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today I've decided to stop buying overpriced coffee at Panera and Starbucks - actually gave away my last giftcard that I received from one of them.....not happy w/ some of their issues in the national news, and think it has become overpriced, really......not that I can't afford it, but again, when you can make a cheap pot of coffee, why go and spend $3-4 a cup at Starbucks?
Paging Mathjak...
Apparently no one took your Kitces quote to heart. They're still obsessing over small expenses instead of the large ones like housing and transportation.
I’m so anxious about money that I feel pulled in two polar opposite directions—I worry both about not having enough money as well as not enjoying the money I save. When I finally break down and spend something to feel better about life, I feel guilty for spending money instead of saving it, so I don’t really get the enjoyment I was craving. I fear this tendency will follow me into retirement and leave me unhappy no matter if I save or if I spend.
You could be describing me. I’m sorry you also find yourself in this place. I remember about 15 years ago when my now XH and I had been furiously working the Dave Ramsey baby steps. I had bought some new underwear and left it sitting in the bag with tags on and the receipt for more than a month before I could make peace with having made this wild expenditure.
I think what helps me now is having really worked out in detail how to get myself to and through retirement. I have a plan for how much I NEED to save, and I save that amount first. Having the plan on auto-pilot gives me a bit more comfort when I do spend on something. I think it is also important to not have unrealistic expectations for the enjoyment that a purchase or an experience can provide. These things can enhance your life, but can’t be held responsible for maintaining any level of joy or satisfaction. My splurge this fall is seeing Elton John. This involves a pricy ticket, a plane ride, dog sitting costs . . . I anticipate having an amazing time for a couple of hours, and that is the extent of my expectation.
BTW: Many seniors get caught up in the 'casino gambling' fun, that's where they lose a lot of money.
Prioritize the things you like, things that make your day, and those things that you can do without or find cheaper substitutes for. Make adjustments to save few bucks. If you really enjoy a casino you can sometimes eat there for a little bit less. Don't take your debit card gambling. Walgreens has a senior day each week and sales (2 for 1) pretty often to stock up on things. Living alone is a challenge for grocery shopping and can be wasteful so you have to plan and divide things up. I don't go to Starbucks but once a month, maybe less, but each week I go to the Barnes and Noble coffee bar and use my member card for a discount cup of the same coffee and get a bagel for lunch. I catch up on some magazine articles while there. There is often a table of ladies playing mah-jong and a few others I recognWize. I eat at Wendy's but get the Junior burger with small french fries and small soda for under $5 and that's plenty of food for my lunch.
I hear FIRE is all the rage these days. Thankfully I'm too old to try this, as I only have three more years to go until I'm done working. Three years at this point in my life seems like an eternity, but I do have a tidy sum in my 401K, but I got this by being frugal for the past 25 years. I fear that my habits will keep me from spending what I've saved, as my habits seem entrenched at this point. I enjoy finding sale prices, using coupons, and nursing along appliances, tools, vehicles and other things well past their expiration date.
Having a nest egg is more about security for me than anything. That feeling is priceless. Good luck with your saving pknopp. I would suggest investing what you are able to save, if possible.
Apparently no one took your Kitces quote to heart. They're still obsessing over small expenses instead of the large ones like housing and transportation.
apparently ....but then again most people are financially not very smart either. you see it all the time .. they clip coupons , reuse tea bags and deprive themselves of what really are small things ..then they know so little about growing those pennies or fear growing them so whatever pennies they save stay pennies forever
Apparently no one took your Kitces quote to heart. They're still obsessing over small expenses instead of the large ones like housing and transportation.
Quote:
Originally Posted by mathjak107
apparently ....but then again most people are financially not very smart either. you see it all the time .. they clip coupons , reuse tea bags and deprive themselves of what really are small things ..then they know so little about growing those pennies or fear growing them so whatever pennies they save stay pennies forever
There's a time/place for the pencil pushing and pulling out the math calculators, but making lifestyle changes like not making unnecessary purchases, buying $3-4/cup of coffee, not indulging in unneeded consumerism, living a minimalist type lifestyle is a totally different subject altogether.
I fix my 14 to 18 year old cars and almost everything else myself. I have 2 credit cards with rotating 5% reward categories, and one that rewards 2% on everything. We use a lot of restaurant coupons from email memberships or the newspaper. We're signed up with the grocery stores savings membership which gets us savings several ways.
today I've decided to stop buying overpriced coffee at Panera and Starbucks ......not that I can't afford it, but again, when you can make a cheap pot of coffee, why go and spend $3-4 a cup at Starbucks?
Because the cheap coffee made at home never tastes as good to me. Starbucks, Peet's, Philz, - all good places go get some coffee, hang out, read, and listen to some music. It's the experience, not just the coffee.
Not so much Panera. That stuff is more like really weak dishwater.
As far as looking for senior discounts: I worked really hard for the last couple decades while I was in the "accumulation" phase. Now that I've reached retirement, I'd like to enjoy some of it. I'm not talking about going crazy and blowing through my savings, but if I'm going to travel, I'm not going to skimp on the accomodations anymore. I've started flying first class for the comfort of having more room and better service. But I still search for the best 1st class deal I can find price-wise. I'm not really a resort guy, but no more cheap motels either. I'm more apt to get a nice updated condo with a beautiful ocean view. Same with merchandise. If I have to replace electronics or furniture, I'm going to shell out for the quality stuff because it will usually last longer.
Otherwise, why did I work all those extra hours and put away all the savings in the first place?
I understand that not everybody is in the same position financially, but no matter the income level it's possible to be frugal AND enjoy the fruits of all those years of labor.
There's a time/place for the pencil pushing and pulling out the math calculators, but making lifestyle changes like not making unnecessary purchases, buying $3-4/cup of coffee, not indulging in unneeded consumerism, living a minimalist type lifestyle is a totally different subject altogether.
it is really not that easy to define un-needed spending ... there is always a cheaper way of living , ALWAYS .
it may mean moving to a smaller place , cheaper area or even living golden girl style ...
we all have our line in the sand we draw as to what we want as minimum standards personally . my line is going to be very different then your line and your line will be very different then anyone else's .
for most of us , our spending are wants because pretty much that is where we drew our line in the sand and this level of life style , where we are , how we live is what we want ..
so what may be un-needed spending to you may be something quite important to me . so we all have our choices as to what we want to spend on and what we consider as un-needed .
it is like i could not care less about clothes ...if my wife did not buy new stuff for me i doubt i would ... but to her clothes are very important and we have some thing new pretty much being delivered at least every other week for her .
on the other hand , i am very passionate about my drumming . i spend a lot of money on studio time as well as i have a very famous drumming coach . that to me is needed spending in my life . unless we had to cut back and i could not trade it off by conserving on something bigger it would be one of the last things to get cut out ..
but i don't spend a lot on clothes so there is a trade off there .
we have not been taking as many trips a year as we were , but i find we eat out more than ever , especially with 6 grand kids ... our costs for seeing them and doing things with them has sky rocketed so money seems to be like water and it will always seek its own level somehow . but what is un-needed spending is going to be prioritized very differently for each of us .
Last edited by mathjak107; 07-20-2019 at 04:25 AM..
Nobody's ever said a thing to me, and we do it all the time. And really, if somebody has a problem with it, it's their problem not mine.
Until they charge you a plate-splitting fee, as many restaurants do.
The best 'big' thing we ever did was paying off the mortgage early.
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Starbucks, Peet's, Philz, - all good places go get some coffee, hang out, read, and listen to some music. It's the experience, not just the coffee. 
