Big Blue Huddle

While the economy is basically stagnant, but the Stock Market is booming, many people are still watching their pennies. But I was thinking is there something that, no matter what, you always splurge on even if you know you shouldn't, or even can't afford it? Some people splurge on clothes, on cars, on accessories for their homes, and even on that morning coffee. Do you have one thing that you have top have no matter what the cost?

I thought about this for a while and basically, myself and my wife, are pretty frugal about most things. It's not that we can't afford something but growing up more poor than middle class, I refuse to way overpay for something, knowing I really wouldn't enjoy it if I did.
That said, I guess our one 'vice' is cruising, which we do no matter what. We love to travel, but cruising is our nirvana in that we just love it no matter what. We have been on over 40 cruises and if we count up all the money we have spent on it over the years, yooowwweeee, but it is our passion as we age. We never did this while our kids were at home, but now, again, it is our one true expense that we will indulge in no matter what.

I think spending and saving habits vary greatly from individual to individual and household to household, but I think it's probably correct to say that, in general, most Americans who are at least lower-middle income level or higher probably have at least one or two things that are a bit looser about spending on than others, whether it's travel, certain kinds of foods, handbags, getting every new IPhone that comes out, cars, whatever. I would agree with that being the case, yes.

Quote from: LennG on March 23, 2024, 07:28:02 PMWhile the economy is basically stagnant, but the Stock Market is booming, many people are still watching their pennies. But I was thinking is there something that, no matter what, you always splurge on even if you know you shouldn't, or even can't afford it? Some people splurge on clothes, on cars, on accessories for their homes, and even on that morning coffee. Do you have one thing that you have top have no matter what the cost?

I thought about this for a while and basically, myself and my wife, are pretty frugal about most things. It's not that we can't afford something but growing up more poor than middle class, I refuse to way overpay for something, knowing I really wouldn't enjoy it if I did.
That said, I guess our one 'vice' is cruising, which we do no matter what. We love to travel, but cruising is our nirvana in that we just love it no matter what. We have been on over 40 cruises and if we count up all the money we have spent on it over the years, yooowwweeee, but it is our passion as we age. We never did this while our kids were at home, but now, again, it is our one true expense that we will indulge in no matter what.

Lenn: To answer your question, we have about three acres of land which is ALL garden. Not just grass. It's like living in Longwood Gardens, but slightly smaller. lol  We "splurge" (mostly out of necessity) on the best garden tools, equipment, supplies and implements as are available. It's a lot of work but we've been able to keep up for about 25 years.

Which brings me to... we're finally downsizing and moving nearer our daughter (only child) and grandchild (again, she's an "only") to Stewartstown, PA, which no one has ever heard of (down I-83 from Harrisburg to the last exit before Maryland). Building a house which is almost done (we'll be a half-hour easy drive to see the Yankees when they visit the Orioles).

A comment about the bold type above... I disagree in the sense that it's a "class" thing.  Our generation has all the money and there are a lot of us (still). We got it by "watching our pennies" as you say, and it wasn't handed to us. So that is never going to change.  But we have a lot more than the generations behind us.  They will IMO never know the type of life we have (that applies especially to the groups two and three generations behind us; the generation immediately behind us will struggle but IMO still not do too badly).

Bob

Bob,

To clarify, by "class", I was simply referring to disposable income level and/or available savings level. Not any sort of social class concept.

I think how much loose cash flow one has lying around is generally going to directly correlate to his/her ability or willingness to spend more robustly on non-essential things. I understand that there are wealthy people who still pinch pennies and that there are less well off people who spend aggressively, but over the whole population I would say that correlation is pretty clear.

Quote from: DaveBrown74 on March 24, 2024, 07:38:47 AMBob,

To clarify, by "class", I was simply referring to disposable income level and/or available savings level. Not any sort of social class concept.

I think how much loose cash flow one has lying around is generally going to directly correlate to his/her ability or willingness to spend more robustly on non-essential things. I understand that there are wealthy people who still pinch pennies and that there are less well off people who spend aggressively, but over the whole population I would say that correlation is pretty clear.

