Posted by Tim Stobbs on September 26, 2013
It occurs to me that some people have problems with personal finance bloggers who blow money on specific events, experiences or things. People tend to mock those that spend money on:
- The dream wedding for $20K
- That huge trip that that didn’t need for $7.5K (yep that would be me this year)
- The new car for $20 to $30K (I also did something similar last year)
- The overly large house for an extra $50k
Yet are any of these things wrong to spend money on? The answer like many things in life…it depends. Are the people in question in good financial shape (low or no debt, good savings)? Did the pay for the item in cash with no extra debt? Do they already have a firm savings plan in place for their life goals like retirement? And perhaps the most important question of all….do they REALLY want that item or experience in order to make them happy?
Frankly I don’t really care what people blow their money on if they are being generally responsible with their financial lives (those without any savings, high debt and buy on credit are an entirely different matter). But if the responsible people think the spending will make them happy and can afford it…go hard and blow that money.
Why? Because the other end of the spectrum away from blowing money is also wrong. Being a miser with your money won’t win you any prizes or friends and certainly won’t make you happy in the long run. You have to both plan for the future, but remember to live for today as well. While I will fully admit that I personally don’t agree with everyone’s particular choices on blowing money, that is fine…after all I’m not spending the money, they are.
In my case, I went over board initially with saving money, I cut too much of our spending, but I didn’t realize it right away. Yet after we increased our spending a little bit higher I can say I was much happier and less worried about the little spending decisions. Worrying about buying the odd cup of coffee wasn’t worth the effort when you do it perhaps twice a month.
Personal finance is personal. We don’t live each others lives, so do try to keep that in mind before we mock others. So what did you last blow some money on? It doesn’t have to be big, sometimes the small stuff is just as fun.