Book Club Day 18: The Battle Against Overboard Retail Therapy

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In Your Book: Before we begin, please turn in your copy of Faith Deployed...Again to page 224 and read "Declaring War on Debt" by Tonya Nash. (If you don't have a book, don't go away! We'd love to have you join us for this discussion anyway!) Now Let's Talk: Today's discussion is led by Tonya Nash. Money is a tool that we need to survive in this world and the mismanagement of it can cause plenty of problems. In the devotion, “Declaring War on Debt,” I talk about how my husband and I finally became debt free. But we certainly ran into some opposition on the road to victory! In our first year of marriage, my husband and I decided that we would start a tradition of taking “honeymoon trips” to celebrate every wedding anniversary. For the first year, we decided to go to a beautiful historic town on the east coast. While out sightseeing, we were approached by a vendor that talked us into attending a timeshare presentation. The incentive for attendance was pretty cool, so we decided to go. We were enticed by the beauty of the resorts and the opportunity to travel at a reduced rate. Then came the moment of truth. It was an on-the-spot decision because we never even considered buying a timeshare before. “But we deserve the opportunity to travel and stay at nice resorts, right? Living as a military family, we have to take advantage of every opportunity available to travel. My husband could deploy at any time and we need to make the most of our time together.” These were just a few of the reasons we used to justify the purchase as we signed the dotted line. We just hoped Uncle Sam wouldn’t interfere with the next 5 years of traveling we planned to do. The interest rate offered by the timeshare company was ridiculously high. “We give everyone that rate, regardless of credit,” the representative said. Since I had good credit, I figured that I could refinance it whenever we got home. Besides, the monthly payment wasn’t too bad. We returned home from our vacation and called our bank to see if they would refinance our loan. Imagine our surprise when we were told that they would not refinance it! We got the same response from several other banks. “Timeshares aren’t real property,” they said. While reading the timeshare paperwork, I discovered that there were other additional fees that had to be paid annually, even after the timeshare was paid off. By the way, did I forget to mention that I was unemployed at the time? Yes, I was unemployed and in between jobs. You know how it goes for military wives. It’s hard to find and keep a good job, especially when you are moving all of the time. My husband and I immediately started having buyer’s remorse. But God sent a ram in the bush. In small print, I read that we could get out of the contract without penalty if we cancelled within 7 days of purchase. You wouldn’t believe how quick I went to the post office to send off my certified cancellation letter! Please know that this post isn’t a slam against timeshares, but about avoiding the trouble that sometimes comes with feel-good purchases, otherwise known as retail therapy. There is a cost to every purchase. The financial costs are obvious, but what about the cost to your peace, the relationship with your spouse, and your credit? The life of a military wife can be challenging. Sometimes you feel like you deserve happiness that comes in the form of a new computer, car, spa day, or vacation. Who doesn’t enjoy a little retail therapy every once in a while? But those things only provide short-term happiness and can possibly bring long-term unhappiness once the bill is due. Here are some tips to avoid going overboard with retail therapy. 1. Sleep on it. Impulse purchases are usually a bad idea. Don’t feel like you have to purchase anything right away. Proverbs 21:5 tells us that, “The plans of the diligent lead to profit as surely as haste leads to poverty.” 2. Pray about it. It can be tempting to drown out feelings of sadness with purchases of material things. But the joy you get from those things are only temporary. God can give you joy unspeakable. Remember, the joy of the Lord is your strength (Nehemiah 8:10). 3. Talk about it. Have a financial accountability partner such as your spouse or a close friend. Consult with them before making purchases over a certain amount of money. Seeking the advice of others is supported in Proverbs 12:15 and 15:22. 4. Can you afford it? Count up the TRUE cost of your purchase. Don’t just look at the monthly payments, but also look at other things such as interest rate, maintenance, and overall cost. Luke 14:28 reinforces the idea of sitting down and estimating the complete cost. 5. Save for it. Even ants save provisions during times of abundance so that they can reap the benefits when its needed according to Proverbs 6:6-8. Set up a rainy day fund and pay cash for your retail therapy purchases. Discuss: What do you do to avoid going overboard with retail therapy?