Getting Older--Not Spending Enough

[RobbieB]

Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

[robnplunder]

Quote:

Originally Posted by RobbieB Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

It saves time which, to me, is the most precious thing.

[street]

Quote:

Originally Posted by robnplunder In my accumulation days, I wasted a lot of time researching the "best/least expensive" buy when making a purchase decision. These days, I buy the 1st item I see which fits my need. I also buy higher/highest quality item vs cheaper and less quality item. Buying has become a lot simpler, and faster. This new buying habit didn't come easy. I still have to remind myself that I don't have to work so hard to buy the cheapest thing that works.

I'm working trying to be like you but it hasn't been easy. I still shop on the net to find the cheapest item I can find in the brand or make that I'm wanting to buy. I still look for the best buy and at times it does seem to me, to be a waste of my time. The habit of frugal isn't easy to break. Lol

[marko]

Quote:

Originally Posted by robnplunder In my accumulation days, I wasted a lot of time researching the "best/least expensive" buy when making a purchase decision. These days, I buy the 1st item I see which fits my need. I also buy higher/highest quality item vs cheaper and less quality item. Buying has become a lot simpler, and faster. This new buying habit didn't come easy. I still have to remind myself that I don't have to work so hard to buy the cheapest thing that works.

Back around 1973 one of the first personal financial books I read was by a guy named Harry Browne. One of his premises was to pick a dollar amount that you just won't care about.

It could be $10, $20 or $50...after that, don't worry about anything below that price. So, $10 for a pack of cigarettes? Done! $10 for a cup of coffee? Sold! $10 for new shoelaces? Don't sweat it...it's small potatoes and not worth the worry if you're overpaying.

[Music Lover]

Quote:

Originally Posted by RobbieB Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

I needed a new hammer last summer...I bought a nice $60 one that was on sale for $30. I'm an avid DIYer and I suppose I could have bought the $160 hammer but that would have been a waste of money $130 for no good reason. I don't mind paying for quality, but after a certain point you're overpaying or just paying for the name.

[pb4uski]

Quote:

Originally Posted by davebarnes If you are healthy, travel. Fly business class. Stay in better hotels. Search out better restaurants with Yelp and TripAdvisor.

+1 I have a problem with DW... when she looks for hotel rooms all she sees are dollar signs... I don't mind spending an additional 20-30% to stay in a newer/nicer property.

[Oz investor]

avoid guilt ( over your frugal nature ) and invest wisely

one day rampant inflation will return and bring self-satisfaction back into your life

[audreyh1]

We haven't bought the cheapest thing in a very long time. We are usually looking for quality (unless it really doesn't matter), but aren't interested with top of the line with all the bells and whistles unless that is what is warranted and worth the cost.

Research habits die hard. It's pretty ingrained.

But we certainly don't sweat paying up for value if it's valuable to us. We don't like to waste time, prefer minimal hassle, more comfort, so we're definitely willing to pay a bit more for those benefits. We value well made products by companies that stand behind them.

[MarieIG]

Nope, not yet retired. Also, with a large family, and plenty of charities, I don't see that I would have any problem whatsoever spending money should I so desire.

[albireo13]

Do what makes you happy and don't worry about leaving too much in your nest egg.

[Winemaker]

I can send DW over and she can show you how to spend it. She, (and DD) have an uncanny knack to be able to choose the most expensive item when given a choice. They say it is a gift!

[H2ODude]

Really trying to break out. One week ago I was pondering a trip to the Amazon (the river). Got a text from a former colleague that another FC was just admitted to hospice with Alzheimers (he passed a few days later), 70 yo. Tuesday I told my wife of my trip idea and that afternoon we'd booked a cruise on the Amazon followed by a tour of Machu Pichhu. Just can't cough up the business class but did do the comfort class. I'm getting better. Only way we can prevent underspending is travel, and we've been doing just about all we care to. Europe this fall with friends, renting a big house at beach this summer for kids and grandkids. Life's great. But, we'll still likely end up flush. Not a problem.

Looking back we could have lived better (saved less) or retired earlier. In retrospect neither was all that desirable. Always lived how we wanted, and enjoyed the career until the last couple of years. No regrets.

[Dtail]

Quote:

Originally Posted by Winemaker I can send DW over and she can show you how to spend it. She, (and DD) have an uncanny knack to be able to choose the most expensive item when given a choice. They say it is a gift!

Same with my DGF. Keeps me busy monitoring.....

[sdtech]

When I was in my twenties and first started working on my own stuff, my office partner gave me advice that I still appreciate... Don't go to the hardware store and just buy nice tool sets, but when you have to repair something, research the best choice of tool for that job and buy it.


Over time, I've slowly collected great tools that I can work on almost anything with. I still follow that guidance, for instance, few months ago I bought a hardwood floor staple gun for the current renovation.

[Clone]

DW is the researcher in our household. She enjoys the chase. But the chase does not always mean that we need to find the least expensive. She just bought a meat thermometer, and said something along the lines of- "This one is quite a bit more expensive, but it is the highest rated and recommended. I could get one that is a few dollars less, but I want the one that works the best."

I think our motto has become- we still watch where we spend the money, because we don't want to waste it. But we are not afraid to spend money to get higher quality or to do what we want.

[Car-Guy]

I understood this almost as soon as I retired. I knew I had more than enough money and realized that I'm not getting any younger. I've spent close to 1m since retiring just on hobbies, travel, and other discretionary stuff. However, I've noticed in just the past year my discretionary spending is starting to slowly fall off. Not because I don't have the extra cash but because I just don't have the energy to run as hard as I was in the past 7 to 8 years.

[HI Bill]

Quote:

Originally Posted by pb4uski +1 I have a problem with DW... when she looks for hotel rooms all she sees are dollar signs... I don't mind spending an additional 20-30% to stay in a newer/nicer property.

LOL, sounds like my wife. She'd rather save $50 than stay in a nicer place...hopefully, our $50K travel budget will limit her need to do that...

[Sconie]

Quote:

Originally Posted by Music Lover I've noticed that travel seems to be the default answer here for how to spend more money...a lot of people assume that everyone wants to travel as much as they do. We go somewhere in winter to escape the cold but have no interest in travel for the sake of travel.

I feel the same way. Maybe because I spent far, far too many days of my working career in planes and airports----and way too many nights in motels and hotels.

If I never had to get on a plane again, it would be fine by me!

[MBAustin]

I still can't stomach routinely paying for business class airfare (it helps that I'm 5'2" ). But I have been more generous about paying for experiences - seeing Hamilton on Broadway with DD, sporting events with DS, etc. And I buy a lot of our food at the local farmers market each week - more $$ but way better food plus helping local farmers and ranchers. Not really making a material difference in what we spend overall as my generally frugal nature predominates.

[steveark]

We haven't touched a penny of our multi million dollar investments in our three years of retirement because my hobby gigs make more than we can spend. We literally do everything we want but it just doesn't cost that much. We spend six figures annually, just have no desire to spend twice that though we're easily could. Yeah we will hand each of our three kids a seven figure inheritance, what's wrong with that?