Does Frugal Living Ever Change in Retirement?

[W2R]

As I see it, I am not being frugal any more, but spending like a drunken sailor! However, having been careful with my pennies for so many years, like many of us, by now it doesn't take a whole lot for me to feel like I am insanely over-spending. I guess that I am pretty set in my ways at this age.

It's fun to experience that guilty rush of pleasure ("oh my gosh, I must be crazy, that's over the top, I spent a fortune!") without actually endangering my future in any way whatsoever. And then people here sometimes think I am frugal. Ha! Oh yeah, sure I am...

For example on Friday night, I spent $102.15 on Animal Crossing amiibo cards. These are wonderfully fun to have but far from necessary for playing my Animal Crossing video game. Just thinking about that insane, senseless splurge drains the blood from my head and I would never have spent money on silly, childish stuff like that back when I was LBYM'ing. Top that with your fancy sports cars!!

 

[Bir48die]

There's living frugally and living sensibly. I didn't retire to not spend money. I'm happy others can live off $50k but I don't want to. Can we alter our habits? Absolutely. Do I want to grow my portfolio while I'm retired? Sure. I've made good choices in the past and don't see myself blowing the dough now. So, as we drive our used cars and live in our forever paid off house I will continue to have some nice things intermixed in the equation and travel to exotic locations.

 

[SecondCor521]

For example on Friday night, I spent $102.15 on Animal Crossing amiibo cards. These are wonderfully fun to have but far from necessary for playing my Animal Crossing video game. Just thinking about that insane, senseless splurge drains the blood from my head and I would never have spent money on silly, childish stuff like that back when I was LBYM'ing. Top that with your fancy sports cars!!

I bought two of those Command damage-free wall hooks for like $13.88 a piece so I can start hanging my towels on the wall rather than on the closet door. No idea what that did to my WR. I don't feel like I qualify for the Blow That Dough thread yet.

 

[GR111]

We are about to RE, still a couple more months of megacorp w2 income. We have always been very frugal, but learned a good lesson recently as we prep for ER. Finally we updated/replaced our old hvac system and duck work. Wow! New system saves hundreds of $$ every month on electric bills! I needed to replace that thing for 10 years but was too tight to do so. Some spending saves you money in the long run.....But after saving all these years it is very difficult for me to spend even when it makes sense.

 

[gcgang]

+1 for being less frugal after retirement. My accumulation days are over and it is time to enjoy life. I have enough money to last my remaining life and then some (to leave it to my only child). No point being as frugal as before.

+1

If you're still pinching pennies because you have to, you're not FI. If you do it cuz you like it, do what you like. If it's a bad habit that you can't overcome, spend some $ on counseling and start enjoying your hard earned $. The $ is only valuable for what it can buy.

 

[grasshopper]

Ms G and I had the EOY financial talk, I was concerned that we weren't spending enough. So Ms G says "why what else could we possibly want". End of discussion.

 

[Tadpole]

I am still a bit frugal, especially when it comes to my husband's spending.

 

[Midpack]

Ms G and I had the EOY financial talk, I was concerned that we weren't spending enough. So Ms G says "why what else could we possibly want". End of discussion.

We’re satisfied and we believe in “enough.” But we could spend double without blinking. Just buy a boat, new cars, vacations or a bigger house for starters.

Would we - no. Could we - easy.

I’m more impressed you had an EOY talk. My DW wouldn’t sit still for that, she might listen quietly and tell me “that’s your department” when I finished. Might.

 

[Crewer]

I'm with Tadpole!

Seriously, we're still frugal with stuff - one car family and it's a 2010, etc. - but we're not so frugal about spending to get the family together.

 

[JDARNELL]

I was talking to a friend yesterday and he said one of his buddies drills holes in pennies and uses them for washers. It seems washers are 4 cents each at homedepot and he is able to save 75% doing it this way. A little to much for me.

