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Let's play Suze Orman's -Can I afford it?
Ok--I bought a new house in Aug 08 that came with laminate countertops. I wold like to upgrade them to granite and am in the process of getting quotes. The area is 37 sq feet and I am looking at level 1, 3 cm granite. This project will cost under $2,500 for labor, materials, removal of the old material, sink, sink cutout, & plumber. My BF thinks that I am doing to much too soon & since the house is brand new I should wait a while. I plan to pay for it in cash. I have appx 10K in a MM acct, 9K in 401K, and 2 K in CC debt @ 0% which will be paid in full next month prior to when the interest will kick in (3/09). The cash will come from my Dec 08 bonus. Since it's almost income tax time I will have additional money there next month as well.
Should I go ahead and get them or wait? My monthly salary averages $6,500-7,500 per month and my household expenses are around $2500.
I work in sales and my bonus will be on my final check this month.
MM=money market acct, and I save appx 1500 per month. I dipped into it when I moved for moving expenses, painters, and home stuff.
6 Answers
- crystalLv 61 decade agoFavorite Answer
i think you should go for it. consider it your own house warming present.
- rayt721Lv 61 decade ago
You haven't mentioned how much money you have in liquid savings. You don't want to cash out your mutual funds or 401K but should have emergency money available to you that's not tied up. Where is that $4000+ per month excess going right now between your income and expenses? Sure you can go ahead and use your bonus for the countertops but you should consider having a backup plan to start up a liquid savings account equal to at least six months of expenses in case something happens to your health, job, or you find the need for more pressing home repairs. People first, then money, then things.
- Becky56Lv 61 decade ago
Girlfriend! You know that Suze will tell you that you need to set up an emergency fund before you move forward. It is probably a good idea to wait just a little longer - the economy is still heading downward and you can probably get an even better deal soon.
- bdancer222Lv 71 decade ago
This may be a good time to get a deal. Lots of folks are NOT spending money on renovations. Contractors are working cheaper to have some cashflow.
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- 1 decade ago
One is I would wait to have my bonus in my hand and two, what job do you have that brings that much income a month??? =) I wish I made that much, but hey teachers don't make much what can I do? lol
- ReenaLv 71 decade ago
It's your kitchen... and it looks as if you have your finances under control. If you can't stand the laminate counter tops and you can afford to pay for it in cash... go for it.
