Dealing With Payment Syndrome!

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15 Responses

  1. BusyMom says:

    Guilty about mortgage. We bought our home with 5% down payment, and had to even pay PMI. However, we have been actively paying down our mortgage, and will be done in 5 more years (about 8 years since the beginning).

    • Chris says:

      That doesn’t sound too bad. We did a similar thing with our first house. And though I wouldn’t do it again, it worked out for us. Thanks for the comment. 😀

  2. I have been guilty of the ‘buy it now because I will have the money by the time the bill comes in’ also known as credit card syndrome.
    Still can’t believe how much less that couch costs if you buy somewhere other than a rent-a-center. Crazy that people don’t bother shopping around. Great post.

  3. Linda Kingsford says:

    The first two years we owned our house we made double payments with the second payment going to principal. That knocked three plus years off of the end of the mortgage. Payment syndrome has never been our problem because I always want to know the total cost. You state very valid points for those who do fall in that trap. Excellent post, very informative.

    • Chris says:

      Thanks for the feedback and the comment. I agree, and I’m glad you consider the total cost. I only wish more people did. 😀

  4. When I first started reading the article, I thought you were referring to sharing economy that’s popular in cities. Then I figured it must be staging furniture for selling your house. Do people really rent their furniture long term? That seems crazy…

    • Chris says:

      Yes, people really do. I had a friend who worked for one of these rental places, and he would have to go and take back furniture when they could no longer pay. It’s sad really. They prey on low income families. 😟

  5. Something I’ve seen recently are services that allow you to “rent” clothing. Maybe this saves money if you were going to go to an event in a designer outfit? Other clothing rental businesses operate as a subscription service and allow you to try out clothing & only pay for what you keep. But getting a selection of regular clothing that you can wear & return (washing not necessary, even!) seems like it would cost more in the long run, because if you decide to keep anything, the amounts are relatively small and you may not realize how much they end up costing over time. I can’t see the value in this.

    • Chris says:

      Agreed, these types of services only make sense for a short one time event. Otherwise you’ll pay more, which coincidentally is the only way those companies make any money. 😉 Thanks for the comment.

  6. I’m the graying saver and I have been guilty of payment syndrome. Whew, feels good to get that off my chest. Fortunately my PS only occurred in the context of mortgages. Still, using my money to make money for someone else. Not good.

    • Chris says:

      Hahaha. I think we probably all have to some extent. You make a good point though – making your money work for you is certainly a more efficient way of saving. 😀

  7. Paul says:

    I’ve never been guilty – almost the opposite. I struggle over minor purchases I can easily afford – and sometimes, at the end of the roller coaster of considering a life where I could have bought that $10-20 item, I consider myself to have enjoyed most of its anticipated value and skip the purchase 🙂

    • Chris says:

      Sounds like you’re more of a saver – which isn’t bad. . . and that you think yourself out of purchases – which isn’t necessarily bad either.
      Thanks for commenting and stopping by. 😎

  8. Great post Chris, and congrats on the Rockstar feature! The payment mindset is dangerous. I wrote a post a little while back about how we try to limit as many payments/bills on a monthly basis as possible. This goes really well with your point here in this post about getting rid of the payment syndrome. The less monthly payments we have, the more flexibility and cash flow we have. This buys us more freedom!

    • Chris says:

      Thanks Matt – totally agree. Leaving yourself options by forgoing payments is what should be striving towards IMO.
      Thanks for commenting. 😀

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