Am I spending to much on furnishing my new home?

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Entropy105
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Am I spending to much on furnishing my new home?

Post by Entropy105 »

Just turned 23 living in the midwest, recently bought a nice 1150 sq ft 2 bedroom 1 bath newer construction home for 130k. I grew up in a toxic living situation so it's great to get out. Buying everything myself with no help, just me living in the house. It looks like I will be furnishing the house for about 12k, keep in mind I want to be somewhat minimalist. I've been buying all sorts of quality things like actual glassware, kitchen aid utensils, a $300 air compressor, $1800 on a rouge fitness gym set (can't find Olympic dumbbells used), $1500 for a couch, $200 Milwaukee electric weed wacker. I will be making all my hard surface furniture myself (eg table) since no one makes things out of real wood anymore. I've been buying a lot of name brand stuff and people are telling me I'm spending to much money and that I should just use second hand everything. I really don't want mismatched plates and ugly decor though, I want all my towels the same color - I want the home to be clean with quality goods that last. Nothing I'm buying is to impress anyone.

I have 70k cash, 5k HSA, 16k roth ira - no debt of any kind
Make 40k a year (no college, been working a while)
I'm spending 30k on the house with closing costs
After house + furnishing I'd have 28k in my checking
Income is 3250 a month (will likely double/triple in a few years), expenses will be about $1900 (all inclusive)

EDIT:
I'll try and lower the cost down to $6-7k, I just really don't want to buy something that I will feel the need to upgrade in a few years and spend even more than just buying it right the first time.
Last edited by Entropy105 on Mon Dec 30, 2019 1:31 pm, edited 2 times in total.
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JoeRetire
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Re: Am I spending to much on furnishing my new home?

Post by JoeRetire »

(shrug)

It seems like 30% of your annual salary is a lot to me. But it's your money.

I wouldn't even know what to do with a $300 air compressor, an $1800 fitness gym set, or a $200 electric weed wacker.

Don't worry about what others think. As long as you are still on path to achieve your long term goals, just enjoy your new home and furnishings.
Last edited by JoeRetire on Sun Dec 29, 2019 8:19 pm, edited 1 time in total.
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sport
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Re: Am I spending to much on furnishing my new home?

Post by sport »

You can get good quality home furnishings at Costco, either in the stores or at Costco.com. The membership fee will pay for itself quickly. For solid wood furniture, find a store that sells Amish made products.
runner3081
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Re: Am I spending to much on furnishing my new home?

Post by runner3081 »

If you are comfortable doing it and can afford it, who cares?

Me, I think you are borderline insane.
mortfree
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Re: Am I spending to much on furnishing my new home?

Post by mortfree »

Live in the house for a little before going crazy buying unnecessary items.

Also save some cash for unexpected issues.

You don’t have to have it fully furnished right away.
SCb&b
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Re: Am I spending to much on furnishing my new home?

Post by SCb&b »

I agree with advice some of your friends gave you - buy used (but well-built things) on facebook marketplace/letgo/craigslist then slowly add in nicer furniture as you can afford it and as you realize what you'd like.

If you're single half of it is going to be refused once you settle down with spouse anyway.

This is a good example of hidden costs of home ownership.
stoptothink
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Re: Am I spending to much on furnishing my new home?

Post by stoptothink »

My garage gym alone costs a lot more than $12k, but on everything else you are spending way more than us (family of 4, 1480ft 3brd/2.5th, ~$220k/yr HHI). We spent ~$4k for everything normally categorized as "household furnishings, and that included a new washer and dryer and 3 beds. I guess everybody has to determine their own priorities; with an income of ~$40k/yr I'd be all over Craigslist, but it isn't my money.
HomeStretch
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Re: Am I spending to much on furnishing my new home?

Post by HomeStretch »

People around you have said you are spending too much and posters here are saying the same. IMO $12k on your salary seems like a lot to spend. But, it doesn’t really matter what others say as you are the one who gets to decide what to spend your money on.

Keep a healthy emergency fund as a house can be an expensive proposition with furnishings, maintenance, repairs, etc.

