting better is just plain ol’ expensive. I don’t think there is a way out of that for me. So… I’ve resolved to worry about things I can handle. 

  • afterwishing

    Thank you! I am so tired of reading articles that say these things are important. Usually, they just leave some poor, desperate, soul wondering “Now what do I do?”

  • http://youngwritersblock.org SpkTruth2Pwr

    Interesting!  These are things I swear we are conditioned to think about if we want our finances to be in order.  I like this perspective.

    • Ginger

      Thanks! Good to see you around here!

  • Pingback: See 8 Easy Ways to Put Some Extra Cash In Your Pocket | Financial & Investement Advices

  • Pingback: Create A 5-Year Financial Plan To Jump-Start Your Finances In 2012 | FINANCIAL ADVICES BLOG

  • Pingback: Create A 5-Year Financial Plan To Jump-Start Your Finances In 2012 | BUSINESS GUIDE BLOG

  • Doctor Stock

    Yes, avoiding unnecessary debt and investing are mine…

  • Thirtysixmonths

    I feel the same way except my insurance rate is ridiculously high. EF and debt repayments are my top priority, too

  • Anonymous

    I think our thinking and our thoughts are the main thing it sets our intention and goal, I think money and finance are professional matters holy grails are different!!

    Menu planing