Anyone here NOT need to pinch pennies, but pinch them anyway?

[disneysteve]

I am very careful about money, and would be even if we made a lot more. You hear the phrase "the rich get richer", and a lot of people with money do live frugally - adding to their own wealth, even when they don't need to.

I couldn't agree with this more. I know many people who are always whining about not having enough money, not being able to afford something, rushing to the bank to cash their paycheck on Friday, etc. These tend to be the same people who I see being incredibly wasteful with their spending - going out to lunch every day, going to concerts and movies regularly, taking trips to the casino frequently, getting their hair cut at some upscale salon, etc.

They sometimes seem jealous or envious of those who are more financially secure, but don't seem to understand that it is their own spending habits that are keeping them from being more secure.

 

[sweet maxine]

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[westjones]

Anyone read "The Millionaire Next Door"? It talks about how many wealthy people live a frugal lifestyle (which is probably how they got to that point--wish I had understood that in my 20s, we would be much further ahead in our retirement planning right now had I understood how much those early years can impact your future finances).

DJ

 

[dpayne1969]

We are not rich by any means but yes we make a good living.It amazes me to see friends who "think we are rich".They see my 24 foot pool in my backyard & assume wow they are rich.Little do they know we got it used from my relative for $500 pump,filter,& deck included!Me & hubby drive older 1992 vehicles,we do have a 2,000 Sq ft double wide which at this time is my biggest bill every month.We should online sales,coupons,& the mall.Folks dont realize when my kids come to school dressed in Abercrombie & Aeropostle that we got the items for $10 or less thanks to this very board!So they just see the items we have & wear but dont ask where they were bought or for how much they just assume we paid full price.They dont realize my 14 year old son perms my hair & puts my hair color in that i bought from walmart.Whereas my friend goes & pays 40-60 to get her hair colored!Yes i let my kids do my hair but they ask to it.My mom is actually paying my son to perm her hair,cause he does such a good job.I cant see paying someone 80.00 for a perm when they cost 6.00 at Walmart.For me its the thrill of how much can i save this week,or how much can i get that for.LOL.This board has taught me lots & i love it.So thanks to everyone for sharing these sales, deals, coupons.

 

[nbodyhome]

I couldn't agree with this more. I know many people who are always whining about not having enough money, not being able to afford something, rushing to the bank to cash their paycheck on Friday, etc. These tend to be the same people who I see being incredibly wasteful with their spending - going out to lunch every day, going to concerts and movies regularly, taking trips to the casino frequently, getting their hair cut at some upscale salon, etc.
.

My husband used to eat out all the time - breakfast, lunch, dinner, snacks from vending, etc. Just his lunch bill could be $10.00 in itself a lot of the time (not each day, but a few days a week). Now he prefers that I make a lunch, he doesn't like spending his money on eating out as much either.

I wish he'd saved something from the previous years, but once we have a house next year, I'll be pushing money into retirement very quickly. I don't get my nails done, I go to the Hair Cuttery just a few times a year, and any color comes from a box. I just don't like spending money friviously - I like doing things that matter (like going away and making memories) than buying junk. We live in an apt. right now, which I like - because I can't really buying anything, there is no room. Living in apartments really trained me not to overspend at all, and it will be nice having lots of room in a house without clutter.

 

[dvcgirl]

The more I read this thread, the more I think that we really all *need* to be pinching pennies. I don't care how much you earn, unless you're in the upper eschelons of wealth, well, most of us need to save and then invest to meet our goals. Maybe we all don't need to pinch those pennies as much as we do, but few of us have the luxury of just spending without thinking. And yet, we know people who make 20% of our income and think less about what they spend their money on then we do.

 

[sk!mom]

I haven't read all of the thread but I just wanted to say that I can't imagine ever not pinching pennies.

DH loves the saying, "take care of the pennies and the dollars will take care of themselves." Of course the reality is if you are watching your pennies you usually have a death grip on the dollars.

That being said, I love that fact that it has been many years since I had to go to the grocery store with calculator in hand but I still shop for the best deals. I seem to be physically unable to pay full price for anything. By watching our pennies we are able to afford the things that we enjoy and have the peace of being debt free.

 

[kinntj]

ME! ME! ME!

We have a good income, but we want to be able to save each month, put $$ into our 401Ks, Education fund, and have NO debt other than our house. We can only do this by being somewhat frugal.

Dawn

PS: We are paying CASH for our adoption from China this year! YEAH!

Congratulations! We've done that twice without debt! That tax credit is nice to get back at the end too. We put $20,000 into their college fund.

 

[sk!mom]

And as far as staying or not staying deluxe at WDW, to each his/her own -- For us, the Poly. has been a magnificent place to stay and completes the vacation. Staying off-site or value sounds like a real cost savings, but this is one area that we won't pinch on (but can't imagine ever paying rack rate).

