Why I Think My Husband Should Buy a Lotus Elise
Despite being a non-coffee drinker (I know; the horror!) I loved Aloysa’s “Live a Little: Have a Latte” post. In it, she points out that some of the things we buy “make us feel guilty because we think we make frivolous and unjustified spending choices”.
According to David Bach’s web site, the latte factor is based on the idea that “putting aside as little as a few dollars a day for your future rather than spending it on little purchases such as lattes, bottled water, fast food, cigarettes, magazines and so on, can really make a difference between accumulating wealth and living paycheck to paycheck”.
He’s completely right, but like Aloysa, I think that you should spend money on the things that you enjoy.
Mindless spending vs. purposeful spending
Mindless spending on things is different from purposeful spending in a couple of ways. The typical little things listed by David Bach all have a couple of things in common: they’re not super-expensive in one shot, and they’re easy to make a habit — which of course means they add up. Habits are things that you do without really thinking about. You just do them because you’re used to doing them. (Or in some cases, because you’re addicted to them.)
Where’s the joy in that?
I think spending should be about getting what you really want — whether that’s travel, an expensive handbag, or a Lotus Elise — while making sure your financial needs are met. In my book, making sure your financial needs are met includes being out of debt, having a fully-funded emergency fund and setting aside money each month for retirement.
Get what you really want
So I think my husband should go right ahead and get the Lotus Elise that he wants. (Plus, it’s a very cool car. My car might even get jealous.)
He was obsessing over the Elise awhile back, and then started talking to me about how maybe he shouldn’t get it because it’s a lot of money to spend on a car. (Probably $28,000 for a used one, which is what he would get.) I immediately said, “Hey, I fully intend to go to Antarctica at $10,000 a person, at least you’ll have a car when you get done spending the money. Get what you want.”
Spend joyfully and responsibly
If he’d told me he wanted to go out and buy the Elise today, before we’d finished paying off our house and before he’d saved up the money, I’d be singing a different tune. But I firmly believe that a big bonus to getting your financial house in order is the ability to spend without guilt. (Along with the ability to do good and help others, and the huge reduction in stress.)
So that’s why I think my husband should go ahead and get that Lotus if he really wants it, and why you should enjoy your latte if you’re not just drinking it down out of habit.
But if you’re not enjoying the things you’re buying (or can’t afford them, even if they’re “only” a little bit) put that money to better use elsewhere.
Well, as long as you’re not buying a Lotus yearly (or a fancy coffee daily), what’s the big deal? If you’ve got your debt under control and you’re saving a sufficient amount, you should be enjoying your life with whatever money you have left over.
The experience of having an Elise or traveling to Antarctica is going to be a good one. If it doesn’t change your long term goals? Have those experiences!
Yeah, an annual Lotus would get pretty pricey :)
Hey Jackie,
Totally agree, life’s little lattes would add up to more than the Lotus you mentioned above, plus it’s a cool car!
Dwight Anthony
Financially Elite Blog
It is awesome, isn’t it? Hopefully it drives as great as it looks.
That’s good advice about not spending money on things you don’t enjoy. It made me aware of how much I often spend on lunch or coffee that I don’t enjoy–certainly not any more than I’d enjoy a packed lunch or thermos of coffee from home, anyway.
Yeah, if you’re not enjoying it, you’re wasting your money.
Sounds like a great idea. My son loves that car so I just had to stop and read. What is the point of sacrificing and being disciplined to stay out of debt if you don’t spend a little money once you get to that point? You can’t take it with you.
Exactly!
If you buy smart and haggle like an Indian bazaari, you could probably get the car used and resell at a small profit or for no loss. That is exactly what my BIL did for his Lotus Elise. Kept for for a few months, enjoyed the heck out of it, and then re-sold it.
He does plan to buy used. (Neither of us see any point in buying a brand new car, anyway.) Why did he sell it after enjoying it so much?
It was just time. He’s a serial used car buyer and seller.
He should totally go for it. I did a similar thing 2 years back, but nothing cool the Lotus!
Nice, what did you do a few years back?
Got a fully loaded Mercedes C300 :)
You want to go to Antarctica too? It’s on my list!
Yes, definitely! I’ve wanted to go there since I was about 9 years old.
It’s about maximizing life value, which means trading off the future and present. Sometimes that means a latte… or an Elise makes sense. :)
Coffee…car…same difference, right?
Assuming you got the means! ;)
My yearly splurge is travel. I think about where I want to go, get excited, and start saving money. I’m not big on impulse purchases and really don’t have anything I want to buy at the moment, so it really helps me save. I think that’s cool your husband wants to get a Lotus if you are both on board and have the means to do so. Sounds like there are some fun roadtrips in your future! -Sydney
I love traveling too :)
Where is your favorite place to have been so far?
Throughly enjoyed your post! I am glad I gave you an idea for a post (a great one indeed!) :-) If you enjoy spending money on a car, go for it. As long as it is a responsible expense that you can afford. I’d rather enjoy my lattes though, just because I am not big on cars.
Glad you liked the post! I (obviously) liked yours too :)
I loved her post, therefore love yours as well. As long as you have your finances in order and are saving for the future, I see nothing wrong with going and buying something that you love!
Thanks :)
I’ll go one further though and say that I see something wrong with NOT spending money on things you enjoy when your finances are in order.
You do have to spend money on fun things some of the time or else there isn’t much point to having money.
Exactly! That’s a part of what it’s there for :)
I hope to goodness he gets the car! He’ll love it, sleep in it, wash it, cherish it always! No point making money if you don’t spend your money!
Just don’t make it as an excuse so you guys can out spend each other!
I think the next step is to test drive one, and then start saving :)
Well, after we get the house paid off.
And no danger of out spending each other, we think very similarly about money and wouldn’t use it that way.