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This is a guest post from Amanda, a Colorado tech writer and an activist for children with congenital heart disease.
Two key tactics in our strategy for frugality have included moving to buy only what we need and will actually use, and to only pay cash for purchases. Despite good intentions, we have backslid a few times.
We started down the slippery slope while attending a wedding near Rocky Mountain National Park last Memorial Day. As a “couple-time-treat” we stayed at a hotel and paid way in advance, so that was an “approved” purchase. Then we went to Rocky Mountain National Park. Park entry is $20 per car or $35 for a season pass. We bought the pass, thinking, “Even if we don’t go again, the money goes to a good cause.”
We used our park pass again with our kids and had such a good time that we justified a purchase of hiking packs from REI on our credit card. We did this thinking we would go again and again. We had some buyer’s remorse when we got the credit card bill, but we paid it and moved on. We’ve been hiking five times and plan at least once more before the end of the season. (Though it’s getting cold up there!)
Before we became “Fruggies,” we might have left those packs in our garage, next to the tennis rackets, roller blades, picnic baskets, etc. But changing our perspective on money has made us get off our butts and get back to nature. Changing the way we think has also causing us to expose our kids and ourselves to things we missed out on as children because our parents ignored the amazing opportunities in our own backyard. We’re learning to use what we pay for and in the process enriching our lives through experiences rather than things.
The park-pass/backpack lesson caused us to drag out our fondue pot and enjoy some gruyere cheese from the local farmer’s market. I’m using the popcorn popper I got for Christmas. The kids love making popcorn and then watching their few Disney movies that were collecting dust.
As for the tennis rackets, those went to charity. And the roller blades got us a surprising $24 at Play it Again sports (which covered a medical co-pay). Thinking about not only how often we’re going to use a purchase, but if we’re going to enjoy it helps us stick to our budget.
Sometimes I see things I would like to buy, but I stop and think hard about how and if I would use it — then the urge can be fought. On the other hand, if a purchase is going to improve our lifestyle, health, and happiness, then we can be comfortable with investing in those things instead of just buying stuff to fill up our garage.
I’ve learned that when purging and simplifying gets hard, I can feel good about the things I’ve bought in the past by starting to make use of them!
This article is about Choices, Frugality, Shopping Thursday, 11th October 2007 (by J.D. Roth)
October 11th, 2007 at 5:31 am
Great guest post, I would agree with every sentiment expressed here. Frugality comes with paying off debt, and deciding what is most important to you is actually very liberating. You realise you don’t really want everything you thought you might!
October 11th, 2007 at 5:31 am
Thanks for this guest post, Amanda. I am also trying to learn this difficult lesson - I have enough craft supplies to last me a lifetime even after two serious eBay sell-offs.
(I also had to declutter the “friend” who makes shopping a competitive sport and teases those who won’t play along. That saved me thousands right there!)
October 11th, 2007 at 7:05 am
Yep, I know where you are coming from. These are issues I’ve been sorting through in my own life recently. The more I learn about frugality, the more I like it. I really had the wrong impression before of what being frugal means- it’s actually quite empowering and not restrictive.
Great post!
October 11th, 2007 at 7:15 am
Great post. Many years ago I had a friend that would calculate how much something would cost per use. Worked especially well for dressy clothes, sports equipment and fancy kitchen gadgets.
October 11th, 2007 at 7:30 am
“Thinking about not only how often we’re going to use a purchase, but if we’re going to enjoy it helps us stick to our budget.”
If everyone followed that rule Bowflex would go out of business. Along with Nordic-track, etcetcetc.
October 11th, 2007 at 7:36 am
This is definitely a great tool in deciding what to buy and what not to buy. I used to love picking up little mementos on my vacations, something silly like a shot glass. Now I realize that I’ll just bring it home and collect dust.
Great post.
October 11th, 2007 at 7:36 am
I really love this post. Very simple, very good advice.
It reminds me of the 80/20 Rule, and really using the hell outta that 20%
October 11th, 2007 at 7:37 am
Great post. I’ll definitely put more thought into how much use I’ll get out of something before buy it.
October 11th, 2007 at 8:11 am
That last line, “I’ve learned that when purging and simplifying gets hard, I can feel good about the things I’ve bought in the past by starting to make use of them!” says it all.
Whenever I feel too attached to something that I haven’t used and can’t get rid of it, I make myself start using it.
Right now, I’m struggling with old toys my mother saved. My plan is to get rid of some, and display the rest. (I just have to figure out how to display them tastefully.)
October 11th, 2007 at 9:02 am
This is a great way to think of purchases. My mom taught me this skill as applied to clothes. If one buys a great black suit that you can mix and match and wear once or twice a month for a number of years and the black suit is expensive (let’s say $300,) if you break the cost of the suit down to per use the purchase probably makes sense. Compare suit analysis with a bargain purchase that doesn’t fit right or is of poor quality that you only wear once or twice and the expensive suit ends up being a better purchase.
I like applying per use cost to cars, furniture, and appliances as well.
October 11th, 2007 at 9:35 am
I totally agree with your comments, I am extremely frugal when it comes to clothing. I buy quality and wear it until it is beyond repair. It is still a struggle though not to come up with excuses to “upgrade” my high tech toys.
October 11th, 2007 at 10:07 am
A really good post.
October 11th, 2007 at 10:40 am
Great Post. I totally agree. I sound like a recording with the echo of all the comments but I do totally agree. I would recommend the book, Your Money Or Your Life which helps you to compare the hours you will have to work for the dollars you want to spend.
I am losing weight and when I am down to the goal I plan to use all the tips to plan what I will buy. I have plans to buy a good suit. I am trying to use all of my “stash” of yarn and only buy from garage sales.
