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This is not a political post, but the basis is a political action. Friday, Feb. 28, was the so-called Nationwide Economic Blackout. My wife and I decided to participate. For us, this wasn’t about specific retailers. We simply made no discretionary (or mandatory) purchases that day. It was not a difficult commitment.
Thinking about this over the weekend, I realized that the result of that day wasn’t anything special for us. There are many days that we spend absolutely nothing. By my count, we spent nothing on approximately half of the days in February, but that was only because we traveled in February. The percentage was much higher in January.
All our bills are set to automatic payment, so we don’t even think about a portion of those days that we do make payments. Our vehicles and house are paid for. Insurance and tax bills are paid in full when due.
We just don’t do a lot of shopping. If I’m in a clothing store, it’s only after a lot of kicking and screaming. I’m a jeans and tee shirt guy – and I’m not hard on clothes, so they tend to last forever. If I’m in a store willingly, it’s likely to be a hardware store, woodworker supply, or maybe an auto parts store. I make a lot of family grocery store runs. My biggest personal spending weaknesses? Meeting friends for lunch a few times per month, and I still meet friends to play pool once a week. I still purchase music CDs and still listen to them. Oh, and the occasional bottle of bourbon.
Most days my wife and I pursue our retirement activities, which are largely cost-free. I’ve written about them enough, so I won’t repeat them here. My point is that we are not living lives of consumption, and for the most part we have all we need. I suspect that most Humble Dollar readers are similar. An individual who is a constant or continuous spender probably hasn’t ever searched for a site like humbledollar.com
So, my question is this: If you don’t consider yourself daily spenders, what do you spend your money on, and where do you spend it?
I spend my money on running events. 5Ks to marathons.
Brian – Thanks for commenting. I understand, as I wrote about my running and other physical activities here.
In contrast to my colleague Mr. Bond, who seems to dread stepping into a clothing store, I absolutely love visiting mine. It’s a fancy French clothier with the brand name Kirkland.
Last week, I took my grandkids to the Children’s Museum. Without hesitation, I opted for a grandparent membership instead of buying four single admissions. There was a time when I was so frugal that I wouldn’t even spend two quarters on a daily convenience locker. Now, I don’t think twice about choices I wouldn’t have considered in the past.
To answer your question, I’ve started spending money on small things that make my life easier and more enjoyable. For instance, I love sitting on my deck to read on my Kindle. Recently, I bought a wonderful book, *Yet in the Dark Streets Shining* by Bishara Awad, for about $10. I also picked up a pair of sunglasses with integrated reading glasses for around $15.
I’m also giving a bit more to nonprofits I feel personally connected to. I sent a small donation to Bethlehem Bible College—yes, the same Bethlehem from the Bible, not one in the USA.
William – I thought the fancy french clothier was TarJay. 🙂 I also spend freely on grandkids whenever we’re together. Spending on making life easier makes sense – – – I’m looking for a new and lighter bike for my daily rides.
Overall, I try to be frugal. However, even with Social Security, a small pension, and Interest and Dividends, we now spend more than is coming in. However, most of that is for the rent of the CCRC we are in. At 78, we feel at this point in our life, it is worth it for the simplicity, and comfort. We also are meeting many new friends and the residents have a wealth of information. We are loving it.
William – thanks for your comment. I assume you have a handle on the overage and the impact on your overall financial status.
I’m envious of the T-shirt and jeans crowd. That’s me on weekends. Over the past 42 years, as a trial lawyer, I’ve had to dress up. Every 5 or so years, I grab the tie rack, spread 50 or so of the most outdated ties on my bed, and make a trip to a clothing charity. To a lesser extent I do the same with suits. And dress shoes. COVID closed the courts for a time. Many appearances are now done via Zoom or over the phone. Jury trials on civil cases are rare these days, but I have one in late April. So, as much as it pains me to do so, it looks like I’ll be suit shopping in the near future.
T-shirts and jeans are my retirement uniform of the day.
Michael – some jobs just require “dressing up”. Good on you for donating out-of-date closet clutter. If you’ve been working for 42 years, then the end (retirement) must be in sight – – – unless you really like what you’re doing. Good luck.
We are not daily spenders, rather, we buy when we need something. I’m a retired CPA, and started with Quicken in 1992, but converted my file to QuickBooks as it is geared more to accountant minds. I deferred SS until 70, and our combined amount more than covers our expenditures. I had to fund my own retirement, and had to start my RMD in 2024, which I deposit into 529 accounts for grandchildren. I’m also a jeans and t-shirts guy, and wear items far too long…my wife lets me know when something needs to go. Most of our purchases are local stores, but we do online purchases. I’m a DIYer and a woodworker with a very nice shop, so I can always spend money on tools, but I have every tool I need and ruminate when considering acquiring another. I know we can more of our money, but a lifetime of frugality and saving is hard to change. Oh yeah, my maternal grandfather was Dutch and my wife has Scottish blood in her veins!
