I’m struggling to get my head around spending money.
As a bit of background:
Me and my fiancé are both 25 we bought our first house last year, we’ve both received 2 promotions in the last YTD. We’re working really hard to enjoy whatever the future brings.
My income / Outgoings
All Bills (Mortgage, Credit Cards, Energy, Council Tax, Gym etc.) - 38.17% (£896.41)
Spending - 17.56% (£400)
Saving / Investments - 44.27% (£981.58)
We are in the most comfortable position we’ve ever been in. We live a life we’re very happy with and treat ourselves to a lot. I no longer look at my bank account before doing a food shop or filling up my car, I know I’m safe.
However the idea of spending money terrifies me. I’ve got two big purchases coming up, a new phone and a new car.
My phone is on it’s last legs and has been for a long time. The battery lasts a few hours, the speaker doesn’t work so I have to take calls awkwardly and it’s super slow, but (I think) it works. I can still listen to music in the car and I’m never far from somewhere to charge it.
I’ve got an old Kia that’s clocking up to 100k miles, it’s still got life in it but it’s far from a joy to drive. I’ve been eyeing up a new A class due to it being the cheapest way into a level 2 autonomous car which would be a huge QOL improvement.
However with both it seems like such a huge waste of money that could be better put into some sort of saving / investment account. Everyone around me tells me to just spend my money “Why would you want to pay your mortgage early, it’s supposed to be there for years”. So I’m reaching out to others investors to get an idea how you justify spending money.
I know “justify” isn’t the correct word in that sentence, but that’s how it feels.