Too Frugal - Anybody Else Struggle Spending Too LITTLE?

[street]

^ that puts life into respective. A healthy good life goes by fast.

 

[aja8888]

As a friend told me you have get things done now because when you turn 70, he said all your doing is patching yourself up. SO GET TO SPENDING MONEY!! I still have hard time doing it.

Yep, that's a good way to put life after 70+...patching yourself up! (two new hips here, metal in shoulder, left forearm has a pate with screws, a couple of dental implants) LOL!

 

[silvor]

I used to have a $500 acoustic guitar and it did exactly what I needed it to do. But then I sold it and bought a $1700 guitar. It sounds better, is easier to play, and looks nicer.

The truth is that I didn't need a better guitar. I'm a bass player in my bands and rarely play guitar, it comes out when I'm on the couch or when people are sitting around a campfire. But I decided that if I'm only going to own one guitar then it may as well be a nice one even if it's only played a couple hours a month.

I bought a new Les Paul for $2600 a couple years back. It was perfect and played great. But once I started to learn leads, I hated the fret access and low frets.

So, I went back to the Ibanez RG which I played a bit in the 80's.
$180 for the guitar and $50 for a new pickup and I was set.

I guess the "frugal gods" have it in for me.

 

[NW-Bound]

Well, that's just travel. I'm burned out on airlines and visiting paces.

There's a lot of other stuff I do. I play a good bit of golf each week, do my own yard maintenance, walk an average of 10,000 steps per day, up at 6:30 AM every day, etc.

Oh, I'm also the caretaker for my handicapped wife, which is getting harder to do and is another reason why I am "local" all the time.

I'm far from slowing down to an old man's creep!!

I was just teasing.

I remember you tackling the teardown and rebuild of an Onan genset for the neighbor's RV. I don't think I will try that when I get to your age.

Yep, that's a good way to put life after 70+...patching yourself up! (two new hips here, metal in shoulder, left forearm has a pate with screws, a couple of dental implants) LOL!

No problem. As long as your internal organs still hold up, that's more important. Kidney failure/dialysis sucks, as what happened with my late father. Or dementia.

 

[Major Tom]

He said: "You're 60? Enjoy it now. Even if you live to be 90 all you've got is 15 more years...18 tops before you start to slow down, don't want to do what you now like to do, lose interest in other things and so on."

Generally speaking, he is probably right. Of course, there are always outliers. When I lived up in the hills in LA, there was a feller across the street from me. At the age of 82, he put a new roof on his house - just him, on his own. He was quite amazing. He owned the house next door too. He had built that house himself, all from found materials. He'd drive around in his pickup truck. Anything that somebody else had put out that looked useful, went in the back of the truck and got reused at some point. In his mid-80's, he was lean, and mentally as sharp as a tack. I moved away, and don't know what happened to him after that, but he was one of the most vital older people I have known. His wife was a high achieving academic, so they were both mentally as well as physically able.

 

[RetiredHappy]

Ok, as someone who has always run from anything timeshare, I’m curious. How does this work?

The first place to start is read alot at TUGBBS.COM (timeshare user group bulletin board). It describes various systems and how they work. Several of us on this er forum are active members at tugbbs.com.

First advice to a newbie is NOT go to timeshare presentation at the resort no matter how good the offer is. The salespeople are there to sell and make their commission. If you buy, the value of the purchase immediately drops 50% to 95% the moment you walk out the door.

How timesharing works: You buy a week at a resort or points from a trust which holds all resorts within the system. Upon buying, you are then obligated to pay yearly HOA maintenance fees for the upkeep of the place. Do not buy anything until you fully understand your travel needs and which system/brand names/locations work best for your situation. Each system is different, some can do internal trades into other resorts for free, and others have to go through an exchange company like II and RCI to trade into a different location/week. Third party company exchanging can get expensive - membership fees, exchange fees, upgrade or retrade fees.