To me, the whole point is "pinching pennies" in some areas so that you can afford whatever is important to you. Splurges tend to be different for each of us. Some choose deluxe vacations others deluxe homes. We tend toward more modest but frequent splurges. To each his own.

 

[kinntj]

I'm new to the "penny pinchers" club. Every time I shop I think of the people on here that motivate me to save my money and not buy junk. This morning at the grocery store I didn't buy any magazines off the rack and I usually buy at least one. I really enjoy my Money magazine subscription, so there's no need to any more than that.

My Dh does make good money, so we can live relatively comfortable. We live in a nice house, but it's taking awhile to get it decorated to our liking. I pick up things on sale here and there that would look nice. We're getting to the point where we can pay cash for our cars now, so that will be an added bonus when the time comes (1 lease to get rid of--2 more years on it). Dh's car will be paid off in 2 more years, so we're hoping not to have any car payments at that time.

All I have to say is it feels really good to have money in the bank. I just started another change "jar"; which is my DH's used Folgers plastic coffee container. It's a nice size and durable enough to fill up for our next vacation.

You guys are inspirational!

 

[crisi]

I think one of the frustrating things for newbies or those that do NEED to pinch pennies around here is that there are so many of us who do have disposable income, in some cases, I suspect fairly significant disposible income. We are frugal people though. But it IS easier to fit in a vacation or two a year being frugal and making good money than it is when you make something more along the U.S. median income - or if you make good money and aren't frugal.

And, I know that when I didn't have a big disposable income I thought about all the things I would do if I did - and how lame the excuses were for NOT spending it if you wanted it. And now....yeah, I could afford the $200 jacket I lust after at Nordstrom, but I haven't shelled out for it and probably won't.

 

[DawnM]

Thanks! How wonderful for you to have two! We have two bio sons and are adopting another son.

We are figuring the entire cost will be just over $20,000 and we will be getting about $18,000 back with taxes (federal and state) and my DH's reimbursement program.

We probably won't do it again, but we need to finish our 950 sq. ft. basement (currently unfinished) and we are waiting for our reimbursement to do that. That will add about 95,000 dollars value to our home in this area!

We do a LOT of sweat equity in houses. We buy houses that need fixing, have unfinished sq. ft., or whatever and fix them up and sell them. We may very well have enough after this one to actually buy a fairly nice home with CASH!

That is our ultimate goal.....to owe nothing on anything!

I have even looked into possibly getting a job at a University (I have a counseling MA that includes college admissions counseling) so that that kids could get free tuition.

Dawn

Congratulations! We've done that twice without debt! That tax credit is nice to get back at the end too. We put $20,000 into their college fund.

 

[jeankeri]

My son always asks me if we're broke because I only buy items in the supermarket when they are on sale. I'll show him the receipt after (it shows how much you save when you shop by sale price, coupons, etc) and say "Since we saved $46.00 buying the things we use on sale, we have the money to go see the movie you want on Saturday. " It's true we could afford to do it anyway, but why be careless with your money when there are ways to economize?

 

[arminnie]

I like just getting the most value for my money.

I think that pretty well sums it up for me. Plus I have absolutely no interest in impressing others.

I went to a reunion today with the women from my Stanford Business School class - most of whom live in multi-million dollar homes in Northern California. I wore a tshirt and a pair of pants from Wal*Mart. I could not tell you what one person had on - and I doubt if anyone noticed what I was wearing either. Lots of people told me how great I looked, but I think that's what all 60 year old women say to each other.

It used to be a joke at work about what bargain I'd gotten on what I was wearing. I never paid full retail.

I remember going shopping with a friend who spent $900 on clothes that were NOT on sale. She made at least 50% more than I did (although I was very well paid) and inherited from two divorced parents. But she also spent a fortune on "services" everything from a cleaning person to someone to pay her bills for her and someone to run errands like pick up dry cleaning.

I have been retired for 5 years. She would love to retire but told me that her financial advisor has told her she can't afford to. I don't know that I really have that much more money than she does but my "burn" rate is much lower.

 

[sara74]

Agree Agree Agree! When DH and I moved in together in 1996 we were SO broke. We had less than $500 combined, he was working at a bagel shop (with a BS in developmental biology) and I was in dental school and had to borrow $ to help cover our expenses. Now, 10 years later we are living on 10 times what we had then and sometimes it seems like not much has changed!

Things I still do...never buy chicken breasts over 1.88/pound.

switch cars with DH during the week to gas his up in Massachusetts (where gas is $.20 cheaper/gallon)

buy all of our clothes on sale. The kids' stuff I buy on clearance at the end of a season for the next year. DD has all these great clothes from Gymboree that I got for $5 and paid no shipping either! I got our exersaucer for DS (had borrowed one for DD) at a consignment shop and bought clothes while I was there.

