Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-12-2018, 05:21 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,645
I make an accrual in my spreadsheet each month for "luxuries" and tell myself that I can spend that money without feeling guilty.

Problem is, there are very few things that I actually want all that much - I last dipped into the fund to buy myself a new lens for my camera to celebrate FIREing. Fast forward to today and I now have enough money set aside to buy a completely unnecessary car.
__________________

__________________
Budgeting is a skill practised by people who are bad at politics.
traineeinvestor is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-12-2018, 05:45 AM   #22
Thinks s/he gets paid by the post
 
Join Date: Feb 2013
Location: Toronto
Posts: 1,818
I thought the thread was going to be to help you get 'over spending' anxiety not to 'get over' spending anxiety!! Afraid I am not going to be of much help. Though I would say the cruise is high priority then the kitchen perhaps, the other not so much!
__________________

6miths is online now   Reply With Quote
Old 02-12-2018, 07:19 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 6,492
Send a message via Skype™ to kcowan
Spend on experiences. Save on things.

Things depreciate. Experiences last forever.
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 02-12-2018, 07:47 AM   #24
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: Winnipeg
Posts: 1,738
Quote:
Originally Posted by kcowan View Post
Spend on experiences. Save on things.

Things depreciate. Experiences last forever.
I guess it depends on one's perspective.

A vacation is often considered to be an experience, but for some people buying a nice sports car or a quality musical instrument can also provide pleasurable experiences that last forever.
Music Lover is offline   Reply With Quote
the Rx for LBYM is to partition the M
Old 02-12-2018, 08:24 AM   #25
Full time employment: Posting here.
Mdlerth's Avatar
 
Join Date: Oct 2016
Location: The Shire
Posts: 798
the Rx for LBYM is to partition the M

I'm with the ones who advise you to compartmentalize some assets. Park some resources in a separate account for discretionary spending. Don't just perform a mental exercise; genuinely move some money into a different place in some readily liquid form. Then let it sit there for a while.

You don't have to blow it all the first day. The longer it sits there the less post-partum stress will accompany its depletion.

Eventually your mind will grow used to the idea of that separate account being unrelated to your nest egg, and you'll find it easier to accept putting it to some self-indulgent pursuits.

Good luck, and congrats on achieving a level of means which can accommodate a boost in luxuries.
__________________
Paying it forward is the best investment.
Mdlerth is offline   Reply With Quote
Old 02-12-2018, 09:06 AM   #26
Recycles dryer sheets
 
Join Date: Jun 2015
Posts: 107
Quote:
Originally Posted by kcowan View Post
Spend on experiences. Save on things.

Things depreciate. Experiences last forever.
Sometimes purchasing things results in memorable experiences.
Joylush is offline   Reply With Quote
Old 02-12-2018, 02:16 PM   #27
Thinks s/he gets paid by the post
walkinwood's Avatar
 
Join Date: Jul 2006
Location: Denver
Posts: 2,822
Keeping a "splurge" bucket that is funded every year is a great idea. It helped us loosen up our spending a bit. Usually, we consult each other if the expense is greater than say $100, but we can use the money in our splurge buckets for anything that takes our fancy. We end up discussing it anyway, but yet it has made a difference.

In our case, it is a virtual account in the sense that we don't separate the money from our portfolio. We just keep track of it. In similar fashion, we also have an emergency bucket. The money from these two buckets are subtracted from the portfolio before we calculate our annual spending (we use a %age of portfolio value for our withdrawals)

Good luck.
walkinwood is offline   Reply With Quote
Old 02-12-2018, 07:47 PM   #28
Recycles dryer sheets
 
Join Date: May 2013
Posts: 333
Thanks for all the tips. I went ahead and booked the cruise today. I decided to do the kitchen piecemeal. (Appliances now, cabinets and countertops later.). And I値l test drive the car later in the week. I致e almost exclusively lived for awesome experiences up til now which is why I知 sort of hot to blow dough on a bit of stuff. I suspect it値l remind me why I live for experiences in the first place. Again, thanks for some great tips!!
__________________
F.I. in my 30's, OMYing well into my 40's!
RenoJay is offline   Reply With Quote
Old 02-13-2018, 04:16 AM   #29
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,281
Quote:
That's what I did in 2017. As the equities rose, I periodically skimmed some "cream" off the top. Only took a minor percentage each time, so 2017 nest egg saw considerable YOY growth (in spite of stealing a few egg along the way).

This approach was a way to leave our growing nest egg still growing, yet have some fun along the way.
+1. Just what I did.

Quote:
Asking a bunch of LBYM'ers how to spend money is kind of like asking;

-a teetotaler what wine to order with dinner
-a nun for advice on sex
I've been LBYM for decades, but I can also learn how to open up the tap. Regarding your buy list, I do lean toward spending on experiences over things. You might get more out of the cruise than the car.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 02-13-2018, 04:18 AM   #30
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,281
Quote:
Originally Posted by traineeinvestor View Post
I last dipped into the fund to buy myself a new lens for my camera to celebrate FIREing.
I'm quite into the photo thing myself. What lens did you get, for what camera? I just got a nice set of NISI filters. Haven't had a chance to try them out yet.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 02-13-2018, 04:33 AM   #31
Recycles dryer sheets
 
Join Date: Apr 2016
Location: warren
Posts: 286
Quote:
Originally Posted by kcowan View Post
Spend on experiences. Save on things.

