Staying the Course When Temptation Strikes
I wanted to share a personal story with you this week. I've been eyeing the Tesla Y as my next car—it's been a dream of mine for a while. But am I in the car market right now? No. My current car is old, but it's still running fine.
So, you can imagine my excitement when I heard about Tesla offering a 0.99% APR on the Tesla Y for a limited time. The urgency of a great deal brings a rush of emotions: "Wow, that's such a low interest rate. I could make that work. It's my dream car. It's meant to be...."
Except it's not. I don't have $50k in the bank set aside for this car. In fact, I don't have any money earmarked for a new car because I have other priorities that come first. And that's today's reminder: What are your current financial priorities, and how are you protecting yourself from straying off that path?
Sure, it would be easy to make that purchase. I was even pre-approved because, of course, they want me to buy it. But it's not the right decision at this time. It's tough when you see people around you making purchases you desire. However, staying the course is crucial. Ensuring you're wise with your money for the long run is more important than satisfying today's desires. Those monthly payments? They aren't comfortable. The weight on your chest from locking yourself into $1000/month for FIVE years? It's not worth the freedom you have driving a paid-off, reliable car. It's not worth sacrificing your future. As Proverbs 22:7 says, "The borrower is slave to the lender."
Create a shared vision in your household. Have a "why" for when things get tough, and you feel tempted to veer off plan. Why are you sacrificing right now? Why are you working so many hours to pay off this debt? Keep that front and center. Is your "why" a better future for your kids than you had? Is it a lavish European vacation? Retiring early to spend time with your grandkids? Or building up enough money to bless others when they're in need?
Here's to saying no to what we want now and yes to what we truly need. One day, my focus will be saving for a new car, and hopefully, it will be a Tesla. But no matter what the future holds, I'm saying no today.
Accountability is crucial when making financial decisions. Who have you shared your goals with? Who will remind you of those goals and help you stay on track?
-Amberley
