My spouse is a Amazon Ranger. She can’t help herself with constant impluse purchases on Amazon. Probably buys $6,000 a year on such stuff a year. We use to have fights over it but now I just let it go as we can afford it.
Owning an RV. Although since retiring it makes alot more sense. We travel 3 to 4 months per year, frequently camp off grid in remote places. We have watched bald eagles hunting along a river, had a moose walk thru our camp, and had many more memorable experiences you wont get from a hotel room. Our average nightly cost is less than $30 per night vs a couple hundred for a hotel room. Maybe it isn’t so financially foolish after all!
New cars. I dislike repair issues that creep in as a car ages. Yes, financialy it makes sense to pay a bit more for maintenance and keep longer, but I REALLY hate the maintenance game at the shop – not a mechanic myself, I have been fooled into unnecessary “repair” items discovered later. Plus now that I’m older I value the newest safety features on new cars more than before. However I do keep my new car for 6 or 7 years, when the tech improvements have accumulated a bit and before the maintenance has increased.
Vacations. My wife is always right when she suggests another one.
Eating out.
I don’t budget. I hate budgeting; makes me feel restricted rather than in control. I do make forecasts though, and they tend to be very accurate.
I don’t have a spending limit for books. If I want a book, I buy it.
Move our car loans into the Heloc. The old cash flow was very thin for several years there, and this eased the pressure a lot. Then rolled the heloc into our new mortage. At least the rate is super low. And we intend to recharacterize the mortgage when we get some lump sums in the future.
I tip well. I try to tip 25% or more consistently. The annual cost is a few hundred dollars, and it makes a much bigger difference to them than it does to me.
Grocery shop without planning menus or checking pantry and freezer first. I try to balance this with a periodic no-grocery-shop week, eating some peculiar meals as I clear out the three half boxes of pasta, four bags of frozen stir fry veggies, and other miscellaneous items.
Blow $20 on Powerball tickets several times a year.
Classify all of these under the “Loss Aversion” umbrella. I’m the worst!
-Not enough auto insurance: I carry the least amount possible on my $2k 2008 Yaris. It’s about $20/month
-No financial advisor: While I’m a CFA, I should hire a good advisor at this point since I’m financially independent and run my own business. Not trying to be arrogant, but it’s not like I have no money anymore like I did when I was 22 years old.
-Avoid going to a therapist or specialist when a medical issue pops up. I depend too much on my body healing itself. Eventually, that won’t end well.
Drive extra miles to save a few cents on gas or groceries. The extra miles usually swamp the savings. I’m getting better at doing the cost trade, and trying to plan my trips and errands more effectively.
I don’t rebalance, tax loss harvest, and we still have positions in active managed funds.
I’ve gotten lax on reviewing subscriptions that I really don’t need any more.
Supplement my heating with a wood stove. The additional insurance cost of having a stove in my home probably exceeds any savings.
My spouse is a Amazon Ranger. She can’t help herself with constant impluse purchases on Amazon. Probably buys $6,000 a year on such stuff a year. We use to have fights over it but now I just let it go as we can afford it.
Vinyl Records
When I posted a year ago, my cable bill was $150. Today my cable and internet bill is $218. When will I do something about it? 🥴
I play blackjack and video poker.
Large amounts in several non or low interest checking accounts, I don’t have to worry, so I don’t.
Buying individual stocks even I think index funds are better.
Buy items I can’t afford and usually end up returning them after coming to my senses.
Owning an RV. Although since retiring it makes alot more sense. We travel 3 to 4 months per year, frequently camp off grid in remote places. We have watched bald eagles hunting along a river, had a moose walk thru our camp, and had many more memorable experiences you wont get from a hotel room. Our average nightly cost is less than $30 per night vs a couple hundred for a hotel room. Maybe it isn’t so financially foolish after all!
New cars. I dislike repair issues that creep in as a car ages. Yes, financialy it makes sense to pay a bit more for maintenance and keep longer, but I REALLY hate the maintenance game at the shop – not a mechanic myself, I have been fooled into unnecessary “repair” items discovered later. Plus now that I’m older I value the newest safety features on new cars more than before. However I do keep my new car for 6 or 7 years, when the tech improvements have accumulated a bit and before the maintenance has increased.
Paying $150 a month for cable and high speed internet
Grocery shop without planning menus or checking pantry and freezer first. I try to balance this with a periodic no-grocery-shop week, eating some peculiar meals as I clear out the three half boxes of pasta, four bags of frozen stir fry veggies, and other miscellaneous items.
Blow $20 on Powerball tickets several times a year.
I pick a few individual stocks.
Buying the cheapest instead of the best value.
Classify all of these under the “Loss Aversion” umbrella. I’m the worst!
-Not enough auto insurance: I carry the least amount possible on my $2k 2008 Yaris. It’s about $20/month
-No financial advisor: While I’m a CFA, I should hire a good advisor at this point since I’m financially independent and run my own business. Not trying to be arrogant, but it’s not like I have no money anymore like I did when I was 22 years old.
-Avoid going to a therapist or specialist when a medical issue pops up. I depend too much on my body healing itself. Eventually, that won’t end well.
Buy more clothes and shoes than I need. Have gotten better over the last decade but still find myself buying more than I need.
New cars… 100%.
Drive extra miles to save a few cents on gas or groceries. The extra miles usually swamp the savings. I’m getting better at doing the cost trade, and trying to plan my trips and errands more effectively.