I generally spend way more time than it is worth researching purchases, quality and price.
Do you watch your money, or just buy on impulse?
- Thread starter DesertIguana
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A bit of both: I keep a track of all spending on the main accounts, we have one here, one in France and one in UK - an account I opened at Barclays back in 1977(!) They are fairly simple spreadsheets but I know to the penny / cent how much there is. As some of you may know, I am an accountant so not a surprise.
I do splurge from time to time, the other week I picked up some Tiffany earrings for the missus, I had been in the wine bar that afternoon and thought they would distract her... I do generally do a lot of research before buying things but once I have decided, I just do it.
I do splurge from time to time, the other week I picked up some Tiffany earrings for the missus, I had been in the wine bar that afternoon and thought they would distract her... I do generally do a lot of research before buying things but once I have decided, I just do it.
Both. I spent most of my life saving for retirement. Most vacations were a couple of nights in a nearby state. Never had a car payment - my first new car was purchased after 16 years of teaching, and I drove it for 10 years (like all my cars). Paid the mortgage off early and always had money in the bank, never paid credit card interest.
Now I'm retired and fairly wealthy by most standards, so you could say it all worked out. But if I had it to do over again I would take more vacations while I was younger and most of my parts still worked. Aside from a trip to Alaska for our 20th anniversary and a week in Disney with the kids, it was a bit to spartan. I'm not scarred by the experience, but I think I could have done it better.
Does it irritate me greatly to see a glass of restaurant wine priced the same as the whole bottle in a local wine shop? You bet it does. But I'm taking a Viking River Cruise to France in May (our third one), and I'm spending money with absolutely no hint of guilt at my planned excesses. I just wish I had enjoyed the fruits of my success earlier.
Now I'm retired and fairly wealthy by most standards, so you could say it all worked out. But if I had it to do over again I would take more vacations while I was younger and most of my parts still worked. Aside from a trip to Alaska for our 20th anniversary and a week in Disney with the kids, it was a bit to spartan. I'm not scarred by the experience, but I think I could have done it better.
Does it irritate me greatly to see a glass of restaurant wine priced the same as the whole bottle in a local wine shop? You bet it does. But I'm taking a Viking River Cruise to France in May (our third one), and I'm spending money with absolutely no hint of guilt at my planned excesses. I just wish I had enjoyed the fruits of my success earlier.
I’ve had my same trusty 2010 Honda Civic for over 7 years and I still don’t see a reason for upgrade. That’s how I am with everything I own
Except shaving gear
Except shaving gear
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I grew up in era before Credit Cards, you might have open account at Corner Family Grocery Store, most Department Store like Penny, Ward, Sear had lay away plans to buy stuff over time. Then Credit Cards came to be they were difficult to get, you better be squeaky clean in CREDIT DEPT.
Today Credit Cards are in ever persons wallet, and people use them to buy stuff, run balances, and the CREDIT CARD People are like the Mifia Lon n Sharks charging huge interest legally.
Credit Cards are like Firearms, can be used good, or bad. I pay mine off monthly, earn two percent rebate, live like I am still sweating for every red cent.
Today Credit Cards are in ever persons wallet, and people use them to buy stuff, run balances, and the CREDIT CARD People are like the Mifia Lon n Sharks charging huge interest legally.
Credit Cards are like Firearms, can be used good, or bad. I pay mine off monthly, earn two percent rebate, live like I am still sweating for every red cent.
Is it really a splurge if it is for the wife? My vote is no.
I totally agree. If used appropriately, they are useful tools. If one cannot use them with discretion they can ruin one's life. I'm not really a fan of CCs, but I like the advantage of the rewards, which is meant to entice the average consumer to shop more. That has completely failed for my wife and I. We only buy the necessities or items we have planned out and would buy regardless of the card. For example, I want to update my 3D printer. The current one is a lot slower than what is out there today. It has been weeks and I am still evaluating whether or not it is worth the expense to spend on a want rather than a need. I will likely ponder the want for several more weeks, then it may be purchased or left to rot. Now if I could only get the parts for my Craftsman jointer. That is a want, but a want I would be happy to spend the funds on to get it functional again.