Best of luck with your new home and living on your own.
TallBoy29er
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Re: Am I spending to much on furnishing my new home?

Post by TallBoy29er »

Been in my house 15 years, and still borrow my neighbor's weed eater and pressure washer.

Take your time to figure out what is important. The first few months in our house, we used camping chairs as furniture. I'm getting close to 50, and we just bought our first "real" (non hand-me-down) bedroom set in our lives. We still don't have matching towel sets. Just hasn't been important to us.
Dottie57
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Re: Am I spending to much on furnishing my new home?

Post by Dottie57 »

When I bought my first home I spen money on living room furniture. I acquired the rest over time. As I could afford nicer things like dishes, silverware, etc I would buy on sale.

Rethink if everything needs to be new.
123
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Re: Am I spending to much on furnishing my new home?

Post by 123 »

Many of the things you initially buy like silverware, plates, cookware, etc may well be with you 30 years or more from now. Some of my most treasured cookware is stuff I inherited from relatives and it was 30 - 50 years old when I got it. Things like cast iron frying pans don't wear out.

And it sometimes turns out that the most plain and economical selections you make may well be with you the longest. Something without style will never go out of style.
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Watty
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Re: Am I spending to much on furnishing my new home?

Post by Watty »

Entropy105 wrote: Sun Dec 29, 2019 7:38 pm I've been buying a lot of name brand stuff and people are telling me I'm spending to much money and that I should just use second hand everything.
A year or two from now everything you you own will be second had. :D

If you are selective there is nothing wrong with buying things second hand.

A lot of people actually enjoy the "hunt" of finding good second hand furniture and things like that.

It sounds like you are pretty handy so could also refinish some old hardwood furniture.
Entropy105 wrote: Sun Dec 29, 2019 7:38 pm It looks like I will be furnishing the house for about 12k.....$1500 for a couch,...
That is a lot for someone that is making $40K a year.

In the big scheme of things $12K or an expensive couch is not really all that big a deal since you can pay cash for it. Even if it turns out to be a mistake most people have made worse mistakes.

The risk is that it is living above your means and if you make a habit out of spending like that then you will get yourself to trouble.

It would be good to consider cutting back on some of the big ticket items or spread the big purchases out over several years. You
Johnny Thinwallet
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Re: Am I spending to much on furnishing my new home?

Post by Johnny Thinwallet »

I can provide a similar set of data points you can use as a reference. I bought my first condo in the midwest in 2010 for $97,500 and had to furnish most of the 1,100 square foot place upon buying and moving in. Salary at the time was $38k. My total net worth at the time was around $50k. IIRC, I spent around $5k initially on furnishings.

Of course, that's in 2010 dollars. Adjusted for 2019 dollars, that's the equivalent of $115k home on a $45k salary and spending $6k on initial furnishings.

It's really about your personal priorities. Some things were more important to me and I was willing to spend more on those items for higher quality stuff. Other things were not as important and I just wanted functional stuff at an inexpensive price. The bigger ticket items I was willing to spend more money on for good quality were a new bed, a good reclining living room chair and (at the time) a mid-tier TV.

Other things were less important. I bought an entry level couch, a cheap TV stand, cheap bookcase, cheap computer desk and largely furnished my kitchen with Ikea kitchenware. Some stuff was really cheap, such as the $20 Ikea coffee table and the $8 Ikea end table.

Unlike you, though, I did have some help. When I bought my condo, the seller left the washer and dryer. I also inherited some second-hand stuff from my parents such as a dining room table/chairs and bedroom furniture (they bought new and gave me their existing stuff). I was also moving into a condo so I didn't have to worry about lawn equipment.
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Re: Am I spending to much on furnishing my new home?

Post by Johnny Thinwallet »

BTW, I want to add in a congrats to the OP. I think it's impressive that you're in a very nice position financially given your situation. If you have a net worth of nearly $100k at the age of 23 after growing up in a toxic household, then I'd say you're doing very well for yourself and you should be commended.

Whether you spend $12k on furnishings or a lesser amount, I think you'll be fine moving forward. You've already handled much tougher challenges, I'm guessing. Keep up the great work.
supalong52
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Re: Am I spending to much on furnishing my new home?

