Tools. Tools. Tools, you must always be checking out the latest, bestest new tools at the hardware store. But... you rather drink lots of whisky/favourite drink to forget your craving after browsing...
But but but, what happens when the whiskey fueled misadventures end up with you and your best mate at the bottom of a bottle of singe malt deciding that converting your garage into a distillery is a brilliant plan, and at 02:30 on Sunday morning your plans are stopped dead in their tracks because you don’t have that one critical tool… best you just buy the tools incase then, so they are always at the ready
I like this idea. I mostly stick to this, except I have been known to snap and put a whole Xbox or laptop onto a credit card before, lol. Also how does a cellphone contract factor in? Technically it's a new tech toy on a loan. Same for car loans.
But yes, I think I'm going to try stick to the principle of hanging on for some personal hobbies until I can just pay for them cash outright.
This is very very very important advice. Never, ever finance a toy/hobby. You only ever finance something if the financial return it will give you is going to be more than the interest on the loan - or, in some very rare cases, there could be a tax benefit to leasing the toys instead of an outright purchase.
I’m telling you this as someone who has learned that the hard way, but also hasn’t had a cellphone contract since about 2012 I think, and have never had vehicle finance in my life.
Making the odd unhedged impulse purchase on your credit card and then settling it the next month before interest comes due though is perfectly fine.
Collecting stuff is a sickness
That it is, and clutter robs one’s life of joy. It’s a never ending fight in our house. I haven’t got a sentimental bone in my body, but my wife attaches sentimentality to everything she touches.
But we regularly actively purge ourselves from our stuff. If you haven’t used it in the past three years, it gets chucked out. If it’s too sentimental to chuck it out, you need to make a strong case to prove it, and then do something with it to give it meaning/pride of place (like frame it and make it part of the decor, repurpose it creatively into something for the kids or something along those lines), otherwise, if it’s just going to sit around and collect dust, it goes. It was hard at first for my wife, but after a couple of rounds, it gets easier, and the home is all the better for it.
(we do make exceptions for high quality tools, and legitimate family heirlooms)
As soon as you have to "justify" something, it's probably already a problem.
Do you mean justify it to yourself? Or justify it to other people?
I think it’s only healthy and rational to need to justify every decision you make to yourself, otherwise we would all just be drifting aimlessly through life.
But agreed, when it comes to hobbies, you shouldn’t need to justify it to anyone. But someone else, especially if they aren’t your spouse or a dependent child living under your roof having a problem with it, and expecting you to justify what you do, doesn’t automatically mean you have a problem.
If you don't need to justify your purchases, then does "too much" exist? Surely that's part of a framework of justification?
Too much is always going to sit somewhere on a sliding scale, and everyone’s balance point will be different.
Come on maumau, just be frank about it: there is no right answer. As a parent you're entitled to spoil yourself, just like you're entitled to not spend every waking moment doting on your spawn. But chances are you will feel guilty sometimes, as you will about many things related to your children, and then you'll drown it out by saying at least you're doing a better job than your parents. And go eat some icecream.
If you feel guilt about practicing a hobby, then there is something wrong. It goes beyond you being allowed to “spoil” yourself. Having a hobby is more than that. It’s about you being a complete and rounded human being. A healthy hobby, should by default also make you a better spouse and parent, because you are a fulfilled person in your own right.
First prize is obviously a hobby that the whole family can join in on, but that isn’t always realistic, and that’s where balance becomes important.
You also need not feel guilty about spending money on yourself or hobbies, because you should rather be investing it for your children’s sake. As long as there is enough provision made for them to complete their educations (within reason), and maybe a little bit of capital for them to have a soft landing into adult life, you have done enough. You should then feel free to spend the rest just as you see fit - whether that’s growing the family trust, or spending it to go chase butterflies in Mongolia with the Lepidoptera society, what you do with your money, is your business.
A hobby by definition should be something that loses money.
Otherwise it’s a job.
What if your hobby is art speculation? Or sports betting?
What if you get really good at your hobby, to the point where people offer to pay you to present a worship or training course etc, but you still keep your day job, and you still enjoy yout hobby?