Should We Buy That 70″ TV We Want Oh So Badly Or Wait?

When we painted our living room a few months ago, we moved our furniture toward the middle of the room to paint. When we did that, we noticed that our TV looked bigger when we were sitting closer to it. Novel concept, I know.

The thing is, when our furniture was moved toward the middle of the room, we were reminded how our TV looked in our old, smaller living room.

We moved into our new home over a year ago and the living room in our new home is much larger. Now that the furniture is moved back to its normal arrangement our TV looks much smaller.

The question we’ve been battling with is, should we get a larger TV to fit our new living room or should we wait until we’ve accomplished some of our other goals first? First I’ll explain our other goals, then we’ll discuss the TV situation a bit more.

Goals We Want To Accomplish (In Addition To An Awesome 70″ TV)

So we have a big goal we’re trying to accomplish right now. We’re trying to fund our imergency fund (investment emergency fund), which is an extension of our emergency fund. We currently already have a 6 month emergency fund in cash (actually, a high yield online savings account) but we wanted to feel a bit more secure and have a bit more money on hand.

The problem is, we didn’t want all of that in cash due to inflationary forces slowly eroding the value of our cash. Instead, we decided to put the second part of our emergency fund, our imergency fund, into investments. We decided we wanted another 6 months of expenses in our imgergency fund so this will support us for months 7-12. 

Eventually the imergency fund will grow beyond six months of investments, but for now that is our initial goal. We’ve been able to fund 3.5 to 4 months of our new goal, but still have 2 to 2.5 months worth to invest. There is no rush finish our imergency fund, but we think we’ll be able to complete our goal by the end of 2014 if we don’t make any major purchases, like that sweet 70″ TV.

What We’ve Already Accomplished This Year

We’ve already accomplished two pretty major financial goals this year. The first goal was to finish paying off my wife’s $80,000 of student loan debt which we finished up in early Spring of this year. We were super stoked to finally get rid of the student loan debt and free up some major cash flow every month.

The second major goal we’ve accomplished is fully funding our 6 month cash emergency fund that I’ve already mentioned. We didn’t have to fill this up from $0 since we kept a decent emergency fund while paying off my wife’s student loan debt. However, we did still have to save a few more months of expenses to fill the fund to its intended level.

We feel like these are two pretty major accomplishments this year, but just because we’ve accomplished two big goals doesn’t mean we should splurge on a 70″ TV, does it?

Is A 70″ TV Really Necessary?

No, a 70″ TV is never necessary… ever. We know this is clearly a want and nowhere near a need, but we’re allowed to have some fun with our money, right? The 70″ TV’s we’ve looked at are right around $1,500 and honestly, I think that’s probably a bit much for a TV.

In all likelihood, we’d probably get a 60″ or 65″ TV that comes in at under $1,000, but a 70″ just looks so amazing and so much bigger! It should be clear we haven’t decided on which TV we want yet. There’s a good reason for that.

If We Buy A Massive TV, We’re Hoping We Get A Massive Deal

We don’t plan on buying this TV on a whim, which should be apparent. Instead, we’re going to do some research, wait for the right time and hopefully get an amazing deal IF we decided to buy a bigger TV.

I’m thinking there should be some pretty awesome TV deals around Black Friday or Cyber Monday. Maybe we’ll luck out and get a good deal then. If not, we’ll just wait for a deal we can’t pass up.

Or Should We Buy An Experience Instead Of A Thing?

It’s been said that people enjoy experiences more than things, and in general I agree. We could spend the $800-$1,500 toward an experience, like another cruise, instead of getting a TV. However, I think a TV does somewhat count as an experience. TV shows and movies provide countless hours of entertainment which could be considered an experience much like going to the movies would be.

So Do You Think We Should Get A Massive TV?

So what do you think? Do you think we should go ahead and get a massive TV now and satisfy our want immediately? Do you think we should wait until Black Friday or Cyber Monday? Or do you think we should just pass up the bigger TV altogether and focus on our 7-12 month imergency fund first?

Don’t tell me I should cancel cable though, we’re not doing that! We’re keeping cable, so that means we will always need a TV to watch our wonderful cable programming, even if we do have to call to get our bill lowered every 6 months.

Let me know what you think! Should we get the TV or not? I read every comment, so we’ll definitely take your opinion into account!

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About Lance Cothern

Lance Cothern, a Certified Public Accountant (CPA) licensed in the Commonwealth of Virginia, is the founder of Money Manifesto. You can read more about him here or connect with him on Facebook, Twitter, Google+ or Pinterest.

Comments

  1. Make the purchase of your TV a two step process. Part one, buy it now by setting aside the price you’d like to see yourself getting it at to consider it a great deal. Sounds like that might be $1,000. Part two is to keep an eye out for that price, and to actually spend the money when the deal arrives. The problem with deal shopping is that when you get the deal in front of you, it’s easy to become paralyzed with wondering if you could maybe get it even cheaper, and with TV deals, that’s often enough time to make it too late. This removes that obstacle.

  2. We don’t use the TV. We have laptops, if we need to watch anything, I can run Netflix and Hulu even on my tablet. So I wouldn’t get a TV at all, it would just gather dust, like ours does 😀

  3. I agree with the putting it in a separate savings account. Also, after Christmas or after the Superbowl is really a great time to get an overstock TV from a smaller electronics chain. Or craigslist, if you don’t mind getting one used!

  4. $sock monkey$ says:

    I can’t wait another second, DID you buy the tv? I liked the suggestion about keeping the money separate until you see it at $1,000 or less.

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