Money is a Tool

When I started my journey towards being debt free, it was because I realized that I am tired of working for ‘things’ that I often don’t enjoy and/or have the time to enjoy.

My husband works 10 hour days and many times it feels like we are passing ships, greeting each other as we go about our daily routines. We’ve had many conversations about what we want our life to look like, and none of them include killing ourselves working to be able to afford the latest new gadget or the biggest house. I like our current house, but it was never intended to be our ‘forever’ house.

I want to downsize our next house. I want to be able to pay less in bills so we can spend more on things we want – whether that is a vacation, books, a new hobby – whatever.

Our current house is a good fit for our life right now, because my children are still living at home. But once they move out, we will be getting a smaller house. My car is over 10 years old, but it is paid off, and that makes it worth more to me than a newer car with a payment. Would I prefer to drive a newer car? Sure, but I don’t want the ridiculous payment that would go with it.

I was watching a financial YouTuber and she made a comment that has stuck with me. “Money is a tool – not a measure of your self-worth.” I think I’ve gotten so used to thinking about what we’re “worth” that I forget money isn’t everything.

Don’t get me wrong, I know money is important. But it is important because having it enables me to do what I want. Experiences are always going to be more important to me than material things. Do you know what is important to you? Or are you killing yourself trying to keep up with the Joneses?

I wonder sometimes if the ‘instant gratification’ culture of today is why so many people are in debt. No one wants to spend time saving up for a purchase, they just want it right now. So what if they have to pay 25% interest on the credit card to buy it?

I’ve tried to instill in my kids the need to budget and save and to consider the future. For example, my oldest wants a new pet desperately. So I’ve had several conversations with her about how expensive pets can be. Our last pet needed back surgery ($3K) as well as the routine costs for things like shots and grooming. Even though it was HER dog, WE paid the bills. (She got him as a gift when she was little.)

While it would be nice to have a pet, I’m not ready to get another one right now. And since she still lives with me, she isn’t getting one either. Although she isn’t happy, she understands the reasoning. Her money right now is better spent saving up for when she is ready to move out and live on her own once she is done with college.

I think people would be happier if they thought of money as a tool to help them achieve their goals and desires, rather than money being a goal itself. After all, you can’t take it with you. 🙂