Quick Background: Signed up for IMWI back in January. Then 4 months ago, made some life changes (moved, new job for the wife, planning baby #2) in order to payoff all debt before we have another kiddo. Goal is to have my student loans paid off so that wife can leave her job and focus on Baby #2 while still saving/investing. Sticking to budgets have always been challenging for us.
Question: Should I withdraw from the IM to save the expense ~$1000 on race logistics. In order to pay more debt / set the example for making sacrifices to achieve our financial goals?
Long Story: I have a goal of finishing another Ironman before we have another kiddo (currently have a 2 yo). Wife and I have always argued over finances. I came into the marriage with $100k+ of student loan debt. We over-spent on a house a few years ago. Back in April we finally agreed to sell our house, rent a home and put the proceeds from the sale towards the student loans. My wife also took a job and we put our son in day-care so now we can aggressively pay down the student loans ($3k / mo).
We just had an IVF transfer for baby #2 which means in April we'll have Baby #2. I'm wondering whether I should bail on the IM and save the extra $1k+ in planned spending on travel/logistics to the race in order to make progress towards our goals.
On the one hand - saving the money seems like the right thing and my IM won't be particularly fun since it's my 4th attempt (finished 2) and I'm definitely not going to PR (training has been hit/miss).
On the other hand - This is my only hobby/indulgence, I won't have another chance for 4-5 years, already "approved", and the wife will likely find a way to spend $1k some other way.
All opinions welcome.
Question: Should I withdraw from the IM to save the expense ~$1000 on race logistics. In order to pay more debt / set the example for making sacrifices to achieve our financial goals?
Long Story: I have a goal of finishing another Ironman before we have another kiddo (currently have a 2 yo). Wife and I have always argued over finances. I came into the marriage with $100k+ of student loan debt. We over-spent on a house a few years ago. Back in April we finally agreed to sell our house, rent a home and put the proceeds from the sale towards the student loans. My wife also took a job and we put our son in day-care so now we can aggressively pay down the student loans ($3k / mo).
We just had an IVF transfer for baby #2 which means in April we'll have Baby #2. I'm wondering whether I should bail on the IM and save the extra $1k+ in planned spending on travel/logistics to the race in order to make progress towards our goals.
On the one hand - saving the money seems like the right thing and my IM won't be particularly fun since it's my 4th attempt (finished 2) and I'm definitely not going to PR (training has been hit/miss).
On the other hand - This is my only hobby/indulgence, I won't have another chance for 4-5 years, already "approved", and the wife will likely find a way to spend $1k some other way.
All opinions welcome.