Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Help me spend money
Old 01-08-2020, 08:45 AM   #1
Dryer sheet aficionado
 
Join Date: Oct 2016
Posts: 29
Help me spend money

Wife and I have lived a fairly frugal life. Have always saved maximum for retirement. Well, we are there and now with pension, SS, dividends, company stock, and multiple IRAs and 401k’s. I am overwhelmed with the nest egg and how to spend it. I feel stuck in this frugality mindset and can’t seem to spend more. I know it is a silly problem but for me it is real. Anyone else have this issue or ideas?
Hdhead 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 01-08-2020, 08:48 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
Quote:
Originally Posted by Hdhead View Post
Anyone else have this issue or ideas?
Nope. I married an expert in the art of consuption and she's done a wonderful job at preventing me from spending below our means.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 01-08-2020, 08:55 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,202
Well, if you don't want to buy stuff just to buy it, or travel more when you don't really to, just upgrade the things you do. Fly first class for the trips you do take. Stay in a nicer place. Next time you buy a car get something nicer.

You can also find worthy causes and give excess money away.
RunningBum is offline   Reply With Quote
Old 01-08-2020, 08:56 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Oct 2017
Location: Chapel Hill, NC
Posts: 5,296
I grew up poor and have also amassed a nice nest egg. Sometimes I find myself being too frugal--refusing to spend money on something I really want or need and can easily afford. This has caused some disagreements with DH. Old habits are hard to break. As I have aged one thing I do is think about what will happen to the money I have left when I die. I am sure my beneficiaries will not hesitate to spend, spend, spend. So I ask myself would I rather spend the money on something I need or let my beneficiaries spend it when I am gone. Looking at the issue from that perspective sometimes helps.

I have a good friend who had a very frugal husband. Even though they had plenty of money he did not want her to spend hardly anything. He died a couple of years ago and now my friend is buying all the things her husband would not get her buy, traveling, etc. I often think how much happier my friend and her husband's life would have been if he had not been so very frugal.
harllee is online now   Reply With Quote
Old 01-08-2020, 09:01 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 4,029
I have a 2 kids and one on the way...send some my way...diapers 'aint cheap, neither is daycare

Could digitize old photos
Update the will
Upgrade wardrobe
New car
Gift to heirs
Prepay funeral expenses?
Buy an animal, they can get spendy
Become an equestrian
Start gambling, pull tabs, scratch offs and power ball
Buy better booze
Upgrade to 1st class
Upgrade to the Presidential Suite
Wagyu Beef?
Alaskan King Crab and Oysters?
Install creature comforts like nicer toilets
Buy a new bed
Upgrade the appliances
Add landscaping

That's just a few ideas
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
kgtest is offline   Reply With Quote
Old 01-08-2020, 09:12 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 3,054
Give $1,000 bucks to everyone in this thread. You need to do this to escape your frugal mode.
jim584672 is offline   Reply With Quote
Old 01-08-2020, 09:16 AM   #7
Thinks s/he gets paid by the post
Rianne's Avatar
 
Join Date: Aug 2017
Location: Champaign
Posts: 4,689
OP good question. We'll be in a similar situation in Jan. 2023. It is very hard to change life long spending habits. As of today, our beneficiaries will inherit our entire portfolio, outside bonds and cash, house, car (new 2019). All in living trust. No debts. If they inherit 1/2 that, they'll be grateful. I have charitable beneficiaries too.

We just don't get that much pleasure out of 1st class or driving a Lexus. Maybe a 1st class vacation or travel will be considered. We rarely buy new clothes and have downsized and have very little useless junk.
__________________
"Do not go where the path may lead, go instead where there is no path and leave a trail."

