If your spouse places a higher priority on buying a new car than on funding a college education for your children, you have a big problem and so do your kids. Everyone has a financial goal—something to save up to purchase. It could be retirement, paying off a mortgage, or buying a boat. To determine which priorities are more noble, consider whether they would be good debt or bad debt if you borrowed the money to pay for them. School loans and mortgage loans are good debt. Credit cards, vehicle loans, and toy loans are not. If someone wants a luxury before they’ve saved for a necessity, you’re headed for a train wreck.
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