Jeff – Thanks for commenting. I don’t get the visual, however, of a CPA in jeans and t-shirts. That’s just me. 🙂
That’s how I dress now in retirement. I generally wore slacks and a polo or buttondown shirt to the office. I live in a tourist town, and few wear suits…even bankers and attorney’s dress business casual. My theory is ties reduce bloodflow to the brain!
For a while after moving to my little retirement village, I tried to spend a few dollars ($5/Dunkin – $20/local drugstore or diner) during my four or five days a week walks, especially during the winter when the town is dead and merchants struggle. During Covid, I got away from that as a planned strategy, but now I’ve developed a weekly routine that’s essentially the same. I purchase overpriced greeting cards from the tiny selection at the drugstore because it’s on my route and I don’t have to get in the car to drive in search of a larger selection. Like you, Jeff, most of my local daily dollars are spent on groceries, gas (I drive over the bridge to NJ for much cheaper prices – it’s always worth the time and gas spent), local meals out and $15/week on classic movies at our renovated theater, hosted by a local author and movie maven. Humble pleasures.
Linda – I understand completely the idea of spending locally. My best personal example dates back to when George W Bush was president and ordered a tax rebate. I qualified for the rebate and decided to use that money to support a local artist. I hired an artist to paint a portrait of my sons. My boys were teenagers at the time and I provided two different photographs to the artist, who combined them perfectly. The portrait still hangs in my house.
As I have commented on here before, we are blessed that our monthly income from pensions and Social Security is greater than our typical monthly expenses.
We have both been fully retired for the last 6 years (72 months). Our expense to income ratio over that whole time has been 83%.
So, even though we do use quicken to see that our bills match what we have bought, I have never bothered checking what we spend our money on.
Sorry … no help to you Jeff.
Winston – responding helps! 🙂 Not everyone looks at finances through the same lens.
OMG Jeff, did I write this post? Only stores I like walking into are Menards and Costco (where I furnish my wardrobe with jeans and t-shirts. I buy CDs and records, and enjoy frequent lunches with many old friends.
In the past couple years we did build and furnish a home, which I wrote about in Our Spending Spree, but that spending is in the rearview mirror.
Also I have stated several times that the folks that could most benefit from HD are the same folks that will never be here.
You’re funny! It’s no surprise to me that folks on this website have similar likes and dislikes. I remember you new home story. I still have a lot of my old (legacy) LPs but I am not part of the new craze to purchase LPs. CDs are just too easy to play – – – plus my hearing isn’t good enough to appreciate the analog clarity of LPs.
I’ve sent links to HD articles and forum posts to both of my sons – but never get any feedback. I just assume my references receive the pocket veto. Maybe, just maybe, when they get older they’ll appreciate boring stuff like this.
Jeff, the links you forwarded can’t have been links to your posts. Yours ring of your zest for life.
We, too, refrained from all purchases on February 28. (Though I haven’t heard what impact that might have had.) This year I’m really trying not to bring more things into the house and to let go of a lot of the things we have. I’ve taken inspiration from HD writers (especially Jonathan) to rid ourselves of a lot of old documents and stored mementos that would just be a burden to our children. However, we have had to purchase some new clothes, which neither my husband nor I enjoy doing. My reason is because of a 40+ weight loss last year and my husband’s is because he has gone back to work during baseball spring training in order to meet the Social Security work credit threshold that became important after the SS Fairness act was passed. I do tend to buy things for my grandbabies as that brings me joy.
Jan – thanks for commenting. As I understand it, the purpose of Nationwide Economic Blackout was not to have a specific impact. It was to demonstrate what might (could) happen. I’ve not read any articles about the results, either.
Thanks for the clarification, Jeff!
Oh – we also spend on travel, which we both love. Recently, we made plans to spend a month at an airbnb near Santa Fe, NM. We loaded up our pup and towed our motorcycle there for the first time last year and fell in love with beauty and chill artist vibe of the area.
Interesting question Jeff. Looking back over the last 5 years our biggest purchases involved buying, improving and furnishing new homes. Hopefully that is over! Second most would be travel – hopefully that will continue for some time. Owning a vacation home is luxury expense that we are somewhat offsetting with seasonal rentals. Grandkids are non-discretionary, required spending. We probably spend more than we should on dining out, but it’s something we enjoy. Everything else is automated and mundane.
Rick – thanks for commenting, as usual. We do not have (or wish to have) a second home. We’re good where we are right now. Interestingly, we recently discussed going out to eat a bit more often than we do currently.
Thanks to Quicken for the past 4 years: Taxes 20% (plus sales taxes), Vacations 17%, LTC Insurance 8%, Groceries 6%, Charity 4%, Dining out 3%, Gifts 2%. All others at about 1% each make up the difference.
Bob – thanks for commenting. I also use Quicken to keep track of our expenses.
Just looked at my Amazon account and in the past three months I purchased: furnace filters, a replacement bracket for my flag, brackets for my shrub protectors, a screen saver for my iPad (Christmas present), fine bulgar (make fresh every 4-5days for lunch), and OTC stomach medication.
Usually there are used books, but the holidays, and the local library’s fall used book sale purchases are still being worked on.