 

[CRLLS]

I like value, but value is in the eye of the beholder. The OP of buying and upgrading an old computer to me doesn’t make sense. Old technology becomes a hinderance at some point. Kind of like putting news tires on a Pinto. It’s still a bomb, but with new tires.
The price of technology has come down so much. I am sitting here typing this post on 128 GB iPad bought at Costco for $259. Having sold my old 16 GB on eBay for $200. To me that’s being frugal.

OP here. Let's talk about value? DW has very little needs for a computer. Email, the occasional written documents in Word (which she already knows and doesn't want or need to learn a new program), and some internet searching are her basic computing needs.

Then there is her embroidery machine. The software program runs on a Win10 platform. Downloading designs to her machine requires a device that writes to a unique memory card. That device requires a USB port, The original designs themselves are on some 30 ish DVD's for which she has invested good $ for. New laptops do not have DVD readers, iPads do not run Win10 or have a USB port.

I get the old technology comment. However, I do not agree with it being a hinderance. In fact, the "old technology" as you call it is an enabler for her. This old technology is doing just fine for all of her current and foreseeable needs that new devices simply cannot meet. We did look at new Windows laptops before deciding on the "old technology" but the lack of DVD readers was a non-starter. That, coupled with the made-for-repair and upgrade serviceability of the older business laptop makes the "old tech" just right for this application, user and computer technician.

BTW, Does anyone have a burning desire to own a lightly used 2nd gen iPod?

 

[audreyh1]

We’re satisfied and we believe in “enough.” But we could spend double without blinking. Just buy a boat, new cars, vacations or a bigger house for starters.

Would we - no. Could we - easy.

I’m more impressed you had an EOY talk. My DW wouldn’t sit still for that, she might listen quietly and tell me “that’s your department” when I finished. Might.

Must be tough having that on your shoulders alone. DH is always happy and interested to listen to any financial summary/overview, and will look at any report I generate for him which I don’t do often. Although he’s highly delighted that I’m taking care of all the details.

His job is to take care of filing the annual taxes though, so he doesn’t get completely off the hook. But I take care of absolutely everything else financial* including the estimated taxes. He was used to doing our annual taxes and I figured that it would at least keep him in the loop in terms of our overall accounts, etc.

*He is also responsible for charitable grants/donations from our DAF as he is more motivated about that.

 

[DatumPoint5]

just as an fyi, my wife has a new Win 10 computer that does not have a DVD and/or CD plyer. But, there are many, many USB to DVD drives for about 20 dollars on places such as Amazon, Best Buy, Walmart et,,,,, I bought one, plugged it in and away she went......

 

[ugeauxgirl]

+1

If you're still pinching pennies because you have to, you're not FI. If you do it cuz you like it, do what you like. If it's a bad habit that you can't overcome, spend some $ on counseling and start enjoying your hard earned $. The $ is only valuable for what it can buy.

We do like being frugal, but DH would disagree that money is only valuable for what it can buy. He just likes having it. I agree with you more- I save money so that when I retire I can do what I want. DH's viewpoint is what is going to keep me from OMY syndrome. 3.5% is more than what we spend NOW. DH is never going to want to spend much more than this, so no point in me working longer for more money that DH won't let me spend!

 

[Cut-Throat]

just as an fyi, my wife has a new Win 10 computer that does not have a DVD and/or CD plyer. But, there are many, many USB to DVD drives for about 20 dollars on places such as Amazon, Best Buy, Walmart et,,,,, I bought one, plugged it in and away she went......

The reason that new Computers don't have DVD/CD drives, is that DVDs are mostly obsolete.... I have an external DVD drive that I have not used a few years.... Everything I need is downloaded from the internet or on my network....



Even my car now had 'Storage' for Music..... Enough room for about 300 Music Albums.

 

[HI Bill]

We do like being frugal, but DH would disagree that money is only valuable for what it can buy. He just likes having it... DH's viewpoint is what is going to keep me from OMY syndrome. 3.5% is more than what we spend NOW. DH is never going to want to spend much more than this, so no point in me working longer for more money that DH won't let me spend!