The irony are people who spend 10 minutes in the grocery aisle calculating the unit costs of something to save fifteen cents ...
... and then go and give away 5 or 10 or 100 thousand dollars in thirty seconds, negotiating a major purchase such as real estate or new car.
Spend the extra buck on the better coffee, and invest the time on the bigger matters. Maybe the better coffee will sharpen the latter.
I believe we used to call it penny-wise and pound-foolish.
I just spent several thousands sprucing up my 13 year old truck. New TOTL Michelins, all new brakes, fresh chassis undercoating, all fluids changed, the works. All Genuine parts and TOTL materials. I could have done it on the cheap for 1/2 the price, and bought a bucket of headaches. But we're keeping it, as I don't drive that much anymore. And because I'm not spending $70-85,000 on a new one. That's spending money to save money and headaches.
If a vendor offers 0% financing, I always use it. I love using the bank's money for a year or so, as mine makes more money somewhere else. A fine credit rating is good for things like that.
If Mrs. C wants something nice, I buy it, no questions asked. Impulsive? No. Because I trust her sensibility after all these decades. And because "happy wife, happy life". If it means I die in a cardboard box, so be it.
... and then go and give away 5 or 10 or 100 thousand dollars in thirty seconds, negotiating a major purchase such as real estate or new car.
Spend the extra buck on the better coffee, and invest the time on the bigger matters. Maybe the better coffee will sharpen the latter.
I believe we used to call it penny-wise and pound-foolish.
I just spent several thousands sprucing up my 13 year old truck. New TOTL Michelins, all new brakes, fresh chassis undercoating, all fluids changed, the works. All Genuine parts and TOTL materials. I could have done it on the cheap for 1/2 the price, and bought a bucket of headaches. But we're keeping it, as I don't drive that much anymore. And because I'm not spending $70-85,000 on a new one. That's spending money to save money and headaches.
If a vendor offers 0% financing, I always use it. I love using the bank's money for a year or so, as mine makes more money somewhere else. A fine credit rating is good for things like that.
If Mrs. C wants something nice, I buy it, no questions asked. Impulsive? No. Because I trust her sensibility after all these decades. And because "happy wife, happy life". If it means I die in a cardboard box, so be it.
Maybe I misunderstood the question. I do not think that I by a lot of expensive stuff willy-nilly, but I suppose I do splurge on expensive things when I decide that it what I want. What I do not do is buy expensive things impulsively. As I said earlier, I do lots of research on best price and best quality for money, I guess you would say. We have spent a fair amount of money on vacations when we wanted to go to a particular part of the world. We go to some expensive, fancy restaurants and enjoy them, but we do not always go expensive. If I want a nice glass of wine, I do not worry that the restaurant is charging what a bottle would cost in a wine store.
I guess I would say we do not buy luxury cars, although my wife drives a Lexus that she justifies in part as keeping up with her business colleagues. But we also expect a Lexus to hold up for a very long time with little maintenance, and to retain its value. We do not by BMW or Mercedes because we perceive them as being expensive to own and offering not much not available in a cheaper car, excerpt prestige. And do not ever buy a used car from me. By the time i am getting rid of it it is "used" up. So I suppose I am frugal in that way. We do tend to buy new cars to avoid the hassle of shopping for and the risk and potential hassle involved in buying used, even though that would probably save money.
I guess I would say we do not buy luxury cars, although my wife drives a Lexus that she justifies in part as keeping up with her business colleagues. But we also expect a Lexus to hold up for a very long time with little maintenance, and to retain its value. We do not by BMW or Mercedes because we perceive them as being expensive to own and offering not much not available in a cheaper car, excerpt prestige. And do not ever buy a used car from me. By the time i am getting rid of it it is "used" up. So I suppose I am frugal in that way. We do tend to buy new cars to avoid the hassle of shopping for and the risk and potential hassle involved in buying used, even though that would probably save money.
