“…ay, there is the rub!”
Apologies to Shakespeare for paraphrasing Hamlet, but this is the core of the issues most folks have with their finances: It is mostly possible to spend your way out of a problem, unfortunately it usually means you are spending your way into another problem too.
I am as guilty as the next person in this area, where instead of taking the bitter financial pill and dealing with a bad situation, I have spent my way back to where I wanted to be (however, then leaving me with a large bill, that I must then pay off later).
My Father had an expression that he liked to use when he felt someone was being cheap, and that was “That is what money is for”, which is true, but I am pretty sure he was speaking in the context of spending money, not using debt. My parents were of a different generation, where thrift was a necessity (I think once you have lived through enforced rationing, you learn many thrifty ways to live your life), but I think my Dad’s advice now is more like trying to put out a house fire with gasoline.
There are situations where spending your way out of a bad situation might be a good idea, but I am pretty confident that there are not that many situations in anyone’s life, that they should keep doing that.
The example I have is to save myself driving a long distance I am flying in and out for a day, which in comparison isn’t a huge overspend on my part, but I am sure I will feel guilty that I didn’t “man up” and drive both ways, however, I can hear my Dad saying, “That is what money is for”, in this situation as well.
However, I do know a friend who’s 11-year-old car needs a new battery, but that is an interesting question, is this a precursor to worse things happening and maybe a new car is needed, or is it time to replace the battery and keep going? There is the rub!