New Toys Balance and Decisions - How Do You Spend?

[DNPEWPEW]

Most people I know don't even struggle with this. They buy cars worth twice their annual salary, spend all their money on going out and their hobbies, save nothing.

My friends tell me I'm too cheap and I need to actually enjoy my money instead of being a miser.

The crux of the matter revolves around finding the right balance between frugality and the pursuit of life's passions. I'm contemplating whether I should continue my frugal approach and diligently save or, alternatively, invest in a few new high end PCPs.

I've always believed in investing in top-tier gear when it comes to my passions, following the "buy once, cry once" philosophy. However, I also prioritize financial responsibility.

The question I'm wrestling with is finding the right balance between frugality and enjoying life's pleasures, especially when it involves our hobbies.

At what point does frugality hinder life's pleasures, especially when investing in quality gear for our passions?

Your experience would be invaluable. I appreciate your perspective and eagerly await your thoughts.

 

[Lewis]

There are too many variables for anyone else to tell you what to do.
It is true that you can't enjoy it after you're gone but those you leave behind may benefit. If you want to set your children up so they never have to work, you may work your entire life and spend nothing. On the other hand most people would say they wanted their parents to enjoy the things they have earned.

The balance is:
Can you afford it?
Can you live with the decision?

If the answer to both is yes, then by all means enjoy what you have earned!

 

[rc4fun]

Oh my! what a can of cats you are asking for... how old are you what do you expect when you retire. Yep you can have a lot more now if you don't worry much about the next day or 30. I gave up a lot from 30 to 50 so that I didn't need to worry about 65 to 85+. I have some 'I wish I would have, could have' things but overall it's what fits you and your current attitude and life style.
Kids, That is a whole nother thing. Will they stand tall on their own, or?
Today's society is a LOT different than when I was 30 or even 50+.
Do you have a 401k or IRA? Is it fully funded?

 

[MikeVV]

In my case...retirement has been VERY good to me.
On one hand, I don't drive 44+ miles a day, oil changes, gas, chain, brakes etc., (Sport Bike). I don't eat two (or three) expensive meals a day, so there a chunk of money...saved !
Ad to that, A decent pension, Social Security money, I'm far from rich, but I'm doing ok. I'm not married, but I do have two cats to feed, my house is paid for.

I didn't have any idea what I was getting into when I entered this PCP gun thing ! I have...two...safes now. I wouldn't be nearly so deep into it if I were still working. I ALSO...wouldn't be think about buying a hot rod for 56K !

And yeah, I've come to the conclusion, since I'll have no use for any money after my heart stops...may as well have a good time now, and let my brothers sort it out after I die.

Mike

 

[AlanMcD]

I think I can identify with your perspective. I joke that I treat every decision as a cost optimization problem . . .

While I don't think anyone should be spending all their money - if they have the means to do so I think most should be saving 20% or more. While I realize some end up in situations where they are "forced" to live hand to mouth, most people that think that could probably find some way to save some money - after all, one typically only needs to look around their neighborhood and odds are there are others getting by on less . . .

I don't know your situation, but I'm going to assume that your frugality is allowing you to build (or have already built, depending on age) a good sized hunk of savings. My wife and I did the same, and retired a few years ago - meaning we had to shift gears from saving to spending. It has been a tough transition for the frugally minded folks that we are . . .

That said, we have lived and continue to live well - we just prioritized saving for the future with a fundamental goal of having enough to never be a financial burden on our kids in the future. But we chose to not spend money on the stuff most people simply piss it away on - as you said, vehicles are a huge point of waste (by buying "more car" than you really need and keeping that up over decades).

As general advice, I'll point you to a blog that helped me a lot over the years - it's a financial blog that helps people to save for retirement with the right mindset, but recently there was a post about spending money out of our savings that I have found quite helpful. I offer that up as it is far better than anything I could write: https://www.mrmoneymustache.com/2023/04/27/why-buy-model-y/

Relative to air guns, let me say this - while we think they are expensive, the reality is that the hobby is cheap compared to most (and insignificant when compared to driving a Lexus or BMW vs. a Toyota or Ford). Over the years, I've probably netted about $10K into my airgun hobby - and probably 30-40% of that can be recouped by selling it if needed (I bought a lot of good used stuff). The issue most folks probably have is that they have too many hobbies into which they dump lots of money - it sounds like you (and me) are not in that camp. So figure out what makes sense and live a little along the way!

