For Those Who Want To Increase Spending, On What?

[Midpack]

I read all the threads on spending more and associated methodology with interest. We spend far less than a “safe” amount according to any calculator - and ‘underspend’ isn’t trivial. Which always leads me to ask myself what would we spend it on? More expensive cars? [-]Buy a boat (again)?[/-] [-]A bigger house?[/-] More/better travel? Dining out way more/better? Way more concerts/theater? Way more/better golf? Way better wines? Since we don’t feel at all ‘deprived’ on any of these categories, it just seems pointless to spend more to us. We have already increased spending on all the above a little. The only category we’ve upped that we could spend more on are charities.

But for those who have successfully ramped up spending substantially - maybe twice as much as a guide, what did you spend it on? I’m not asking about how to spend 5-10% more, that would be easy enough.

Even 10 years into retirement, we find breaking the LBYM habits that served us well during our 35-40 year careers almost impossible to break. That and accounting for some geopolitical black swan…

Yes, we know we’re very fortunate.

 

[audreyh1]

It has been impossible during the pandemic. We’ve increased our charitable giving, but still spending less overall.

DH had us order a rather expensive car……but still waiting to pay for it. That’s obviously a one off.

When we can travel internationally again we plan to blow it like double+.

Meanwhile we spend way more on groceries these days - expensive cuts of fish/meat etc., all sort of favorite cost more.

I don’t think we’ll get anywhere close doubling our spending without buying another home and maintaining two households. We don’t plan to do this anytime soon.

We will shell out for first/business class flying though. No patience for anything less these days as life keeps getting shorter.

 

[Jerry1]

My next level would be to have the ability to snowbird. I live in MI and would like to spend winters in Florida. I could probably pull it off on the cheap with my current finances, but if I had more dough to blow, I would rent a place that was at least close to the Gulf and spend some time golfing and walking the beach during the winter. Next level would be to own property right on the Gulf, but that’s way beyond my finances.

 

[street]

What did we spend it on?
Last year was kind of an expensive year for us. Bought new car, bought land, gifted 6 figures and charity.
We also have a new step granddaughter, so my wife likes to spend a little more on her for holidays and BD's. Lol

Going forward I have no idea what we will spend, how or on what?

 

[Car-Guy]

For me I'm tapping out on much more spending than I already am... I've got enough extra to spend more but honestly don't really need (or want) anything else...(Within reason) I might change my mind if 100 times my current NW dropped in my lap... 10 times wouldn't do much but 100 times might.

 

[misanman]

We have found that a great way to spend more is to take the whole family on memorable trips (e.g. Hawaii, Disney, houseboating, skiing). There are 18 of us (us, kids, grandkids) so that gets rid of some cash but the grandkids especially love it and we think we are creating some lasting family memories.

 

[audreyh1]

We have found that a great way to spend more is to take the whole family on memorable trips (e.g. Hawaii, Disney, houseboating, skiing). There are 18 of us (us, kids, grandkids) so that gets rid of some cash but the grandkids especially love it and we think we are creating some lasting family memories.

We do plan to do this with siblings as they have more time available.

An elderly DF pretty much kept us all focused on planning family gatherings around him, and travel for him was not an option. Gatherings were around the regular holiday times and his birthday.

Now that he is no longer with us, we have a lot more flexibility.

 

[militaryman]

Still have 3 years to go for my Federal Retirement eligibility but I can start to see that we could be in this position of having more income than we're used to spending so I have been thinking of this a bit. I think overall we will enjoy higher end meals & travel to make up some of the difference. Also safer cars and tipping lavishly. I will feel comfortable doing the above things as they do not commit me to higher spending moving forward but allow me to make decisions based on individual events and circumstance. I do not see buying a much better home just because I need to spend more $$ and having to commit to higher taxes and property insurance when I am already happy with the home I'm in. I will also gift the adult kids chunks of $$ each year while I am alive.

 

[MRG]

We've booked a trip to Iceland that's about the same price as our first house. Bought two new vehicles that cost more than the trip. Spending a lot more on food.

 

[Midpack]

Still have 3 years to go for my Federal Retirement eligibility but I can start to see that we could be in this position of having more income than we're used to spending so I have been thinking of this a bit. I think overall we will enjoy higher end meals & travel to make up some of the difference. Also safer cars and tipping lavishly. I will feel comfortable doing the above things as they do not commit me to higher spending moving forward but allow me to make decisions based on individual events and circumstance. I do not see buying a much better home just because I need to spend more $$ and having to commit to higher taxes and property insurance when I am already happy with the home I'm in. I will also gift the adult kids chunks of $$ each year while I am alive.

+1, that’s highly desirable to us as well.

 

[SJ1_]

I read all the threads on spending more and associated methodology with interest. We spend far less than a “safe” amount according to any calculator - and ‘underspend’ isn’t trivial. Which always leads me to ask myself what would we spend it on? More expensive cars? [-]Buy a boat (again)?[/-] [-]A bigger house?[/-] More/better travel? Dining out way more/better? Way more concerts/theater? Way more/better golf? Way better wines? Since we don’t feel at all ‘deprived’ on any of these categories, it just seems pointless to spend more to us. We have already increased spending on all the above a little. The only category we’ve upped that we could spend more on are charities.

But for those who have successfully ramped up spending substantially - maybe twice as much as a guide, what did you spend it on? I’m not asking about how to spend 5-10% more, that would be easy enough.

Even 10 years into retirement, we find breaking the LBYM habits that served us well during our 35-40 year careers almost impossible to break. That and accounting for some geopolitical black swan…

Yes, we know we’re very fortunate.

