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While attending a recent wedding, something rare happened to me—an event so unique, I’d say it hasn’t occurred in at least thirty years.
My main task before the wedding, anticipating significant spending, was to transfer extra funds to my debit card. Understandably, or so I thought, I forgot. My wife, Suzie, disagreed with my assessment, suggesting I was simply a bit “daft.” The result of this oversight? I was extremely intentional with my spending throughout the three-day event.
I’ll readily admit this wasn’t a hardship; it was a wedding with ample free food and a reasonable amount of complimentary drinks. However, this experience prompted me to consider lifestyle creep around life’s smaller pleasures. I was surprised by how pleasant the house wines tasted. Was the wine I usually chose really worth twice the price? I genuinely don’t think so. And what about that tub of luxury ice cream—does it truly taste that much better? Then there’s the big one: artisan roast coffee. Would your taste buds really protest a downgrade?
So, what are your thoughts? Do you have any ideas or tips for the best “downgrades” for life’s little pleasures that actually work? Or maybe a downgrade that was a bit of a disaster?
And before you wonder, I didn’t have a credit card with me, possibly because I’m a bit daft!
Many of these stories reminded me of my, and many of my colleagues, frequent trips to the DC area for business. We tended to stay at the same hotel chain and were given access to the concierge lounges. When I started traveling, some of the old hands explained how to make breakfast, lunch , and dinner out of concierge offerings. Many of them had made friends with the staff and used that to get better offerings. I was disappointed to learn that many of them never tipped the staff in the lounge.
A nice concierge lounge was one of the perks my family was able to enjoy from my business travel.
I mainly buy wine in the $12 to $20 range, which tastes fine to me. Well, aside from good port – even 10 year tawny is sky high in my area. I should have moved to Portugal…
When I was traveling, if breakfast wasn’t included, I’d pick up yogurt and orange juice and fix my own, and I’d usually lunch on a sandwich or the local equivalent (bento box in Japan, for instance). Plus, I never stayed in international chain hotels – or posh local ones for that matter – B&Bs, guesthouses and pensions were much more relaxed and a good place to meet other travelers.
Kathy, I’ve become a port fan. Any recommendations for best value, high quality offerings?
I think $12 to $20 is good range for a decent wine.
Well, ideally, you would buy several bottles of a recent vintage, stash them in a cool, dark place and wait twenty years or so. I actually did that once, but it’s a bit late to do it again now. Vintage port from a wine merchant is seriously expensive, but I really like Taylor Fladgate’s Late Bottled Vintage. Otherwise a ten, or preferably twenty, year tawny from them or another of the big houses – Graham or Dow, for instance. Do not buy Costco’s Kirkland port or anything called “ruby” or “white”.
Of course, the best place to drink it is Portugal, where wine is (or was) extremely cheap. The “caves” across the river from Porto do tastings – eat lunch at Taylor Fladgate. The wonderful Port Wine Institute in Lisbon still seems to be closed, but there’s a version in Porto.
2 no brainer “downgrades” for me were switching to Mint Mobile or another low cost carrier, and also downgrading to a ≤$500 phone. Luxury phones like iPhones and high end Samsungs are not in any way more functional than cheaper phones, and they’re a total indulgence. And if you are still paying $80+ for phone service each month you’re getting totally bamboozled. Downgrade the phones and cell plans, it’s 100% worth it.
I love mochas, but only once or twice a year will I spend $8 for one at a coffee store or kiosk. The rest of the time I make my own. Kirkland decaf (two huge spoonfuls for strong taste) from Costco and chocolate-toffee creamer from the grocery store. To my plebeian palate, it tastes just as good.
But clothing is our real downgrade. My wife and I won’t buy anything that isn’t on steep discount. We shop only at off-price stores like Ross, Marshall’s and Sierra, and even there we hit mostly the clearance racks. It’s a serious rush getting a $60 pair of adidas sweat pants for $19 or a Nike workout shirt for 70% off list price. 15 years ago I found an Argentina national soccer jersey (also adidas) at Ross for $12. I still feel the groove of that bargain every time I put it on. And it still looks gooood.
