A need is something useful to exist, such as: food, shelter and income. A desire is for enjoyment or to satisfy a craving you have. There were several attitudes that resulted from these years of poverty in those who lived through them. Many, including myself, continued to be frugal, spending only what we had. This was a good choice and resulting in being debt free. Another attitude was from those who, because they had to do without, decided that they never wanted to experience lack again, so they would buy everything they wanted on credit. This was a bad choice and the result was being bogged down with a large debt, sometimes for long periods of time.
Another good choice was saving money to buy something you wanted until you had saved enough to pay cash. There was no debt involved. Two large purchases that would probably necessitate borrowing money for a long period of time are homes and automobiles. This is where common sense is part of the decision on where and what to buy.
If you can only afford a house in a family neighborhood, don’t even look at the mansions in the gated communities. If you can only afford a Ford, don’t even go into a Cadillac showroom. Usually trying to keep up with the Joneses (whoever they are!) can be a very foolish and costly decision.
It is important to teach our children good economic habits while they are getting their allowance. This will instill in them a “don’t spend more than you earn habit” which will be helpful to them when they receive their first pay check. Many parents give their children “everything” they ask for even if they cannot afford to do so. Some of these children will grow up with the wrong impression that “Doctor Debt” can solve all of their financial problems. NOT SO! They will experience financial relapse after relapse. A good healthy prescription motto would be: IF YOU CAN’T PAY FOR IT. DON’T BUY IT!
I would be negligent in giving financial advice if I failed to mention marriages where both the husband and wife are employed and her earnings are not necessary to make ends meet but are used for luxury items. When I was first married and was still employed, we had neighbors in the same situation. They were living off of both incomes. Then she became pregnant with their first child and was physically unable to continue working. The result was a financial disaster. The husband had to find a part time job in addition to his regular job to pay their existing expenses. As I watched them struggle, I learned a very important financial lesson: the living expenses of my husband and myself, including the cost of transportation to and from our jobs, were paid out of my husband’s wages only. When I received my pay check, I deposited it in a Savings Account. Two years later, when we bought our first house, we were able to put 50% down, which resulted in a very low mortgage payment. When I became pregnant and quit my job, there was no financial crisis. You can really profit from seeing other people’s mistakes and by not duplicating them.
God knows what we need and He provides everything we need. Our neighbors and friends might have different needs than ours. He also will provide for them. Be grateful and thankful for God’s blessings and provision for us. Speak as Paul did in Philippians 4:vs. 11,12,13 –
“Not that I speak in regard to need, for I have learned in whatever state I am, to be content. I know how to be abased and how to abound. Everywhere and in all things I have learned both to be full and to be hungry, both to abound and to suffer need. I CAN DO ALL THINGS THROUGH CHRIST, WHO STRENGTHENS ME.”
Thank you for reading this,
Great Granny Witt
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