Feeling foolish and gulity....

madisonphotogrl · 09-12-2008, 09:01 PM

So I just realized my husband and I have blown over $1500 USD in the last 6 weeks! Mostly on dining out (too lazy to cook, not great food either mind you.) Now that does include a nice new K200D kit we purchased for my hubby on impulse from a local retailer when we could have saved $100 from amazon. I don't regret the camera purchase so much because he had admired my K10D so much and really wanted a nice DSLR and I could NOT let him buy a Nikon D40, even if it was $200 less! I guess I feel guilty because with the economy being so rough here we sit, digging ourselves deeper in debit and making what could have been a easy month paying our bills, more difficult. A small part of me wants to return the K200d to to the local store and save $100 but I am embarrassed. Does anyone else ever get a little too excited when buying equipment and then wonder how other bills will be met? boy I hate this position..

*Damn Brit* · 09-12-2008, 09:39 PM

Well, eating out so much is just plain silly. I hope when you did eat out, it was independents rather than chains. If you can afford to, keep the camera, it sounds like you want to and if you bought it from a local independent store, then you are helping your whole community because the money stays in your community. If you got it from a Ritz or a Best Buy, take it back.
Try cooking and eating at home for a few weeks. It's healthier and you will save a lot of money. Try your local farmers market.
I don't wish to sound harsh here but you are complaining about sinking deeper into debt but you also say that you are too lazy to cook. At the moment it sounds like laziness is trumping debt. If that's the case, what's the point of taking the camera back, you'll only waste the money on restaurant food that's not very good.
Your husbands K200D will last him years and give you many memories. Meals just get flushed down the toilet
Hope you get things sorted out.

innershell · 09-13-2008, 12:44 AM

Originally Posted by madisonphotogrl

Does anyone else ever get a little too excited when buying equipment and then wonder how other bills will be met? boy I hate this position..

Does a $3500.22 VISA bill this month count? Of that, only $200 was gas money. The rest was camera equipment and useless home furnishing stuff that we didn't need. It was definitely an impulse, but returning a 200lb furniture is harder than a 5lb camera and equipment.

*hwblanks* · 09-13-2008, 06:56 AM

I know where you're coming from. Don't beat yourself up about it--all you can do is move ahead and start tackling that credit card bill. If you think about it long enough, there are plenty of ideas out there for simple meals that are tasty, but still less expensive than eating out. Don't think that every meal that you put on the table has to be worthy of Martha Stewart--that's not realistic. Since it'll be getting cooler before too long, it would be worth it to get yourself a crockpot if you don't already have one, as it's great for things like pot roast and soup. If you need more specific ideas on that, please PM me. Frozen foods, especially vegetables, are a lifesaver. Big dinner salads are also a favorite of mine.

If you want to go out to eat, you may want to limit it to a certain number of times once per week. Also, it would be a good idea to go out to eat only if you have the cash to pay for it. I second Gary's idea of going out to locally-owned dining establishments; some of the best food I've had eating out has been at the local establishments and it feels good to know that I'm helping to support a small business owner.

Don't get rid of the K200. It's a great thing that you and your husband have found a hobby that you can enjoy together.

At least you can save money by sharing lenses.

Last fall, my husband and I took a series of classes titled "Financial Peace University" through our church and we learned a lot about how to better manage our money. The nice part about this series is that you don't necessarily have to do it in a group setting--you can buy the kit and work through it on your own, though husband and I found the group setting to be very helpful. Here's the link, if you're interested in finding out more info about it:
Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.
If you just want to read the book, then here's the link to that:
Amazon.com: The Total Money Makeover: A Proven Plan for Financial Fitness: Dave Ramsey: Books

HTH,
Heather

code4code5 · 09-13-2008, 09:52 AM

My wife and I have learned to live on cash. Sure, we have to plan pretty carefully before any major purchases, but it's nice to know that once the money's spent, we won't keep spending it for the next ten years. We're getting ready to buy a new TV this evening, so that means that a new body (for me so that I can hand the K100D over to my wife) will have to wait for a while.

Frogroast · 09-13-2008, 11:24 AM

Hmm - try having a baby... that would cure most impulse buying.

Well, I've impulse bought formula, but that doesn't count.

reeftool · 09-13-2008, 10:03 PM

We do like to dig our own holes, don't we? I didn't feel like putting another clutch in my wifes Escort so I just bought a new Civic. I probably should have looked for something used but stopped in on the way to work, test drove it and bought it. I only had a half an hour until I had to be at work. I thought long and hard trying to decide. The black one or the blue one. I bought the blue one and did make it to work on time.

*Clicker* · 09-14-2008, 08:13 AM

If your camera isn't making you any income and you're entering "debt hell", i think you're better off returning the camera as a start to debt relief/freedom. You have to think of what you need vs what you want. I have a lot of wants lying around the house but i don't see too many needs.

Take care of your needs then fulfill your wants, when you're more financially stable.

kerrowdown · 09-14-2008, 09:10 AM

Take it back; this is the second step on the recovery road, the first step was you’re acknowledging that something needed to be done.

The rest of the steps will fall into place and in your heart you already know what else you need to do, good luck and stay positive.