Finding a timeshare for free or $1 does not always mean it is a good deal. Often it also means that it is going to be difficult to get rid of them when you are done using them. However, there are some good timeshare out there for less than $1K. You need to do your research - best resource is tugbbs.com, before deciding if timeshare is right for you and if so, what you should own.

We have a significant holding in the Marriott (and the Westin/Sheraton) system and did buy from the developer because we wanted the perks that only developer-bought ownership provides, and some of those are beyond simply staying at the timeshare.

Timesharing is not for everyone. The best part of timesharing is that you pay very little each year to stay in large luxurious villas that would have cost you many times more. Many of us no longer tolerate small hotel rooms. With timeshare villas, we get full kitchen, living room, several bedrooms and bathrooms. It is great for families who travel together.

 

[golfnut]

I have always been frugal. My wife has always been more of a spender. Over 36 years of marriage we have each moved toward the other where now we are less polar opposites. This has allowed us to enjoy life in the moment and still save for the future. Any time I feel my wife is overspending, I remind myself divorce would be much more expensive.

I could have written this including the 36 year of marital bliss.

 

[Music Lover]

I bought a new Les Paul for $2600 a couple years back. It was perfect and played great. But once I started to learn leads, I hated the fret access and low frets.

So, I went back to the Ibanez RG which I played a bit in the 80's.
$180 for the guitar and $50 for a new pickup and I was set.

I guess the "frugal gods" have it in for me.

Ibanez electrics are good sounding, easy playing guitars. I had one worth about $400 that I never used so I sold it last month to the guitarist in one of my bands. He now uses it as much as his $1200 Stratocaster.

I'm considering buying a higher end bass but my frugal genes are preventing me so far.

 

[aja8888]

The first place to start is read alot at TUGBBS.COM (timeshare user group bulletin board). It describes various systems and how they work. Several of us on this er forum are active members at tugbbs.com.

First advice to a newbie is NOT go to timeshare presentation at the resort no matter how good the offer is. The salespeople are there to sell and make their commission. If you buy, the value of the purchase immediately drops 50% to 95% the moment you walk out the door.

How timesharing works: You buy a week at a resort or points from a trust which holds all resorts within the system. Upon buying, you are then obligated to pay yearly HOA maintenance fees for the upkeep of the place. Do not buy anything until you fully understand your travel needs and which system/brand names/locations work best for your situation. Each system is different, some can do internal trades into other resorts for free, and others have to go through an exchange company like II and RCI to trade into a different location/week. Third party company exchanging can get expensive - membership fees, exchange fees, upgrade or retrade fees.

Finding a timeshare for free or $1 does not always mean it is a good deal. Often it also means that it is going to be difficult to get rid of them when you are done using them. However, there are some good timeshare out there for less than $1K. You need to do your research - best resource is tugbbs.com, before deciding if timeshare is right for you and if so, what you should own.

We have a significant holding in the Marriott (and the Westin/Sheraton) system and did buy from the developer because we wanted the perks that only developer-bought ownership provides, and some of those are beyond simply staying at the timeshare.

Timesharing is not for everyone. The best part of timesharing is that you pay very little each year to stay in large luxurious villas that would have cost you many times more. Many of us no longer tolerate small hotel rooms. With timeshare villas, we get full kitchen, dining room several bedrooms and bathrooms. It is great for families who travel together.

Great informative post, thanks!

I have a friend who has two timeshare Villas in Hawaii on a nice golf course. Several of us make an golf trip with him for a week and use the two villas. Really nice and way better than hotel rooms. He's had these two villas for 25 years now.

 

[aja8888]

I was just teasing.

I remember you tackling the teardown and rebuild of an Onan genset for the neighbor's RV. I don't think I will try that when I get to your age.

No problem. As long as your internal organs still hold up, that's more important. Kidney failure/dialysis sucks, as what happened with my late father. Or dementia.

I figured you were just kidding around!

All my organs are still playing "good music", at least they were last May when I had my blood work done.