When traveling we like to find local stores or markets and get picnic lunches, or breakfasts, especially on road trips. On a recent trip to Pt. Reyes, CA, we bought sandwiches and had lunch watching elephant seals in Drake’s Bay.
In my experience, house wines are highly variable in quality. An establishment that doesn’t have at least a decent house wine, will often not maintain their wines in a reasonable manner, especially if they don’t sell a lot of wine. My home town of Philadelphia, and the surrounding area, has many excellent BYO restaurants that allow you to bring a favorite bottle or two and save a large markup.
Was it the Palace Market, Rick? When we lived in that area Pt. Reyes was one of our favorite outings, only we’d picnic watching the Roosevelt elk.
Mike,
It was the Inverness Park Market. We also ate some amazing sushi at the attached Tap Room. We had breakfast from there the same morning and enjoyed it while hiking (partway) up to Tomales Point where we saw some elk. We stayed at the Tomales Bay Resort – ay interesting place – and passed Palace Market on the way in. We only had a short visit and did not spend time in Pt. Reyes Station. We definitely want to return.
Skipping a table-service breakfast at the fancy hotel or resort and buying a few items and takeout coffee at the onsite deli, if they have one, or from the closest offsite store to enjoy breakfast in the room, poolside or on the patio or balcony. Packing tea bags or all-in-one coffee packets plus a small hot beverage container and some candy or granola bars in your carry-on. Some airports have free hot water dispensers. Also, arriving at your destination hotel at an odd hour, you can have a snack or hot beverage even if your room doesn’t have a coffee maker.
What you are talking about is the great consumer conundrum – what is worth what price premium over the generic product. For almost every element of goods spend there are price bands available and products ranging from no-frills/generic/private label to premium brands.
It’s no surprise that consumer products businesses assault us with their marketing – you can’t go far without seeing something from Coca-Cola, Pepsi or Red Bull from sun umbrellas to fridges to sponsorship to TV ads. Because if everyone took a step back and said “You know what store brand soda/pop is just as good” they would be dead in the (tap) water that we probably should be drinking.
From the odd time I catch one of those “change your spending lifestyle” TV shows I’d guess you can probably save 50%+ of your costs by ditching all branded goods across all elements of your goods spend.
I drive a $30K Chevy Equinox. My in-laws drive a $60K Lexux SUV. I have driven the Lexus, it’s a great SUV, without a doubt a better vehicle than my Chevy. But is it twice as nice, as the price would indicate?
And I’ve had some very nice wines in the $10 to $20 range.
I often think when stuck in traffic in my 10 year old wagon and I’m next to a Range Rover etc that there is a law of diminishing returns in automotive spend.
We all ultimately formulate our own strategies in areas like this.
I have a friend who on (part) retirement bought a pre-owned dealer Porsche. For him it made sense as he’d always wanted one and was intent on joining owners’ clubs and doing (mild) track days and other experiences. So he was getting social experiences and the like rather than just making a vanity purchase.
For me the ongoing pricetag of maintenance and spares would probably be the decisive factor rather than the initial upfront cost.
How do you transfer funds to a debit card? I never heard of that.
I never worry about lifestyle creep now retired. Before I dealt with it by increasing savings with every raise and saving all non cash compensation thus assuring no creep.
I have a debit card account that is essentially a preloaded debit card. I initially got it for travel as it has 0% forex loading and you can have balances in multiple currencies. Post Covid I’ve increasingly been using it as my cash float in lieu of carrying cash.
Plus the app is pretty good at spending analytics so it would meet your method of reverse budgeting.
I’m guessing the same way you would possibly transfer funds to a US checking account? Maybe it’s an “over the pond” thing.