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Want versus need and sacrifice in Financial Peace

want-versus-need-and-sacrifice-in-financial-peace

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My oldest daughter is at the age that we should be considering preschools for her. There are many reasons she could go, and a good reason she should not. No matter how cheap the price of the school, it is still income that could go toward paying down debt- and building an emergency fund. The question opens up an entire box of questions and possibilities for me. 

In December I received my Masters degree and the 30k bill that goes behind the piece of paper. When I had children, I vowed to be a stay at home mom until they started kindergarten. My youngest just turn one, an awesome job opportunity just opened up locally (although I’ve no guarantee that I’ll get it) but I’m torn on if I should even apply. The salary can more than cover the cost of childcare, and I could pay off those student loans in no time if we follow Dave’s debt snowball and throw everything at it. Another rub- I want one more child. Since starting Financial Peace, I try to always think of want versus need. But these situations are such that you could rationalize any situation.  It all comes down to staying at home. Yes, I realize that children go to daycare every day, and I have a wonderful friend whom I love as a sister that would be willing to shoulder that task for me.  Having had lost one daugther, I don’t want to miss one moment with  my children.  The whineing and crying, endless piles of laundry, and a house is never clean is worth it when I’m there to hear their first words, teach them to walk, or just observe in silence as they figure something out.

Another thing that would keep me from going back into the workforce is that I would like to home school my children. The disclaimer is that my area is brimming over with homeschooling resources. I’m not opposed to public schooling per say, I’d just rather control the influences on my young daughters. I’d like to have more control that what public schooling affords. There are other alternatives in early education- such as Montessori schools, but then we’ve come full circle to my original problem- whether or not preschool is a want or a need in my particular circumstances.

I have a hunch as to what Dave would say about private schooling- because I’ve heard it on his show.  A mom called in asking for advice and a lot of their income outwent to pay for school.  Dave asked if the school was worth it and she answered yes.  I don’t remember exactly what he said, but it was clear that it wouldn’t have been a neccessity for him.  When we’re parents it’s often hard to decide between what is a need and what is a want.  We live in a society with constant pressure to give our children the best of everything.  If we don’t, then we aren’t good parents- at least to ourselves and whoever we think may be watching.  The very definition of the term sacrifice is not even clearly defined.  I met a woman once who was working 4 jobs to send her children to Montessori schools.  She used the term sacrifice. Something was being sacrificed, but what wasn’t as clear.  He also has an interesting clip on his blog called the Wussification of America where he admits to being “Old Skool” when asked about why his advice is always for the father to go out and get extra jobs while the wife stays at home with the children.

In order to answer my own questions, I’m going back to the basics of Financial Peace.  J and I have been working on our debt snowball since August, and after we get our taxes, we’ll be debt free- until July when those pesky student loans start back again.  We could have been done much sooner had we’d not been the slowest gazelles in the herd.  There were plenty of stupid taxes to pay along the way.  I won’t even mention the Dave care that we drove about 100 miles before the engine blew.  My point is, Financial Peace doesn’t take forever.  It’ll probably take 2 years to pay off my student loans, less if we live on beans and rice- even part time. Once those are paid, our emeregency fund will be fully funded in just a matter of months- before our oldest starts kindergarten.  Then we’ll be able to seriously consider wether or not we want to homeschool or pay for Montessori school.   Then we’ll be discussing paying off our mortgage instead of spending the money on education.

In Financial Peace, sacrifice is what you’re willing to put on hold for the short term- to gain in the long term.  Stick to the plan- but use strategic long range planning if you’re stuck on deciding what is a want and what is a need.

February 25, 2009 | Filed Under Just Whatever 

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