I had to borrow money from my Emergency Fund last week to pay for my contacts. I have to wear a toric contact lens because I have an astigmatism. Because I have to wear a special contact lenses, they cost alot more than usual; even with my vision insurance.

I failed to plan for this expense so instead of putting the $300 on my credit card, I borrowed the money from my Emergency Fund. To punish myself for the poor planning, I had to pay myself back with interest.

When I fail to plan for purchases and I have to borrow from myself, I need to make it hurt. Since I borrowed $300, I was required to put $400 back in the account. Borrowing from myself is much better than borrowing from a bank and paying interest for the priviledge.

I paid myself back today so I no longer owe myself any money. I won't have to send anyone to break my legs for nonpayment.

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  1. Mrs. Micah // April 26, 2008 at 3:25 PM  

    I'm sure your legs appreciate the favor! ;) Thanks for the laugh and I like the idea.

  2. Anonymous // April 26, 2008 at 3:28 PM  

    Next time try VisionDirect (online, associated with Drugstore.com) They have toric lens; much less expensive in our experience. Get set up ahead of time [now], then when have new 'scrip just fax it in. Less than a week turnaround! (I have no affiliation, just am cheap, & a happy customer)

  3. Debt Dieter // April 26, 2008 at 4:26 PM  

    At least now you have your new contacts you'll be able to see yourself coming to beat you up, or even to borrow money from yourself in the future!

  4. "Future Millionaire" // April 27, 2008 at 10:14 AM  

    I'm in total agreement with you. When I fail to plan and have to dip into savings I punish myself too but you're punishment interest rate is mean than most credit cards - I'm glad you're not my banker. :)

  5. AJ // April 27, 2008 at 2:22 PM  

    Good for you. It is better to borrow from yourself. I just bought a macbook, and instead of applying for a new credit line or financing, I borrowed from my savings. It does hurt but at least I just have to repay myself. :)

  6. nklsmom // April 27, 2008 at 5:16 PM  

    oh I love that idea.. I just had to borrow $290 from myself.. maybe I'll force another $50 to "make it hurt." Good plan :)

  7. Dimples // April 27, 2008 at 7:04 PM  

    lol @ breaking your legs.

    Great concept.

  8. HighClassLowIncome // April 27, 2008 at 7:35 PM  

    Thats a pretty good idea, I haven't had to dip into my E-fund yet but I think if I ever actually do I'll have to do that!

  9. SavingDiva // April 28, 2008 at 12:27 PM  

    I like this idea...hm....

    I agree with anonymous! Except I don't purchase the contacts through any specific site. I find the cheapest site, and then I find a price matching site (like 1800contacts.com) with a 1-3% price matching policy. :) Plus, I click through either fatwallet or eBates to get cash back. My last contact purchase netted me ~$14 in cash back from Fatwallet!

  10. paradigmshifted // April 28, 2008 at 1:33 PM  

    I have to pay an absurd amount for lenses too, and I have to special order them from my eye doctor. Ugh. I like the idea of borrowing from yourself too. Did you set a time limit for when you had to pay it back?

  11. Tiffany // April 28, 2008 at 1:54 PM  

    Do you have a Health Savings Account or a Flexible Health Savings account? You can put pretax dollars in these accounts for your medical expenses.

  12. Danielle // April 28, 2008 at 5:17 PM  

    That's what the emergency fund is for. Don't beat yourself up. After all, don't you have like 40 grand in your emergency fund? I think buying contacts is acceptable ;-)

  13. ownerfinancedloans // November 26, 2008 at 1:02 AM  
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