Time to Put it All Back
By Jim Bauer
@porwest (112717)
United States
September 18, 2022 8:36am CST
It is just the way I tend to do it. I hate spending money. Even when it is for things I want. I just hate doing it. And when we do take it, no matter what it is for, the direction directly after is to put it all back as quickly as we possibly can.
Come hell or high water.
And to do that there is always a careful and calculated plan. It's never left to chance or circumstance or what ifs. There is a plan and I always stick very strictly to it.
I am referring to the camper which we will (so far) being taking delivery on this next upcoming Saturday. We will need $10k down, and another $3k or so for some things that have to be done to the truck.
I pulled another $5k just in case we have any surprises.
So, that is roughly $10-$15k that needs to be put back. So, how do I do it? I can put in some extra hours at work. Take shorter lunch breaks on the days I don't get paid for them. I can pull back the spending budget just a little bit and put the difference back. I can buy more stocks and increase my dividend pool. I can sell more covered call options contracts and use the premiums I receive to repay the money.
The most important thing is to simply get it all back sooner rather than later.
The money spent is worth it. But at the same time I want to be able to have my cake and eat it too. I want my camper AND I want my money. So, onward and upward we go to accomplish exactly that.
11 people like this
7 responses

@much2say (57760)
• Los Angeles, California
19 Sep 22
@porwest Well let's see . . . you better be here 24/7 and type super fast
. You will have to interact non-stop. And even then it might take you 60 some years. If you started myLot ever since birth and kept up like that, you might have gotten it by your regular retirement years 

.
. You will have to interact non-stop. And even then it might take you 60 some years. If you started myLot ever since birth and kept up like that, you might have gotten it by your regular retirement years 

.1 person likes this

@lovebuglena (52143)
• Staten Island, New York
19 Sep 22
If you have the funds to do so it's best to borrow from yourself and then pay yourself back as opposed to taking out a loan and ending up paying more for something than it's actually costing you.
1 person likes this

@lovebuglena (52143)
• Staten Island, New York
19 Sep 22
@porwest Well, I was thinking more along the lives of taking money out of your savings or checking account.
1 person likes this
@porwest (112717)
• United States
20 Sep 22
@lovebuglena I keep very little money in either of those.
1 person likes this
@porwest (112717)
• United States
19 Sep 22
That is not entirely true. It depends on the "cost of the money."
If I have my money invested and am earning 12%-15% on that money, and the loan costs me 8.75%, then in that instance it is cheaper to borrow the money than to remove it from the investments since the investments are earning at an amount greater than the cost of the borrowing.

@RebeccasFarm (91299)
• United States
18 Sep 22
You are just putting it back now? If I knew you had it on you all this time, I would have paid you a visit



1 person likes this
@LindaOHio (222222)
• United States
19 Sep 22
We always replace what we spend too.
1 person likes this
@Nakitakona (59987)
• Philippines
9 Oct 22
I have that kind of attitude on spending money. It's difficult to spend money especially It's a hard-earned money. But I have a wife who is a wise money spender. She's a good budget officer in our family.
1 person likes this
@FourWalls (86569)
• United States
18 Sep 22
That’s the key, put it back! I more or less cleaned my savings account out to pay off my car (savings interest 0.25%, interest on the loan 4%), and I’ve already started building it back up. I get my social security check late in the month but half of that will go in there, too, to start replenishing savings.
1 person likes this
@porwest (112717)
• United States
19 Sep 22
I can't imagine being able to clean out my savings. But I know what you mean. Any "take" has a plan to put it back. I wanted to do some covered calls to pay for the down payment, but the markets have not presented a great opportunity in the past week or so to do that, so from savings it comes.
I was happy to not have to sell any stocks.
1 person likes this











