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Household income is $140k. Mortgage remaining is $200k that's our only debt. About $110k in cash savings. About $320k in retirement savings. I'm 36 and wife 40.
We kind of had a similar dilemma back in late 2019. We were renovating a prior rental to move into and we had the opportunity to redo the kitchen. It was fine the way it was, but since we were already doing so much other work to it we figured we'd pay the additional money to do the kitchen and not have to do a renovation later while we were living in it. 13k got us new cabinets, quartz countertops, glass backsplash, LVP flooring and placing a microwave above the stove. We saved money by reusing appliances and our kitchen is small.
Best money spent as we really enjoy the updated kitchen. We do a lot of cooking from scratch so spend a lot of time in the kitchen. We also saved money as this was locked in prior to COVID-19 hitting and materials/labor hadn't increased yet. Looking back it was the right move for us.
Household income is $140k. Mortgage remaining is $200k that's our only debt. About $110k in cash savings. About $320k in retirement savings. I'm 36 and wife 40.
Given the numbers there’s zero chance I’d be spending 15k on a goldfish pond. It’s simply too much of gross income to even be considered IMO
How is it any different than buying a car for 30k? Is it because they're financing a car versus paying cash? I'm just trying to understand the thought process.
How is it any different than buying a car for 30k? Is it because they're financing a car versus paying cash? I'm just trying to understand the thought process.
A car is usually considered a necessity in much of the United States.
A goldfish pond? Not so much. It’s a nice hobby if you have the time or money to spend on it.
I have a car but the last year I'm 99% WFH. I've thought about selling my car and just having the one minivan that our family uses but I don't know how long I'll be WFH. My car is paid off, $50 monthly to insure and cheap to operate so it's minimal cost to me.
Some people have a weekend car. A pond sounds a lot nicer. OP sounds like they have time and money, though some may argue not enough of either.
Another way of looking at it is, how long will it take to build the savings back after spending the $15k? If it's only months, then go for it. But if it would take much over a year then you should be more careful. And the calculation should be done after a careful review of what you are spending in the months after the baby came.
I would get it, but I would be cautious and frugal in all other areas to help offset the expense. Your daughter will only get more expensive. My teenagers are SO much more expensive than when they were younger. My younger son is a competitive soccer player and he just spent 5 days at a tournament in California. I haven't calculated total costs, but looks like $3k between meals, airline tickets (that needed to be changed), car rental and lodging.
He has 4 more out-of-state events between now and January.
So we're basically spending as much as your goldfish pond on one kid's soccer in just 6 months. (I'm not including the $4k in club fees, local games and uniform)
And if it's not soccer for your daughter it might be lacrosse, gymnastics, ice skating, cheer.. etc. Youth sports is a racket!
Enjoy a little right now. And then get ready....
*Edit* Not including yesterday's charges... up to $3693.
Last edited by flyingsaucermom; 07-27-2021 at 04:19 PM..
I would get it, but I would be cautious and frugal in all other areas to help offset the expense. Your daughter will only get more expensive. My teenagers are SO much more expensive than when they were younger. My younger son is a competitive soccer player and he just spent 5 days at a tournament in California. I haven't calculated total costs, but looks like $3k between meals, airline tickets (that needed to be changed), car rental and lodging.
He has 4 more out-of-state events between now and January.
So we're basically spending as much as your goldfish pond on one kid's soccer in just 6 months. (I'm not including the $4k in club fees, local games and uniform)
And if it's not soccer for your daughter it might be lacrosse, gymnastics, ice skating, cheer.. etc. Youth sports is a racket!
Enjoy a little right now. And then get ready....
*Edit* Not including yesterday's charges... up to $3693.
Given the numbers there’s zero chance I’d be spending 15k on a goldfish pond. It’s simply too much of gross income to even be considered IMO
It is a personal decision. I spent more on a shot gun which has not been out of the safe since it came home As far as expenses are concerned - I did not need a permanent room mate aka husband. He is a luxury I enjoy. Objections?
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As far as expenses are concerned - I did not need a permanent room mate aka husband. He is a luxury I enjoy. Objections?
