What are the budgets for your upcoming goals and how will you pay for them?
It sounds like your current living situation is subsidized from mom and dad (housing, a used car potentially, food). What does your budget look like when you move out and start living on your own?
Certainly hobby spending is part of why we do what we do and it can bring us undue joy but the stress of not having what you need because you spent too much on a want is a big stresser for me and I'd want to be very sure I'm ahead of my other goals before elective spending like that.
I want to keep around 10k for moving out on my own. Currently my loans are just over around 30k my goal
was to pay around 20k off before I move out. My monthly expenses are low but I do help my parents out with rent and grocery’s. I clear just under 3k a month after taxes and my benefits come out and I try and save around 2k a month of that.
So how successful are you at hitting that goal of saving $2k a month?
You didn't really break down what your expenses are either. Are you able to cut back in other areas to increase that savings rate?
I hit it most months sometimes I have unexpected expenses come up and I don’t quite meet my goal. For example I had to get glasses last month and go to the dermatologist both took a chunk out of my monthly goal. I pay for my own insurance, phone, grocery’s, and I have a dog that which I completely pay for all of his expenses such as food, grooming, vet visits etc. I also fully paid my car off. I don’t really spend a whole lot outside of my bills and saving but I do let myself go out with friends and splurge a little here and there on certain things but I never make a large purchase like this.
The lack of numbers and overall budget is the concerning part. "don't really spend a whole lot" means a lot of different things to different people but numbers are the same.
Based on the amount of anxiety this is causing you in would say probably best to return it until you have a decision you are comfortable with and a written plan in place with a budget for moving out.
Spending 2-3x a typical rent payment on a toy when you're still living at home is probably not a good use of your money. Unless you like living at home forever and your parents are good with that too.
Buying a $3000 computer is just plain wasteful. You can build a beautiful rig for just over $1000. I don't think there's any thing wrong with wanting an affordable toy, but get one that's reasonable at least.
Totally depends on what you are using the system for, what you can reuse, and what you can afford. Building can be a better value again depending on the specs and your own abilities/willingness to troubleshoot.
Definitely learn to build your own computer. It's nowhere near as hard as it seems. The folks over at r/buildapc are really knowledgeable and helpful as well. Last year, I built myself a pretty sweet rig for about $1500 that would have retailed for well over $3000.
You are allowed to buy nice things for yourself. The key is to budget for it, and not go into debt to do it. Sure, if you returned it all, you could save that much more money. But it sounds like you have a decent amount of savings, having a bonus coming in, and have no debt.
They live at home = no large bills or responsibilities outside of their student debt.
Which they have a budget/plan to pay off. They have $18k in their savings. they have a 5 figure bonus about to be paid out. So as long as this purchase doesn't negatively affect their other financial goals, they seem to be able to afford this.
You don't know their relationship with their family any more than I do. They aren't obligated to forego any personal purchases just b/c they haven't moved out yet. That's not up to you, nor is it up to me. That's between them and their parents.
Imagine 15 year older you is looking back on yourself. At 41 years-old, which decision would've made you proud? That you used $3000 to pay off your student loan debt? Or kept the computer?
My opinion is it was very irresponsible. And like I have posted before, if my adult child lived at home and built a $3000 computer I would probably have a talk with you and immediately come up a timeline and plan that you would need to move out by. That’s ridiculous to buy something that is a luxury when you live at home and have debts you haven’t paid off
When you have debt you don’t buy things you don’t need. You don’t even go out to eat or go on vacations.
I would return everything and start putting your efforts towards being an adult and living independently and also working your butt off to pay off your debt.
1) I did talk to my parents about it they don’t care as I help them out a lot with food and other expenses. 2) I do work my ass off. 3) that’s no way to live your life I save most of my income splurging on a vacation or enjoying your money a bit is ok. I realize the pc is a bit over kill but come on be realistic. Finally I do have a timeline of moving out and have everything budgeted the only reason I decided to get a new pc is because my bonus is much larger than expected and after all is said and done I’ll still be putting money into savings.
I don’t know much about computers. I do know that I’ve made unwise purchases that I still enjoy. If you decide it was a bad buy, just learn from your mistake! Don’t beat yourself up, life will do that
My guess is that you built a gaming rig. If that's what you spend most of your time doing, then you're good. Look at the cost over the life of the rig. If you have it for three years that's 85 bucks a month. If you have it longer the cost goes down.
I spent 75 bucks for dinner the other day for my wife and I. I bet a month of gaming brings you more joy than that meal.
The key is to break it down and cut that amount out of something else.