 

[RM100GUY]

There is an old thread titled "What is it with you OLD guys" posted a year ago...There are eight pages of "SAGE" advice and stories related by us "OLDER" members, myself included, how we handled OUR passionate hobbies...Clear your schedule and review that thread.

 

[Lewis]

There is an old thread titled "What is it with you OLD guys" posted a year ago...There are eight pages of "SAGE" advice and stories related by us "OLDER" members, myself included, how we handled OUR passionate hobbies...Clear your schedule and review that thread.

Here you go Russel, this is the other thread.

"What IS it with you old guys "?

My wife asked me this morning. She's really surprised at the number 65+ year olds who've gotten into airguns. She spoke with a friend that she'd not been in contact with for a long while. Friend happens to mention that her husband is off on a new obsession with air powered guns! For me, a big...

www.airgunnation.com

 

[Beer Nap]

My grandpa never believed in credit cards and I picked that up from him. Never buy stuff that you just want but really don't need on credit that you also pay interest on. By not paying interest on stuff that you really don't need then down the road you will have enough money and be able to buy it outright. I have a CC payment of zero per month and I can live just fine.

 

[Moog]

The OP reminded me of a situation from a long time ago when I was a young man.
I made a quick stop at the local Wal-Mart to pick up a couple of items. I grabbed 3 jars of baby food and several tins of pellets. After the cashier rang up my items I looked into my wallet and realised I was a little short.
I put the baby food back on the shelf and paid for the pellets.

 

[DNPEWPEW]

I don't know your situation, but I'm going to assume that your frugality is allowing you to build (or have already built, depending on age) a good sized hunk of savings. My wife and I did the same, and retired a few years ago - meaning we had to shift gears from saving to spending. It has been a tough transition for the frugally minded folks that we are . . .

That said, we have lived and continue to live well - we just prioritized saving for the future with a fundamental goal of having enough to never be a financial burden on our kids in the future. But we chose to not spend money on the stuff most people simply piss it away on - as you said, vehicles are a huge point of waste (by buying "more car" than you really need and keeping that up over decades).

As general advice, I'll point you to a blog that helped me a lot over the years - it's a financial blog that helps people to save for retirement with the right mindset, but recently there was a post about spending money out of our savings that I have found quite helpful. I offer that up as it is far better than anything I could write: https://www.mrmoneymustache.com/2023/04/27/why-buy-model-y/

Relative to air guns, let me say this - while we think they are expensive, the reality is that the hobby is cheap compared to most (and insignificant when compared to driving a Lexus or BMW vs. a Toyota or Ford). Over the years, I've probably netted about $10K into my airgun hobby - and probably 30-40% of that can be recouped by selling it if needed (I bought a lot of good used stuff). The issue most folks probably have is that they have too many hobbies into which they dump lots of money - it sounds like you (and me) are not in that camp. So figure out what makes sense and live a little along the way!

For cars I completely agree - I'd rather maintain my current lifestyle than shell out for an exotic and worry about adding a decade or 2 to my retirement.

To be fair I sank quite a bit into shooting sports last year as well as this year, kind of why I think sinking another chunk right now for some items I want is hard for me to bring myself to do.

Going to check that link out now thanks.

Oh my! what a can of cats you are asking for... how old are you what do you expect when you retire. Yep you can have a lot more now if you don't worry much about the next day or 30. I gave up a lot from 30 to 50 so that I didn't need to worry about 65 to 85+. I have some 'I wish I would have, could have' things but overall it's what fits you and your current attitude and life style.
Kids, That is a whole nother thing. Will they stand tall on their own, or?
Today's society is a LOT different than when I was 30 or even 50+.
Do you have a 401k or IRA? Is it fully funded?

I'm >50.

Not retired, don't get Social Security or any pension. My investments are solid and have enough to if I wanted.


Definitely going to go check out the thread suggested.

 

[DNPEWPEW]

The OP reminded me of a situation from a long time ago when I was a young man.
I made a quick stop at the local Wal-Mart to pick up a couple of items. I grabbed 3 jars of baby food and several tins of pellets. After the cashier rang up my items I looked into my wallet and realised I was a little short.
I put the baby food back on the shelf and paid for the pellets.

LMFAO now that's epic!

My grandpa never believed in credit cards and I picked that up from him. Never buy stuff that you just want but really don't need on credit that you also pay interest on. By not paying interest on stuff that you really don't need then down the road you will have enough money and be able to buy it outright. I have a CC payment of zero per month and I can live just fine.

hahaha - definitely - I use a credit card for the cash back bonus I get and pay it off every month.

