The Danger of a Sacred Cow

 

 

There’s a lot of talk about recession and economic decline on the horizon.  While price inflation is not a new phenomenon the increase in fuel and food prices have hit most Americans where it hurts: the wallet.  In such an economy it’s popular to talk about where we’re going to cut back, how we can save a buck or ten. 

 

This is not an article telling you how to wash ziploc baggies, use one square of toilet paper or how to sell your second jet, rent out the house in the Hamptons or even sell a kidney on eBay.  This is about any number of products of services we use and will continue to use no matter how bad the economy or our bank accounts look.

 

Enter the Sacred Cow

 

Without getting into a religious debate I’ll quickly describe the origin of this term and how it applies to our personal and financial lives.

 

Several faiths believe in reincarnation and teach animal worship since they believe animals have the souls of ancestors.  Despite conditions of drought, famine, personal hardship or impending starvation, the faithful people will continue to make food sacrifices to their gods and care for the animals.  Some have pointed out the dicotomy in values of a person living in perpetual want and hunger while suitable sources of food, like a sacred cow, are not slaughtered and even fed copiously.  Or allowing scavenging animals, like rats, to eat food that is needed to feed a family.

 

In this vein of thinking, often times when it becomes necessary to make budget cuts, to reduce our spending and live on less we ignore the Sacred Cow.

 

What do cows look like?

 

We see this all the times on the MSN Money Message Boards. It comes in forms of “my husband needs premium cable” or “I refuse to dress my children with hand-me-downs” sometimes its less subtle in the form of a personal trainer or expensive gym membership, a long awaited trip, the 4,000 sf home or shopping at the premiere market in town.  It’s not the amount that matters, it’s the mindset.  It’s the daily coffee from Starbucks because I need it to make it though the day.  It’s the second or third car that I have always wanted and proves I’ve “made it.”  It’s doggy daycare, designer purses, stinky cheese and the weekly wash & wax membership.

 

Simply, it’s the thing that you spend money on without question and believe you cannot do without.  It’s the last expense on the chopping block and the one we defend most rigorously.  For some people it is tied to religion in the form of tithing, providing scholarships or going away to a retreat or camp.  For others it is the religious experience of a concert, great meal, Dungeons & Dragons or golf outing.

 

But, but… I want it!

 

This is not about justifying your Sacred Cow as worthwhile. We need to identify our Sacred Cows and challenge their authority in our decision making.  To do so limits their power and empowers us for maybe the first time.  This is not to say you must cut the Sacred Cow out of your expenditures, just know when to say no more.  Or, absent eliminating the Sacred Cow in a bloody scene, identify replacement products or services. 

 

Instead of buying Starbucks get some premium coffee beans and whipped cream in a can.  If you’re not going for the coffee but for the socialization join a bookclub or host tea in your home. 

 

Instead of doing all your shopping at the best place in town try substituting products one at a time.  You may find the generic brand of bread, rice, or soda is good enough. 

 

Unfortunately it is sometimes easier for people to get another credit card, default on the loan or declare bankruptcy than risk losing the sacred cow.  Not the smartest financial move, kiddos, not the smartest.

 

Married to a Sacred Cow?

 

You know that awesome friend of yours who is dating Loser McLoserton?  Their relationship may be a Sacred Cow.  Holding something in high regard despite evidence that points to less than great behavior is just plain cow worship.  Symptoms include staying in a relationship in spite of physical, verbal or emotional abuse, clinging to a person’s good qualities which are few and far between or just plain staying with the wrong person for the wrong reasons.

 

Have you ever just wanted to shake your friend and scream, “S/he’s no good for you!  You’re not getting enough for what you’re giving and it’s tearing you down!  Give it up!”

Have you heard that from a friend yourself?

Now, are you sure they meant Mr. Not Quite Perfect or could they also be talking about your overpriced, too expensive SUV with payments that are crushing your finances? 

  

Cows at work 

 

Ever known a company to keep an employee that doesn’t work or poisons the environment?  Yet, for all the evidence it’s not good for the entity as a whole those in charge will not see anything but good. That’s a Sacred Cow.  Actually, this is how the theory of the Sacred Cow came to fruition when Startsmart observed undeserved preferential treatment again and again at the expense of others who were working much harder and being recognized less frequently.  Let’s not look like fools clinging to our Sacred Cows while the world crashes around us. 

 

What’s poisoning your life?  Not necessarily your finances either but maybe your life.  Maybe you can afford your timeshare but it reminds you of an ex-spouse who cheated and although you won it in divorce settlement it’s a constant reminder of something horrible.  Do you keep it just because you can?  Do you own something to spite someone else?  Repeat after us: I own my possessions; I will not allow them to own me. 

 

Startsmart’s Sacred Cow(s)

 

Unfortunately, I have several.  The first is my car.  It’s new(er) and pretty, practical and commands a large portion of my finances every month.  It signals my independence, my commitment to my family and carries to me work five times a week faithfully.  But if I am unable to make the payments on this car I know I can sell it for more than I owe on the loan and buy a very cheap car with the excess.  I’d likely be spending a whole lot more on unexpected repairs but I am prepared to sell if the situation calls for it.

 My second cow is my pets. The two dogs I own are my faithful companions even if they do eat like horses. I buy their food, treats and toys without complaint.  I take care of them because they have the enormous task of keeping me sane.  If I were to move to a location that does not allow pets I do have a backup plan for good homes for both animals but I would miss them terribly.  FWIW, my plan does include visitation rights.

Firebird’s Sacred Cow

Right now it’s my apartment, I live alone and do not want a roommate.  I’ve lived with roommates in the past and probably will again in the future but right now it’s a Sacred Cow.

What about you?

What’s your Sacred Cow?  What do you think you can’t live without no matter the economic circumstances?