Getting Older--Not Spending Enough

[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]

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]

+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]

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?

 

[joeea]

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?

There's nothing wrong with spending what you want even if it's less than what you can.

And there's nothing wrong with leaving a legacy, particularly when it doesn't prevent you from living the way you wish.

 

[audreyh1]

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.

Pretty much us. We don't like to buy crap because it's cheap, we want something decent, and if it's something we value or will use a lot, we'll pay up for higher quality if we think it's worthwhile.

But I've already said the same as you did.

 

[Curmudgeon44]

I don't think anyone has mentioned the possibility of contributing to charity. Sometimes the heirs who need it, aren't worthy, and the ones who have good behavior, don't really need it.

 

[audreyh1]

I don't think anyone has mentioned the possibility of contributing to charity. Sometimes the heirs who need it, aren't worthy, and the ones who have good behavior, don't really need it.

That's always an option for spending more. We prefer to gift while we are alive. Takes balance of course - you can't give everything away as you might need it!

 

[Sunset]

Along with W2R and Music Lover, no desire to travel here.

I've been surprised to discover that modest remodels to our small LCOL home have given me the biggest bangs for the bucks. Last year's bathroom refreshes are still delighting me; I'm going to splurge on an 11' x 11' deck this summer. (We have no deck today, just a half-flight staircase down to an unappealing concrete patio.)

To each her own, but in general, without big bequest desires (and within reason), I agree with relaxing and enjoying spending some of that dough.

Any special reason it's 11x11, and not 12x12 ?

Basically the wood comes in 12 foot lengths so why chop off 1 foot when you are still paying the same amount.

 

[Sunset]

+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.

So funny, I just ran into that problem with my DW.

I was booking a flight to Vancouver for us, and decided to use points, since it's many months away it was 50K points for us to fly Chicago to Seattle FIRST class.

Instead of 25K points for us to fly economy

She had to check due to this high cost some other airlines, and by the time she was done, the website screwed up , and and I lost the booking, and when I went back the price was 100k in points. ??

At that point, I decided to do nothing, and give it a rest.

 

[daylatedollarshort]

We spend money on home improvements and travel to visit family but other than the family travel we're more into evenings out and day trips. We just load up the calendar with events like garden visits, symphony tickets, train rides, hikes, club activities and science lectures and that keeps us pretty busy. But I like to look for bargain events, buy an assortment of annual passes and seat filler memberships so our entertainment budget isn't too much even though we go out pretty often. I'm sure our kids will have no trouble figuring out how to spend whatever is left in our estate. I hope they put the money towards early retirement since we've really been enjoying not having to work.

 

[travelover]

I have no LTC insurance, so my luxury is knowing I can spend a decade in an Alzheimer care unit and still not leave DW penniless.

 

[robnplunder]

+1 I have a problem with DW... when she looks for hotel rooms all she sees are dollar signs...

That used to be me in my accumulation days. Now, I usually pick a quality one, and go for upgraded rooms when it makes sense (indoor jacuzzi, e.g).

 

[daylatedollarshort]

I have no LTC insurance, so my luxury is knowing I can spend a decade in an Alzheimer care unit and still not leave DW penniless.

+1. Another reason I still shop for bargains. LTC in the U.S. is crazy expensive. Ten years in LTC is not impossible to have happen and could easily top $1M in today's dollars.

 

[robnplunder]

+1. Another reason I still shop for bargains. LTC in the U.S. is crazy expensive. Ten years in LTC is not impossible to have happen and could easily $1M in today's dollars.

Nah. Go for the best. Those savings will only amount to one more month of LTC.

 

[daylatedollarshort]

Nah. Go for the best. Those savings will only amount to one more month of LTC.

The bargains refer to the price, not the quality of the events.

 

[meleana]

Our TV is going and we still haven't bought another. We are so cheap we are waiting for it to totally die. The only thing it does is it gets blurry on one side when we first turn it on but once it heats up it clears and works beautifully.


I also am thinking of getting a robot vacuum and still haven't pulled the trigger on that, especially because I keep thinking we will need the TV.



I need clothes but I keep putting it off because my weight is all messed up and I keep thinking maybe I will lose weight.


Ok. I did purchase a $11 knee pillow last week.......

 

[Souschef]

It has taken me years to break the frugal habit. We just got off an Alaskan cruise where we left from LA instead of flying to Seattle. It was more $$, but well worth it.
Also, we booked a suite for the fir$t time. I will tell you, once in a suite you can never go back!
We have also booked a suite for a Hawaiian cruise next year that also leaves from LA.
Yes, it is more expensive, but I call it a SKI (spending kid's inheritance) trip

 

[HI Bill]

Our TV is going and we still haven't bought another. We are so cheap we are waiting for it to totally die. The only thing it does is it gets blurry on one side when we first turn it on but once it heats up it clears and works beautifully.

If it's older, it's probably smaller, and lower resolution, with higher energy consumption, and less contrast and resolution than today's TVs. Today, you can get a 65-incher for $600. Live a little. The power savings alone might make a new TV worth the purchase!