 

[MikeVV]

My grandpa never believed in credit cards and I picked that up from him. Never buy stuff that you just want but really don't need on credit that you also pay interest on. By not paying interest on stuff that you really don't need then down the road you will have enough money and be able to buy it outright. I have a CC payment of zero per month and I can live just fine.

JUST...pay the entire bill!!!

In the last five years that I've been retired, and between three credit cards...I've paid just over $200...TOTAL, in FIVE years, between three cards !! I know, I happened to look about three weeks back when talking to my brother about the exact subject. He's of the same opinion that you are. I proved him, (mostly) wrong. I surely don't see $200 as a wallet killer, spread over a three year time period, and buying WAY too many PCP guns !!

NOT...a big deal. Just learn to handle your money.

Mike

 

[Chukar60]

I am in a position that I can afford pretty much any air gun I want, but not one of every air gun I want.
I knew immediately after starting down the road on this I was hit hard with it and without some self imposed restrictions, I could drop a ton of money on air guns.
I have spent more than I had planned on but have learned what my lane is for air guns.
I would say buy one really good gun. There are tons of upper tier guns to choose from and they are all just different enough that there is a a model for almost any taste.
Life is shorter than you think even at 50 you probably are not staring at the short end of the stick as yet. Reward yourself responsibly And in moderation.

 

[Beer Nap]

JUST...pay the entire bill!!!

In the last five years that I've been retired, and between three credit cards...I've paid just over $200...TOTAL, in FIVE years, between three cards !! I know, I happened to look about three weeks back when talking to my brother about the exact subject. He's of the same opinion that you are. I proved him, (mostly) wrong. I surely don't see $200 as a wallet killer, spread over a three year time period, and buying WAY too many PCP guns !!

NOT...a big deal. Just learn to handle your money.

Mike

I totally get what you are saying but the CC industry exists because they make a living on people that they get interest from every month. If you pay off your CC debt every month then to them you are called a deadbeat, lol.

 

[RANGER94]

He who dies with the money - LOSES!!

 

[cavedweller]

Most people I know don't even struggle with this. They buy cars worth twice their annual salary, spend all their money on going out and their hobbies, save nothing.

My friends tell me I'm too cheap and I need to actually enjoy my money instead of being a miser.

The crux of the matter revolves around finding the right balance between frugality and the pursuit of life's passions. I'm contemplating whether I should continue my frugal approach and diligently save or, alternatively, invest in a few new high end PCPs.

I've always believed in investing in top-tier gear when it comes to my passions, following the "buy once, cry once" philosophy. However, I also prioritize financial responsibility.

The question I'm wrestling with is finding the right balance between frugality and enjoying life's pleasures, especially when it involves our hobbies.

At what point does frugality hinder life's pleasures, especially when investing in quality gear for our passions?

Your experience would be invaluable. I appreciate your perspective and eagerly await your thoughts.

You can buy all of the finest things in life and it won’t make you happy - you can save every penny and it won’t make you happy. Learning to appreciate what you have and learning to make the most of the things you invest your time and money into is a good start….. but “things” like “money” are truly not important if you don’t have friends or someone to share your joy with!

 

[L.Leon]

You can buy all of the finest things in life and it won’t make you happy - you can save every penny and it won’t make you happy. Learning to appreciate what you have and learning to make the most of the things you invest your time and money into is a good start….. but “things” like “money” are truly not important if you don’t have friends or someone to share your joy with!

In sharing is the joy… I feel fortunate and blessed in that regard… My eternal girl/wife shares in anything of mine she wishes to.

 

[Beer Nap]

Fun facts about money. The Federal Reserve is a foreign bank that has no ties to America or its government. Every dollar that is borrowed from a bank loan or credit card charge didn't exist until it was borrowed. Every dollar that was created from the debt has a interest payment owed. The IRS is the Federal Reserves collection agency that has a main purpose to collect the interest on the money that Americans have borrowed from the Federal Reserve and the money was created out of thin air when Americans borrowed it. The debt can never be paid back unless it is in real assets such as gold or land..

 

[DirtyGator]

Summed up in one word...Recklessly.

 

[FelixS]

Many variables to consider:
Net earnings, financial obligations, a financial plan with investments for retirement, breathing room - then what ever is left over, spend quadruple that amount recklessly on airguns, and steal from the others to get what you lust for!