Guilt over wanting to buy an extravagant item-advice?

As many of you know I have a small landscaping business.

I don't make alot of money from it but my overhead is low. I use some of the proceeds to buy plants for my yard and some garden/landscaping equipment.

Last year for instance I bought a new string trimmer and I much needed branch chipper. Mainly DH uses the chipper but I bring brush home from customers and I can chip this up. These items cost me about $3200 last year.

This year I've done a large (for me) commercial job and will have a nice gross profit from it. I've ordered a new laptop computer but there is one item I've always wanted.

Its going to cost about $400. I've got the funds for it but feel guilty on such a splurge for myself.

What do I want?? A Hermes scarf!! I've wanted one for years and years.
Expensive yes. About $375. I love wearing scarves and years ago in Europe (should have bought when they were cheaper) I went to Herme and drooled over them.

I need opinions on rationalizing this purchase.

It is YOUR money. YOU earned it. Treat youself.

Life is short and you don't get a special prize at the end for being the most frugal.

If you can afford it, buy it and enjoy it.

I agree.

If you want to, though, talk to your DH about the purchase. And really, if you can afford it, go for it.

My DH have agreed that any purchase over $100 needs to be discussed before buying. And we've kept to that agreement over the years. But that's us. We know the state of our finances and our budget. And we know if we can afford to do something.

You work hard for your money. And sometimes, you just have to treat yourself!

I agree...you should buy it!

Sometimes you have to get something for yourself especially when you work so hard. Just think of the confidence you will get wearing such a pretty scarf!

If you have a good retirement portfolio, then go for it. If you have very little or no savings or investments, my advise is to not spend $400 on a scarf. (Sorry.)

Originally Posted by jenwales

Life is short and you don't get a special prize at the end for being the most frugal.

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I can't agree with this. The prize at the end is a very comfortable retirement instead of counting pennies for food.

Originally Posted by SwampWitch

If you have a good retirement portfolio, then go for it. If you have very little or no savings or investments, my advise is to not spend $400 on a scarf. (Sorry.)



I can't agree with this. The prize at the end is a very comfortable retirement instead of counting pennies for food.

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It is possible to enjoy your life and have money left over for retirement. It's called planning.

Originally Posted by Kailie

It is YOUR money. YOU earned it. Treat youself.

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Exactly! There is nothing wrong with spending money on yourself, not even when it comes to extravagant items! Last year I bought myself an expensive birthstone ring. I've always wanted one. I decided that it's time I had one.

So long as you can pay for it up front and don't go into debt to get it, then by all means.....go for it!! And enjoy!!!

Originally Posted by jenwales

It is possible to enjoy your life and have money left over for retirement. It's called planning.

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There's no such thing as money "left over" for retirement. It's called saving and investing.

I've been nearly broke for eight years and now that I've got a new job that pays more, I'm going to treat myself to a 3G Andriod phone. It's partially practical; I will cancel my home phone service and just use a cell phone.
I say go for it!

I see nothing wrong with rewarding yourself after you've reached a goal or have done well.

My husband treats himself to a new eagle (he collects them) when he's reached a goal he's set for himself in the business. He always tells me about it before he buys it tho.

We've decided that when we finish paying off our one credit card, we will treat ourselves to a really fancy dinner (and pay cash for it!)

Originally Posted by SwampWitch

There's no such thing as money "left over" for retirement. It's called saving and investing.

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Who said anyone here isn't doing just that? I for one am not going to sit around depriving myself so I can stick an extra $300 in the already well funded retirement account. Vacations? Ha, stay home, watch TV (without cable of course because that's frivilous) and bank that money instead!

What's the point of living if you can't enjoy what you've worked for? Or is the whole point sticking every dime into savings and eating steak when you are 90?

My advice is go for it, I find it a stupid price for a scarf but if thats what you want and you can afford it then do it and enjoy it.

Originally Posted by jenwales

Who said anyone here isn't doing just that?

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I don't know - who?

Originally Posted by jenwales

I for one am not going to sit around depriving myself so I can stick an extra $300 in the already well funded retirement account. Vacations? Ha, stay home, watch TV (without cable of course because that's frivilous) and bank that money instead!

What's the point of living if you can't enjoy what you've worked for? Or is the whole point sticking every dime into savings and eating steak when you are 90?

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It's a dangerous game to rely on IRAs, Social Security, pension plans, etc. to be there when it's time to retire. We are in a world-wide financial crisis. Entire countries are on the verge of bankruptcy. We are in extremely uncertain times and no one knows how bad it will get. People who are watching what is happening are pretty scared about what's to come.

To make things worse, 78 million U.S. baby boomers are starting to retire and are starting to drain the government systems, and they are going to need medical care, too. (Canada's baby boom population is larger than the U.S. percentage-wise.) It's a fact that most boomers do not have enough savings for retirement. And the governments are deep in debt themselves. Governments will borrow even more from the future (bad news for twenty- and thirty-somethings). Taxes will go up and services will continue to go down. Those with financial independence are going to survive - much better than those without (or in debt).

Why you can't rely on 401Ks.

See that old lady working at the department store? Her body hurts and she's and tired of standing on her feet, but she didn't have sound financial planning when she was younger. Same thing with the old guy in the hardware store. He'd rather be fishing, but he's had to add on another 15 years of work before he can retire.

To the OP: if you have $100,000 saved by age 35 (you can double that every 10 years), go ahead and buy the scarf. It's easy to say it's just $400, but that's a fair amount of money. Save $400 a month, and you will have almost $50,000 in 10 years. (I know you aren't buying one scarf a month, but I'm trying to illustrate the power of $400.)

Invest the $50,000 and you can get about $5000 a year back, which is about $400 a month. But that's a $400 check you receive every month (you could buy one Hermes scarf a month for life), and you'd still have the $50K.

I'm a poor college student, so I'm on the "save" side of things. :/

If you have worked hard, and it always sounded to me like you worked your butt off, you should get something nice for yourself and enjoy it guilt free.

We have a very healthy retirement plan, investments etc. Plus this is an investment as they hold their value quite well (after researching so far). We do not have an fancy lifestyle for our income level.

It's not like it's something you do every day; so if you really do want it and it's something you will enjoy for a long time, then go for it!

Originally Posted by GailC

We have a very healthy retirement plan, investments etc. Plus this is an investment as they hold their value quite well (after researching so far). We do not have an fancy lifestyle for our income level.

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Enjoy without guilt, and maybe you could post a picture.

I say go for it. You work hard for what you get and as long as the purchase isn't going to "break the bank", I see nothing wrong with it. DH has had to tell me this MANY times. Very seldom to I actually buy anything for myself (I feel guilty about it because I don't work, I'm a SAHM) but he tells me all the time that I might not have a "paying job" but what I do at home is not easy and I do deserve to spoil myself every now and then. He's awesome