Sounds like it's time for a talk between you and your husband. My folks fought about money...my dad allocated the two incomes...he took the lion's share, and paid for housing, insurance, maintenance, travel, cars, car mainenace, pool maintenance, etc. Mom paid for groceries, furniture, gifts, clothing, and meals out. She always felt restricted in her spending, and like she wasn't getting enough $. Finally, she opened a secret savings account, and rather that spending everything so Dad wouldn't cut her budget, started saving a litte.

Point is, if you're happy with what your husband is allowing you to spend, fine (then retire now). If you're unhappy and want to spend more on whatever, then it's time (now) before your retire, to have the talk, and come to an agreement on how much you can spend as a couple, as separate folks, and what your discretionary spending budget will be.

 

[ncbill]

Sometimes upgrading an old computer is still the way to go. I added a 440 GB SSD drive to my 2011 iMac a few years back. It still runs well today and cost far less that even the cheapest new iMac without an SSD drive.

However, the latest version of the OS does not support the 2011 models anymore so that may be the last upgrade I do. The SSD cost about $250 as I recall because I got one that plugged into the Thunderbolt port. Opening the iMac to install a cheaper SSD just did not appeal to me.

Sure about that?

I'm running 10.12 on my 2011 MacBook Pro (upgraded w/ SSD) & it runs just fine.

Only real reason to upgrade your Mac is when browsers no longer support your OS.

 

[ugeauxgirl]

Sounds like it's time for a talk between you and your husband. My folks fought about money...my dad allocated the two incomes...he took the lion's share, and paid for housing, insurance, maintenance, travel, cars, car mainenace, pool maintenance, etc. Mom paid for groceries, furniture, gifts, clothing, and meals out. She always felt restricted in her spending, and like she wasn't getting enough $. Finally, she opened a secret savings account, and rather that spending everything so Dad wouldn't cut her budget, started saving a litte.

Point is, if you're happy with what your husband is allowing you to spend, fine (then retire now). If you're unhappy and want to spend more on whatever, then it's time (now) before your retire, to have the talk, and come to an agreement on how much you can spend as a couple, as separate folks, and what your discretionary spending budget will be.

I'm retiring in a year when package becomes available. DH and I rarely fight about money even though we grew up in different places economically. He grew up poor, and has a hard time getting his head around our financial situation. When we first got married he kept telling me "we can't afford it" even though it wasn't even close to true. We got through that. We'll get through this too.

Our ideas about money have evolved a lot over the last few years(we're both hopelessly cheap)- after we crossed several financial thresholds. We aren't quite so uptight about our spending as we used to be. He still comments that we're "living like rich people" when we take (what he thinks are) too many vacations. On the other hand, he just bought a new F-150 that he didn't need, and wouldn't have bought 5 years ago. I'm not borrowing trouble. We'll talk about retirement budgets when we need to- if we need to. Thanks for the advice though- I have thought about it and appreciate your opinion.

Also I might be in a slightly different position from your mom- DH doesn't dictate the budget. That's more of a joint thing here.

 

[Retch The Grate]

For example on Friday night, I spent $102.15 on Animal Crossing amiibo cards. These are wonderfully fun to have but far from necessary for playing my Animal Crossing video game. Just thinking about that insane, senseless splurge drains the blood from my head and I would never have spent money on silly, childish stuff like that back when I was LBYM'ing. Top that with your fancy sports cars!!

Thank you for supporting my industry. Different company so that doesn't directly fund my retirement, but I'm glad to see anybody's games bringing people enough joy that they are happy to spend on them.

 

[W2R]

Thank you for supporting my industry. Different company so that doesn't directly fund my retirement, but I'm glad to see anybody's games bringing people enough joy that they are happy to spend on them.

