Debt Management and ‘Stuff’

Perhaps one of the more challenging things about living in an older home is the size of the closets. While most homebuyers today want a walk-in closet – or at least a double closet in their bedrooms – many older homes only contain single closets.

The size of these old closets says a lot about the amount of clothing people owned in days gone by. Our modern-day desire for much bigger closets, says a lot about our attraction to ‘stuff’.

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One of the women we work with moved from a small, old apartment with one double and one single closet – into a larger condo with two double closets and a large walk-in closet. Within a year – all of her new closets were full of clothes. She laughs about it, but she recognizes that during that year she was not as selective about buying new clothes as in the past – because she did not have to get rid of old clothes in order to have space for new ones.

Fortunately, she did not go into debt filling up her new closets – however, she spent more than she would have with less closet space.

This brings into focus an important aspect of Debt Management – Managing Expectations.

Just as our co-worker felt the pull of empty closet space – many people feel the need to fill their homes and lives with ‘stuff’. Not necessarily useful or beautiful, or great - just ‘stuff’. Believing it will make their lives better, or their homes look more like the magazines, or prove that they are successful.

When it does not put us into debt or hurt us financially - buying ‘stuff‘ is something we can laugh at ourselves about.

But, when ‘stuff’ puts us into serious debt and results in a substantially less happy life (as we try to deal with credit collectors and unpaid bills); it is no longer a laughing matter.

Accumulating ‘stuff’ that you don’t really want, and cannot afford to buy – is not a short cut to happiness – it is a fast track to misery.

Sorting Out Your Priorities / Managing Expectations

How do you know when something is just ‘stuff’? By knowing what is truly important to you.

It means you have to take the time to figure out what it is you want. Not what you think you should want, not what others want for you – but what you truly want from life. Once you know what is important to you, you will be able to spot and avoid ‘stuff’.

Managing expectations is not about lowering expectations – it is about identifying what you want, using the discipline required to get it, and staying out of debt.

• It is choosing to save for your dream trip to Asia – rather than eating out three times a week.


• It is choosing to save for you plan to return to college – rather than buying a new car.


• It is choosing to save for your children’s education - rather than buying new living room furniture.


• It is choosing to save for your dream – rather than follow the crowd.

If you have not yet completed the goal portion of our free budget series – we recommend you do so. It will help you to begin to identify what is truly important to you. What is worth saving for, and what you really want to spend your money on.