Drive a car into the ground. We have a 2004 Sienna but we also have a 1997 Camry with 135,000 miles on it - still runs great!


Things I don't do anymore...buy dented/torn boxes and cans. They always freaked me out a little and now that we don't HAVE to, I avoid it!

Buy cheap furniture...we learned our lesson with a cheap couch on clearance that didn't hold up. (however all the accessories on shelves, pillows etc were on clearance at Kohls+15% off)

live in a sketchy neighborhood in a 3 family house with a crazy landlord peeing on our garden!


Things I do with the increase in income that we have had...

fund our IRAs
fund kids college accounts
renovate our house
cut work hours to part time
have another baby!


Yep,we'll always be cheap. I don't care if the clothes DK's wear are this year's or last year's, there will be plenty of time for them to care about that later!

 

[sara74]

Forgot to add that we have just put aside an emergency account that covers 6 months of our expenses, just in case. (and we both carry personal disability policies, but you just never know)

Cheap for us, means being able to sleep better at night. Of course I do still daydream about the McMansion, but not now. Maybe someday...with a little

 

[HenDuck]

remember my girlfriend that drives the Lexus? She didn't have the money to put a deposit on her kids' kindergarten tuition, but she is going to take a luxury cruise in October (after already having taken no less than 4 trips this year - one to London!) I guess the school doesn't take plastic.

She is a good reminder to me that our feelings of entitlement can get way out of control.

Yes, we both work hard and deserve to treat ourselves once in a while. However, that "treat" for me can be a latte or a pedicure. For her, it's a trip to Neimen Marcus for a Kate Spade purse or a Swaroski (sp?) crystal encrusted cell phone - I kid you not! All on plastic, of course.

Anyway, I wasn't meaning to rag on my friend. I do love her dearly. But she just can't see why I save and pinch those pennies, and I can't see why she spends recklessly.

We just agree to disagree.

Thanks to everyone for chiming in and offering support!

 

[Goobergal99]

We are blessed with having a fantastic income and we certainly don't need to pinch pennies. I live by the motto "live for today because tomorrow may never come" So yea, I am spend thrifty, don't clip coupons, shop at an expensive food store (not because I think it is better quality but because it's open 24 hours and sometimes the only time I can go is after 11:00 pm.)

If I feel we are spending a little too much, DH or I pick up some overtime. It may seem irrational to some ppl but I like to spend money, I know I can get a lil carried away but I also know that all my bills are paid, my child goes to a good school, we always have food and we barely have debts. I am also very young, so having all of these things in my early twenties is even more of a blessing.

When we go to to Disney, we usually stay vaule or moderate, not because we couldn't swing the Poly (which I love) but we would rather have more spending money to do the lil extras. But we also get there almost every year.

Then again, I do save change for my DD to use when we get to Disney, and I certainly look for a bargain, but if I see something I want and it isn't necessarily on sale, I don't deny myself the item.

 

[Kellyscrapbooks]

And a small side thread: today I found hair color on clearance at Target for $2.75/box. Well, I loaded up on 3 boxes and had 2-$2 coupons and 1-$1.50 coupon. So 3 boxes cost me $2.75. I was ecstatic. But the checker made a comment at the beginning of my transaction that I was "cheating", 'cause I was getting it on clearance and had coupons. Then, when she saw the total ('cause I only bought the haircolor and one 48 cent item), she said it was almost a sin. Well, she may have been kidding me, but I told her I always use a coupon for a clearance item if I have it. And I'm thinking to myself "I have more money in the bank because of it". It really sort of made me mad to be judged by a checkout lady for trying to save some money.

This might be OT, but I would call the store and complain about the way she made you feel. Even if she was joking, it was rude and uncalled for. You weren't "cheating" and you certainly weren't "sinning" and for her to imply either was highly inappropriate and just think if she had said it to someone who was a new coupon clipper, or a young kid who is just trying to learn the ropes of saving money, they may never have tried to save money for themselves again. I would definatly be making a phone call.. .this made me angry FOR you.

 

[staceyfe]

This might be OT, but I would call the store and complain about the way she made you feel. Even if she was joking, it was rude and uncalled for. You weren't "cheating" and you certainly weren't "sinning" and for her to imply either was highly inappropriate and just think if she had said it to someone who was a new coupon clipper, or a young kid who is just trying to learn the ropes of saving money, they may never have tried to save money for themselves again. I would definatly be making a phone call.. .this made me angry FOR you.

Thanks for the support. The store was Target. Maybe I'll shoot them an email...