Might be money well spent...at the proper time
Greg's wife has had two children, and now she'd like a mommy makeover. Dave says there's nothing wrong with this, as long as they're in agreement and they have their finances in order.
QUESTION: Greg's wife has given birth to two children, and she would like a mommy makeover. He isn't sure how to handle the cost while they're still trying to get control of their finances, but Dave offers guidance and support.
ANSWER: This kind of cosmetic surgery isn’t an emergency. It’s a desire. It can, in many cases, be a valid and reasonable desire. But if you guys are serious about getting out of debt and gaining control of your finances, I’d advise waiting until after Baby Step 3 to make this happen. At that point, you’ll have paid off all your debt—except for your home—and you’ll have a fully funded emergency fund of three to six months of expenses in the bank.
I know you love your wife, and you want her to be happy and feel good about herself. But right now, this is not a need, it's a want. If it were a medical procedure required to save her life, it would be an emergency—a need. In a case like that, you’d stop what you’re doing right now and address the issue.
If it’s something you’ve talked through together, and something you both want, that’s fine. It’s a reasonable goal under the circumstances. But I would wait until after you’re out of debt and you have your emergency fund in place. Being out of debt will make it so much easier to save up and take care of any out-of-pocket expenses you might have to pay.