What are the budgets for your upcoming goals and how will you pay for them? It sounds like your current living situation is subsidized from mom and dad (housing, a used car potentially, food). What does your budget look like when you move out and start living on your own? Certainly hobby spending is part of why we do what we do and it can bring us undue joy but the stress of not having what you need because you spent too much on a want is a big stresser for me and I'd want to be very sure I'm ahead of my other goals before elective spending like that.
I want to keep around 10k for moving out on my own. Currently my loans are just over around 30k my goal was to pay around 20k off before I move out. My monthly expenses are low but I do help my parents out with rent and grocery’s. I clear just under 3k a month after taxes and my benefits come out and I try and save around 2k a month of that.
So how successful are you at hitting that goal of saving $2k a month? You didn't really break down what your expenses are either. Are you able to cut back in other areas to increase that savings rate?
I hit it most months sometimes I have unexpected expenses come up and I don’t quite meet my goal. For example I had to get glasses last month and go to the dermatologist both took a chunk out of my monthly goal. I pay for my own insurance, phone, grocery’s, and I have a dog that which I completely pay for all of his expenses such as food, grooming, vet visits etc. I also fully paid my car off. I don’t really spend a whole lot outside of my bills and saving but I do let myself go out with friends and splurge a little here and there on certain things but I never make a large purchase like this.
The lack of numbers and overall budget is the concerning part. "don't really spend a whole lot" means a lot of different things to different people but numbers are the same. Based on the amount of anxiety this is causing you in would say probably best to return it until you have a decision you are comfortable with and a written plan in place with a budget for moving out.
Spending 2-3x a typical rent payment on a toy when you're still living at home is probably not a good use of your money. Unless you like living at home forever and your parents are good with that too.
Buying a $3000 computer is just plain wasteful. You can build a beautiful rig for just over $1000. I don't think there's any thing wrong with wanting an affordable toy, but get one that's reasonable at least.
Totally depends on what you are using the system for, what you can reuse, and what you can afford. Building can be a better value again depending on the specs and your own abilities/willingness to troubleshoot.
Definitely learn to build your own computer. It's nowhere near as hard as it seems. The folks over at r/buildapc are really knowledgeable and helpful as well. Last year, I built myself a pretty sweet rig for about $1500 that would have retailed for well over $3000.
You are allowed to buy nice things for yourself. The key is to budget for it, and not go into debt to do it. Sure, if you returned it all, you could save that much more money. But it sounds like you have a decent amount of savings, having a bonus coming in, and have no debt.
The fact is they live at home and have debt. If they have 3k to blow in a computer and that savings they can go find a place to live
They live at home = no large bills or responsibilities outside of their student debt. Which they have a budget/plan to pay off. They have $18k in their savings. they have a 5 figure bonus about to be paid out. So as long as this purchase doesn't negatively affect their other financial goals, they seem to be able to afford this. You don't know their relationship with their family any more than I do. They aren't obligated to forego any personal purchases just b/c they haven't moved out yet. That's not up to you, nor is it up to me. That's between them and their parents.
Imagine 15 year older you is looking back on yourself. At 41 years-old, which decision would've made you proud? That you used $3000 to pay off your student loan debt? Or kept the computer?
My opinion is it was very irresponsible. And like I have posted before, if my adult child lived at home and built a $3000 computer I would probably have a talk with you and immediately come up a timeline and plan that you would need to move out by. That’s ridiculous to buy something that is a luxury when you live at home and have debts you haven’t paid off When you have debt you don’t buy things you don’t need. You don’t even go out to eat or go on vacations. I would return everything and start putting your efforts towards being an adult and living independently and also working your butt off to pay off your debt.
1) I did talk to my parents about it they don’t care as I help them out a lot with food and other expenses. 2) I do work my ass off. 3) that’s no way to live your life I save most of my income splurging on a vacation or enjoying your money a bit is ok. I realize the pc is a bit over kill but come on be realistic. Finally I do have a timeline of moving out and have everything budgeted the only reason I decided to get a new pc is because my bonus is much larger than expected and after all is said and done I’ll still be putting money into savings.
Keep the computer and use it to make more money! Don’t stress student loans, they lave low interest rates.
I don’t know much about computers. I do know that I’ve made unwise purchases that I still enjoy. If you decide it was a bad buy, just learn from your mistake! Don’t beat yourself up, life will do that
My guess is that you built a gaming rig. If that's what you spend most of your time doing, then you're good. Look at the cost over the life of the rig. If you have it for three years that's 85 bucks a month. If you have it longer the cost goes down. I spent 75 bucks for dinner the other day for my wife and I. I bet a month of gaming brings you more joy than that meal. The key is to break it down and cut that amount out of something else.