Ralph Waldo Emerson
Rianne is offline   Reply With Quote
Old 01-08-2020, 09:41 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,876
Exchange money for time by paying others to do things you have been doing yourself, yardwork, maintenance, etc.
GrayHare is offline   Reply With Quote
Old 01-08-2020, 09:44 AM   #9
Thinks s/he gets paid by the post
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 2,581
Quote:
Originally Posted by Rianne View Post
We just don't get that much pleasure out of 1st class or driving a Lexus.
I could understand not getting much pleasure out of first class on a short domestic flight, but on long overseas flights? Those lie-flat seats are so comfy (compared to cramped coach seats), and the whole first class experience (food, drinks, service) is hands-down better than coach. Way better. Now, of course, one could argue whether this is worth the added cost—typically well over $1,000 more than the economy/coach fare. I struggle with that myself, but I think it's a reasonable upgrade to suggest to someone who enjoys traveling and is looking to "blow that dough" in retirement.
Sojourner is offline   Reply With Quote
Old 01-08-2020, 10:04 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Feb 2012
Posts: 1,495
I've tackled it by forcing spending at sustainable levels; what it goes for usually ends up travel or automobiles, also helping kids and charity. I've done the endless playing with the FIDO calculator and Firecalc, and come up with a very sustainable spend rate good through age of 95 (could easily stretch since pension and SS are about half). That amount starts the month, forcing us to move money from the investments to the local credit union. At the end of the month what doesn't get spent is moved into "temporary savings" account. Rule is that anything in there must be spent, can't be moved back to "investments." Right now has over 33k in it, but have to buy some plane tix and pay for a cruise. Last year it went to a new unnecessary car and trips to Peru and Europe. We're 68 and have found that unfortunate events of contemporaries (ex colleague died of Alzheimers; neighbor had a minor stroke) motivate us to raid that account.

We got here by financial discipline, LBYM. Money is hard to part with after years of gathering it. But now we're using the same discipline to force it back to the economy. And, despite that, the egg is about 40% bigger now than when I bailed almost nine years ago. So we've been bumping up that monthly amount. We lived well in our gathering years but never traveled or bought cars the way we do now. That's OK. We were busy raising kids, paying for college, careers, etc, and now we're busy trying to spend it! As they say, Life is Good.
H2ODude is offline   Reply With Quote
Old 01-08-2020, 10:05 AM   #11
gone traveling
 
Join Date: Mar 2017
Posts: 284
You don’t say how old you are, and whether or not you have health insurance. I am sort of in your situation (my Fidelity account tells me I will have more than $2M at my death, and we have no heirs to leave it to), but due to ACA and MAGA income requirements, I cannot start spending much until DW and I reach Medicare age (3 more years)....

I have a hard time spending, but expect to be able to get over it. :-)
BoodaGazelle is offline   Reply With Quote
Old 01-08-2020, 10:12 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 13,202
Quote:
Originally Posted by Rianne View Post
We just don't get that much pleasure out of 1st class or driving a Lexus.
That's fine, everyone has their own priorities. On any length flight I like the easy boarding, and not fighting with others on the overhead bin space, and being one of the very first off. Usually bags are tagged specially and are first on the carousel. The wider seat and more leg room is just a part of it.

In any case, I won't be bothered if the OP rejects it. Just giving ideas that maybe will spur something else. I also like the idea given above about vending out unpleasant tasks. That can be about anything.
RunningBum is offline   Reply With Quote
Old 01-08-2020, 10:14 AM   #13
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,068
I am in sort of the same situation. Our SS and pensions cover almost all our needs.
My younger son was buying a home, so I broke loose $$ to help him. I deducted it from his share of his future inheritance.
I still have more $$ than I need.
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is online now   Reply With Quote
Old 01-08-2020, 10:18 AM   #14
Dryer sheet aficionado
 
Join Date: Oct 2016
Posts: 29
Quote:
Originally Posted by H2ODude View Post
That amount starts the month, forcing us to move money from the investments to the local credit union. At the end of the month what doesn't get spent is moved into "temporary savings" account. Rule is that anything in there must be spent, can't be moved back to "investments." :

A must spend account may be what I need to help force the issue. May force a spending spree on stuff I would never even consider till now. Or maybe I need a shrink :-)
Hdhead is offline   Reply With Quote
Old 01-08-2020, 10:36 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Jul 2011
Posts: 1,281
Quote:
Originally Posted by REWahoo View Post
Nope. I married an expert in the art of consuption and she's done a wonderful job at preventing me from spending below our means.
Did we marry the same women?
savory is offline   Reply With Quote
Old 01-08-2020, 10:44 AM   #16
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,472
Quote:
Originally Posted by Hdhead View Post
Wife and I have lived a fairly frugal life. Have always saved maximum for retirement. Well, we are there and now with pension, SS, dividends, company stock, and multiple IRAs and 401k’s. I am overwhelmed with the nest egg and how to spend it. I feel stuck in this frugality mindset and can’t seem to spend more. I know it is a silly problem but for me it is real. Anyone else have this issue or ideas?
I can relate to this so much! I am used to a frugal lifestyle and in retirement I tend to under-spend by quite a lot. I do not need or want to spend more.

