#Microblog Monday 263: Money Wasters
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I’m usually pretty reluctant to buy myself something when I have another tool that can do the same job, but I bought myself a whistling tea kettle this week. We have a kumkum for boiling water — a one-cup kettle — but while it feels very Tel Aviv apartment, it doesn’t feel cozy British mystery. And… well… frankly, the ChickieNob and I live in a cozy British mystery world and would like to have our tea ready at the same time.
While knee-deep in retirement planning, I found an article on money wasters. The list contained some sound advice — I personally don’t need new clothes, fancy cars, or shoes that match every outfit — but it really felt like one person’s money waster (tea kettle when you own a kumkum) was another person’s priority.
What are your money wasters, and what do you disagree with from the list? My big one was travel. It doesn’t have to be extravagant, but if you can afford it (and like to do it), it’s educational and mind-expanding.
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15 comments
We have a lot of “money wasters”, but we also budget for them, like eating out once a week. Toys, especially at holidays and birthdays have been a big problem for us, but we’ve started trying to be more mindful (which is easier as the kids get older).
On that list, vacations is up near the top. I don’t think you should go into debt for a trip BUT I think you shouldn’t put off seeing the world if that’s what you want to do! Saving up for a trip, or finding a way to make a dream trip more affordable, isn’t a waste. (She says as she’s knee-deep in planning just such a thing.)
Money wasters- unnecessary shopping especially clothes, eating out more often than not. Have begin to curb these expenses.
But Travel always is top of the pops. Never a money waster. Rather a perfect way to unwind, expand our horizons and keep our quest for adventure going. I suffer from “frenweh” when I don’t travel.
Have a good week, Mel.
We have a few of those money wasters he listed. Going out to eat is a big one for us and we suck at budgeting because we haven’t had to until recently. Vacation? I don’t count that as a money waster.
Well, that’s a pretty depressing article. What are you supposed to do? Go to work, save all your money, and for entertainment, watch your hair grow because getting it cut is a waste of money? Oh wait – CLOTHES are a waste of money, but he didn’t hit entertainment? UGH!!!
Sorry – I have come to hate all opinion pieces.
The problem with saving for retirement is that we don’t really have the societal history to do so. Before there were pensions and social security, people didn’t live that long, and medicine could only do so much. Old people were anomalies, who were cared for by family members. Then people started living longer, even if they didn’t work for a place that provided them with a pension, so we got Social Security. But the object was to work 30-40 years for a company that would then pay you for the rest of your life for your dedicated service. Then companies took that away at the height of the conspicuous consumerism boom. Instead of shaming people for using their disposable income to make life less bleak, perhaps the author should advocate for telling kids in kindergarten and beyond that they’re on their own and they should start saving immediately for retirement.
Ahem. Apparently, that struck a nerve.
Enjoy your teapot. 🙂
The only one I disagree with is restaurants. I’m not talking Michelin star restaurants (which would be a waste because my kids wouldn’t eat most of it). But we haven’t been on a vacation in years and don’t spend much on the rest so we eat out frequently. It’s a time I really look forward to when we can all be together out of the house with no phones or other interruptions. And occasionally it’s a nice lunch date with just my husband.
My money wasters from this list (most of which we no longer spend money on, or never did) include tattoos (both my husband and I ABHOR them and would never get them ourselves), tchotchkes and stuff, and lunches eaten out. I put dinners eaten in restaurants in a different category because we use them for date nights — an important opportunity for us to reconnect — to give ourselves a break from cooking, and to socialize with friends. Lunches out are just due to lack of planning most of the time.
I would also include home furnishings because anything nice that I buy ends up getting trashed by my sons anyway. In light of that fact, I have put a moratorium on buying anything else for our house that’s new until they are older (or maybe grown and out of the house — ha!).
I do pretty well on this list. But restaurants and travel are my weaknesses. I would say that travel and half my restaurant expenditures are NOT a waste.
Interesting to think about. I find it tricky to balance the now and the future.
It all depends on the person (and the article because I read another one just this weekend which I congratulated myself because we don’t hit ANY of those “wasters”) Bur this one: I’m guilty of pricey haircuts, more often I strictly “need” and because of hubby eating out or take out more than we need to. But, we never buy coffee etc. Conversely, our house is paid off and we haven’t had a vacation in 5+years, and even then we’ve NEVER taken one that was more than 4 nights. Now, while the vacation thing is in large part job related, our priorities are being debt free and having the ability to retire early. So, if it came down to a vacation or not we’d probably still say not even if our jobs finally let us.
I don’t take issue with any of the things on the list except vacation, to some extent.
I mean people shouldn’t be living beyond their means going on extravagant vacations, racking up credit card debt yet not saving for retirement.
