I have wanted a Tesla automobile since the roadster was announced in 2006. Beautiful cars and no oil products to run it. (The only thing I hate more than going to get my hair cut is getting my oil changed.)
When the pre-ordering for the Model 3 started I was nearly 6 months into the baby steps yet still had every intention of dropping $1000 to lock my place in line to get one.
Then I read Financial Samurai’s rule for car buying. That is when all that I had read and learned about personal finance slapped me across the face.
ALL THE WORK?!?!
After 6 months of trying to dig ourselves out of debt and financial stupidity I was about to set my family back on the path to 35k of debt. *slaps face*
It was soooo painful to let that pre-order slip away. Honestly, like the pain I felt when I was dialing back my coffee intake. I was finally shedding my addiction to spending any money we didn’t have.
I told Ms. Blue Ribbon that a Tesla wasn’t worth financial stress and that we should look into getting a Nissan Leaf (I really really hate doing or going to get an oil change). We did need to replace my car. My car at the time wasn’t in the best of shape and I didn’t enjoy climbing into the backseat of that two-door car every time I needed to buckle/unbuckle our son in his car-seat. Also, with a second kid on the way it would be cumbersome to put a second car-seat back there. I made some calls and got a hold of a family friend that could get me a used Leaf.
We went from a 35k+ NEW Tesla down to a 9k used Nissan Leaf. (Used leafs aren’t maintaining their values because dealers don’t know how to price them). It was a no-brainer to buy a car for a fraction of the price that met every criteria we needed in a car.
That was the real turning point of our journey. That was when I really got serious about spending. Now every time we have some big purchase we ask ourselves: Does this take us off our path to early retirement? Does this purchase give us something useful? Is it worth the amount or can we get it cheaper but still maintain the value and achieve its purpose?
Have you shed your addiction to spending? What was your moment? Let me know below.