A couple years ago, I was living in my brother’s basement. It wasn’t exactly roomy, but it had everything I needed and the rent was cheap. Originally, I had a futon as my "living room furniture". But when I came home from a long night of work, I wanted to be able to put my feet up. Sure, I could lay down, but then to see the TV, I’d have to lay sideways all the time, and I didn’t want to do that. The way I saw it, there were three options:
- Get a small ottoman to put my feet up.
- Spend maybe $50 on a small, cheap chair from Goodwill or something, so that I could sit comfortably.
- Drop $500 on a brown leather La-Z-Boy recliner.
Guess which one I picked?
Did I have $500? Not a chance. I was waiting tables and barely making bills. But I did have a credit card with plenty of room. Is that a purchase that I regret? Nope. I’ve always enjoyed this chair, and I have taken plenty of naps in it. In fact, I use it as my "office chair" now. How many people can say they get up in the morning to sit in a big leather chair all day at work?
But, if given the chance, I would have gone back in time and not bought it. I didn’t have the money. I still don’t. It was a ridiculous purchase. At the time, I kept saying things like, "Laying on the futon all the time was killing my back," and "I figured if I’m going to invest in a chair, it might as well be a good one!" Those were all stupid rationalizations. That purchase sits on one of my credit cards to this day, still earning way too much in interest.
It’s easy to look back on a rash decision and make a rationalization for yourself. It helps you ignore the fact that you made a lousy choice. But let’s get real: look back on your history, whether financial or personal, or whatever. Do you see any decisions that, while you don’t necessarily regret, you would have probably done different if given the chance?
I’m happy where I am in life, and if getting this La-Z-Boy leather chair has gotten me to this point, then I owe it a debt of gratitude, at least in the grand scheme of things. But if I had to go back, knowing what I know now, I would have done differently. Take a few minutes before making a rash decision or an impulse purchase. Make sure that you aren’t purchasing emotionally. If you buy things with just emotional impulses, you are never going to be able to handle your money.
Simply put: use your brain. Don’t spend it unless you actually have it. Credit card balances are not free money. They are loans. Start looking at it as something you owe, not something you have.
Do you have a purchase that makes you smack yourself in the forehead when you think about it now? Share in the comments!
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