{"id":23413,"date":"2012-07-09T00:00:00","date_gmt":"2012-07-09T00:00:00","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=23413"},"modified":"2023-01-11T08:55:01","modified_gmt":"2023-01-11T08:55:01","slug":"how-decide-if-you-can-afford-larger-payments-your-budget-or-not","status":"publish","type":"post","link":"https:\/\/nomoredebts.org\/blog\/budgeting-saving\/how-decide-if-you-can-afford-larger-payments-your-budget-or-not","title":{"rendered":"Can You Afford to Make Bigger Payments? Here’s How to Decide"},"content":{"rendered":"\n\n\n[et_pb_section fb_built=”1″ _builder_version=”4.6.5″ _module_preset=”default” custom_margin=”||||false|false” custom_margin_last_edited=”off|desktop” top_divider_style=”curve2″ top_divider_color=”#e7dff3″ top_divider_flip=”horizontal|vertical” bottom_divider_style=”curve2″ bottom_divider_color=”#5b25af” bottom_divider_height_tablet=”80px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on” da_disable_devices=”off|off|off”][et_pb_row _builder_version=”4.6.0″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.6.0″ _module_preset=”default”][et_pb_text _builder_version=”4.7.7″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]

How to Decide if You Can Afford Larger Payments in Your Budget or Not<\/h1>\nQ: A few years ago, both my husband and I were casualties of the world wide economic crisis. We lost our jobs and had to make some drastic changes to our lifestyle to keep affording our housing payments. We even stopped using credit cards and our line of credit because we didn\u2019t want to have to sell our home. Now we\u2019ve both retrained and our new careers are going well. We\u2019re also making good progress getting our finances back on track again. However, we can\u2019t help but feel we want to buy some of the things we missed out on. We think we could manage some bigger payments. What can you suggest?\"Check<\/em>\n\nA: Many people were caught unaware by the economic downturn that started in the summer of 2008. However, not everyone has been able to recover from it the way you have. In an effort to keep your finances moving in the right direction and avoid turmoil or ruin the next time something unexpected happens, be cautious as you decide how much you can afford for monthly payments.\n\nKeep in mind too, that making purchases for emotional reasons, rather than as wise financial decisions, is called impulse spending<\/a>. Most people are painfully aware of some of the impulsive purchases they\u2019ve made over the years, because they tend to add up on credit card bills.\n

How Much Can You Actually Afford for Payments?<\/h2>\nWhen you start buying impulsively, the additional payments can end up jeopardizing your whole financial well-being. Before you add any commitments to your budget, consider your current financial situation. Ask yourself:\n