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

[Disneyrsh]

. No gaucho pants for me because I will look ridiculous in 5 years when I'm still wearing them. .

You don't have to wait 5 years for them to look ridiculous.

 

[barbeml]

You don't have to wait 5 years for them to look ridiculous.

I get most of my clothes from Land's End and LL Bean. They are classic styles that wear like iron and last forever!

 

[HenDuck]

Yes, I do buy quality items where it counts. I bought a Toyota because I know it will be at least ten years before I need to replace it. I could have bought something cheaper, and I do have a BIL in the car business, but I wanted a quality car since I travel a lot everyday to and from work.

We usually buy good quality computers, electronics, appliances and home furnishings. These tend to be higher end purchases but I don't mind spending the extra money because I expect these things to last for years and to give me good service for that time. And we do pay cash for all of the above.

Most of my suits for work are better quality items. I want to look good when I'm in court and I stay away from trendy looks so that I can use my suits for 5+ years. Ann Taylor items last for years! (I of course, only buy them off the sale rack or at the Loft).

But my everyday work clothes and "play clothes", I will buy from Ross, WalMart, even Sam's club or Costco or other outlet stores. The reason is that I have a 5 year old who likes to spill his snacks not only on himself but on mom as well. I don't like to worry about my everyday clothes getting stained, if it will mean that I won't be able to laugh it off with DS.

While I don't routinely shop at thrift stores, I do go there at Halloween time when looking for costume items. If I happen to find something there that I like, I don't hesitate to pick it up. To this day, my favorite black Calvin Klein t-shirt came from a thrift store. I have had it for over 5 years and I love it! (And I think I paid $4.99 for it.)

And I will still eat ramen (or leftovers) for lunch, which costs me anywhere from 25 to 99 cents per day! I usually only go out to lunch twice a week, and one of those days is a regular lunch I have with a girlfriend I wouldn't get to see otherwise.

It might sound crazy to others, but it is a balance that we each find for ourselves.

Have a great day everyone!

 

[dvcgirl]

As another poster said, I also think every one's ideas of penny pinching are different. I'm a shoe-aholic. I will gladly pay $300 for a pair of manolo blaniks but I have a heart attach if I have to pay more than $10 bucks for a pair of jeans and I'm a professional coupon clipper. Go figure . While I drive a 10 year old jalopy so I won't have a car note, I won't go to Disney unless I can stay Deluxe. While I'm not completely debt free, I save 10% of my salary in my 401K and another 10% for my kids college tuition. I guess I a middle of the road penny pincher

Hey wasn't there a picture of Donald trump shopping at Walmart a while back.

I agree with this...I mean, there are things that we'll spend money on that others would *never* spend money on. We will spend a decent amount on a nice bottle of wine with a meal. It doesn't bother me in the least to spend $80-$100 on a bottle to complement a really good meal. We eat in at least six days a week, work really hard, save a little over 40% of our gross income....and so we will splurge on a nice bottle every now and then. But high end clothes, the whole fashion thing in general..I see that as a *huge* budget-eater for many of my women friends. Between clothing, make-up, skin products, salon and spa treatments....they spend a small fortune.

Mind you, we would never have spent big $$$ on a bottle of wine ten years ago when we made about 1/3 of what we make now. We have always to had a very good sense of what we could afford and what we couldn't afford. This is where many people screw up. They want things, a certain lifestyle, and so they purchase that lifestyle. They'll start saving tomorrow....nobody else is saving anyway so what's the big deal right? I'm sure that there are *many* people on these boards who take vacations to Disney World that they really have business taking (from a financial standpoint). Years ago, it wouldn't have been possible. Now, with such easy credit....it's a snap. And it's frightening.

I guess my point is....all of us "penny pinchers", well I don't necessarily see us as "penny pinchers". We're just doing what we're supposed to be doing. We're not living above or right our means....we're living below them. It's just that there are so many people spending every single nickel that they make that we stand out as a little "odd" to some.

And when we do splurge, it really is for our own enjoyment. Neither of us could care less what anyone thinks of us with respect to the things we buy....and I think that's important. It's so easy to get caught up in the Joneses thing....

 

[mickeyfan2]

I mean, there are things that we'll spend money on that others would *never* spend money on. We will spend a decent amount on a nice bottle of wine with a meal. It doesn't bother me in the least to spend $80-$100 on a bottle to complement a really good meal. We eat in at least six days a week, work really hard, save a little over 40% of our gross income....and so we will splurge on a nice bottle every now and then. But high end clothes, the whole fashion thing in general..I see that as a *huge* budget-eater for many of my women friends. Between clothing, make-up, skin products, salon and spa treatments....they spend a small fortune.

Everybody is free to spend their money how they please. You buy an expensive bottle of wine, drink it and it is gone. That is your choice and your right. Your women friends buy expensive clothes and they still have them the next morning. That is their choice and their right. I don't see the need to compare.