Nothing fancy, just necessities. That’s why we don’t have a budget.
David – thanks for commenting. We don’t keep a budget because our outgo is less than our income. We do have a financial plan, and keep to it.
I don’t like to spend, I, like you, dislike shopping, especially for cloths which I never have done on my own. Any music I listen to which is in the car comes from a Spotify subscription. All our bills are automated.
We don’t have debt. In season I play golf twice a week, but that is the extent of extra spending.
My most valued spending has always been on experiences and memories – kissing the Blarney Stone, riding a camel in Morocco, the opera in Kiev, the Moscow circus and many more.
We just spent a chunk of change spending a month in Florida, an expensive way to turn up the temperature.
I buy a new car every ten years or so.
I have to have a good reason to spend, usually out of necessity.
Dick – thanks for commenting. I don’t like Spotify because it avoids paying a reasonable fee to the artist who made the music. Virtually all streaming services act similarly, but the most reasonable one out there is Bandcamp.
I rode a camel in Morocco two years ago. It was a short trip, but I have pictures. I’m currently considering a new car. My 2011 Subaru Forester doesn’t have all the new safety features that I think would be beneficial.
My new car I just bought has so much technology it will take months to figure it out. Many of the settings you just talk to the car. One is a comfort setting where the seat moves in various directions every so often so you don’t get stiff on a long trip. Want tire pressure or fuel left for miles, just ask the car. Too hot or cold? Just tell it and it knows which seat you are in. A lot of stuff to break down.
I don’t want to be so relaxed and accommodated while driving that I stop paying attention. All the automated driving safety features may or may not make a difference in the event of a driving crisis.
You have a point. The large touchscreen can be distracting.
We try to be mindful of the necessities, as I am guessing most HD folks do. Try just to go once a week for groceries. Keep a list for places like there, Costco, and the hardware store. Spouse will spend on the garden like Ed. We also like to feed the birds in the winter, which I know is a luxury. Just have one streaming service and an antenna for tv. We are spending more last year and this year so far visiting family out of state, but most of you know about Spouse’s brother with ALS and his mom with dementia. We pay for a membership to our local Y and it would be one of the last things we would cut if we had to. Chris
Chris – thanks for commenting. I think our YMCA fees are getting a bit expensive, but I can’t imagine dropping the membership unless I just didn’t go there anymore. In addition to the facilities the Y provides for folks like me, it also provides for people in the community at large that need assistance. Sorry for the family trials you and your spouse must address. Many of us have experienced similar situations.
Some Medigap supplement plans include a no additional cost benefit to Silver&Fit that covers the cost of Y membership depending on the plan you have and the state you live in. The local Y where I live is covered and I strongly agree that they well serve my community.
William – thanks for your thoughts. My first Medicare Advantage plan covered the YMCA fees. I changed two years ago to a more generous plan from the standpoint of medical coverage, but I had to start paying my YMCA fees again.
Jeff, thanks. I am thinking about making a post about the family stuff but haven’t quite figured out what I want to get advice on yet. Agree about the Y. Chris
I’m a pretty hard-core minimalist and buying ‘things’ generally doesn’t bring me joy. When I do spend it tends to be on gear for doing things – my most recent purchase was an ultralight sleeping bag for backpacking. I bought it from Z-packs; a small company in Florida that makes their products themselves. I had been meaning to purchase it on Feb 28, but like you I participated in the Nationwide Economic Blackout. I go out of my way and will spend more to avoid companies like Amazon and Walmart.
Cecilia – thanks for your comment. I used to save and plan for purchase of backpacking and camping gear, but now I just use what I already own. We don’t even camp that much anymore.
I tend to do the same (i.e. use what I already own), but my sleeping bag was 25 years old, leaking feathers and so not very warm; it was time for a replacement. As I get older, I find it’s more challenging to carry the weight I could when I was younger, so swapping out for ultralight gear is making multi-day backpacking trips possible.
I still use a 20-year-old down REI bag, I think it was called the 2K because it weighed less than 2 kilos.
Jeff, I think you mean spending beyond necessities, which in itself is subject to definition. Some folks need more–or more expensive–things to live their version of a comfortable life.
Beyond my list of monthly needs, my regular purchases start with a haircut every three weeks, which is nearly my sole cash transaction. I also make stops at the farm supply store every few weeks for seed or other garden needs. I buy mover blades and saw chains every now and then from my dealer friend at his shop, and give him cash as well. I buy mail-order seeds about twice a year. Every now and then I stop by the hardware store for home maintenance or repair items. And about once a year, I go on a volume shopping trip to an outlet store to stock up on clothes.
That’s been my regular schedule for several years. But for the past year, my wife and I have spend an increasing amount on long-weekend travel, and expect to do more, along with more frequent restaurant meals for date nights.
Edmund – yes, spending beyond necessity is exactly what I was getting at. Without being specific, that’s why I referenced our bills being on automatic payment. Thanks for the comment.
Also, I find my life is happier if I occasionally bring home chocolate for my wife.
What a guy—date nights—and chocolates. I can see that you made your wife’s life happier too.
Reciprocity…