Buying an Expensive Treat: A Guide

 

There are few people around who don’t have some kind of dream or goal. For some, it’s wildly ambitious, like creating a colony on Mars; for others, it’s far more modest, such as buying their own home. Wherever you place yourself on this spectrum of desires, it’s likely that at least a few of your dreams relate to being able to enjoy some of the finer things in life.

What is currently holding you back from realizing your ambitions? Achieving anything in life requires hard work and sacrifice, and many dreams take a considerable length of time to bear fruit. However, it’s also true that despite believing they are ambitious, a lot of people find it difficult to go the extra mile they need to in order to get where they want to be. In some cases, it’s down to not having enough self-belief; or maybe life’s events have interfered with your progress. Regardless of the cause, why not take stock of your situation and see how close you are to some of your dreams – you could be in for a surprise!

Fear of debt

Although some people have no problem spending money when they have it (and when they don’t, too), for many of us, the fear of getting into debt holds us back from spending on ourselves. Naturally, being financially responsible is essential if you want to avoid debt problems down the line, but on the other hand, life needs to be about enjoying yourself and treating yourself to luxuries that you can afford.

Keeping all your money in the bank like a miser might make you feel more secure, but are you enjoying your life in the meantime? The phrase “You can’t take it with you when you go” might be somewhat cliché, but it’s still true; if you have the ability, why shouldn’t you treat yourself to an experience of a lifetime, or buy something you’ve always wanted?

Have a think about those luxuries you promised you’d buy yourself when you were financially stable and had enough disposable income. Have you found out how much those treats would cost you, right this moment? If you don’t have all the figures, how do you know whether you can afford them or not? Go over your personal budget and see what spending money you have left each month after all your expenses are paid, and you’ve put some away for savings and investments. Now compare this to the cost of whatever it may be that you’ve always wanted, and see how the figures look.

 

  • A new home

 

One of the most popular ways to spend money once you’re making enough is to move to a bigger or better home, or maybe buy your own property if you’ve been renting up to now. Work out how much equity you’ve got tied up in your current home, or what you have in the way of savings, and compare this to the kinds of houses or apartments you’d like. Also, check what the current mortgage rates are like, so you can see how much your dream home would cost you per month, and you might be pleasantly surprised to see you could afford to move to a far more luxurious property for a reasonable outlay.

 

  • A boat

 

One of the classic ambitions people have is to own a boat. Of course, boats can range from a modest two-person rowing boat to a luxury yacht that costs millions of dollars. Again, you need to think about what you’d like and see how the figures stack up against your disposable income. Remember, you don’t have to buy new. There’s a thriving market in used boats of all types, from yachts and sailboats to wake boats and fishing boats, and many are just like new but at significantly reduced prices.

When you’re working out a boat budget, remember to include costs like maintenance, mooring or storing and trailering, fuel, upgrades, and servicing for engines. Think about whether you want size and power, or whether looks and luxurious facilities are your priority – size does matter when it comes to boat prices! Check on the mooring fees at your local marina or harbor, and find out more info on possible future costs such as dock renovation or new sails. If you’re planning to use your boat for vacations, don’t forget to factor in what you’ll save on vacation costs by using your boat.

 

  • A vehicle

 

Cars may be the choice of many, but you could be someone who prefers the idea of a motorcycle, an RV, or maybe even your own tank. Prices for vehicles can range from hundreds of dollars to millions, so your budget depends very much on what type of vehicle you dream of owning. If you’re hoping for a Ferrari or a Bugatti, then you will need a fair amount of cash because even the cheapest examples of these cars are going to have a hefty price tag. On the other hand, buying a vehicle with prestige that reliably holds its value could be viewed as a sound investment – in fact, some people choose to invest in classic cars for that very reason.

Maybe your sights are set a little lower, and you’d be thrilled to own a 1960’s Camaro or a Dodge Viper. Beautiful, head turning cars but not ones that cost as much as a house! Just like owning a boat, don’t forget to add in all the maintenance costs, insurance, servicing, storage, and other running costs, and check to see how available parts are and what sort of prices they are. It’s also a good idea to make sure there is a garage within a reasonable distance that specializes in the make and model you’re thinking of buying, because most classic and historical vehicles need the expertise of specialist mechanics.

How you choose to spend your money is your own business, and if you’re financially secure, why shouldn’t you enjoy the rewards of all your hard work by treating yourself to one of life’s luxuries? Make the most of your good fortune and see which of your dreams you can turn into a reality.

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