If I want something then I generally categories it in 1 of 3 ways. it is must needed, it will significantly improve quality of life, or it is just for fun.

If it is must then no choice buy or lease.

If it will improve quality of life then how much does it cost. there is no real formula but if it is less than my 1 day’s income then I’ll mostly buy it. Eg. Flying instead of taking 17-20hr train ride.

If it is just for fun then it has to be significantly cheaper than my 1 day’s income plus it should bring some enjoyment. Eg. going on fun trips, etc.

Edit - I’m currently mostly living on paycheck to paycheck + 3 months reserve in case of emergency. But if you are making much more and are able to save then of course go ahead and buy it.

I had the same dilemma about buying a motorcycle after taking my classes.

I told myself that I could die any day from anything and I am very financially prudent with everything else. Live a little because everyone is living their best life on credit while I am sitting at home daydreaming about things because I’m too cheap.

Yolo’d it and financed a motorcycle. I’m having such a blast. No ragret.

You can’t really justify it but if you buy it, don’t beat yourself up over it. As long as you don’t hoard so much as to end up with so much stuff to move when you change places.

I don’t justify it, i just buy it.

If i want a motorcycle, and i have the money for it…

When i was younger i used to think about things a lot. I’m 44 now. I lost my dad 5 years ago, and my mom last year. It really changed my views on life. Yeah i save some on a savings account, but at the end of today, tomorrow is always a promise, never a guarantee. And so i live a much easier life. I buy what i want, when i want, where i want.

I used to think that would make my cynical, but it actually made me a more pleasant person, less worrying on my part. If that makes any sense?

If I want something and can afford it, I buy it. The best purchases retrospectively are always the ones I get a lot of enjoyment out of. For example I don’t regret spending a lot of money on my bicycles because I’ve got a lot of enjoyment out of riding them for thousands of kilometres every year. The only purchases I regret are ones I don’t end up using as much as I thought I would.

Obviously if you share expenses with others, you need to consider their needs to. For me that means not spending money on a bike that I’m going to need for a shared holiday or whatever later on.

I budget and save for it.

I’m lucky enough to be able to budget for things I want. If it’s in the budget, no justification is required. If it’s in the budget but expensive, then I just have to figure out if I want it more than the other things I want (or will want) that I won’t be able to afford as a result.

Wait a few months or even a year. Go on with your life. If you still want it then, buy it. Also a good way to put money on the side for this specific item, then it will hurt less.

Let it simmer. If I still want to buy it after weeks/months than I buy it.

YOLO

I find it helpful to try to quantify the time I’ll enjoy with a thing before I buy it. Or maybe there will be some amount of cost savings if it’s a tool. You could do both with a motorcycle.

Unless you get a shitty Harley, it will almost certainly be more fuel efficient than an ICE car/truck, so if you plan to commute by motorcycle at all, there is some cost savings there. That will probably offset the cost of registration and insurance, and maybe regular maintenance, so not really a net gain, but at least pays for itself to some degree.

So after approximating the cost after those savings, then you can approximate how many hours per year and how many years you expect to enjoy the thing for. Divide the cost by that number of hours. Would you pay that hourly rate for the enjoyment you expect to get from it? If so, buy. If not, don’t buy.

There are obviously some abstract things to factor in too, though. Would you make friends through your motorcycle? Do you enjoy working on stuff so in addition to the riding do you plan on doing aftermarket work on it? Is there a bucket list aspect to this?

I can tell you that, as a former motorcycle owner, I would probably not get one again. They’re super fucking dangerous, almost entirely because other drivers are fucking morons. It’s impossible for me to ride without being on edge with the assumption that every other driver is actively trying to kill me. At this point, I would only get one as a fun time to ride once in a while, and the upkeep isn’t worth it for that. Even an electric one would be hard for me to justify for myself because of insurance, registration, and ride gear.

That all being said, there are considerations that you and you alone will need to apply to this decision. I just strongly urge that if you do buy a bike, you wear all recommended gear. Never shorts. Never sandals. Never without a helmet and jacket. Dress for the slide, not the ride.

I let it simmer. If it’s still on my mind in a few weeks (sometimes months) without me setting a reminder of sorts, apparently I really do want it.

The other part is can I afford it. If it’s a bigger expense, I make sure to save up for it by setting apart what I can over a period of time. This also combines nicely with the “do I still want it” period.

Honestly, desire is a justification on its own. If you have limited resources, then it’s really about whether you can afford to prioritize those desires or not. For those with enough money, desire is enough of a reason to justify a purchase.

Without enough money, the question is whether the desire outweighs other more practical ways that money could be spent. When I was depressed sometimes I would make irrational spending choices because it helped me feel good and even helped me pretend I was not as poor as I actually was, by spending the money irrationally I could create the illusion of having more money than I had. This was a dangerous game, though.

good budgeting takes away all the guilt in spending on wants. I look at my budget see if I have enough fun money to pay for it and get it if I do.

I started buying more of what I want as I get older. I also have experienced death of an immediate family member. So this puts things in perspective for me. I ask the question how much time do I have left? Is this the right time for me to buy something I just want versus need?

More of my perspective reasoning. I have a chronic illness and it will progress and has already. So I don’t know what a month or year will be for me. I need to accomplish what I can while I can.

Ultimately not all wants will be acquired. Some are fleeting thoughts of maybe another life. I have a rule about electronics. Do not buy electronics or vehicles that are just released. The chances are they will have problems. Let others testing them first so corrections can happen. Then buy the items when on sale and hopefully bugs are worked out. Video games can apply to this logic as well.