Post by supalong52 »

Definitely look at Craigslist, OfferUp, and FB Marketplace for furniture. Let me give you a few real world examples. Stores like Crate and Barrel sell sofas for about $2k new, maybe $1500 on sale. These "name brand" sofas are actually quite poor in quality compared to the likes of Hickory Chair and Hancock & Moore or other handcrafted furniture makers based out of NC. Most people have not heard of these companies because they are several times more expensive than the CB offerings like a sofa might be 4-10k new. But at least in my area you can find used excellent condition sofas from these brands on Craigslist at half what the new CB sofa costs. So you get to have heirloom quality furniture for less money.

We recently bought a home and bought a Hickory Chair sofa that retails at 4500 for 950, a pair of H&M leather chairs that retail for 3000 for 200. We also got a set of 4 restoration hardware (not the best quality, and overpriced at retail) dining chairs for 10% of the retail price.

So at your income level you should be putting in a little more effort to spend less money. Do some more research about what companies make quality furniture and keep your eyes peeled for deals.

I also second the advice to live in your home for a little bit before buying everything on your list.
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MrBobcat
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Re: Am I spending to much on furnishing my new home?

Post by MrBobcat »

Entropy105 wrote: Sun Dec 29, 2019 7:38 pm Just turned 23 living in the midwest, recently bought a nice 1150 sq ft 2 bedroom 1 bath newer construction home for 130k. I grew up in a toxic living situation so it's great to get out. Buying everything myself with no help, just me living in the house. It looks like I will be furnishing the house for about 12k, keep in mind I want to be somewhat minimalist. I've been buying all sorts of quality things like actual glassware, kitchen aid utensils, a $300 air compressor, $1800 on a rouge fitness gym set (can't find Olympic dumbbells used), $1500 for a couch, $200 Milwaukee electric weed wacker. I will be making all my hard surface furniture myself (eg table) since no one makes things out of real wood anymore. I've been buying a lot of name brand stuff and people are telling me I'm spending to much money and that I should just use second hand everything. I really don't want mismatched plates and ugly decor though, I want all my towels the same color - I want the home to be clean with quality goods that last. Nothing I'm buying is to impress anyone.

I have 70k cash, 5k HSA, 16k roth ira - no debt of any kind
Make 40k a year (no college, been working a while)
I'm spending 30k on the house with closing costs
After house + furnishing I'd have 28k in my checking
Income is 3250 a month (will go up), expenses will be about $1900 (all inclusive)
hahaha, in my case you're asking a guy who bought used mattresses with my wife who was pregnant with our first because our waterbed (got it used for $50) was killing her back. The mattresses were on the floor till we found a bed frame at a garage sale (about 5 years and 2 more kids later)... we replaced the mattress and bed frame on our 25th wedding anniversary. We still have the old bed frame in our spare room, but I did finally take the mattresses to the dump. We still use the end tables and coffee table my great grandfather built in the late 1950s (handed down from my parents).

Now tools and other such stuff, I never skimped on.

TLDR, I'm a cheap bastard when it comes to furniture, but if you can afford it and like it, this is one of those purchases that don't really matter, buy what you want. Don't overspend on houses (doesn't look like you did) and don't overspend on cars, the rest is peanuts.
BuckyBadger
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Re: Am I spending to much on furnishing my new home?

Post by BuckyBadger »

Yeah, I think you're spending too much. Will it ruin your life? Probably not if you're not financing it.

I also agree with everyone else that it's probably unwise to rush into these purchases on your first house. It took a condo and two houses before we realized what exactly it was that we liked and bought high quality versions.

It's exciting, but unnecessary, to buy everything new at once like this.
ralph124cf
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Re: Am I spending to much on furnishing my new home?

Post by ralph124cf »

I will second the idea of buying GOOD high quality used furniture.

You can find very expensive, solid wood furniture for pennies on the dollar, because it is considered out of style. I paid $18K for six large, gorgeous bookcases for my library. When I have to sell this home to move to more "age-appropriate" housing, I will be lucky to get $200 for each bookcase, and I am highly confident that nobody will take all six of them.