I decided that whatever makes me happy, is the way to go. Wasting money does not make me happy! So I try not to do that. On the other hand, it is so nice to finally have plenty of extra money (after half a century of not), when there is something I decide I truly want and would value. I think long and hard before I make that decision.

Yesterday I bought a Lazy Boy recliner which (to my way of thinking) cost an arm and a leg and will be delivered in 6-8 weeks. Some people would yawn and say oh well, that's just furniture, no big deal. But it was a big deal to me! I could hardly sleep last night but I don't feel a bit bad about spending the money, because I thought about it a long time and decided this is something that would be of great value to me.

My idea is to just tell yourself it is perfectly ok to not spend, when you feel more comfortable that way. You will know when something has enough value to you, to decide to spend on it. Loosen those purse strings when you feel like it, but only at a rate that is comfortable to you.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 01-08-2020, 10:57 AM   #17
Recycles dryer sheets
Born2BRetd's Avatar
 
Join Date: Jun 2019
Location: San Diego
Posts: 220
Old habits are hard to break. When my husband and I bought our first house a long time ago, we were on a very tight budget and didn't buy anything (including a $3.00 wastebasket for the bathroom) for a couple of years. Finally, we had a little wiggle room in the budget and I felt frozen by the idea of spending any money. I called a friend who was a big spender and we went shopping together and I bought some new clothes. It helped break the ice and I was able after that to occasionally buy something.
__________________
Happily Retired Since October 2018
Born2BRetd is offline   Reply With Quote
Old 01-08-2020, 11:04 AM   #18
Recycles dryer sheets
ATX78701's Avatar
 
Join Date: Mar 2019
Location: South Texas
Posts: 85
Quote:
Originally Posted by jim584672 View Post
Give $1,000 bucks to everyone in this thread. You need to do this to escape your frugal mode.
+1 (or rather + $1,000)

Seriously, congratulations on your abundance. I'm not retired yet but at this point all of the calculators are saying that I'm ready and will have leftovers at end of life.

I'd probably hold my money for years but once I'm over 75 and also know that I can cover health issues with out of pocket and/or insurance, I'll probably give to schools and sponsor kids so that they can get the right start on a good life. That seems like a great gift that can be enjoyed for a long time. At this point, I'd probably gift the scholarships anonymously because I don't want to be on anyone else's radar for money.

Let us know what you decide.
ATX78701 is offline   Reply With Quote
Old 01-08-2020, 11:08 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2010
Posts: 5,858
We are in the same fortunate position. We travel frequently but our nest egg keeps growing. It is incredible to me. It seems that we turned around and discovered these large sums that have been growing. We have never been extravagant, we do not want for anything, and at this stage in our lives we value experiences and good health over possessions.

What are we doing? First off a edu fund for each of our grandchildren. Plus a will proviso in our wills so that the first cut of money goes for their post secondary education if required. Next...if our resources keep growing I want to fund a retirement for each our of children. They have a good life now but we had the advantage of the golden baby boomer era...pensions, etc.
brett is online now   Reply With Quote
Old 01-08-2020, 11:11 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 11,227
I am definitely not the spender in the relationship and it is a secondary reason why I keep track of all expenses, so no spending help needed here. lol
__________________
TGIM
Dtail is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
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
Suggestions to help me get DW to spend more money dtbach FIRE and Money 21 08-04-2019 05:34 AM
Almost 2 Years in HELP ME SPEND THAT MONEY! FireCat Hi, I am... 13 06-15-2017 10:02 AM
Rant - I'm trying to spend money, and getting little/no help.......:) FinanceDude Other topics 36 03-13-2009 11:37 AM
help me spend money Khan Life after FIRE 13 11-22-2006 08:53 AM
Advice on How to Spend Money lakeridge Young Dreamers 14 03-18-2006 12:16 PM

» Quick Links

 
All times are GMT -6. The time now is 08:13 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.