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Maybe frivolous isn't the right word. But spending on things strictly for enjoyment when there are other more responsible places the money could go.
So my wife and I love aquariums and fishkeeping. And one thing we have both wanted for awhile is a goldfish/koi pond. And now that we're in a house we plan on being in for the foreseeable future we decided to move forward with it. We met with the company we want to use and they quoted $15k for what we wanted. It was a bit higher than we anticipated but we're thinking we'll probably move forward with it.
But then I get this back and forth going in my head something like this:
For building the pond - We will pay cash and it's only a small fraction of our savings. We don't have any debt except the house. We're working towards paying off the house early. We have excellent retirement savings for our age group. Last year we did the work that the house needed (roof, tree removal, appliances). Now we want something for enjoyment. What's the point of saving if we can't spend some of it on things purely for enjoyment.
Against building the pond - We do still have $200k left on mortgage. We have a baby girl born this year. You should put that towards the mortgage. You should put that towards a college fund. You should put that in your retirement savings.
Any thoughts? How do you balance out decisions like this?
In our monthly budget we have no issue balancing wants, needs, and savings. I guess the thing is when it comes to savings we haven't earmarked what we are saving for. Maybe we need to do a better job of that going forward.
The way I look at it, if you've covered most of the bases then splurge a little with the understanding that you'll have to catch up in another category. If your baby was just born, you'll have several years to build up a college fund.
Maybe create a fun fund that you contribute to with the understanding that any spending from it is guilt free?
If you have thought it through and researched and firmly believe that a koi pond would contribute to your happiness, then you should definitely invest the money with no guilt whatsoever.
I have always been very frugal and am grateful to be financially secure, but I do regret not spending a little more money when I was younger on things that brought me joy.
Another angle to consider this from: how long you plan to stay in this house. Especially as your family is now expanding. Whether investing in such a specific feature as a large koi pond would be an asset to the property or a liability. Are you likely to get more or less for the property when you do sell it? For some, a backyard pond is a liability and maintenance headache. I understand you'd get pleasure out of the pond (and I am someone who doesn't think every single house decision needs to be made based on resale value), but if you are being diligent about the direct and indirect costs of your hobby, this additional aspect might help tip the scale one way or another.
Maybe frivolous isn't the right word. But spending on things strictly for enjoyment when there are other more responsible places the money could go.
So my wife and I love aquariums and fishkeeping. And one thing we have both wanted for awhile is a goldfish/koi pond. And now that we're in a house we plan on being in for the foreseeable future we decided to move forward with it. We met with the company we want to use and they quoted $15k for what we wanted. It was a bit higher than we anticipated but we're thinking we'll probably move forward with it.
But then I get this back and forth going in my head something like this:
For building the pond - We will pay cash and it's only a small fraction of our savings. We don't have any debt except the house. We're working towards paying off the house early. We have excellent retirement savings for our age group. Last year we did the work that the house needed (roof, tree removal, appliances). Now we want something for enjoyment. What's the point of saving if we can't spend some of it on things purely for enjoyment.
Against building the pond - We do still have $200k left on mortgage. We have a baby girl born this year. You should put that towards the mortgage. You should put that towards a college fund. You should put that in your retirement savings.
Any thoughts? How do you balance out decisions like this?
In our monthly budget we have no issue balancing wants, needs, and savings. I guess the thing is when it comes to savings we haven't earmarked what we are saving for. Maybe we need to do a better job of that going forward.
As long as I could fund the college savings, then sure. But college savings has to come first, in my book.
I, also, debate wants vs needs....sometimes -- many times to ad nauseum.
Get the pond.
You've said:
-- You'll pay cash and it's only a small fraction of your savings.
-- You don't have any debt except the house.
-- You're working towards paying off the house early.
-- You have excellent retirement savings for your age group.
You're not robbing your baby's college fund. You have plenty of time for that. I'm sure you'll make regular contributions to a fund for that.
You only live once. Be happy.
You didn't get to where you are financially but NOT being responsible. I think it's clear you ARE responsible.
People act like parents have to save every dime for an education fund so they can pay for all four years their kid's college out of pocket. Uh, no they don't. Would it be great to have money -- perhaps even half or most of the money for it? yes. But it's not like parents need to pay for undergrad and grad school -- NO loans, NO grants, NO scholarships, NO working on the kid's part.
OP, I'm sure you'll have money set aside for college....IF the kid even wants to go to college.
Some people responded as if you said you couldn't afford food and diapers or something.
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