Ralph
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Re: Am I spending to much on furnishing my new home?

Post by Dottie57 »

ralph124cf wrote: Sun Dec 29, 2019 10:54 pm I will second the idea of buying GOOD high quality used furniture.

You can find very expensive, solid wood furniture for pennies on the dollar, because it is considered out of style. I paid $18K for six large, gorgeous bookcases for my library. When I have to sell this home to move to more "age-appropriate" housing, I will be lucky to get $200 for each bookcase, and I am highly confident that nobody will take all six of them.

Ralph
This.

I unfortunately will inherit my mom’s furniture. I’ll keep a walnut/pecan wood bedroom suite as well as other wooden pieces that are now considered old fashioned. Don’t care - they are beautiful if a bit worn.

Everything comes back in style. And it really does take a while to recognize your own style.
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Nate79
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Re: Am I spending to much on furnishing my new home?

Post by Nate79 »

Yes you are spending way too much but like typical person buying new instead of used you way over pay for something you could get much cheaper on Facebook marketplace or craigslist. We save so much money each year by buying used. It helps us have a very high savings rate and probably buy some stuff we would go without or get a less quality cheaper item at the store.
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F150HD
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Re: Am I spending to much on furnishing my new home?

Post by F150HD »

Entropy105 wrote: Sun Dec 29, 2019 7:38 pm Just turned 23 living in the midwest, recently bought a nice 1150 sq ft 2 bedroom 1 bath newer construction home for 130k. I grew up in a toxic living situation so it's great to get out. Buying everything myself with no help, just me living in the house. It looks like I will be furnishing the house for about 12k, keep in mind I want to be somewhat minimalist. I've been buying all sorts of quality things like actual glassware, kitchen aid utensils, a $300 air compressor, $1800 on a rouge fitness gym set (can't find Olympic dumbbells used), $1500 for a couch, $200 Milwaukee electric weed wacker. I will be making all my hard surface furniture myself (eg table) since no one makes things out of real wood anymore. I've been buying a lot of name brand stuff and people are telling me I'm spending to much money and that I should just use second hand everything. I really don't want mismatched plates and ugly decor though, I want all my towels the same color - I want the home to be clean with quality goods that last. Nothing I'm buying is to impress anyone.

I have 70k cash, 5k HSA, 16k roth ira - no debt of any kind
Make 40k a year (no college, been working a while)
I'm spending 30k on the house with closing costs
After house + furnishing I'd have 28k in my checking
Income is 3250 a month (will go up), expenses will be about $1900 (all inclusive)
" I want to be somewhat minimalist" - there is nothing 'minimalist' about spending 12k when you make 40k a year.

spending over 25% of your income to furnish a house, yes, WAY over the top.

More I reread, more I wonder if this post is 'bait' of some form. what do you need a $300 air compressor for?
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Re: Am I spending to much on furnishing my new home?

Post by DesertDiva »

Coming out of a toxic environment is a great feeling. I understand the desire to have your own space and make your home a haven.

If I could make a recommendation to my younger self, I would set higher standards for my furniture purchases, as some of the items I purchased did not stand the test of time. I eventually acquired some of my grandmother’s furniture, and some of it was actually passed down to her! These items may be old, but they have amazing character, are solid wood and well made—and that is now the criteria I use when making new purchases. I now look for good quality items on craigslist and at local consignment stores. I can afford to pay more, but can’t justify it. Buying pre-owned doesn’t necessarily mean “mismatched and ugly”. it just takes time to achieve a curated look.

Building your own pieces—now that is awesome! Let us know how that works out. Perhaps your hobby could turn into a small business.
student
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Re: Am I spending to much on furnishing my new home?

Post by student »

Personally, I think the purchase price of your condo is just outside of my comfort zone. (I use 3x annual salary as my max.) However, if your job is secure, that's ok. Instead of spending $12k at one go, I would only buy the absolute essentials and then add the rest over time to find good deals.
1130Super
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Re: Am I spending to much on furnishing my new home?