October 11th, 2007 at 11:46 am
This is a great post. But I’m curious about Amanda. Does she by any chance hail from Iowa? I know Colorado is a big state, but when I lived in Denver I knew a tech writer named Amanda. Would love to say hi and catch up if it is her. You can pass along my email to her if it is.
October 11th, 2007 at 11:50 am
I try to do this as best i can, but something you just have to count as “the cost of an experience”. For instance. Last valentines day, my girlfriend and I went up to lake Tahoe. One thing I have wanted to do for some time now was go snow boarding. Being from Hawaii, I don’t have any of the proper clothing for that, so I had to buy some. I looked on line before the trip, but all of my friend warned me not to buy any gear until trying it on (because it isn’t cheap and the sizing is different). So I waited till I got there. So in order to go snowboarding, I would have to buy snowboarding/ski pants (everyone I asked, including friends said jeans would be no good because they soak up the water and will make you miserable, a Jacket, gloves, and goggles. I shopped around and ended up getting a few really good deals (one store gave us 50% off my pants and 40 percent off my gloves, gave me a beanie for free and got my goggles at 10 dollars off) My girlfriend got similar deals. In all I sent around 600 for our clothes, board rental, and a 3 hour lesson for each of us then about 4 hours of riding time. I had a great time, my girlfriend hated it. so All of he stuff is just a loss. She wont do it again. I will hopefully be going back this winter, so that will make th investment a little better. But even if it doesn’t, I was able to check off one thing from my “must do” list. And while it was an expensive check mark, it was worth it to me.
October 11th, 2007 at 1:29 pm
I really liked this post. It was a new way of thinking of both the clutter problem and the frugality problem. It always gives a context for focusing spending and entertainment. In other words, this wasn’t just a “spend less, earn more” post, but a “spend wisely” post and I like those.
I would also add that renting and borrowing equipment is a good way to sort out what you ultimately want to spend money on. For instance, you can rent a kayak a lot for the cost of buying one. But once renting does not become cost-effective, you’ll know it’s an activity you really like.
Thanks for the thoughts!
October 11th, 2007 at 9:24 pm
Great post, I would use caution however w/r/t the following line as it could be very easy to slip up here and veer away from the good frugality advice you have provided:
“On the other hand, if a purchase is going to improve our lifestyle, health, and happiness, then we can be comfortable with investing in those things instead of just buying stuff to fill up our garage.”
As a recovering REI addict I can attest to how much you can run up a budget on outdoor gear using this rationale. Stuff that gets used regularly, gets you outdoors and exercising and isn’t just rotting away in a closet can still get very expensive, even “simple” hiking gear (not to mention climbing and snowboarding equipment.)
It’s also easy to fall into the “this pack I bought isn’t really as comfortable as I thought, or as big as I need, or as convenient for storing gear…I need this other model instead…it’s better.
It’s the same as with any other kind of compulsive shopping behavior which those of us who are trying to live frugaly are working to move away from. Though it’s easier to fool ourselves into thinking that’s not what we’re doing when it is for something that’s healthy and for exercise we actually do.
October 12th, 2007 at 6:30 am
[...] Use It Or Lose It: Getting Value From The Things You Own I agree. In fact, last night I made a pledge with regard to my video game collection: I won’t purchase a new game until I’ve defeated (or in the case of games that you don’t really “defeat,” make significant progress on) every game I currently have. In other words, bye bye video game spending and hello enjoying what I have. (@ get rich slowly) [...]
October 12th, 2007 at 8:19 am
This post is great! It really made me stop and think about what I spend my money on. I mentioned here: http://www.allbusiness.com/personal-finance/4967833-1.html.
I think that when one considers the benefits, both tangible and intangible, of what we’re spending money on, then it can help in our budgeting.
October 12th, 2007 at 9:31 am
I try to get outdoor gear that I can use in everyday life too. For example, I have protective googles but those were from Home Depot and can be used when working on home projects too. I also have hiking boots but those are really just tougher shoes. My backpack is pretty generic too and in fact it was a freebie.
October 12th, 2007 at 11:33 am
Budgeting Tip: Use What You Buy…
A columnist at Get Rich Slowly describes how her family learned to focus on getting the most use out of the things they purchase, rather than using them once or twice and then moving on to the next new……
October 12th, 2007 at 12:37 pm
I’ve been doing this with my kitchen gear. Now that it’s fall (finally), the slow cooker is coming out. It’s amazing how many decent recipes you can find online (with reviews) for this thing.
October 13th, 2007 at 11:01 am
So true. It’s very difficult to fight the near impulse buying that has been carefully inculcated into us by “Madison Ave.” (Of course, credit cards and even debit cards feed that impulse.)
Very much like the “Living Simply” motto. What is the real cost - we dont look at it as how much work time to pay for it, or as in Jordan’s case, the value of the experience. How much “value” does it bring to one’s life. Or, as is so often touted for clothing and other material goods, if this one comes in, what are you willing to lose/give away?
October 15th, 2007 at 1:39 pm
[...] the things you have. Last week, Amanda encouraged us to get value from the things we own. Before you buy a new computer game, ask yourself if you’re finished playing the last one you [...]
November 6th, 2007 at 5:01 am
[...] previous articles at Get Rich Slowly include Use It or Lose It: Getting Value from the Things You Own and Baby Boom: The Shockwaves of a Lifestyle Change. Look for more from her in the [...]
November 21st, 2007 at 9:30 am
[...] previous articles at Get Rich Slowly include Use It or Lose It: Getting Value from the Things You Own, Get More Ban for Your Buck by Using Coupons and Sales Wisely, and Baby Boom: The Shockwaves of a [...]
December 28th, 2007 at 8:57 am
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