I'm kind of lucky in one regard, with all the physical damage my body has taken through a almost fatal car accident then years of punishing long distance running, I am not bothered by any arthritis that has formed around the damaged joints and other areas. So my flexibility is still good and that helps trying to stay active.

 

[Magus]

This is a problem I wish my wife had She LOVEs to spend money sigh lol.

But to me it definitely sounds like you can loosen the purse strings. Keep in mind you can always cut back again later and/or work part time as needed depending on preference later. That said, if feel like you are buying everything you want then who cares? If you aren't buying everything you want - especially for smaller $ items, then yes probably spend a bit more.

 

[Magus]

The first place to start is read alot at TUGBBS.COM (timeshare user group bulletin board). It describes various systems and how they work. Several of us on this er forum are active members at tugbbs.com.

Second TUGBBS. After sitting in on HGV timeshare pitch, I did some research and came across TUG. I now own a stupid amount of points at HGV in the lowest maintenance fees for significantly lower purchase price than if I had bought 1/10th the points directly from Hilton. Retirees that are flexible on when and where can really do well with Timeshares when done right and with a system that fits their needs. Agree on free doesn't necessarily mean better. I have stuck with platinum weeks/points for better long term cost and easier to sell if I ever decide its not for me anymore.

 

[Bullwinkle]

We're also at about 1/3rd of what firecalc says we could spend with 95% success rate. But, all my hobbies are much more expensive in time than money, so there just isn't much opportunity to trade money for happiness. All the stuff I want to do involves learning, and while of course classes can cost money, by far the biggest cost is time and energy you must put in to get anything out. There's no shortcut.

The main way I can think to raise our quality of life with money is house upgrades, and we could do with some of those, but they are not exactly throw money tada problem solved. More like... first find a good contractor. You can tell the good ones because they are booked a year in advance. I haven't gotten past this step so the rest is just gloomy speculation! Find several of them and get quotes. Realize it will be 4x higher than the high end of the price range you researched, make your peace with that. Before all that, plan for what exactly to do, defer to the wife on design questions, but also she needs help deciding so spend a lot of time looking at pictures on websites. However put all plans on hold if a pandemic comes along. Once the work is done, DO NOT do what some friends of ours have done, which is get involved in multi-year legal disputes with the contractors afterwards.

Hah maybe this should have gone on a "how to blow dough on your house" thread. Is there one of those? There should be one of those. Anyway, as the only way I can think of to trade money for quality of life (and marital harmony!) it's still all worth doing, but it's not just money but quite a lot of time and aggravation too. The spending is just a small part of the struggle... but of course for a "non spender" like me I can't deny it gives one more excuse to put it off. I envy those who have the temperament to enjoy house planning, and especially the time and skills to do it themselves, or at the very least know people they trust to help them out with it!

 

[RobbieB]

Oh yeah, lots of stuff.

Paint outside and inside, popcorn ceiling removed, new kitchen (cabs, granite, sink, stove, fridge, hood and floor), laminate dining, living, halls, office and bedrooms (except master - carpet)

New patio, landscaping (with irrigation) lots of plants (some live some die) 3 tuff sheds (one converted to she shed - walls, ceiling, floor, paint 20 grand)

Yeah, home improvements -

 

[JP.mpls]

I love reading the frugal threads, because I'm on your team.

A story:
I am a widower with a, new for me, partner.
We have been getting along great.

The funny thing is that she is worse (more frugal) than me, and gets stressed out if I'm spending my money. I've been spending a lot of money fixing up and furnishing my Florida townhome.

I mentioned this to my long time friend. He said, oh that's good JP, my wife is the same way. He was so enthusiastic about this, that it made me laugh.
FYI: Another mutual friend of ours makes a lot of money, but his wife is a spending machine. I would struggle with that situation.