Post by 1130Super »

If you buy quality items that will last for decades it is worth it, for instance my mother still has a high quality Italian leather couch that her dad bought in 1970. How many low quality couches would of needed upgrading over 50 years.
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Re: Am I spending to much on furnishing my new home?

Post by capsaicinguy »

First, congrats on getting out of your toxic living situation! Second, I think you need to slow down. I trimmed down your original post to what I saw and bolded the juxtaposed statements:
Entropy105 wrote: Sun Dec 29, 2019 7:38 pm Just turned 23 ..., recently bought a home...I [want to furnish] the house for about 12k... keep in mind I want to be somewhat minimalist. I've been buying all sorts of quality things ...I really don't want ..., I want ... I want ... Nothing I'm buying is to impress anyone.
Minimalism and buying a lot of stuff are competing philosophies. I'll tell you from first hand experience with my own first house that the urge to fill it with "nice stuff" is strong, especially when you are first getting settled on your own and still riding the wave of emotions from buying your first house. It's a great feeling and you should enjoy it, but don't go off the rails and blow a bunch of money. Eventually you will wake up one day and look around and become annoyed at all the money you spent on the "stuff". Quality things can be had for a small fraction of what they are new, you just need to slow down and be patient. Like everyone else said you need to look for quality used things right now, don't kill the financial momentum you've generated to get to this point by spending a huge chunk of your savings on "stuff". Think of it this way, if you hadn't just bought the house would you be planning on going out to spend 12k on a shopping spree? That's what it seems like is happening here. What would "no-house you" think of that? Just food for thought, I would be looking at spending maybe 10-20% of your budget total to outfit the house.
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Re: Am I spending to much on furnishing my new home?

Post by Jack FFR1846 »

Goodwill, Salvation Army, pawn shops, consignment shops, craigslist and yard sales should be your go to places. Be patient. You don't NEED matching dishes. Used silverware put through a couple cycles in the dishwasher will work just as well as new. We've been in our present house for 27 years and still have pieces of furniture that others left at the end of their driveway for free. I do think your budget is way over your means. I'd give you $1k and say to make that last.
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bob60014
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Re: Am I spending to much on furnishing my new home?

Post by bob60014 »

If asking the question, I suspect the OP already knows the answer.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

Entropy105 wrote: Sun Dec 29, 2019 7:38 pm Just turned 23 living in the midwest, recently bought a nice 1150 sq ft 2 bedroom 1 bath newer construction home for 130k. I grew up in a toxic living situation so it's great to get out.
Our house is twice as big and about 6x the price.

We spent about half of what you're spending, on a much higher income and net worth.

So, yes, I think that's way too much for your age, income, and house size.

The opportunity cost at age 23 to put 10K of that 13k into an investment.....your future self 20 years from now is paying your present self about $40,000 for that furniture.
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Mr. Rumples
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Re: Am I spending to much on furnishing my new home?

Post by Mr. Rumples »

Much of what I own other than upholstered furniture was used. I love to go "thrifting" and have a pretty good eye. That said, I would no longer buy used furniture. I have friends who bought an end table for $25, it ended up costing thousands since hiding in it were bedbug nits; their entire basement got infested and they ended up so exhausted with the cleaning, they ended up just throwing things out (rugs, cloths &c).

If it can't go in the freezer for a week at 0 degree F, I don't get it. (Glassware and ceramics are different.) I did make an exception when I got caught up in buying two beautiful handmade bookcases, but even then I kept my eye out for the little buggers (there is a way to trap them to see if the furniture is infested). Buy quality new and live with it for the next 50 years. (My cousin still has his mother's sofa from the 1950's; it gets reupholstered from time to time, but it has great lines and is built like a battleship.)

One approach is to make or buy one major piece of furniture a year. Your taste might evolve as well as your needs. You would also then be poised to buy when items go on sale.
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jabberwockOG
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Re: Am I spending to much on furnishing my new home?

