My partner is asking for a $10,000 a year spending budget. We make about 400K as a household and try to invest 50- 60% of that. We do have a little bit leftover after all of our fixed costs and non-fixed cost , but I would rather my partner not get into a spending habit and focus more on our investing and our path to FIRE. They want this money for things like fancy facials, purses, clothing, Botox, Amazon, and face creams and such… This does not include anything that we spend together or for travel… I personally think that all of those things are a waste of money, which makes this harder. Because we can technically afford it. Should I let my partner have what they want? They have hit spending from me in the past and they really want a clear budget of what they can spend and they want a lot of nice things to pamper themselves. Any advice would be appreciated. They have already earmarked the money at this point… Lol.
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So it's $833 a month. That's reasonable if it includes all the luxury purchases. If you want to make it easier to track, you can have a dedicated debit card that gets $833 a month, and you don't need to discuss any spending from that card.
Rajiv uncle, 2.5% gross Kar sakte aap log.
Судя по лайкам, это довольно популярный коммент, но я его не понимаю, и в блайнде нет кнопки автоперевода. Что-то про два с половиной процента гросс-доходов. Guess I'll never know
Partner's TC? BTW it's not going to remain at 10k even in the first year
Yes, this is my concern. That it’s only going to keep going up every year. We actually both make about the same per year.
It can go up proportionate to the TC. It's a small percentage now, and it will stay a small percentage so you're both set for FIRE.
Don’t be cheap
Let her have it. Joint expenses are likely way higher. Trim those.
If they are contributing meaningfully and it makes them happy (ignoring Botox because that’s between y’all), why not let them be happy. FIRE is a journey as well as a destination. Don’t be miserable in the journey.
It’s definitely a destination for a big percentage of FIRE people…
In fact I think everyone wants to be financially independent, but FIRE actually now mostly tends to equal destination-focused, suffer-now-so-you-can-be-a-bum-later-with-the-same -menial-budget people.
So you “want” to FIRE ASAP, And they “want” to also maybe FIRE eventually but achieve this with more sensible approach by also focusing on their other “wants”, and take some more time to FIRE. There is no one solution. Everybody’s needs and wants are different. Why not put your wants and needs on a paper and talk with each other and maybe compromise with something that makes you both happy? This has nothing to do with home finance. It’s all about you both communicating and understanding each other.
She wants you to give it to her out of your paycheck? Or is she asking your permission to spend her own money?
She works? She should be able to spend $10k in her own stuff. It is not a significant amount
10k a year? Lol this isn’t much at all..
Exactly this — I’m amazed at how people can make 400k but want to live like they’re on food stamps. I get FIRE - but making money is also to live life in the here and now - not just looking at when you’re 50+
part of FIRE is living in this fantasy where in the future you will have no worries at all. Anti mindfulness