Michelle over at Sense of Cents recently had a great post about how she’ll never be a frugal blogger and I appreciate her honesty. I know she’s not alone and, as I commented on her post, I completely relate to what she’s saying. I’m here to say that I will be partaking in lifestyle inflation when our debt is paid off.
While I don’t mind living a super frugal lifestyle while we’re in debt repayment mode, I will not be floating through the rest of my life like this, never really enjoying the money hubby and I worked our butts off to enjoy.
I’m not saying we’re going to start spending beyond our means and not prioritize our financial responsibilities like our daughters educational savings or our retirement. What I am saying is that when we become (non-mortgage) debt free we will:
- Have a dedicated vacation savings account and see the world however our vacation budget allows.
- Buy a second car. To save money I currently take public transit (about 1hr each way) to work. I could drive it in at least half this time but would have to spend money on gas and parking. It doesn’t have to be fancy but something reliable. If my dream of working from home ever comes true, this may change again.
- Give ourselves more personal spending money. Currently we have close to nothing in this category. I actually felt sort of crappy about spending $10.00 for my facewash last week. It’s ridiculous that I feel this way and want to know we each have a little spending money each month for whatever we want- clothes, facewash, coffee, whatever we want. Again, I deal with the deprivation now because it’s short term while we pay debt off.
- Buy a bigger home. I did a whole post about this last week but we are already at our homes full capacity. Yes there are things I could get rid to gain a little room like the storage space under our stairs which is jam-packed FULL of camping stuff? We enjoy that stuff. We need more room.
- Increase our grocery budget. This is sort of a necessity since food prices keep going up and our family is growing but we need to up the budget by probably $25.00/week.
- Spend more on hobbies. Maybe this will come out of our personal spending money, maybe not. Hubby and I both have hobbies that we enjoy but other than blogging (for both of us) we haven’t done much of it. Hubby’s loves to golf but it ain’t cheap!
- Get a rec-center membership. I say rec-center rather than gym because it has a pool, skating rinks, tracks, fitness, dance, lifestyle classes, library you name it this place has it. I had a membership here through my mom’s family membership for over 15 years and loved it. Now that kiddo is here, I want to re-join in a few years so we can do family stuff like swim, put her in classes (swimming lessons, dance) and use the gym again. I loved it when I was there. Bonus for us here in Canada? We’re allowed to tax deduct a portion as a child-fitness tax credit- an incentive the government has to encourage families to keep kids active.
Budgeting is about financial responsibility, not necessarily living on bare bones. Some people choose to live this way though in order to fatten up their retirements, vacation funds, whatever. It’s not for me. I want to live my life to it’s fullest because, as we all know, we can’t take the money with us when we die.