Post by jabberwockOG »

Buy a good qaulity mattress and a cheap platform bed frame. Buy a good quality leather couch. EVERYTHING else can be bought used at local thrift and consignment shops or craigslist/FB marketplace. Absolutely none of it needs to match. Worry about matching decor after you have your first $250k in savings.

Spending 12k given your income is way too much to furnish a house. Spend $1k on a great mattress/frame, 1k on a comfortable long lasting couch, and 1.5k max on everything else.
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Re: Am I spending to much on furnishing my new home?

Post by fru-gal »

Dottie57 wrote: Sun Dec 29, 2019 9:29 pm When I bought my first home I spen money on living room furniture. I acquired the rest over time. As I could afford nicer things like dishes, silverware, etc I would buy on sale.

Rethink if everything needs to be new.
I started out in my first apartment with, as I recall, a mattress, some dishes, flatware, and pots and pans. Also towels, sheets, a blanket, and a bookcase. The other stuff I took my time choosing and only bought something when I thought it was really nice. Personally, I think the OP has run amok, but whatever floats your boat that you can afford.

You can buy lots of very good quality, real wood furniture used, even on ebay.
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Re: Am I spending to much on furnishing my new home?

Post by Dottie57 »

fru-gal wrote: Mon Dec 30, 2019 4:38 pm
Dottie57 wrote: Sun Dec 29, 2019 9:29 pm When I bought my first home I spen money on living room furniture. I acquired the rest over time. As I could afford nicer things like dishes, silverware, etc I would buy on sale.

Rethink if everything needs to be new.
I started out in my first apartment with, as I recall, a mattress, some dishes, flatware, and pots and pans. Also towels, sheets, a blanket, and a bookcase. The other stuff I took my time choosing and only bought something when I though it was really nice. Personally, I think the OP has run amok, but whatever floats your boat that you can afford. A bit later to be asking this question.

You can buy lots of very good quality, real wood furniture used, even on ebay.
First apartment was garage sale and estate sale stuff. Coffee table was an old cedar chest from parents basement.
Very nice stuff actually.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

fru-gal wrote: Mon Dec 30, 2019 4:38 pm
I started out in my first apartment with, as I recall, a mattress, some dishes, flatware, and pots and pans. Also towels, sheets, a blanket, and a bookcase. The other stuff I took my time choosing and only bought something when I though it was really nice. Personally, I think the OP has run amok, but whatever floats your boat that you can afford. A bit later to be asking this question.
I think the notion of what it means to be able to afford something has become completely distorted by society and equated with 'can I pay for it?'

The OP has a total net worth of ~$140k, if I'm adding the number right.

Spending 10% of one's entire net worth on furniture is not affordable...or prudent....at really any financial level.

Can one do it?

Sure. But it's a dumb monetary move at any wealth level.
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Sic Vis Pacem
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Re: Am I spending to much on furnishing my new home?

Post by Sic Vis Pacem »

It might depend on where you live, but have you considered buying used from nearby affluent neighborhoods? I had great success in my early years finding very high quality, often barely used furniture and home goods when a house was being renovated or just redecorated by sellers who are more interested in getting an item out of the house than maximizing it's resale value. I'd use real estate sites to identify neighborhoods with a median value 2-3 times the norm for that area. The rest was just luck and patience.

YMMV.
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Re: Am I spending to much on furnishing my new home?

Post by jjface »

Some of the ikea stuff is really quite nice.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

Entropy105 wrote: Sun Dec 29, 2019 7:38 pm
EDIT:
I'll try and lower the cost down to $6-7k, I just really don't want to buy something that I will feel the need to upgrade in a few years and spend even more than just buying it right the first time.
You're still spending 5% of your net worth on *furniture*.

That's a really dumb move.

Furniture is a depreciating asset.

How much are you spending on a car?

Because cars + furniture = depreciating assets
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chevca
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Re: Am I spending to much on furnishing my new home?

Post by chevca »

I say go for it. You're young, single, have no debt, have the cash to buy these items, and want to set your new house up how you want. Then you'll be all set and with income set to go up in a few years...

Why not? Buy what you like. Just don't go overboard and start going, then I need this and that just to spend money.