But, if you can afford it and spend wisely…when I was growing up my family went on very few vacations (I mean one small trip and two visits to relatives. Total for my entire childhood, not per year.) Then as a young adult in college and grad school I had no money…then later we were saving for a house and then paying for IVFs plus saving up paid leave in hope of needing it for maternity leave…so there was a long time with no real vacations. So since our youngest was a toddler we’ve taken one nice vacation almost every year. We fund our retirement plans at the max allowed level (including the 50+ catchup) and we are saving well for college, plus we refied to a 15 year mortgage 5 years ago, so we aren’t ruining our futures by doing so. We’re making up for lost time, and doing this while we’re young enough to enjoy it. And that’s another reason we hardly eat out—we’d rather save that money for a nice vacation. $100/week =$5200 per year = a week at a very nice condo in Hawaii.
I know I am privileged in that I can afford things like a gym membership, work attire, trips, good food, etc. I’m still pretty frugal though. We have one parent left between my husband and I, no inheritance coming, no one to borrow from or bail us out. And I’ve never lost the starving student mentality I had back in college and grad school. Even though it’s been over 25 years. So it’s not a terrible hardship to not eat lunch out every day or not go to Starbucks, etc.
Hmmph, methinks the author of that piece is a bit of a buzzkill. I think if you spend your money on all those things at once it’s a problem, but if you budget and decide what’s important to you, then it’s not a money waster. It made me a little sad that the example in travel was “your kids and the magic kingdom” because there’s all these studies that show that spending money on experiences instead of things off a fast better investment. Although your trip to Scotland I think was more of an experience than Disney! I have tattoos but they were carefully planned and frankly I think I will be am interesting old lady for them (minus the one I covered). I did go to a state school which was a great value, and I think picking the right school for your major and earning potential is a sound investment. And to me, cars are A to B utility, but to Bryce a car is transportation and entertainment. So I guess you figure it what works for you!
I think the whistle tea kettle was a worthy investment! If it brings you not and puts you in the world you love it’s never a waster. I think that was an excellent choice!
I agree with his list, and I have to add pets to it. I have four furr-babies of my own, so it’s not that I don’t love & appreciate them, but have you seen what folks buy for their pets these days? As a foster mom it bothers me that our society invests so little into needy children, but go crazy for specialized treats and sequined doggie dresses.
As for our family, we are guilty of wasting money on convenience food. And I WISH we “wasted” more money on travel…I don’t consider that a waste, as long as your not traveling on credit.
lol. I think the article is a good reality check.
I have wasted money on clothes (I’ve gotten better) and stuff for my kids. We used to spend a lot eating out but have cut that back. I have quite a few pairs of shoes but I only buy good ones so I don’t really consider that a waste of money. Also I’m hard on shoes.
We should get better at grocery shopping as that is still a huge expense.
I don’t think vacations are a waste of money although one should stay within ones means. I find that my most vivid memories are of vacations, especially since having children. Otherwise it is often busy busy busy and the days blend together. Time is as precious as money.
I definitely approve of the tea kettle purchase. How do you survive with only a one-cup water-boiling-thingy? (I had to google it – the images are gorgeous!) Electric jugs – as we say in NZ – or kettles are a must-have item in a kitchen here. Is your whistling kettle electric and does it turn off automatically?
I could agree with the list, even the travel item, because he specifically mentioned going into debt to take a vacation. I have never gone into debt to travel. Travel, however, is a much better use of my funds than a fancy car, as the memories and pleasure I get from travel lasts forever. We laughed ten years ago on a wonderful luxury train trip in South Africa, that we were probably the only ones on the train who drove an 11-year-old car! Then we met a teacher from New York, who didn’t have a car. She got it, and we got her. We only replaced the car this year, at 21 years, after I had a little ding on the motorway, and the insurance company wrote it off. It paid for a number of our trips.
But it’s a very personal matter – some people get a lot of pleasure from travel, others from cars, others from fashion, or the prestige of a named college, etc. And it’s all very well for a bloke to criticise women buying shoes, when men can get away with trainers and a dress pair and that’s about it! Ditto the haircuts. It’s expensive to be a woman. Though I will admit I probably waste money on hair dye. Though I do it myself, so it’s only $12 every six weeks/two months.
“Opportunities lost” has probably cost me the most, especially in recent years. Ouch. I don’t really want to think about it.
Ha! I have to follow up by noting that after writing the above, I then checked my email, saw an email from my favourite shoe store (ie the only one that carries my size), went into their website, and started drooling over the spring styles. Oops.
If you’ve got high interest debt and aren’t saving for retirement, then anything that isn’t an investment (ex. Education, reliable transportation, etc) is a potential waste of money. Take care of your necessities, then think about luxuries. Including travel— if you’re not taking care of yourself first, you can’t afford it. If travel (or a tattoo etc.) is a priority, then put it on the list as something to save for after necessities including savings are taken care of.