Things depreciate. Experiences last forever.
Our motto has always been "We'd rather do things than have things"
garyt is offline   Reply With Quote
Old 02-13-2018, 08:22 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: Winnipeg
Posts: 1,738
Quote:
Originally Posted by garyt View Post
Our motto has always been "We'd rather do things than have things"
I have a nice acoustic guitar. It cost about the same as a modest trip, yet has provided me far more value over the years than any trip could have.

One of my friends restored a classic car...he spent months working on it and in the summer enjoys driving it around. It's just a "thing", yet it has provided him with many pleasurable experiences.

It's not about having things, it's about enjoying the things you have. Those experiences with things are equally as valid as other experiences that don't involve things.
Music Lover is offline   Reply With Quote
Old 02-13-2018, 09:13 AM   #33
Thinks s/he gets paid by the post
walkinwood's Avatar
 
Join Date: Jul 2006
Location: Denver
Posts: 2,822
Quote:
Originally Posted by Music Lover View Post
It's not about having things, it's about enjoying the things you have. Those experiences with things are equally as valid as other experiences that don't involve things.
I agree totally! My bicycle, camera, kindle, computer, music system, cooking equipment ... the list goes on .. have all brought me hours and hours of enjoyment. Other acquisitions have made my life easier - a lighter vacuum cleaner for example. Yet others ease DW's worry - timers for lights, the ring doorbell.

Now, if I just kept upgrading them for no real reason other than the joy of acquisition, then I'd agree that the money would be better spent on experiences.
walkinwood is offline   Reply With Quote
Old 02-14-2018, 04:24 AM   #34
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,281
Sometimes things generate experiences.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 02-15-2018, 10:32 PM   #35
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 2,173
Quote:
Originally Posted by kcowan View Post
Spend on experiences. Save on things.

Things depreciate. Experiences last forever.


Great advice!
Scuba is offline   Reply With Quote
Old 02-15-2018, 10:34 PM   #36
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 2,173
Quote:
Originally Posted by walkinwood View Post
I agree totally! My bicycle, camera, kindle, computer, music system, cooking equipment ... the list goes on .. have all brought me hours and hours of enjoyment. Other acquisitions have made my life easier - a lighter vacuum cleaner for example. Yet others ease DW's worry - timers for lights, the ring doorbell.

Now, if I just kept upgrading them for no real reason other than the joy of acquisition, then I'd agree that the money would be better spent on experiences.


Good points. Both things and experiences can be a good investment.
Scuba is offline   Reply With Quote
Old 02-16-2018, 07:37 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 19,495
Quote:
Originally Posted by DrRoy View Post
Sometimes things generate experiences.
Great way to put it.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 02-16-2018, 09:18 AM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
kcowan's Avatar
 
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 6,492
Send a message via Skype™ to kcowan
Quote:
Originally Posted by Scuba View Post
Good points. Both things and experiences can be a good investment.
Yup. No question that some things generate good experiences. The family cottage is a good example. But playing that guitar around the campfire also qualifies. And many others...
__________________
For the fun of it...Keith
kcowan is offline   Reply With Quote
Old 02-16-2018, 03:16 PM   #39
Recycles dryer sheets
Cayman's Avatar
 
Join Date: Nov 2015
Posts: 198
Quote:
Originally Posted by RenoJay View Post
Thanks for all the tips. I went ahead and booked the cruise today. I decided to do the kitchen piecemeal. (Appliances now, cabinets and countertops later.). And I値l test drive the car later in the week. I致e almost exclusively lived for awesome experiences up til now which is why I知 sort of hot to blow dough on a bit of stuff. I suspect it値l remind me why I live for experiences in the first place. Again, thanks for some great tips!!
We did the same 3 "splurges" you're planning while in our early 40s. Did it over a 2-3 year period. NO regrets at all. You + your family will have fun on that Disney cruise --- good for you!
Cayman is offline   Reply With Quote
Old 02-16-2018, 08:42 PM   #40
Confused about dryer sheets
Mr. RME's Avatar
 
Join Date: Feb 2018
Posts: 6
I say pull the trigger on the Disney cruise now. Those memories will stay with you forever and the time both you and your children will enjoy that kind of activity is fleeting. Might seem fairly extravagant for some, but if you really have your heart set on it, go for it. No regrets, life is too short!

The kitchen isn't a bad place to spend money either. Considering most people eat 10-15 meals a week out of their kitchen, why not make sure it is a place you truly enjoy? No need to waste money, but at least you can view the kitchen as a partial investment if and when you sell the house.

The sports car, on the other hand, might not be the best idea. The minute you drive it off the lot it will start depreciating in value. Perhaps snag a deal for a high end rental for a road trip instead? Splurge for a day at a local track renting a vehicle? Might be some other ways to hold back on the luxury car purchase and instead put money towards experiences with your children and an upgraded kitchen that you would likely get your money back out of some day!
__________________

__________________
Life is hard...retirement shouldn't have to be
Mr. RME is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Help me get over my ER anxiety! cbslc Hi, I am... 48 12-06-2017 08:49 AM
Uh oh---anxiety after one week of FIRED! tangomonster Life after FIRE 68 08-17-2006 09:31 PM
Irrational Anxiety SteveR FIRE and Money 5 07-25-2005 06:00 PM

» Quick Links

 
All times are GMT -6. The time now is 04:25 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.