Most 'bragging' about their mattress on the floor and lawn chair in the living room when they started out didn't have close to what you have starting out. Don't let them guilt you.
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Re: Am I spending to much on furnishing my new home?

Post by fru-gal »

Mr. Rumples wrote: Mon Dec 30, 2019 11:32 am (My cousin still has his mother's sofa from the 1950's; it gets reupholstered from time to time, but it has great lines and is built like a battleship.)
I have the sofa that was in my parents' living room in the 1950s. I have had it reupholstered. It looks great.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

chevca wrote: Mon Dec 30, 2019 4:54 pm I say go for it. You're young, single, have no debt, have the cash to buy these items, and want to set your new house up how you want. Then you'll be all set and with income set to go up in a few years...

Why not? Buy what you like. Just don't go overboard and start going, then I need this and that just to spend money.

Most 'bragging' about their mattress on the floor and lawn chair in the living room when they started out didn't have close to what you have starting out. Don't let them guilt you.
You're wrong because it sets up bad habits for the rest of life, which causes a huge toll on net worth accumulation.

Next step up the 'I can afford it' rung: leasing a luxury car.

At 23 I had graduated from college with an engineering degree and was making more than OP is making now in 1993 money.
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rich126
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Re: Am I spending to much on furnishing my new home?

Post by rich126 »

Personally I dread spending money on furniture. Used/2nd hand furniture is the best option, at least for non-fabric items (in case you are worried about bed bugs or whatever). I still have a large dining room table+6 chairs I got when someone was getting married and then didn't need 2 dining sets. Was a bargain $300.

Most furniture now isn't well made so I just look for something used or something on the mid-range level. High priced stuff still can get stained, rips, break, etc. and IMO isn't worth the price, at least it isn't if you don't have tons of money to spend.

Also if you are single, it isn't wise to spend too much since if you end up getting married or living with a GF/BF they will have their own likes/dislikes.
chevca
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Re: Am I spending to much on furnishing my new home?

Post by chevca »

watchnerd wrote: Mon Dec 30, 2019 4:59 pm
chevca wrote: Mon Dec 30, 2019 4:54 pm I say go for it. You're young, single, have no debt, have the cash to buy these items, and want to set your new house up how you want. Then you'll be all set and with income set to go up in a few years...

Why not? Buy what you like. Just don't go overboard and start going, then I need this and that just to spend money.

Most 'bragging' about their mattress on the floor and lawn chair in the living room when they started out didn't have close to what you have starting out. Don't let them guilt you.
You're wrong because it sets up bad habits for the rest of life, which causes a huge toll on net worth accumulation.

Next step up the 'I can afford it' rung: leasing a luxury car.

At 23 I had graduated from college with an engineering degree and was making more than OP is making now in 1993 money.
Who are you to say anyone it "wrong" about this?? Notice the part where said not to go overboard.

Share your opinion, but quit telling folks they're wrong and dumb.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

chevca wrote: Mon Dec 30, 2019 5:02 pm

Who are you to say anyone it "wrong" about this?? Notice the part where said not to go overboard.

Share your opinion, but quit telling folks they're wrong and dumb.
I wish, when I was 23, people had been straight enough to tell me when I'm being dumb.

Embracing #YOLO seems antithetical to a financial site.

But it sure sounds more fun!
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chevca
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Re: Am I spending to much on furnishing my new home?

Post by chevca »

Not sure what the OP meant by "toxic". But, maybe they meant they grew up on a poor, everything used, hand me down, never had anything new environment?

Spending money on their very own new, nice stuff that's just how they like it might be worth more than money itself to the OP. There's more to life than having the biggest portfolio possible. Too bad some in here don't or never realized that.
chevca
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Re: Am I spending to much on furnishing my new home?

Post by chevca »

watchnerd wrote: Mon Dec 30, 2019 5:04 pm
chevca wrote: Mon Dec 30, 2019 5:02 pm

Who are you to say anyone it "wrong" about this?? Notice the part where said not to go overboard.

Share your opinion, but quit telling folks they're wrong and dumb.
I wish, when I was 23, people had been straight enough to tell me when I'm being dumb.