 

[disneysteve]

You buy an expensive bottle of wine, drink it and it is gone. That is your choice and your right. Your women friends buy expensive clothes and they still have them the next morning. That is their choice and their right. I don't see the need to compare.

I don't think she was comparing. I think the point was that it is perfectly fine to splurge on luxuries from time to time if it is within your means to do so, but too many people pamper themselves on a regular basis when they really can't afford it.

 

[mickeyfan2]

I don't think she was comparing. I think the point was that it is perfectly fine to splurge on luxuries from time to time if it is within your means to do so, but too many people pamper themselves on a regular basis when they really can't afford it.

So how does she know that they buy luxuries that they can't afford? Unless one sees their paycheck, bills, investments etc, how can one make a statement that they can't afford it? I would only care it they asked me for the money to buy the luxury or pay a bill after just buying a luxury.

 

[dvcgirl]

Everybody is free to spend their money how they please. You buy an expensive bottle of wine, drink it and it is gone. That is your choice and your right. Your women friends buy expensive clothes and they still have them the next morning. That is their choice and their right. I don't see the need to compare.

Jeez.....I wasn't comparing...just making a comment. Yes, it everyone's right to spend their money on whatever it is they want. You are absolutely right. However, you need to be able to afford it, and I know *many* women who spend more on clothes, make-up, salon/spa treatments than they should. In fact, some of their husbands have no idea just how much they spend because they handle "the bills". Many women look at these things as absolute necessities.

 

[mickeyfan2]

However, you need to be able to afford it, and I know *many* women who spend more on clothes, make-up, salon/spa treatments than they should. In fact, some of their husbands have no idea just how much they spend because they handle "the bills". Many women look at these things as absolute necessities.

First if they can or cannot afford it is none of my business, unless they want to borrow money from me.

How do you know how much they should spend on these things? How do you know that they are spending too much and their DH does not know?

Again we all have different opinions of necessities and it is none of my business either.

 

[dvcgirl]

First if they can or cannot afford it is none of my business, unless they want to borrow money from me.

How do you know how much they should spend on these things? How do you know that they are spending too much and their DH does not know?

Again we all have different opinions of necessities and it is none of my business either.

How do I know....because they *tell* me. "Oh, if Bob ever knew how much these shoes cost..." That kind of thing. Over years with family and friends it becomes obvious what people's finances are like.

I have an uncle who is on his fourth re-fi in 3 years. Now he's refi-ing with rates going up. What does that tell you? Tells me he's pulling more cash out of his house. How do I know....he called me to ask me for my friend's number (my friend is a mortgage broker).

Another friend of mine from high school works at a Verizon Store. Her husband is an EMT...they have two kids. She shops at Banana Republic and Anne Taylor ("because she needs nice clothes for work). It's a fair statement to say that they don't make enough money to support her "need" for clothes from Anne Taylor (even the ones on sale).

So, people don't need to send out their financial statements to signal that finances are out of order. No, their financial well-being doesn't affect me at all. I only offer advice when asked. Even if people do ask I'm very cautious about what I say, because in almost every case, people will revert back to their old habits, and friendships can be lost.

But this is a conversation about penny pinchers. And in a previous post I said that those of us here who think we are penny pinchers are the "normal" ones. We're just doing what we're supposed to do....discerning the difference between wants and needs, and evaluating purchases before we make them. When we do make purchases we're clear on whether or not we can actually afford them. For many people I know that piece of the puzzle is missing.

 

[disneysteve]

So how does she know that they buy luxuries that they can't afford?

I know exactly what my coworkers earn. I know exactly what the employees at my temple earn (because I'm on the board of directors and approve their contracts). I have a pretty good idea what some of my friends earn from conversations we've had over the years. And, of course, I know how much DW and I earn. You don't need a bank statement to know where people stand financially if they tell you willingly.

Does their spending affect me? No, not at all. However, when one of these people hears me talking about our next Disney trip and they say how they would really like to go but can't afford it or they start talking about how much credit card debt they have, it's hard not to take notice of their finely manicured nails, the fact that they have their hair done every few weeks at an expensive salon, the new car they are driving, the fact that they go out to lunch every day, etc.

You (general you) can spend your money however you like, but you can't spend it frivolously and then go around complaining that you're broke. You can't have your cake and eat it too.

Here's one example. A woman DW and I know recently recommended to DW that she start going to her salon (and I know this woman's income, though I don't exactly know her husband's but I have a pretty good idea). She was raving about the woman who does her hair. Well, we know for a fact this couple has a fair amount of credit card debt as she has told us herself. At various times, she has discussed their struggles to afford things. Well, she pays this salon $170 to do her hair including cut, color, style, etc. DW could barely keep her mouth closed and not blurt out what she was thinking. DW cuts her own hair because she can't stand paying Hair Cuttery $18 to do it. The woman said, "I know I really can't afford it but she does such a nice job." That pretty well sums it up.

