Singletary: How you think about money can impact spending

My credit score went down several points, and the only thing I can tie it to was a large purchase I made in October that has since been paid off. I need to make another large purchase and will likely pay it off within two weeks. Do you think that will affect my credit score again? Should I use my savings instead?

Your score might dip when you charge a lot in any given billing cycle if you substantially increase your credit utilization — even temporarily. In the FICO scoring model, 30 percent is made up of how much you owe. But your score should bounce back fairly quickly when you pay the balance in full. However, if you’re planning to apply for a loan, a decrease in your score might negatively affect your application if your score hasn’t had a chance to rebound. In this case, pay for the purchase with cash.

So many of the calculators ask your existing salary and then determine what percentage of that salary you’ll need in retirement, which makes me far from retiring, according to them. But I would be able to live on far less. Are there any good calculators that focus more on what you’ll actually need?

I like the “Ballpark Estimate” calculator at choosetosave.org.

I grew up poor. When I turned 18, my parents stopped contributing to my support. Not out of meanness — the money just wasn’t there. So, I became responsible for all my expenses, from college to food and transportation to paying the dentist. I’ve done OK and have lived a modest, middle-class life. Because of where I live and work, most of my friends are much better off. I’ve been OK with that. Things are what they are. Except now, I’m middle-aged and my friends are starting to inherit, and I’m feeling envious. I guess I hadn’t really anticipated the generational wealth transfer and how it would feel to watch it pass me by. I feel jealous. It’s like spring break again and everyone is getting money from mom and dad to go to Europe or the beach while I pick up a zillion extra waitressing shifts. Help me get to the right frame of mind about this. P.S. I am very sorry my friends are losing their parents of course, as I lost mine. However, none of the deaths I’m referencing were untimely or tragic. Just the circle of life.

It’s hard not to look at what others have and wish you had it, too. The Joneses always seem to have it better. It’s why we want to keep up with them, and now their children.

“Over the next 30 to 40 years, $30 trillion in financial and non-financial assets is expected to pass from the baby boomers to their heirs,” according to a report by Accenture.

Somebody is going to have more.

So, in those moments when you’re feeling envious, think about the folks less privileged than you. Think of how much you have — a job, a roof over your head, the ability to go on vacation — even if you’ve got to pay for it yourself. Somebody could be looking at you and longing for your “modest,” middle-class life.

Perspective and gratitude can get you to the right frame of mind.

Michelle Singletary welcomes comments and column ideas. Reach her in care of The Washington Post, 1150 15th St. N.W., Washington, DC 20071; or singletarym@washpost.com.