Mar 18, 2009
Can we afford it?
Those who have seen Suze Orman on Oprah know that she does great in-depth cost analyses to let people know whether they can afford things like being a stay-at-home mom, sending their kids to private school, having a dream wedding, or taking a vacation. I wish I could get her advice on this one. Brian was tooling around on the internet yesterday and found flights to Ireland for $700, quite a steal.
I guess I should give some background information to help you make your decision.
Before we got married, we set a 5 year plan. One of those things we hoped to do was travel to Ireland. I also promised Brian that once we were out of debt, our next vacation would be to Ireland.
Our financial situation is as follows, we have a 3 month emergency fund and are debt free except the house. We, however, need to save money towards some repairs for our roof, and I'm not certain how much that will cost. The repairs are timely, as we have several leaks. We are putting 15% towards retirement and will have Charlotte's college fund started shortly. I won't disclose our income on my blog (which Suze would want to know), but I think we do alright.
So, many would probably say - sure go ahead! But we have also wanted to remodel our bathroom since we moved in to this house, and money spent on a trip to Ireland would be at least 1/2 of what we'd need for remodeling. And in this economy, we'd be better off with at least a 6 month emergency fund. So, maybe I need to find a path to Suze and get her opinion, but for now I turn to you. How much is a couple allowed to spend on vacations without being irresponsible. Dave Ramsey didn't give us much advice on this!