More travel , oceanfront at the beach, a lot more in charities, bought a real nice car after a lifetime of cheap ones, and live in a dream home on a lake

 

[Luvtoride]

Although the suggestions here are mostly incremental and discretionary I don’t think they would amount to a lot of additional spend (besides “six figures of gifts and charity”).

We won’t have any issue of “spending less” in retirement (when I do retire) by having a second home at the Jersey shore. It is only 70 minutes away from our primary home and we spend most of the summer months there. We have no intention of moving there full time or giving up our home in North Jersey.
The additional expense of mortgage, taxes, HOA fees, utilities etc. are an ongoing significant spend that we have taken into consideration in our retirement budgeting.

OP, This may not have been the type of suggestion you were looking for but in terms of the enjoyment we get from it, it is well worth the spend.

 

[MichaelB]

One time expenses that don’t increase the ongoing rate? A season pass or subscription to performing arts. If near a large city, that can be accompanied with overnight hotel stays and dinner out.

 

[Surewhitey]

Season passes to the Arboretum which has outdoor, summer concerts attached to them. Great for all year visits & parking included.

Season passes to Six Flags for the DGD & a few.

More travel is always a good time.

 

[COcheesehead]

Built a new house.
Bought a new car.
Those two were the biggies.
When we start traveling more, all international flights will be business class.

 

[Montecfo]

Season passes to Six Flags for the DGD & a few.

Pleasant memories of buying season passes to Six Flags as a young guy. GF and I would go whenever we wanted to all summer, see the concerts, etc . It was a really good deal and we looked at it as saving money. That it could now be a BTD tactic is I guess a sign of the times. Does sound fun.

 

[Chuckanut]

I will feel comfortable doing the above things as they do not commit me to higher spending moving forward but allow me to make decisions based on individual events and circumstance.
.

+1

It's important not to lock in a higher yearly spending that might become a problem if things don't work out well.

I like the season subscriptions to a favorite theater or musical venue. I had that for several years before with a local theater. Alas, between road construction projects and now Covid, that had to end. This year I simply gave each of the kids a bit of their inheritance early. They are both self sufficient and rarely ask for financial help. But, I can help them out with their goal of buying a home. Why not?

 

[Midpack]

One time expenses that don’t increase the ongoing rate? A season pass or subscription to performing arts. If near a large city, that can be accompanied with overnight hotel stays and dinner out.

Great suggestion but one of the first things we did in retirement. We have full season subscriptions plus to local large metro theater at the VIP seat level already - and it’s a real treat! We never did that before retiring, just individual play tickets then a couple times a year.

 

[RetiredHappy]

We have never LBYM but this how we live/spend:
- When cruising, book with a higher-end cruise line and a suite.
- Joining a country club, the experience is quite different from playing at public courses.
- Lunch out at sit down restaurants, never fast food.
- Dine at nice restaurants once a week.
- Only buy prime grade beef, wild caught seafood and organic meat and produce.
- I don't drink but my husband is now buying French and Italian wine, in addition to his much loved cheap Bogle.
- Buy best seats at live theatre/concert.
- Always fly first and business class.
- Drive new cars - change out every 3 to no more than 5 years.
- Entertain frequently at home.
- Travel more if you so desire. We do Europe and Asia every other year, timeshare alot in the US, just spent 8 days in Scottsdale and going to Palm Desert for 3 weeks next month.

We also moved into a more exclusive guard gated community here, which means higher HOA costs.

If you have difficulty spending your money, send some our way and we can spend them for you.

 

[H2ODude]

Agree with the aversion to committing to higher expenses. We could do the beach second home but having to worry about two properties just is not in my repertoire. One place is enough, and we can satisfy the need with rentals. We're pretty much satisfied with just letting the pile grow. If Covid abates we'll resume travel but don't care for it enough to burn all the excess income we generate.

What does it matter if you're not spending what you can as long as you're enjoying everything you care to? The beneficiary will either be your heirs or charity. We're freeing up purchasing in terms of quality and expense (food, travel when resumes, house decor) but it won't burn the excess. Thought about replacing DW's 5 yo BMW convertible but why? She loves it and we only put about 5k miles on it a year. Beneficiaries likely be the 6 grandkids who can all graduate college without debt as long as go to reasonably priced uni's. If ya got it and find something worth it to you to spend on, do it. If you can't find something you'd value, don't worry about it.

And while I'm here, Merry Christmas all and Happy Holidays! Life is Good!

 

[Stormy Kromer]

I'm going to get a heat to toe physical examination. Above & beyond the wellness check covered by ACA.

 

[pacergal]

I really don't know if I could double our spending, but to start, I would also plan on memories with family-take everyone on trips, etc. and definitely give more to charity.

 

[Mr. Tightwad]

Rising inflation is going to increase your spending a good bit.

 

[Gumby]

Once travel is possible again, I am going to ask my oldest nephew and his wife to take us to Japan. They have been several times and his wife speaks Japanese. I know they are eager to go back again. I will pay for everything and they can show us around. We really like them both and I think it will be fun.

 

[Rustic23]

We have two kids. We started distributing our RMD to them. Neither of them really 'need' it but it would make their life a little easier. One is 48 and retired, the other still works. We made sure they both know that it is part of their inheritance so money now means less later. On our side Amazon is one of the benefactors. Anything under $50 is fair game. Heck, Goodwill maybe the true benefactor! We do one to two cruises a year, and may lengthen them. I hate flying commercial! So that limits our travel some. May look into a month or so land trip next year.