Reply to How do you balance saving money (for security) vs. spending money (to enjoy life before you die)?

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Reply to "How do you balance saving money (for security) vs. spending money (to enjoy life before you die)?"

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[quote=Anonymous][quote=Anonymous]It is simple - you [b]first [/b]take care of the security aspect of your life.  More money towards retirement, long term care, nursing home expense, home remodelling for aging in place and more money towards college.  (For example - don't think of just paying for 4 years of in-state college, but think about saving for 4 yrs of private college  + saving for med school costs for both kids.).  So after you pad your war chest, what should be your next expense?

I am a big believer in simplifying your life and outsourcing chores to give you more time with your kids.  Investing your time on your children is priceless.

Pay for things that improve your overall, long term QOL.  I would put home/yard  improvements and maintainence, energy efficient purchases (like solar roof, insulation, new windows), education (EC, tutors, camps), health (gym membership, private trainer), hobbies ...a worthwhile expenditure.

Occasional splurges (maybe once a year) for travel. Don't do luxury vacations in a resort or cruise though. I have found that it basically skews the perception of life for young kids. They expect that things will come easy to them and they do not understand that they have to work very hard to achieve the same level of luxury.  Teach them to live a lifestyle that they can afford, not a lifestyle that you can afford.   We did a lot of travelling to US National Parks with our kids and I think it was a good balance of showing them US, having a low cost vacation and spending a lot of time with them.

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Even if you can’t save for all of that right now … it’s ok to spend. It’s ok to buy that sweater you love, go out to eat on a whim or somewhere fancy you have been wanting to try. It’s ok to stay in a nice hotel. [/quote]

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