Luxury Don'ts

If you’re tempted to make a luxury purchase – WAIT!

That expensive toy or luxury might seem like a good idea – but Jeffrey Strain of Managing Your Money, has a few things we shouldn’t splurge on:

• Vacation home. When you add up the amount you’ll spend on mortgage, taxes, upkeep and insurance, renting a house is a better bet.

• All-terrain vehicle. That snowmobile or jet ski might look like fun, but the trailer, storage, fuel and maintenance can add up to a lot more than renting one a few times a year.

• Timeshare. Even if you vacation in the same place every year – you’ll be able to rent one for a LOT less because so many of them go unused.

• Boats. They’re super expensive to maintain with docking fees, fuel, maintenance and insurance. You could rent a much nicer boat for less money and stress.