U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Frugal Living
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-21-2018, 12:22 PM
 
Location: Phoenix-Valley of the Sun
2,461 posts, read 1,199,325 times
Reputation: 3046

Advertisements

Meaning that the more money a person makes, the more money they will spend on useless stuff.

https://www.investopedia.com/terms/l...tyle-creep.asp


I have never made so much money at a job as i do right now. And i never had as many assets as i do now. But my expenses have decreased drastically. I dont desire the big house on the hill or that porshe. But i want to set up my future by sacrificing today's pleasures.
Reply With Quote Quick reply to this message

 
Old 08-21-2018, 12:43 PM
 
11,689 posts, read 16,437,401 times
Reputation: 16330
To each his own. I enjoy my feathered nest, good food and wine, not pinching when we want a new toy. Does that mean I am financially irresponsible? Not in my book.
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 01:13 PM
 
Location: on the wind
4,104 posts, read 1,529,673 times
Reputation: 14654
Quote:
Originally Posted by 49erfan916 View Post
Meaning that the more money a person makes, the more money they will spend on useless stuff.

https://www.investopedia.com/terms/l...tyle-creep.asp


I have never made so much money at a job as i do right now. And i never had as many assets as i do now. But my expenses have decreased drastically. I dont desire the big house on the hill or that porshe. But i want to set up my future by sacrificing today's pleasures.
IMHO if you are someone who keeps a good sense about what is important in your life (big picture things like satisfying work, relationships with people you care about, maybe spirituality, maybe social service or altruistic achievements...things money can't typically get you) you won't be "tempted" by useless stuff. You won't use stuff to replace those goals you never seem to reach, nor will you feel the need to compete with others who do buy and own it. They don't become important enough to exchange money for.

That being said, I think most people, even those who are not driven primarily by money or possessions, have one or two items on some sort of life list they would love to buy if price wasn't the issue. Though I would also suspect these items would not be classified as "useless stuff". Might be a specific antique, a piece of original artwork, etc. Something that has intrinsic value to that person if no one else. If or when they achieve that goal, the hunt or the wishing stops.

Last edited by Parnassia; 08-21-2018 at 02:15 PM..
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 01:21 PM
 
Location: TN
86 posts, read 39,184 times
Reputation: 195
One piece of advice that I read from Warren Buffett that really stuck with me. There's 2 ways to look at your monthly income.

#1 - Spend what you want for the month and then save what's left.

#2 - Save to meet your longterm goals and then spend what's left.

If you choose #1 you might be happy today but if you choose #2 you will be happy for a lifetime.
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 01:51 PM
 
Location: San Antonio/Houston
33,542 posts, read 51,750,301 times
Reputation: 82960
Quote:
Originally Posted by Threestep View Post
To each his own. I enjoy my feathered nest, good food and wine, not pinching when we want a new toy. Does that mean I am financially irresponsible? Not in my book.
No. You live your life and spend your money the way you want. It doesn't necessary means that you live a frugal life, though...
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 02:23 PM
 
Location: NJ
22,668 posts, read 28,551,950 times
Reputation: 14606
i just tried to look at the definition of the word "frugal" to see if i qualify. i guess not. i have always had a high % of my net income saved (60+%). however, i still spend plenty and there are plenty of luxuries. i do always try to get the best value for my dollar. however, i am willing to spend more as long as i feel im getting a great value. i guess that doesnt count as frugal since it seems to be just getting what will satisfy the need.

my lifestyle has certainly creeped as my income has risen. the savings rate has never gone down though. you only live once, nobody is going to give you a medal for spending as little money as possible. you figure out what you can afford comfortably to meet your financial goals and spend it. try to maximize your value so you arent being wasteful.
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 02:33 PM
 
4,293 posts, read 6,391,750 times
Reputation: 12503
We avoid it in a couple ways. First is choosing to live in a low COL spot, which is the best way to reduce our total monthly Required expenses. Second is to stick to a pretty rigid budget (anything not essential has to wait for a month, if not longer, before purchase). And third is to adjust work hours Down so there's less money in (payment in a different way, my wife has 4-day weekends every week, and has for 7 years now).


Not to say we don't enjoy life, live in a nice home, or have nice stuff. Just that those purchases are Planned, thought out, and Mindful. Tends to limit the accumulation of useless "stuff" when you take impulse out of it.
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 06:36 PM
 
Location: The World
3,012 posts, read 1,809,321 times
Reputation: 7773
I think some of it is inevitable and understandable.

If you've been barely getting by on a too-low income, a lot of needs (and yes, wants) might have accumulated over the past few years. The whole family's been getting by with clothes and shoes that are really too worn out and that might not fit quite like they should. Your cell phone has a cracked screen. The TV went on the fritz, and you need a new washer and dryer. Your preteen needs braces...last year. You know, all of the little things that add up when you're barely making ends meet, that you put off until you "get straightened out."

So I think it's only natural for people to "blow" through some money when they get a windfall or start making more, at least at first. They're playing catch-up. They're buying the family some new clothes, buying a new TV, replacing the washer and dryer.

The problem is when you overdo it. You would have been thrilled to be able to buy the whole family some clothes from JC Penney or Kohl's before, but now you've got more money and want all of the best brands. You had been eyeballing a reasonably priced 42" TV, but now you want the 65" 4K TV.

You also can't get "addicted" to that good feeling that you get when you get this new stuff. There's nothing wrong with taking that money and buying things that your family needs (and yes, some things that you want), but that doesn't mean that now you should be buying a new TV every year or new clothes every month...
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 06:38 PM
 
Location: Texas
42,204 posts, read 49,740,662 times
Reputation: 66975
Quote:
Originally Posted by andyd522 View Post
One piece of advice that I read from Warren Buffett that really stuck with me. There's 2 ways to look at your monthly income.

#1 - Spend what you want for the month and then save what's left.

#2 - Save to meet your longterm goals and then spend what's left.

If you choose #1 you might be happy today but if you choose #2 you will be happy for a lifetime.
Exactly.

Put your savings away first.

Spend what's left guilt-free.
Reply With Quote Quick reply to this message
 
Old 08-21-2018, 06:53 PM
 
Location: Gilbert, AZ
3,003 posts, read 1,694,053 times
Reputation: 2945
Quote:
Originally Posted by 49erfan916 View Post
I have never made so much money at a job as i do right now. And i never had as many assets as i do now. But my expenses have decreased drastically.

Seems like you should be the one writing the lesson plan! I tend to think people are mostly just "programmed" the way they are... it's in our DNA.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Frugal Living
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top