Get out of Frugal Mode

[HarveyS]

I look for ways to do things now that work/vacation time is not an excuse. DW and I are flying to south FL for a reunion with my HS buddies. Only 2 nights there due to other commitments, but going anyway. Who knows the next time we all get together?

Also agree with hiring out jobs that you used to do. Time > money at this point. Oh, and I have never been hurt writing a check. Cutting down bushes, trimming trees, painting ceilings, etc....., have all left their mark or "cost" several days recovery.

[RobbieB]

I suggest you go out and eat a $50 lunch -

[Mr. Tightwad]

Accept the fact that you can't take it with you (unless you're that crypto guy with 180 million locked up in a bitcoin wallet that nobody can access. He did take it with him).

But for the rest of us, spend it, or your heirs will spend it for you.

[davebarnes]

Quote:

Originally Posted by RobbieB I suggest you go out and eat a $50 lunch

Can you even spend 1.2M VND on lunch in Vũng Tàu?

[Cobra9777]

I agree with the general sentiment of raising the bar but still seeking good value. We spend freely on discretionary items that make us happy. But I would still describe the manner in which we spend as "frugal" because we always seek out the best value, or at least a reasonable balance between cost vs comfort, time vs money, etc. I'd rather do my research and spend money wisely... and then have the resources to do more fun stuff.

I consider FIRECalc's 95% number to be our "means." First 5 years of ER, we spent about 75-80% of that figure. Definitely still LBYM. I was very concerned about SORR and just generally unsure how things would work out when the big paycheck stopped. Last year, we upped our spend to 90% and I'm gaining confidence to stay at that level or possibly move a bit higher. But that helps frame the spending discussion for us.

DW and I have no shortage of things we'd like to spend discretionary money on. We could both use new cars. Lots of home improvement projects on the backlog. Hobby spending... I'm a woodworker always looking to upgrade some machines. Lots of places still on our travel bucket list.

We try to prioritize, spread it out, and then find the best value. We generally agree on prioritization but we have to be flexible as well. For example, this year, we decided to go ahead and pull the trigger on a long-overdue plumbing repair, which will be ~$7K. So either we push out some other planned discretionary item or we decide to take spending higher. Most likely, we'll do the former and keep spending just under the FIRECalc 95% "means."

[Sanstar]

When you tip for services, do your usual math; then give twice that. Just because you can.

[sengsational]

Find a category that if you "went nuts" it would barely make a difference in your withdrawal rate, and start with that. You see that the world won't come to an end.


I picked the category of books. Although the library is my first stop, if a book looks interesting and it's not available, I just buy it. It's a new rule to just buy it. Before, I'd say $24.95...wow, that's a lot. Now, I still say that, then I say to myself "I certainly can afford it", and click the yellow button. If I was absolutely crazy, I'd sign-up for an Audible, but I haven't got past the frugal rule of "no subscriptions unless there's no other way". There are other ways, so books remain in the "buy it as needed" category.

[jollystomper]

What I am learning in my retirement, which does not have universal application, is that it is not so much about frugal as to how much I intend to use/enjoy what I choose to spend on.

For example, my Amazon wish list (where I put things that I'd like to have, or just think might be interesting) currently has about 30 items. Buying all of them at one fell swoop would be around $1200. Spending that is not a big deal. But my thinking becomes "fwhen will I have the time to effectively use/work with all of those items?" So it becomes more of "I'll get something when I have the time to work on/use it".

I decided to play with drones, so I bought one about a year ago... and even with retirement, have flown it twice. The cost does not matter to me, but getting the time to play with it does. And I have so many things I like to do these days...

But I agree with the preceding comments about working on it a category at a time:
- Purchased a new laptop - in the past, would have seen what I could get in the $300 range. This time, since I wanted to use it for various programming/open source projects, got one with lots of memory and storage for $800 (I was prepared to spend over $1000 when I came across what I felt was a good deal for the equivalent)
- We are planning a trip to Asia to visit relatives in the next several months. Now I concern myself more with the timing of when it is best for everyone, vs. the cheapest time for us to fly there. As well as looking at tickets above economy class.
- Since I was a kid through my 50s I probably have 1 or 2 pairs of sneakers at a time - one high top pair, one low top pair. Now I am up to seven concurrent pairs - 2 for walking, 3 for workouts/cross training, 1 for basketball, 1 "slip on" for the house (better than slippers).

[Music Lover]

Quote:

Originally Posted by sengsational I picked the category of books. Although the library is my first stop, if a book looks interesting and it's not available, I just buy it. It's a new rule to just buy it. Before, I'd say $24.95...wow, that's a lot.

I now go to a locally run used book store...books from $3 - $6 and they give you 20% back if you return it. I just pass them along to friends and family unless it's one that I know no one is interested in. I also like to think that I'm helping to keep a small business afloat.

[HI Bill]

Am I the only one here trying to grow my assets in retirement so I can spend more later? I love toys (cars, camera gear, drones, electronics), travel, scuba diving, home theater, etc. I could see myself spending several times my projected withdrawal rate, If I'm at or north of the middle FIRECALC projection....!

[dtbach]

It's tough. I had (have) the same issue. Staying at nicer hotels, upgrading to Economy Plus, etc. But still can't pay the extra for outside cabins on cruises (we just dress, shower and sleep in the cabin, then go up to the top deck, so why pay for a window or tiny balcony). Maybe one day I will.


Best of luck in spending more.

[VungTau]

Quote:

Originally Posted by davebarnes Can you even spend 1.2M VND on lunch in Vũng Tàu?

Since I don't eat seafood probably not. Need to invite about 30 friends to get near it, haha. My favorite dish, Bun Cha Gio (Noodles with spring rolls) is 20,000 VND so you get the picture...

[LARS]

You will at some point in your retirement recognize that your time left is, indeed, finite. And then you will truly understand that your saved stash is there to make your life easier; and, saving for that rainy day (or extra years that most likely will not come) is an exercise in wishful thinking.

Clearly the motivation to leave an estate is a different discussion/motivation.

[VungTau]

Quote:

Originally Posted by DrRoy My first year we could spend what we did before RE at 1.6% WR. This year I raised it to 2.5%, just because I could. We'll find something to do with it.

I hadn't checked my spend rate, good idea, thanks. I just did and I am at 0.63%. I have a lot of wiggle room!