Embracing #YOLO seems antithetical to a financial site.

But it sure sounds more fun!
How many 23 year olds have anywhere near what the OP has already saved and a house??? The OP is doing great!

No one is "embracing #YOLO" here. NO ONE has said spend everything you have, party it up, and don't worry about tomorrow. Quit making up your own argument.
chevca
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Re: Am I spending to much on furnishing my new home?

Post by chevca »

The OP is 23 and barely starting out. It's pretty pointless, maybe even 'dumb', if you ask me to compare % of net worth to purchases at this point. Everyone has to start somewhere and the OP has a pretty good start.
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watchnerd
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Re: Am I spending to much on furnishing my new home?

Post by watchnerd »

rich126 wrote: Mon Dec 30, 2019 5:00 pm

Also if you are single, it isn't wise to spend too much since if you end up getting married or living with a GF/BF they will have their own likes/dislikes.
This.

Plus, when you move, you find some of the furniture that works in one place doesn't work so well in another.
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cnblure
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Re: Am I spending to much on furnishing my new home?

Post by cnblure »

It seems a high, but does that include having to buy many appliances? When I bought my condo, I similarly wanted to try and buy quality items if I could, and where I lived there was virtually no nice second hand furniture available. I had to buy everything and spent $9000. $1400 for a metal Room and Board dining table with a quartz top, $400 for four dining chairs, $1500 on a sofa and 2 armchairs from Costco, $1400 for a solid wood queen bed frame and a mattress, $1000 for 3 solid wood pieces (tv stand, entry table, and shoe stand), $500 on two oriental rugs for the living room and bedroom, and about $400 on random other things. But then I spent $2400 on a Speed Queen washer and dryer, and also a Whirlpool fridge and freezer. So that brought up what I spent by almost a third because I did not have 3 appliances.
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Re: Am I spending to much on furnishing my new home?

Post by ER2023 »

Congrats on both purchasing a new home all on your own and getting out of toxic living situation - at 23 years young. You seem to be doing very well financially and have more maturity than many of my nieces and nephews your age.

While I agree with others that you could decrease your spending by purchasing used/inexpensive furniture, I also understand your reasoning for wanting to invest in some high quality furnishings. I still use almost everything I purchased for my home in my 20s and never regret spending the money to buy high quality. I never thought I would be using the same plates and many other things I bought when I was first starting out. But I did also buy used furniture - my bedroom set for example - and still have it in my spare bedroom. Maybe try to balance out both new and used. That's awesome that you are handy to make your own furniture! And I agree with others where you may be able to borrow some equipment you may not need on a regular basis. Also try to hold off on buying everything at once - see what you really need first.

Again, you are doing really well at such a young age. It's great that you found this site - keep reading and learning here. I certainly wish you all the very best.
Last edited by ER2023 on Mon Dec 30, 2019 7:28 pm, edited 1 time in total.
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Re: Am I spending to much on furnishing my new home?

Post by BrownEyedGirl_27 »

Dottie57 wrote: Sun Dec 29, 2019 9:29 pm When I bought my first home I spen money on living room furniture. I acquired the rest over time. As I could afford nicer things like dishes, silverware, etc I would buy on sale.

Rethink if everything needs to be new.
Maybe invest in a nice couch and dining room table if you're going to do entertaining? We don't own a home yet but our in-laws have a practice of gifting good quality items for the kitchen a little bit every year (e.g. a set of Oneida utensils, a matching set of bowls, etc). once they know the style their son or daughter likes. Maybe try a similar approach during your first few years of home ownership; for example, you can ask friends to look at your home owner wish list online and choose a gift from there! Congrats on already owning a home at age 24. :happy
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Sandtrap
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Re: Am I spending to much on furnishing my new home?

Post by Sandtrap »

Ikea.
Walmart.
Sounds like binging.

Yes. To many, you are spending too much all at once and too soon.
No. To others, you spend what you want, cash or credit, be happy.

j :happy
Last edited by Sandtrap on Mon Dec 30, 2019 9:10 pm, edited 1 time in total.
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