Get Thee Behind Me!: Financial Vices

Financial vices keep us from saving money.  I have several.  I love a nice bag, a pair of killer heels, and watching the sun come up in a different area code.  The wardrobe has got to be right (and in the right size given a little weight gain).  That doesn’t even begin to address my technology needs.  I’ve got to have the latest Blackberry.  And my laptop has to be the latest, fastest, coolest device known to man – that I can actually operate. 

So what exactly is a financial vice? 

According to Adam Baker, staff writer over at Get Rich Slowly:

What is a “financial vice”?

Wikipedia defines a vice as “a practice or a habit considered immoral, depraved, and/or degrading in the associated society.” This definition may be a little intense for our own purposes. However, if we equate the “associated society” with the personal finance community, an interesting concept emerges.

My definition of financial vice is, therefore, “any regular expense we willing include in our budgets that may appear extreme, bizarre, or down-right ignorant to many members in the personal finance community.” Most of us have one or two financial vices that are inconsistent with the other patterns in our budget. These are the expenses that would make our friends and family cry, “What in the world are you thinking?”

Baker asks four central questions to help control financial vices:

• Is it Impulsive?
• Is it consistent with your other goals?
• Can You Control It?
• Are We Both Onboard? (in the case of married couples)

My responses?

Is it Impulsive?  Sometimes.  I’m not a big splurger.  I think about purchases pretty carefully but usually arrive at the preferred decision point – I need it! 

Is it consistent with your other goals?  Yes when it comes to new tech toys.  It helps me better manage blackgirlgrown and a small web design business, both side hustles.

Can You Control It?  Yes.  In most cases I try to pay cash.  If I break out the plastic I am anal about paying it off quickly.

Are We Both Onboard?  Yes.  Me, myself, and I are onboard (smile).

Do you have financial vices?  And how do you deal with them?

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