Overspending.

debt-burden

Somehow I don’t think that Maria would have expected what I am about to write as my contribution, when she suggested the topic for today’s LBC’s weekly posts when a few of us write on the same subject. Be that as it may, here I go, giving my two bits to the grand effort.

During those days when it was necessary, I never had enough to spend for just necessities, so, never really had the problem of overspending. I grew up and had a family life during most of India’s socialistic pattern of society experiment and was in the high income tax bracket with little spare cash to indulge in extravagance. My situation changed when the economy was liberalised and I changed jobs, but old habits die hard and I never did go on spending sprees.

I was also lucky that my late wife was as prudent as I was and so between the two of us we lived prudently and comfortably without keeping up with the neighbours.

If there is one area where I overspend, that is in buying books which has been a weakness for decades and I think that since it is a harmless pastime of some benefit to me, it can be forgiven by the younger fans who read this and who are in debt living a life of EMIs.

Despite that however, I am debt free, asset rich and revenue comfortable.  I think that it is a nice way to be.

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26 Responses to Overspending.

  1. We always lived below our means and were happy doing it. It has really paid off for us.
    Cheerful Monk recently posted..Snow

  2. Anna says:

    Well, I am in similar category. Never overspent, the only debt being mortgage and this was paid off as soon as possible. This created a similar situation to yours, Ramana. My current indulgence are also books, culture in general and travels. Your post brought some new reflections, maybe I will also write about attitude to money?

  3. Dun-Na-Sead says:

    I think underspending is more or less the watchword of our post depression, post war, age of high ideals not based on money generation. For my husband and I, family and what we did professionally were always more important. When I see how hard our younger family members work, just to survive now, I think the times, they are a changin.
    Dun-Na-Sead recently posted..Over Spending

  4. nick says:

    Jenny and I have never been big spenders. We buy what we need and what gives us pleasure and none of that is going to break the bank. Our only debt has been several mortgages, the last of which was paid off some time ago. Our only real extravagance is travelling, especially if it’s to Australia!
    nick recently posted..Absolutely nuts

  5. shackman says:

    Lynn and I were not extravagant but we were not great savers. That never became an issue until HD took over her and our life. I feel sorry for today’s money hungry crowd though – things are more difficult than ever and in many cases the price for success too steep.
    shackman recently posted..Over Spending

  6. Grannymar says:

    Overspend? I don’t.
    Grannymar recently posted..Wee Wimmin’s Worries.

  7. bikehikebabe says:

    When you save & invest, it accumulates. Low income people seem to buy what I’d call unnecessary trash. 🙂

  8. Mother says:

    Yes, Ramana, it is a nice way to be. And I think we should count those blessings as a great privilege since I see so many people in our age bracket who must keep careful track and count the cost of all things. Anyway, I am grateful. (And if I overspend…it is on travel.)
    Mother recently posted..On being more invisible than normal…

  9. I’d never heard of EMIs, but I guess mortgages fall into that category. I have a mortgage payment, of course, but expect to pay off my house well before retirement. Otherwise, no debt at all.
    Secret Agent Woman recently posted..Ireland, Day 5a: Leaving County Kerry.

  10. Linda P. says:

    We’re debt-free, too, and have savings and enough income to pay our monthly expenditures without withdrawals from savings if we’re very careful. It’s a good place to be, but we don’t feel that we can loosen up. With an auto-immune disease that’s turning out to be progressive for me, we are only wise to anticipate a time when my approaching-70 husband may need help with care-taking duties. I don’t mind the winnowing down, however, as it forces the two of us to regularly reevaluate what’s important to us and what we can let go.

  11. Cathy in NZ says:

    definitely a good way to be…

  12. srinivas says:

    I think you should erase the penultimate sentence.
    srinivas recently posted..Do we need any manager at all?

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