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Interesting post.
14 years ago (wow, 14 years!), I was running a business and had just bought a house with my partner and we were about to start a family. I was worried (rightly, as it turned out), that for various reasons over which i didn't have control, the business might not continue indefinitely.
I realised pretty quickly that the best route to financial security is to spend less, and within a few years had saved over one year's living costs, plus started over paying the mortgage.
Fast forward to now, and I have to say that I've become a lot less disciplined over financial matters. I guess being in a secure job, having a house that has gone up 300% in value since we bought it, and two kids; I have become a bit lazy and also adopted more of an approach of enjoying the time I have now, particularly with holidays. Still live within our means but considering we have two good incomes, we could save or pay off our remaining mortgage quickly.
Ironically, a friend of mine who I lectured about financial prudence when I was in my tightwad phase, paid off the last of his mortgage this year - apparently as a direct result of our conversation 10 years ago.
So your post has caused me to realise I need to re-evaluate. Spending money does not result in long term happiness; I need to have another look at my priorities.
Thanks!
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I don't want to come off as smug
Right... I'm sure you have reasons to vent all this but try to keep your feet on the ground
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ChasnotRobert
Heldring
@lae
@Poetic yeah a few people have said similar things. Statistically I'm extremely unlikely to die or become incapacitated before I'm 50. I'll most likely still be active until I'm 70. Even in my 70s I can enjoy the fruits of my labour.
More importantly though, I don't feel like I am depriving myself! I think by focusing our spending on what makes us happy, we've actually been able to do a lot more. In the last year we've had three weeks in Australia, three weeks climbing mountains around NZ (granted we did already live there, but having a big wad of cash made taking unpaid leave a lot easier), a dozen weekends hiking or mountain-biking in Scotland or Wales (wild camping of course)... next week we're doing a relaxing three days on the South West Coast Path and we've still got the week before Christmas off (maybe Lake District). I still see mates 2-3 times a week, go out to restaurants occasionally. Maybe outdoors isn't your thing - focus on experiencing great food, or theatre, or vintage farm machinery - strip back on all the useless crap and you can do more of the good stuff whilst saving more money.
(@edscoble my point about Iceland was that it's possible to have an equally-remote and equally-challenging experience without breaking the bank (not that his hike was either remote or challenging). Glen Coe is just the start of the tourist trail, for two grand you could see all of Scotland)
And @Poetic I also think there is a health benefit to saving money. When I left uni at 25 I was stressed about my finances and future security, so I started saving. Four years later I've got friends and colleagues, some earning far more than me, who have been reduced to tears by an unexpected bill or car repair. I know they still have that same stress simmering away just under the surface - and their 'life enhancing' Volvo-Labrador-penthouse flat are probably the cause. I haven't had that feeling for years. We've stopped arguing about money. Car repair, who gives a fuck. If my car blows up, I'll just buy another 600 quid car.
@>>>>>> yup food's a really big one. I like cooking so that helps. Something I really liked about Australia was all the cheap local produce. Even in the centre of Melbourne people were growing stuff. I suppose this cancels out the $20 limes from Woolies.
I've got a bit of a rule about buying and selling. If I want something I ask if I'll use it at least once a week for a year. If the answer is no, I won't buy it. If the answer's yes, I'll sleep on it, and by morning the answer is usually no. If I own an item that I'm thinking about selling, I work out what I could get for it, and then ask myself if I'd buy it for the sale price (taking into account the rules above). Usually the answer is no, so I'll sell it.
I'm also a fan of serendipity. Just wait a little longer to make that purchase, and you might just get it cheaper, or even for free. A few months ago I wanted a roller-tray toolbox. I waited a little while for a cheap one to come up on ebay... but after a few weeks I found one in a skip. My entire house is furnished this way.
Again I don't want to come off as smug. Partially I am frustrated by some of my friends (and our culture) for whom consumerism is a source of stress and lost time. And partially I'm wondering if anyone else is a massive Tightwad For Life.