Minimalism / frugality vs impulse spending / buying

[jazngab]

Anyone else here struggle between the two? I'd like to think i'm financially responsible and try to be thoughtful in purchases but man, do i love impulse buying! Well, I guess this IS a jeep forum so many can relate.....

My current struggle is wanting to buy a used pickup truck (a tundra) but I know I don't "need" one at current moment. Trying hard to fight this itch! More of a boredom thing and wanting something new to tinker with (i haven't spent much on the TJ, been happy with where it stands modification wise). No debt (other than mortgage)....and already have 3 vehicles....the TJ (toy/weekend fun vehicle), reliable gas friendly sedan (07 accord), and the newer family SUV (15 acadia). Since the pandemic, my savings have been growing nicely and honestly I like seeing that number grow. Financially responsible members, talk me off the splurging ledge!

How bout you? What are you potentially looking to buy that you probably shouldn't?

 

[Chris]

I've got a laundry list of guitars and mountain bike parts I don't need, but I really want

This time around though I'm trying not to spend copious amounts of money on my Jeep and put more money into the house.

 

[Mr. Bills]

I used to be a minimalist. Then I got a job and could afford shoes for both feet.

Needs are food, shelter, clothing. Wants are everything else. Understanding the difference is the first step on the road toward financial security. Ignoring the differences is the first step on the path to a lifetime of just getting by.

How much do you really want that truck right now?

If you invested the money instead, what kind of truck could you buy with the money in 5 years? 30 years?

 

[Sudo]

I used to be a minimalist. Then I got a job and could afford shoes for both feet.

Needs are food, shelter, clothing. Wants are everything else. Understanding the difference is the first step on the road toward financial security. Ignoring the differences is the first step on the path to a lifetime of just getting by.

How much do you really want that truck right now?

If you invested the money instead, what kind of truck could you buy with the money in 5 years? 30 years?

Not to high jack the thread but I could use some investment ideas, strategies. I just dont see many out there that are making much return without alot of risk involved.

 

[jazngab]

I used to be a minimalist. Then I got a job and could afford shoes for both feet.

Needs are food, shelter, clothing. Wants are everything else. Understanding the difference is the first step on the road toward financial security. Ignoring the differences is the first step on the path to a lifetime of just getting by.

How much do you really want that truck right now?

If you invested the money instead, what kind of truck could you buy with the money in 5 years? 30 years?

My wife and I are fortunate to have good paying jobs that are economy collapse proof (see Covid). I wouldnt say I'm a minimalist but I do dislike clutter and buying alot of unnecessary junk. The truck can probably wait. And youre right, I could /should hold out until I really find that I need one/replacing a current vehicle. I would really like to build a 2 car garage before I add anymore nice vehicles to the fleet as well. I probably should stop looking at car websites and actively searching.

 

[jazngab]

Not to high jack the thread but I could use some investment ideas, strategies. I just dont see many out there that are making much return without alot of risk involved.

I wouldn't oppose to reading some info as well. I don't have much investment know how outside of my retirement and 529 college savings.

 

[ranger101]

Go buy that Tundra lol go through a credit union, get a 2-4% loan and make a $200-300/month payment. That’s roughly $50 a week. I bet you could easily find ways to save that money. This is also coming from somebody with 3 vehicles, a motorcycle, atv etc. so maybe I’m biased you also don’t have to be in a hurry since it’s not a NEED. Take your time, find a good deal on one with all the bells and whistles you’re looking for.

 

[Westtown Willy]

I’ve been a minimalist my whole life, first 30 years by necessity because I was broke by birthright & it took that long to get things moving financially. By then I was already set in my ways so it just stuck. Ex wife was a maximalist, our single biggest bone of contention & that experience cemented me into the belief that I’ve been doing the right thing all along.

The TJ was a 50th birthday present to myself 4 years ago, the biggest unnecessary splurge of my life & it’s been a slow simmer of more TJ related unnecessary nonsense ever since, though the spending on it plummeted to a trickle after the first year ‘build’ with axles, SYE, winch and such.

