So I grew up with not a lot. I come from a large family- my mom did not work and my dad was the sole provider for the family. I’d say we were lower middle class.
My wife and I have done well for ourselves. We both graduated from college and now both have successful careers. We both make 6 figures and have no debt besides our mortgage. We have an emergency fund, we both max out our 401k, invest some money into our kids 529’s and we invest a significant amount each month into a Target Date fund in a taxable account. I don’t take any of this for granted and I know we are very blessed.
We’ve been in our house for 20 years and have made only some minor upgrades over the years. We are considering a remodel of our master bath along with a few other upgrades.
I had an amount I felt comfortable spending but we just got the estimate back and it’s 1.5X what I wanted to spend.
Do we have enough money to spend on the new amount? Yes. Is the amount absolutely insane to me? Yes. Would it be great to make these updates- Yes Do I feel comfortable dropping this much money on these projects- heck NO. My wife has the opposite approach- she wants to do it and doesn’t care that it costs more than what we anticipated. I’m almost glad that we have differing opinions on what to do as it helps us to pause and really think through this.
For us, it’s remodeling some of the house but it could be anything- a new car, a big vacation, etc. At what point do you feel comfortable spending a large amount?
Thanks for any feedback