Now that I'm retired and on a fixed income, we watch what we spend pretty closely. But we are debt free, house and cars paid for. We don't use credit cards other than American Express, mostly for repeating charges of cell phone, satellite TV, recurring Amazon orders, etc., which is paid off monthly. I do occasionally use Pay Pal but pay it off in 6 months interest free. We don't really do vacations other than to occasionally visit family. The last two years before I retired, I splurged on guns and related gear, knowing that I wouldn't be able to do so after retirement. While there are things that I still want, there is very little that I actually need.
Ditto
Want v need. Knowing the difference is the first step to a financially secure life.
I was talking to my wife about this the other day.
Just to preface this, I make good money and am in no way struggling financially. My house is paid off as well as my wife’s car. I have a company vehicle so no payments for me.
When it comes to my wife, 3 kids or my 3 huskies, each kid has their own, money is no object. They need it, want it, just have to have it, I make it happen.
When it comes to me, I struggle with every purchase. Yes I have some expensive colognes and have spent some money recently on a razor binge, but everyone of those purchases have gone in and out of my cart multiple times over the course of days. I for the most part can’t justify spending money on myself. Even at work, I pack my own breakfast and lunch because I can’t justify spending the money.
Just to preface this, I make good money and am in no way struggling financially. My house is paid off as well as my wife’s car. I have a company vehicle so no payments for me.
When it comes to my wife, 3 kids or my 3 huskies, each kid has their own, money is no object. They need it, want it, just have to have it, I make it happen.
When it comes to me, I struggle with every purchase. Yes I have some expensive colognes and have spent some money recently on a razor binge, but everyone of those purchases have gone in and out of my cart multiple times over the course of days. I for the most part can’t justify spending money on myself. Even at work, I pack my own breakfast and lunch because I can’t justify spending the money.
Can you be too frugal?
My sister made great money and never had a house payment. She saved and was generous with her money to a great extent with her family and church. However, she never spent money on herself. She drove older cars, had old furniture and since she was a nurse she wore scrubs most of the time.
Her husband was older and he passed away leaving her a young widow. She hated the house she lived in and always talked about moving. I would look at houses with her and she always found a reason not to move.
At 60 she found out that the fatigue she was experiencing turned out to be cancer. She fought for two year and passed away.
I don’t know the amount, but she left a lot of money to her two kids. They seem to be enjoying it much more than her. Her daughter was living with her before she passed sold the house in 6 months and moved to a much nicer home. We are close and she told me she wished her mom would have moved.
It’s good to be frugal, no credit cards, house payment or car payments. But, treating yourself and not feeling guilty isn’t a bad thing.
You can’t take it with you.
My sister made great money and never had a house payment. She saved and was generous with her money to a great extent with her family and church. However, she never spent money on herself. She drove older cars, had old furniture and since she was a nurse she wore scrubs most of the time.
Her husband was older and he passed away leaving her a young widow. She hated the house she lived in and always talked about moving. I would look at houses with her and she always found a reason not to move.
At 60 she found out that the fatigue she was experiencing turned out to be cancer. She fought for two year and passed away.
I don’t know the amount, but she left a lot of money to her two kids. They seem to be enjoying it much more than her. Her daughter was living with her before she passed sold the house in 6 months and moved to a much nicer home. We are close and she told me she wished her mom would have moved.
It’s good to be frugal, no credit cards, house payment or car payments. But, treating yourself and not feeling guilty isn’t a bad thing.
You can’t take it with you.
I made a life out of watching my money and making what I thought were wise purchases. Watching my money allowed me to retire debt free at 50.
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Someone once told me "You don't become a millionaire by spending money" and I found that to be true. I wrestle with spending that money now.
