Vanquishing My Debt

I'm 29 and trying to get a handle on my finances so that, one day, I can buy a home of my own. I've been reading personal finance blogs recently and decided to start one chronicling my own struggles and success (hopefully). I am lucky, considering the amounts of debt and tales of tragedy I've read about... but I am making some positive changes and moving in the right direction.

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Location: Los Angeles, CA

Thursday, August 10, 2006

Concert ticket conundrum - I'd love your advice

Every year for the last 10 years, I have gone to see my favourite band in concert. Some years, I've even gone more than once. It's the only expensive indulgence that I permit myself on a regular basis. I've seen them a total of probably about 14 times so far - they are the only concert I attend each year, with maybe 2 exceptions over the last decade.

So earlier this year, before I started reading pf blogs and books, I bought my presale tickets through the fan club as always. I bought 2 tickets to each of the 2 local shows, bringing my total to about $285. It was oh-so-conveniently charged to my lovely Discover card. (If only I was a talented hand model so that I could show you, with great flourishes and flair, my sparkling plastic card.)

Well, recently it's occured to me that I'm still paying for those tickets on my credit card, the same card that I'm aggressively paying right now. It really stuck in my craw that I've been paying on those tickets for several months and will probably continue to do so, even after the concerts (which are at the end of August).

So I listed a pair on Ebay and they sold today... for $225! That's another $225 that I can put toward my credit card immediately! At this rate, I may be able to pay off Credit Card #2 by the end of the month! Yowzaa!

I'm greedily torn now as to whether I should sell the tickets I have to the second concert. On one hand, they should fetch about the same amount... which means that not only will I have paid off the debt, but I'll actually make a very nice profit (which will also be put toward the credit card). If I sell these tickets also, Credit Card #2 will be paid off and I can start on Credit Card #3 right away.

But on the other hand, the sale of the first pair of tickets means that going to this concert will only cost me about $55. They have been my ultimate favourite band since I discovered them my senior year in high school. It feels like cheating on a boyfriend to even just say that maybe I can skip seeing them this year.

What do you seasoned savers think I should do? What would you do in this situation?

I think I know the answer already, but I need a little shove toward doing it.


Anonymous Andrew said...

I think you shoould go to the concert. This is your one big indulgence and you deserve to go because everyone deserves a good time. You are now diligently paying your credit cards off and will pay them off sooner than later. Of course maybe your desire to pay off your cards is greater than going to that concert. Good luck with your decision.

4:32 PM  
Anonymous LAMoneyGuy said...

Maybe this boyfriend hasn't been treating you as well as you think he has. Too close to the trees. Take some space, skip a year. See how it feels. If you love something...

10:05 AM  

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