I find far more contentedness in living below my means than I do in impulse buying horseshit I know will only fade in value to me shortly after the purchase, it almost if not always does…

I also can't stand superfluous crap everywhere so I really give a lot of thought to any potential purchase, will I actually use it for an extended period of time is the analysis. We can't always know that, but if you know yourself you'll have a pretty good idea...

 

[RMETeeJay]

Definitely understand the struggle. When I am shopping brick & mortar, I force myself to walk around the store to really think about whether or not I need an item. Most times I will put it back on the shelf.

Be honest with yourself and sit down and make a pros/cons list for such a big purchase. Do you have any longer term financial goals?

 

[jazngab]

Hmm maybe I’m just addicted to finding good deals and bargains and not actually spending. The thrill of the hunt.

 

[Mr. Bills]

The thrill of the hunt.

There's that.

 

[Sancho]

Here are some points to help you fight the urge to impukse buy:

Dont buy it... simply to increase your self discpline.
Screw your impluses... your in control, not your emotions or impluses.

Less is more... having a lot of toys devalues what you already have.

Drive your jeep to the top of a mtn an watch the sun set... you dont need a goofy looking toyota.

Donate the money to someone truly in need. Feed a family.

 

[Axeman]

I would say I am mostly a frugal person, but the Jeep has become an exception. My wife and I both have good paying recession proof jobs and plenty in savings and put a good portion into retirement. No debt other than a 15 year mortgage, no cable for our one tv in the house, both have older cars (2013 & 2002), and don't have much when it comes to name brand items. We do like to vacation though (hate living in MA), so there is some spending there.

When it comes to the Jeep I have become impulsive. I am always searching for deals on parts and scanning websites for sales/promos. I haven't been able to tell myself 'no' for anything I have wanted to order for it, and the Jeep needed nothing when I got it. It's all want. I justify it by saying its my hobby and it keeps me busy in the garage where I am the most happy.

 

[Fixer6]

I use to go with “it’s better to have it and not need it, than to need it and not have it” philosophy. One day, out of the blue, I woke up tripping over crap that I hadn’t needed for quite some time, plus there were better models available. I quickly decided to have a “garage sale” and turn it all into cash. Got to a point where I didn’t have much of anything, and really needed stuff. So I went out and bought the best stuff I could afford. As I look around I realize I once again I have too much crap. Maybe it’s just me. Yep, it’s me. Dammit

 

[Zorba]

I’ve been a minimalist my whole life, first 30 years by necessity because I was broke by birthright & it took that long to get things moving financially. By then I was already set in my ways so it just stuck. Ex wife was a maximalist, our single biggest bone of contention & that experience cemented me into the belief that I’ve been doing the right thing all along.

The TJ was a 50th birthday present to myself 4 years ago, the biggest unnecessary splurge of my life & it’s been a slow simmer of more TJ related unnecessary nonsense ever since, though the spending on it plummeted to a trickle after the first year ‘build’ with axles, SYE, winch and such.

I find far more contentedness in living below my means than I do in impulse buying horseshit I know will only fade in value to me shortly after the purchase, it almost if not always does…

I also can't stand superfluous crap everywhere so I really give a lot of thought to any potential purchase, will I actually use it for an extended period of time is the analysis. We can't always know that, but if you know yourself you'll have a pretty good idea...

I could have written most of this. I've pretty much had whatever toys I wanted, but that hasn't been many because I'm a cheap bastard by inclination - see any of my numerous rants on "too much crap and 'technology' in new cars" as but one for-instance. My wife and I always lived a step or two below our means so we could salt money away. As a result, I retired at 57, she retired at 55 - my TJ was my 60th bd present to myself and its DEFINITELY the most self indulgent thing I've ever done. Its even more expensive than my dance costumes/props - and those can be outrageous!

The biggest thing I can say about saving money is don't get sucked into monthly subscriptions. Dump the cable bill, get rid of the overpriced smartphone, you don't need Amazon Prime, a "geek stick" is just fine for your tunes instead of a satellite radio subscription, ignore the "Tivo effect", etc, etc, etc. I drive a 35 year old Mercedes Diesel because its the cheapest, most reliable transportation *over time* that I know of. I've spent about $25K on it in the last 20 years (including buying it), and much of that was "front loading" for the next 20 years! I could jump in it right now and drive to Chicago, or anywhere else I want, without worry or concern - and have!

