My (37f) and husband (37m) have about 60k in our “big/future ideas” savings account. Our goal for this account is for a down payment for a house. We currently rent. We have decided to renew our lease for 2 years due to crazy housing prices and our rent is super low for our area and we love the house. We both agree to keep putting money into the account (about 10k a year). The average housing price for our school district is about 600k.
Question: One of us wants to spend about 20k this year to go on two epic big family vacations (with our 10 year old daughter). The other person wants to keep to our 3k a year vacation budget and do our 1 traditional family vacation and not take away from this account.
What should we do?
Edit: What is the “responsible” amount to spend on family vacations right now?
split the difference… I am quite wealthy and I wouldn’t spend more than $10k on a vacation… dont try and live a life you cant afford. you can have an awesome time on $5-10k
I think the question you should be asking is if the big vacation plans are worth potentially delaying the house purchase. If you are fine with that, sure, go for it. Nobody here can answer whether you are fine with delaying the ultimate home purchase.
We’re well to do and 20k is a lot for a vacation especially with a 10 year old.
We’re spending 5-6k for an extended family trip to Greece during peak season (our flights + 8 people’s accommodations). We’re traveling with our preteen nieces and they’re super picky about food. The reason I was ok traveling with them to Greece is because it caters to tourists.
We have a ton of epic family trips planned for the future around visiting our home countries (Ethiopia and India). The only one that might hit 20k is Ethiopia and Namibia if both sets of grandparents come and we hire a driver for the typical Namibia itinerary.
You’re halfway saved for 20% down on a $600K house. It’ll take 6 to 7 more years to save the rest of what you need to buy. By then you’ll be in your mid-40’s and your child will be in high school, looking at college. Of course, when the child is 16, you don’t want to move school districts but you could opt to not buy for another year or two. That is, if your landlord is willing to continue renting to you at a great price for that long.
Does buying a house, assuming prices don’t increase even more, 6 to 8 years from now still make sense? Would you, instead decide to buy elsewhere? You don’t need the great school district area by then. In your mid-40’s with a kid in college is a good time to start thinking about where you’ll retire. And if you’re buying a house to retire, do you plan on being mortgage-free when you do? Or, you could simply continue renting in retirement. Some people decide that buying real estate just isn’t for them.
How much do you make? How much do you save?
You’re almost 40 and only have a 10% downpayment, so it would seem you’re quite behind and not in a place to drop $20k on a vacation.
Depends on what your travel is. A dollar amount isn’t what determines of travel us unnecessary luxurious.
European trip or travel to Asia will cost more but can still be economy airfare etc
I travel, always have and always will. Doing three trips with the family this year rather than maximizing saving. We also don’t eat out more than rarely, don’t go shopping for expensive stuff and choose many frugal options.
Life is about balance. Find the one that makes you happy now and the future.
$20k is excessive for a vacation (or two). I mean, unless you’re Bill Gates. (And why **two** “epic” vacations in one year??)
I say stick to your normal vacation plans.
If the $20k vacation is desired so much, open a different savings account and start saving for it.
It seems you two need to separate your savings goals into separate accounts, or buckets, going forward so you can avoid these issues again
Take a vacation just don’t spend so much. Depending on where you go and what you do but the DR isn’t too much or a cruise or Jamaica. I wouldn’t spend much keep it as cheap as possible and keep saving for your house. I’d spend maybe $6k. Shop around too many good deals out there….
No offense, but the moment I hear you’re throwing away money on rent and want to go on lavish vacations, I question your finance habits.
With that said, I love to travel, and travel often. I rarely set a budget. I look for reasonable options in flight, hotel, food, etc. I don’t see the need to either limit yourself or blow the back out because you set a number. My trips rarely go over $1500, and I have a fantastic time.
I think a valid question here too is what makes sense on the house at this point? You guys are already 37 and your kid is 10. You’ve got 8 years where this school district matters. Do you want to stay in this area after your child has graduated? If so, I definitely think i vote normal vacation and get that house ASAP. However if you think you want to live in a lower cost of living area once child is graduated I could understand the logic of trying to do unique things with your daughter now knowing you’re not going to need a $500-$600k house later on.
Is there a reason to splurge on two “epic” vacations in the same year? Or, is it because you know you have two years before buying a home, so the money feels “available”?
I don’t believe there is a specific rule of thumb when it comes to vacations as everyone enjoys things differently. Regardless of what anyone says, how much you allocate and spend should be based on your budget, financial goals, etc. You have to ask yourself, if we spend $20k on these vacations, how could this set you back as far as your financial goals?
Wealth is about understanding the concept of delayed gratification and living within your means. Set your goals and go for them. Obviously plans change, which is allowed, but there are generally consequences that arise from changing the course. You need to determine how these vacations impact your overall goals and if the amount of enjoyment your family receives from the vacation is worth that cost.
You guys are already at the middle point of your life expectancy. And you can’t take money with you. So live your life and travel if you want.
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