Cynthetiq

For some fiscal responsibility means spending only what they earn. For others, it encompasses the ability to borrow money at reasonable interest for somethings and so long as one can repay the outstanding debt within an reasonable time period.

We hear it bandied about by parents in some fashion about wasteful spending, from politicians about balanced budgets, etc.

What does it mean to you as an individual? How do you keep yourself "fiscally responsible?"

To me fiscal responsibility is simply stated as your outgo not exceeding your income. This means that one can have credit/debt to some degree, but the challenge is what is permissible debt and luxurious debt. For me there's only a few reasons to be in debt, that's because paying for a house or education is near impossible to purchase with cash.

It means that sometimes I can't have what I want when I want it just because I want it. It isn't fiscally responsible to keep purchasing depreciating items such as cars, cellphones, designer clothes, and the like.

It means sometimes delaying gratification until all other responsibilities are met.

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