Neither a lender nor a borrower be
I don’t know with whom that adage originated, but it inappropriately presupposes two entities. What if your’re both a lender and a borrower…from yourself!
“What kind of double-entry chicanery are you pulling, Hollinger??” People who have heard me describe my budgeting system tend to think of it as…thorough. It consists of 23 line items, each of which I see as completely necessary. As a rule, every dollar in and out is recorded to or from one of these categories. (That’s tough enough as a single guy. Unless I marry an accountant, I may need to loosen up a bit someday.)
Anyway, this year I’ve been slowly saving up for a new car. Yes, there’s a temporary “New Car” line item. My current car is getting pretty long in the tooth, so either I keep saving and have Car Talk‘s number on hand, or I buy a clunker now from Uncle Bobs Big Bargain Blowout Bananza and still have Car Talk’s number on hand.
Because I want to have my car and eat it too, I’m choosing what’s behind Door Number 3: my “Don’t Use This Until the World Ends, And Even Then Only if the Dollar Remains Strong” line item. (It’s actually just called “Long-term Savings,” but that’s not as colorful.) I’m lending New Car a couple G’s from LTS, and will eventually pay myself back. I didn’t even require a credit check! I briefly considered slapping an interest rate on there, but decided that’s a little too nuts.
This may all become moot anyway, because Wilmore just legalized golf carts on the road. And that’s obviously a better choice.
I’m trading my current car for a TV, but that’s another story.