 

[qslim]

I've always led a pretty frugal life, luckily I never got the bug to spend spend spend. No debt other than a mortgage and I make enough to feed a family & still have some left over. If I determine that I need something, I just purchase it. But, those things are really few & far between.

Except for cars. Holy shit do I have a car problem. It's waned in the past few years since I got to Utah and that's strictly because I have much less space than my last few houses in FL, but man. At my last house we had two driveways - one circle drive & a regular 2 car garage on the other side with a little shop. At one point everything was full - my last count there was 6 cars, a trailer, two motorcyles & a boat. I just love them. I like finding old interesting stuff on craigslist or wherever, getting them back to running order and learning everything about them. I recreationally cruise the classifieds for cars when I'm bored because I enjoy just seeing what's out there. Over the years I've built myself up a little cash slush fund, and amazingly enough it's stayed in the black. The wife understands my problem and has never ONCE given me a hard time when I pull up in some old car that is now part of our family.

Anyway, the TJ has given me plenty of joy since I got out here in Utah, and it's also a great family mobile for getting all of us out on an adventure rather than just driving around on the streets. But I do have the itch again, and I'm currently looking for a Mini Cooper (remember I said I'm short on space these days? lol).

 

[jazngab]

As a result, I retired at 57, she retired at 55

The biggest thing I can say about saving money is don't get sucked into monthly subscriptions.

To retire early is my true goal. I don’t want to be working to pay for a vehicle that drives me to go to work. As far as subscriptions, I do have quite a few but I don’t mind paying for some conveniences. I review them often and reevaluate if I still do want to pay for them.

 

[InOmaha]

...But I do have the itch again, and I'm currently looking for a Mini Cooper (remember I said I'm short on space these days? lol).

Ha ha, I'm selling a Mini Cooper. I have to many cars.

I'm frugal, but have everything I could have wanted. I buy things used and fix things. So when I toss it there's not much left of it. I typically tear it down for parts, or donate it if someone will rake it.

Then I buy a better used one. I've found stuff that depreciates quickly that are almost unused and save a ton of money over time buying at pennies on the dollar.

My most expensive purchases are my paid off house and my kid's college.

I'm a big time upcycle/used/repair it type. There's do without types and do with pennies on the dollar types. I'm the second.

 

[Zorba]

To retire early is my true goal. I don’t want to be working to pay for a vehicle that drives me to go to work. As far as subscriptions, I do have quite a few but I don’t mind paying for some conveniences. I review them often and reevaluate if I still do want to pay for them.

Take a look at those subscriptions, add them up, and see what they cost you a month. I can pretty much guarantee that you can save a significant amount of money by getting rid of most or all of them. It adds up FAST! Even ONE "only $9.99/mo" subscription costs you $120/year! Then shop around for the ones you just can't do without - for instance, I pay $15/mo for phone.

But I hear you about working for a vehicle to take you to work - that never made sense to me, not even at age 16!

 

[Cheesy]

Interesting thread. I think I fall somewhere in the middle. My wife is retired with a pension, my job is pretty much recession proof and I have a pretty solid 401k. I have less than a 15 months until I call it a career. We are at the tail end of our mortgage and have a car payment. We will own a vehicle for at least a decade. Our record is 13 years.
I tend to go in spurts with impulse buys and that either has to do with something I collect or a project I am working on. I do shop around, I tend to buy second hand, and I weigh the pros and cons. And on the rare times I don’t, you can rest assured that my other half will make her opinion known.
Current project is a diesel powered motorcycle. Why? Because I am a glutton for punishment and I don’t want to be that crabby old fart that’s pissed at the world when I retire because I have no outside interests(my former neighbor).Trying to do it as cheaply as possible. I got a barely used engine for free, but I looked four years for the right roller, with a title, for the right price. There will be a myriad of small costs involved, but it keeps me out of bars.