I love Animal Crossing! I figure that since I am 70, I probably have less than 20 years left. Drat! But I might as well spend my extra money on what brings me the most joy during these last 10-20 years, and this week that is Animal Crossing cards. I got them today and the artwork is just beautiful! (Well, to an Animal Crossing fan it is.) And now I have cards for 90 more animals, and can scan them and bring these animals into my game, one at a time, as desired.

Too bad your company is not Nintendo, or maybe I could ply you for information and then start one of those (consistently false) rumors about the exact release date for the upcoming Animal Crossing game for the Switch.

 

[misshathaway]

I've been on the city-data site a lot looking at various mid-Florida living options. There was one post that really drove things home for me. It was a guy who, at 70, somehow got a 30 year mortgage to buy a mobile home, in order to pay mortgage "rent" rather than take all the purchase price out from his investments as a lump sum. No heirs. "Let them come after me at 90 for those last payments" he quipped.

It just got me to thinking that at 61 you can probably only count on 20 more good years, with luck. Made some of my hand-wringing about spending seem silly to myself.

 

[imnontrad]

Well, I am still staying within my budget and not touching any retirement money. So I guess I am still frugal. But I travel more (frugally) and recently bought some ski boots - a very unfrugal hobby.

I learned an interesting phrase long ago - "I don't mind spending money, I just don't like wasting it".

 

[meleana]

I just left my job prematurely in Sept. at 62 so we are now living on one 5 figure income in expensive NYS and my husband will be retiring in 1- 2 more years. He will be 65 in April.



I find I am being much more frugal than I was- and I was always pretty frugal. A lot more generics at the grocery store for one thing.


I do not spend money on anything except food and toiletries and things we need to repair stuff in the house. I will dispute even a $10 charge if I feel it is not justified. I am reviewing everything carefully- medical bills, etc. I just re -did our entire budget to whittle away at things. Got the garbage company to lower our monthly bill. Switched home and umbrella insurance. Sold our third car. Didn't renew some magazine subscriptions.Etc.



We do not eat out or spend money on entertainment like going out to the movies. We do save for our drive- to timeshare vacations and maybe a special one once every so many years where we fly somewhere- but in the USA. At our timeshares, we only eat out once or twice tops. And mostly do free activities, except maybe renting bikes sometimes. Drink our alcoholic beverages in the condo- wine or whatever.


We will not be retirees who can afford to be jet setters or own expensive toys like boats or a house on the ocean. Or have expensive hobbies like skiing or golfing or whatever. (Though my husband does like target shooting and hunting- but he makes his own bullets as much as possible!). If we need to buy another car it will be used.


I'm easy as I can stay home for long periods of time. We are both homebodies. I like to read. I like to watch a movie n TV sometimes. Right now we live in the woods. We do not have any close friends or family nearby and when we move out of state in retirement it will be even worse, though hopefully we can live in a 55+ community with some things going on and people around. But then I say- if we had a lot of friends and family around we would have to spend money to go out with them- people always want to go out to dinner and on vacations together and such. We save a lot more money doing things on our own or not doing them at all.


I think in retirement many people get more frugal out of necessity. We have no pensions so it will be our savings and SS and that's it.

 

[meleana]

I've been on the city-data site a lot looking at various mid-Florida living options. There was one post that really drove things home for me. It was a guy who, at 70, somehow got a 30 year mortgage to buy a mobile home, in order to pay mortgage "rent" rather than take all the purchase price out from his investments as a lump sum. No heirs. "Let them come after me at 90 for those last payments" he quipped.

It just got me to thinking that at 61 you can probably only count on 20 more good years, with luck. Made some of my hand-wringing about spending seem silly to myself.

I think your estimate of people only living until age 81 is low. I think most people should count on living until 90, more or less. Of course, no one knows.I just read an article about an ex CEO of a hospital a few counties down who died at 64 at his retirement party.

 

[gooddog]

Perhaps the real question is why would someone want to spend more. Is it because they are not happy with the way things are, is it to just spend out of boredom, is it because "you can't take it with you". If you are happy, why spend more?