Take care, JP

 

[street]

Generally speaking, he is probably right. Of course, there are always outliers. When I lived up in the hills in LA, there was a feller across the street from me. At the age of 82, he put a new roof on his house - just him, on his own. He was quite amazing. He owned the house next door too. He had built that house himself, all from found materials. He'd drive around in his pickup truck. Anything that somebody else had put out that looked useful, went in the back of the truck and got reused at some point. In his mid-80's, he was lean, and mentally as sharp as a tack. I moved away, and don't know what happened to him after that, but he was one of the most vital older people I have known. His wife was a high achieving academic, so they were both mentally as well as physically able.

I like that story of the man with the mindset that old isn't going to be his excuse. I'm thinking of doing my roof also one side at time and one day at a time.
My wife says I'm too old and maybe I am, and the thing is I don't want to get hurt if something happened.
I think our minds tell us we can, but our bodies say another thing.

 

[Gumby]

I like that story of the man with the mindset that old isn't going to be his excuse. I'm thinking of doing my roof also one side at time and one day at a time.
My wife says I'm too old and maybe I am, and the thing is I don't want to get hurt if something happened.
I think our minds tell us we can, but our bodies say another thing.

The young wife chides me for climbing up on the roof. "You're too old for that. You could fall off, land on your head and die," she says. And I always reply, "If I fall off and land on my head, it won't matter whether I'm 62 or 22."

 

[mystang52]

I like that story of the man with the mindset that old isn't going to be his excuse. I'm thinking of doing my roof also one side at time and one day at a time.
My wife says I'm too old and maybe I am, and the thing is I don't want to get hurt if something happened.
I think our minds tell us we can, but our bodies say another thing.

The young wife chides me for climbing up on the roof. "You're too old for that. You could fall off, land on your head and die," she says. And I always reply, "If I fall off and land on my head, it won't matter whether I'm 62 or 22."

:

 

[Goldendoodlebug]

:

Please be careful climbing roofs. My brother-in-law was clearing leaves off a friends roof, fell and had a stroke. He was only 56. He now has left - sided weakness and does not think as clearly as before.

 

[Closet_Gamer]

Investment adviser even asking, now that you have all this money, what is your goal? He trying to get us to spend more too.

I've always that this is really the crux of it.

What's the purpose?

Money for money's sake?
No thanks.

Money with purpose.
Spouse & kids protected if something bad happens.
A secure retirement.
Kids through college.
Charity.

More recently for us its been about achieving a goal of having a beach house.

After that? I think the purpose is to ensure that my 50s/60s aren't just larger-scale repeats of the work I did in my 20s, 30s, 40s. This entails curtailing saving and executing deliberate/planful level of spending to enjoy life while sustaining the nest egg.

So to the OP's question: are you too frugal?

Dunno.

What's the purpose of the money?

 

[Freedom56]

I had a long talk with my Father-in-Law about two weeks ago regarding spending. He is 85 and still very frugal. He asked what we plan to do with all our money? I said "spend it, you only live once". Being frugal as resulted in financial independence for many, but at some point you have to start spending on yourselves.

 

[RetiredHappy]

We just heard this story from our friends. His mother lived to be 92 and on $900 in SS monthly checks and always had enough. When she died 3 years ago, she had envelopes made out in cash with names of each children and grand children. They added up to $70,000, all in $100 bills. When she was alive, she always had $20,000 in her checking account as emergency funds. Whenever SS checks came in, she took out the amount in cash immediately. The joke was that these were counterfeit money, but no, they were real money. She stuffed the cash away through decades.

 

[street]

^^ no record paper trail with cash. I like that.

 

[NW-Bound]

What's the purpose of the money?

To keep score.

I would say all billionaires fall in this class, because they cannot possibly spend all their money, even with their fancy yachts and jets. They still want to work and to make more, and money is the measure of their success.

^^ no record paper trail with cash. I like that.

Nowadays, some people use bitcoins for no paper trail.

 

[street]

^ True. Just before I go into the nursing home, I'm going to take all money out in cash. lol
Go out as a pauper.