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Of course, defining "big" is a matter of opinion, but to me, that would mean any splurge that would use up more than one percent of retirement savings -- but for the purposes of this thread, let's say anything that costs more than a couple of thousand dollars that is definitely not a necessity. And I am not talking about a splurge that both partners agree upon (such as a nice vacation or redecorating the home or putting in an outdoor spa), but in cases where one person wants to spend a lot of money on something, and the other person doesn't.
To use my example, I gave in -- my husband is something of a gourmet cook (not five star, but he enjoys experimenting with different kinds of cuisines) and he said he wanted a VERY expensive set of new cookware and knives. Now we already have perfectly good cookware and knives, but they are mostly old -- as he needed something or something wore out, we would just replace it. (I gave in because I eventually decided that it would be worth it as he would use it every day, and that I was just being somewhat miserly -- which, granted, is part of my nature, although I am not a total Scrooge.)
Anyway, I just wonder how others decide if a big splurge is worth dipping into the retirement savings to pay for it. And, of course, if you have it set up so that each of you have your own accounts for individual splurges or expenses, that wouldn't apply.
P.S. And please don't make this thread about me! We addressed it to our satisfaction, so no advice is required where I am concerned. Thank you.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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My wife is retiring this coming summer, I'm going another year. We are spending now while we have the money and don't have to dip into retirement savings such as the 401Ks. In the last two years we got the driveway sealcoated, a new roof,
the house is to be painted next spring, and I'm in the process of buying a classic car to tinker with.
We usually agree to big expenditures and that is the problem ….we have no adult supervision…
Like with our photography..I can want a 2k lens and she will go get me one too so we have to buy to of everything .
it’s like there is no one to say no …
About the only resistance I got was next year I wanted to get a new car and do something a bit unordinary for us for my birthday being I always enjoyed cars , I wanted a Maserati for my 70th and she felt with all the bangs and dings we get locally in parking lots she prefers something less costly ..so we comprised at getting a BMW X5 next year .
my husband is something of a gourmet cook (not five star, but he enjoys experimenting with different kinds of cuisines) and he said he wanted a VERY expensive set of new cookware and knives.
What kind of cruel person teases us and does not tell us the brands/models that he bought?
We usually agree to big expenditures and that is the problem ….we have no adult supervision…
Like with our photography..I can want a 2k lens and she will go get me one too so we have to buy to of everything .
it’s like there is no one to say no …
About the only resistance I got was next year I wanted to get a new car and do something a bit unordinary for us for my birthday being I always enjoyed cars , I wanted a Maserati for my 70th and she felt with all the bangs and dings we get locally in parking lots she prefers something less costly ..so we comprised at getting a BMW X5 next year .
You probably dodged a bullet on the Maserati. They are notorious for leaving their owners stranded.
The BMW should be reasonably reliable as long as you don't keep it much past the warranty's end.
Our money is combined. Either one of us can spend whatever we want to out of our retirement income. We don't need to use our savings. For anything that costs a few thousand dollars or more we run it by each other but don't veto it if the other person really wants it. Over the course of the year we will probably spend several thousand each on stuff we want anyway. Honestly, none of it is probably needed, just wanted. For the most part we are not extravagant and get good value for our money. I spend money on cameras and lenses and guitars but buy them used on ebay at 1/2 to 1/3 the price of a comparable new item. She spends money on clothes and household furnishings. The conversation is usually one of us will say I'm spending $X on Y. The other will say OK. I'll usually ask her to check the online reviews before buying.
As far as some of the other things mentioned, I lease a new Toyota Camry 4 dr. sedan every three years and have since 1995. The only thing I change is the color. It's the perfect car for me.
A few years ago my son bought my wife a La Creuset Dutch Oven. It really does cook better than any previous pots. He also bought us a set of good knives and they are a pleasure to use.
What kind of cruel person teases us and does not tell us the brands/models that he bought?
right - I want to know also!!
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