 

[HenDuck]

- that's what I got last year when my spendthrift friend and I sat down and really talked dollars and cents.

I always assumed she made way more money than me, since I work for the government and she has her own law practice.

But it turned out that most years, we made almost the same amount of money (because she has large overhead expenses).

Now, I have always had a mortgage, retirement funds, college fund for DS, and no credit card debt. She has always had designer everything, NO mortgage and a five-figure credit card debt that only seems to get bigger every year.

Then I realized how much trouble my dear friend was in. Because if she was trying to support that kind of lifestyle on my income, she was crazy!

And this is the friend who continually tries to convince me to "live for today", etc.

Then I have another friend who works in the same place I work, in the same job. She has a small house, drives a second-hand car, shops at Ross and sales. But she paid cash for her last DL trip (last month) and says she could do it again now if she wanted to. She and her husband paid cash for an extension they built onto their house (around $30k).

When you look at my two friends from the outside, you'd think the spendthrift "had" more money. But I know the truth.

Looks can be deceiving.

 

[dvcgirl]

- that's what I got last year when my spendthrift friend and I sat down and really talked dollars and cents.

I always assumed she made way more money than me, since I work for the government and she has her own law practice.

But it turned out that most years, we made almost the same amount of money (because she has large overhead expenses).

Now, I have always had a mortgage, retirement funds, college fund for DS, and no credit card debt. She has always had designer everything, NO mortgage and a five-figure credit card debt that only seems to get bigger every year.

Then I realized how much trouble my dear friend was in. Because if she was trying to support that kind of lifestyle on my income, she was crazy!

And this is the friend who continually tries to convince me to "live for today", etc.

Then I have another friend who works in the same place I work, in the same job. She has a small house, drives a second-hand car, shops at Ross and sales. But she paid cash for her last DL trip (last month) and says she could do it again now if she wanted to. She and her husband paid cash for an extension they built onto their house (around $30k).

When you look at my two friends from the outside, you'd think the spendthrift "had" more money. But I know the truth.

Looks can be deceiving.

Oh, I agree....looks can be deceiving. Your example of a friend who is a lawyer is a classic one. Lawyer salaries run the gamut. My Mom was a real estate secretary for years for attorneys. Some made great money, and some were salaried making what say a tenured teacher makes...nice living, but not big bucks. My BIL is an attorney and started out making peanuts. He didn't start pulling in a nice salary for several years.

Sometimes though, it's not all that tough to figure out....in the example of family. Many of us have a pretty good idea how our family members are doing. And some professions like nursing, well, it's not too tough to figure out a ballpark salary for someone like that.

I think many people would be shocked to learn what some small business owners earn. For example, I know a few busy landscapers down here who earn six figure salaries.

 

[DVC Sadie]

Oh, I agree....looks can be deceiving. Your example of a friend who is a lawyer is a classic one. Lawyer salaries run the gamut. My Mom was a real estate secretary for years for attorneys. Some made great money, and some were salaried making what say a tenured teacher makes...nice living, but not big bucks. My BIL is an attorney and started out making peanuts. He didn't start pulling in a nice salary for several years.

Sometimes though, it's not all that tough to figure out....in the example of family. Many of us have a pretty good idea how our family members are doing. And some professions like nursing, well, it's not too tough to figure out a ballpark salary for someone like that.

I think many people would be shocked to learn what some small business owners earn. For example, I know a few busy landscapers down here who earn six figure salaries.

ITA! I just saw an article that said the median income for small business owners was 141,000.00 across the country. We too know of a lot of small business owners in both Maryland and here in Mississippi who make a lot more then that.

 

[mickeyfan2]

I know exactly what my coworkers earn.

WOW. Where I have worked you are forbidden to tell coworkers how much you make. It is possible that the manager makes less than the worker, based on many factors. I would take to work somewhere where everybody knows that everybody makes.

When a friend or relative starts to tell me personal financial information, I just politely tell them I don't want to know. That puts it to rest. If I am asked a personal financial question I just tell them politely that I will not answer.

We prefer to have fun time with our friends and family. We play cards for one thing. No need to brag to others about our accomplishments or look for sympathy in a setback. Do you know how many times people have said, "When did you get that new car?" when they finally see it. Many times we have had it for more than a year. We never tell anybody we are looking or purchased unless we want to donate our old car to them.

It seems to me that I run with a different type of person. We enjoy our visits and see no reason to get into finances.

 

[disneysteve]

WOW. Where I have worked you are forbidden to tell coworkers how much you make.

My work situation is a little different than most. I'm a physician in a 2-doctor practice. We have 3 employees. Technically, I'm also an employee of the practice, but I'm fully privy to the practice's financial data, so I know what the employees earn. I don't know if they know each others salaries, though, and I don't think they know mine.