I’m really forgetful, but I got this topic from someone else’s PF blog, so pardon me if it was yours. =]

The point that this blogger made was that when you are working on eliminating debt, its important for you to know why you want to be debt free. Otherwise the motivation may not be enough to keep you going, or it wouldn’t be difficult for you to go into relapse.

I’ve never really had staggering credit card debt, but I do have student loans, and I think with improper money management it wouldn’t be difficult for anyone to accumulate debt or get into trouble…no matter how much you make. So, you may ask why did I get into this PF kick? (or not…either way I’m going to tell you).

My parents were never wealthy, and although we weren’t poor money affected me a lot as I was growing up. As a teenager I was stressed out for my parents, and I think I indirectly developed a phobia of answering phones because of this. I would unwittingly answer the phone and take a message for my dad…it would turn out to be a collections agency and then I’d get yelled at by my parents. At first I didn’t understand why my parents would sit around, listening to the phone ringing and not pick it up…eventually I understood, but that just made the stress worse. Maybe I would’ve been a nervous wreck without this happening anyway, but my point is — to put it eloquently — that it sucked. (And then they’d get mad at times when I wouldn’t answer the phone!! I’m not going to lie to anyone, so I wasn’t going to pick up any damned phones!)

So why am I obsessed with my finances? I want to know that if I ever have children they will never have to go through that and worry about money in that way.

I want financially responsible kids,  I don’t want them traumatized because they know that their parents are in debt, and yet their parents insist on spending money at restaurants, clothes, random stuff (ugh…so much STUFF), and make bad decisions when it comes to money. I’m still on the fence about whether a parent should pay for a college education, but I want to know that there is a choice and not just the illusion of one.

The other inevitable why?

At some point my parents are going to have to stop working. I know when that time comes they will likely not have enough money to live off of, and someone is going to have to step in and help take care of them. This is going to take money….and if I’m in bad financial shape there’s no way I’ll be able to help. I do have a sister, so its not like I have to do this by myself….but who knows what can happen by then. I just want to be prepared.

So that’s the big picture. In the shorter term I want to own a home and have it paid off in less than 30 years, I want to build my retirement accounts, minimize my expenses, and just plain be financially secure. Peace of mind is so important, and it makes such a difference. I guess you can say that is my “why”…peace of mind.

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