A recent money drawn has resulted in my family throwing in the toalla de playa, or beach towel, so to speak.
About 6 years ago my husband was so adoringly smittening after his stay at a lush Mexican resort that he ended up buying a time share into that Mayan Riviera property. Up to this point he hasn't regretted it. However, 2009 was the first year in which no one in our family was able to go and enjoy the spendy purchase from years past. Plus, it was a year that the rennovation fee went into place. So for a year in which we did not step foot on the resort (or in Mexico for that matter... que lastima!) we were looking at a fee of $500 (for the annual membership dues) plus $700 for the rennovation fee (which is charged every several years), for a grand total of $1200.
Granted, we would have loved to returned to those gorgeous blue waters, enjoy fish tacos (and pizza de camarones - one of my favourites!) and spend leisurely days exploring the natural and urban areas near us, however we just couldn't stomach paying over one-grand for not having a proper holiday get-a-way in 2009. Plus, with money tight for everyone, we would have had to make major sacrifices in other areas of our lives over the course of several months even to come up with the extra money to pay those fees (note: we could use some from our regular savings or emergency fund, however for this type of expense we avoid doing so by tweeking our bills for several months to free up incoming month and putting it towards the current travel/vacation-related expenses).
The negative part of this is that we have forfeited our timeshare with that lovely resort. However, we believe that when the time is right for us to return to Mexico, we can find our own deals and create a new tradition south of the border.
When have you thrown in the towel for a money drain or cut your losses temporarily in the present to prevent further losses in the further?
Money Trap #2: Comparing Dollars to Doughnuts
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