*monochrome* · 09-14-2008, 09:38 AM

Originally Posted by madisonphotogrl

A small part of me wants to return the K200d to to the local store and save $100 but I am embarrassed. Does anyone else ever get a little too excited when buying equipment and then wonder how other bills will be met? boy I hate this position..

I have done what you describe many times, but I stopped. Here is the three-year plan I used to stop:

Take a rainy Sunday afternoon and sit down with all your bills. Since IKE seems to be overhead everywhere this is a good one.
Total the debt.
Using Quicken or your checkbook and Credit Card statements, write down what you have spent money on for the last three months - some by categories (food, mortgage, clothes), others by "things" such as cameras.
List your "things", and think about which of them you really want or need.
1. Consider liquidating those that are really there for bragging rights, not to satisfy your PERSONAL wants - do you really NEED your entire camera kit? (BMW, LCD TV, etc?)
Using three months of pay stubs, know what your after-tax income is.
Compare income and spending.
1. Hopefully, Income exceeds Spending.
Resolve to stop spending money on the things category items.
1. If Spending exceeds Income even after eliminating "things," eliminate categories such as cell phones and cable television - we did fine without them a few years ago, we can do it again.
2. If absolutely necessary, stop 401k and other saving and dedicate the cash to reducing debt - doing that is a form of saving anyway.
3. At this point, you know you HAVE to return the new camera.
Set up your bills to have the minimum payment made automatically from your checking account.
1. 3 years from now your credit rating will be superb
Using your excess Income, establish a small entertainment fund. Plan to entertain yourselves by using the things you have rather than getting more things.
1. Your house is a good place to entertain yourselves - you don't have to go out!!
2. Use the camera gear for entertainment!!
Using the rest of your excess income, figure out how many months it would take to pay off all the bills.
1. In addition to having the minimum payment made automatically, make an additional payment each month to the highest interest account until it is paid off - then the next highest, and so on, until all the Credit Cards and other debts are paid.
2. Remember that as you pay down principal, the interest charge gets smaller so your automatic minimum payment declines. Pay attention to this - use the extra money to pay more of the principal monthly.
Try to target a three-year plan. As you near the end of the plan your habits will be different. Rather than going back to your old ways, continue to live as you have while "in recovery." Save money, live simpler and retire sooner!!

Good luck

*Venturi* · 09-14-2008, 10:31 AM

Originally Posted by Frogroast

Hmm - try having a baby... that would cure most impulse buying.

I wish!
Seen my gear list?! Okay, I wouldn't classify it all as impulse - but - having a baby and an ingrained dislike of P&S shutter delay were major motivators in me getting back into photography after over a decade w/o an SLR.

Oh yeah, having a dedicated digital video camera suddenly became a "need" too. Between photo/video equipment and each trip to Target or BabiesRUs for formula and diapers resulting in additionally at least one outfit, probably a toy and possibly some new piece of baby-gear we're doing a really good job of keeping our out-of-control disposable income to a minimum.

*hwblanks* · 09-14-2008, 06:09 PM

Considering the fact that I've got the LBA challenge going on now, this is a very timely subject.

On the subject of camera gear, whether it be lenses, bodies, or anything else, the utility of the purchase is now playing a big part in the decision to buy something. A prime example of this is my desire for a fast tele. I've considered getting one of the fast 2.8 zooms to use with my TC, but I'm beginning to lean more towards simply selling my A100/4 and getting the Sigma 105/2.8 macro instead. Not only will it be a great macro lens, it'll also be a great fast tele lens that with my TC will convert to 267.75mm/f5.6, which will be useful for a lot of things.

Another rule that I've established for myself (and keep for the most part) is that I will have the cash available to pay for my gear purchases, as opposed to buying using a CC, with no idea how I'm going to pay for it. Yesterday, I ordered a new tripod through a local camera shop, which I will pay for once it arrives, either later on this week or sometime next week. In the meantime, I'm selling some stuff, which will help fund this tripod's purchase--I've already got almost $50 saved up. Once I get a box that will fit it, I'll be putting my current tripod (Bogen 3001) up for sale, which will net me a good bit of money. I get paid on Friday and will be getting paid extra for some OT I worked recently, so I will definitely have the money once the new tripod arrives and I go to pick it up and pay for it.

I'm not against using credit cards, but I think it's crazy to use them and have no idea how you're going to pay them off, especially if what you're buying is nonessential.

Heather

HGMonaro · 10-06-2008, 10:52 PM

dig out a cook book and start using it... you'll save money and enjoy better food anyway. I can't imagine 'eating out' several times a week. That would remove the concept 'of going out' completely.

ftpaddict · 10-07-2008, 02:23 AM

Originally Posted by HGMonaro

dig out a cook book and start using it... you'll save money and enjoy better food anyway. I can't imagine 'eating out' several times a week. That would remove the concept 'of going out' completely.

While at it, turn cooking into a family event - your hubbie can "get in the way" and make the process a lot more entertaining. wink wink

marlon · 10-07-2008, 04:01 AM

I agree , dont beat yourself up about it.
You will probably lose more than score if you return or sell it now. Just admit you are too impulsive, and start fixing it, with a drawn on paper plan. Spend the time remainder enjoying photography with your husband (I really enjoy going out with my gf on photo hikes etc, it's worth alot!)

And the "learn to live on cash only" thing is awesome advice