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My husband and I love to save money but we want a good life too. I want to stay at a 4-star hotel but pay a 2-star price. I want to eat two meals for the price of one, using a coupon. I want to buy things at the right time on sale.
One thing that has really hit me now that I am 62 is how much of my spending through the years is for little things. The cost of little things really adds up over time.
So I am so proud of myself when I get a bargain or don't spend money on silly things.
But I run into few people like me. To most people I know spending lots of money is just natural. They don't think about how much something costs before they buy it. For example, when a friend of mine travels she will drive until she is tired and then stop for the night. She will always stay at the first Marriott, Hilton or Sheraton she sees, never asking about the price. She says, " I am on vacation, I don't want to worry about it and ruin my good mood."
Saving money isn't free. There's a time cost involved. Sometimes the amount of time spent to find that "great deal" outweighs the actual savings. (No, I am not going to drive 30 minutes across town to save 5 cents/gallon on gas.)
And sometimes focusing on saving money can defeat the larger object. On a vacation, for example, I'm not going to stay at an inconveniently-located hotel simply because it's cheaper. I'll spend the extra money to stay at a hotel which will maximize my time for sightseeing (which is, after all, why I am gong on the vacation).
But as long as saving money doesn't consume excessive amounts of my free time or mental energy, and doesn't significantly degrade the experience I am looking for, I am all for it. So I use credit card points for flights and hotels, coupons when I come across ones that are useful and look for sales when I need to buy something. Those all hit the right balance point for me.
My husband and I love to save money but we want a good life too. I want to stay at a 4-star hotel but pay a 2-star price. I want to eat two meals for the price of one, using a coupon. I want to buy things at the right time on sale.
One thing that has really hit me now that I am 62 is how much of my spending through the years is for little things. The cost of little things really adds up over time.
So I am so proud of myself when I get a bargain or don't spend money on silly things.
But I run into few people like me. To most people I know spending lots of money is just natural. They don't think about how much something costs before they buy it. For example, when a friend of mine travels she will drive until she is tired and then stop for the night. She will always stay at the first Marriott, Hilton or Sheraton she sees, never asking about the price. She says, " I am on vacation, I don't want to worry about it and ruin my good mood."
One thing that has really hit me now that I am 62 is how much of my spending through the years is for little things. The cost of little things really adds up over time.
Yes, they do. And people should be aware of that long before they're 60 and have spent most of a year's salary on Starbuck's coffee or a sit-down lunch every day. Or whatever seemed so-so necessary at the time but was completely dispensable, or could have been achieved far less expensively.
Income is finite. Allowing yourself to be conditioned to think it's an endless river and $5 or $5000 frittered away doesn't matter because your income is continuous is a dangerous, destructive trap... one that doesn't spring until it's far too late to do anything about it.
I don't think saving money should be any particular point of pride because it shouldn't be any unusual thing. There are some very hard-core rules about income and spending that should be integral to your personal economics, not something you only think about from time to time and then sprain an arm patting yourself on the back over it.
My husband and I love to save money but we want a good life too. I want to stay at a 4-star hotel but pay a 2-star price. I want to eat two meals for the price of one, using a coupon. I want to buy things at the right time on sale.
One thing that has really hit me now that I am 62 is how much of my spending through the years is for little things. The cost of little things really adds up over time.
So I am so proud of myself when I get a bargain or don't spend money on silly things.
But I run into few people like me. To most people I know spending lots of money is just natural. They don't think about how much something costs before they buy it. For example, when a friend of mine travels she will drive until she is tired and then stop for the night. She will always stay at the first Marriott, Hilton or Sheraton she sees, never asking about the price. She says, " I am on vacation, I don't want to worry about it and ruin my good mood."
What do you think about saving money?
Well, I am not particularly proud of 99.999999%+ of the world's goods that I do not buy.
I'm proud when I spend money... I don't usually spend it, so most of it by default goes into savings/investments
I don't really "save" money by the same definition, because when I save it in one place, it only means I spend it elsewhere eventually.
Like people who shop at bargains and discounts, they say they "save" a lot, and bought 5 items instead of 2. Not much of a "savings" if they ended up spending the same amount of money, they got "more" with the same money, but the fact that they still spent it negates their efforts to "save" money on the discount. <- I would call them frugal people, getting the most they can with their money, but they are not "savers"
if I "save" money on a hotel room, it isn't because I am making the vacation cheaper, but now I got extra money for another show to watch or another meal to eat
even people who do the extreme coupons get, they aren't saving much money, they are delaying spending it on something else. not many people talk about couponing their way to higher networth, unlike the frugal movement from MMM/FIRE
savings for me is making do without spending money to get it. a "cheaper" version isn't "saving", but spending less. I "save" by cooking at home, not buying a cheaper hamburger from fast food place instead of a diner. "ingredient" cost would be spent whether at home/take out, so no savings on the actual "food" materials.
I'm proud of myself when I save money, like if I find a really good deal on something we were going to buy anyway, that'll bring a smile to my face. I have a deal site that I use daily and because of it I have saved money on presents, or on things I was going to buy, I just have to be careful not to buy stuff just because it's a good deal.
One of our biggest monthly expenditures that fluctuates is buying groceries. I added an app to my phone for a price list. Now I input how much things cost and I can tell when something really is on sale, or if it's just a trick, because not everything in the ad is going for a good price. I can also see when things are at rock bottom process and stock up.
Such as today I got Mac and cheese for less than a dollar, when at our store normally it is over 1.50 a box. So I bought several, but in the long run it saves me money. I do this for a ton of canned and boxed food, meat I will vacuum sealer and freeze.
Something are not worth the time and effort, some things are. It's different what each person is willing to do to save a buck.
Oh and in regards to motels/hotels I don't see the point in paying big money for a hotel when I plan on only being there to sleep, so I go for the days inn quality type, not the cheapest, but definitely more frugal. I'd rather spend more money on my trip doing things, than paying for a fancy hotel.
I save by not buying things which don't matter to me, but have no problem spending on those which do. I don't know that it rises to the level of pride.
I budget for saving. I have money automatically deducted for bills and expenses, then for retirement savings, then for long term/other savings. If I'm saving for a particular expense (a vacation, etc.) I open another account temporarily and have money moved to that new account. Anything left in the original account after those deductions I spend, guilt free. Anything moved into the account I pay out of for bills, or into one of my savings/investing accounts is money I never touch for anything but their intended purpose.
Savings is more of a science than an emotional thing for me, if that makes sense.
I "save" by cooking at home, not buying a cheaper hamburger from fast food place instead of a diner. "ingredient" cost would be spent whether at home/take out, so no savings on the actual "food" materials.
Cooking at home costs money, I save by fasting.
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