We’ve worked with a budget mindset, but only in the broadest sense. There has never been a formal plan, one where we sit down on a regular basis and talk things over or chart things out. Somehow, we made it through all the years of paying too high a percentage of monthly income on a mortgage, but not without occasional animated discussions and frayed nerves.
Budgeting has always been my Achilles heel, much to my wife’s chagrin. I understand the wisdom of it, I guess, along with the importance of saving for a rainy day, but I’ve never really taken it to heart. Fortunately, I had a built-in savings plan during my years in the ministry, with money being set aside for a pension, along with what had accrued in the way of a monthly Social Security benefit. If my retirement had been solely dependent on disciplined personal savings, we would be in trouble. Or I’d still be working.
As things stand now, and perhaps all along, I have lived with a sort of financial radar, some level of awareness regarding our financial limitations, or what we have to work with on a monthly basis. I pay attention to income v. expenses, but I will always be dealing with an inner voice that’s grown from a whisper to something more audible: “You only live once, and you’re not getting any younger.”
To be honest, I’ve always lived with a mix of selfishness and throwing caution to the wind, when it comes to things fiscal.
3 Cents' 