DB: I hadn't yet read your post when I wrote mine.  The line at the bottom (which I have erased) was something I intended to direct to Lenn's first sentence, but I didn't want to raise another issue. Since you mentioned it, however, and since it had also occurred to me, I'll elaborate. I believe to an extent our generation (and social class) have all the money. The bad news is that IMO we DO make it worse for generations behind us by not pinching our pennies tight enough when money for those generations gets tight. The good news is... for the same reason, we also have the means to support the overall economy when it's shaky... and prevent a complete collapse. Bob

Quote from: Bob In PA on March 24, 2024, 07:49:29 AMDB:
DB: I hadn't yet read your post when I wrote mine.  The line at the bottom (which I have erased) was something I intended to direct to Lenn's first sentence, but I didn't want to raise another issue. Since you mentioned it, however, and since it had also occurred to me, I'll elaborate. I believe to an extent our generation (and social class) have all the money. The bad news is that IMO we DO make it worse for generations behind us by not pinching our pennies tight enough when money for those generations gets tight. The good news is... for the same reason, we also have the means to support the overall economy when it's shaky... and prevent a complete collapse. Bob

Bob,

I agree with all that. I have often felt that our generation (I'm 49, so Gen X roughly) is better off since our parents were raised by folks who lived through the Depression and WW2 as adults, and were forced to make significant sacrifices. The 50s were obviously much better economically than the previous 20 years, but Americans didn't throw their money around recklessly in that decade. They built and saved. Slowly though, those types of values have eroded. For those who are well off, they haven't really needed those values in more recent years, because stocks constantly do nothing but go up meteorically, unless there is some crisis (2008 financial crisis, covid), in which case the decline is only temporary because the government throws massive spending, quantitative easing, and bailouts at the problem, causing the market to not only recover but subsequently rip to new highs.

I don't want to hijack Lenn's thread and turn this into a discussion about government policy and the stock market, because that was not the intent of the thread, but it does have something to do with the way people spend and behave, particularly at the higher income levels. Even at the lower income levels, we have seen things like bailing student loans out at the expense of the taxpayer and the like, which is teaching people to just spend and not worry too much about it.

Where it all ends up, I don't know, but I definitely think attitudes towards spending/saving look very different today (across most income levels) than they did a few generations ago.

Quote from: Bob In PA on March 24, 2024, 07:17:24 AMLenn: To answer your question, we have about three acres of land which is ALL garden. Not just grass. It's like living in Longwood Gardens, but slightly smaller. lol  We "splurge" (mostly out of necessity) on the best garden tools, equipment, supplies and implements as are available. It's a lot of work but we've been able to keep up for about 25 years.

This sounds wonderful, Bob. I am envious!
To answer Lenn's original question, I would say the thing I splurge on the most would be buying tickets to live events, mostly concerts. We don't go to too many, but when it is something we really want to see or experience, I will bite the bullet and pay the price. I think the first real big time "Rock Concert" I went to, I paid $8.00 and had a great seat. The latest we went to cost us close to $100.00 a ticket and the seats were nowhere as good, HAHA!
(some shows we have paid even more than that)
My reasons for "splurging" on these events are first - it is good family time for us. Believe it or not, our kids enjoy the same music my wife and I do. Secondly - most of my favorite bands are really getting up there in years and you never know when it will be the last time you get to see them.
I'm sure there are other things I probably spend a bit too much on, but live events is the first thing that came to mind.

Quote from: ozzie on March 24, 2024, 09:17:04 AMThis sounds wonderful, Bob. I am envious!
To answer Lenn's original question, I would say the thing I splurge on the most would be buying tickets to live events, mostly concerts. We don't go to too many, but when it is something we really want to see or experience, I will bite the bullet and pay the price. I think the first real big time "Rock Concert" I went to, I paid $8.00 and had a great seat. The latest we went to cost us close to $100.00 a ticket and the seats were nowhere as good, HAHA!
(some shows we have paid even more than that)
My reasons for "splurging" on these events are first - it is good family time for us. Believe it or not, our kids enjoy the same music my wife and I do. Secondly - most of my favorite bands are really getting up there in years and you never know when it will be the last time you get to see them.
I'm sure there are other things I probably spend a bit too much on, but live events is the first thing that came to mind.

oz: I envy you that particular luxury. Harrisburg (although it's the state capitol) is not really near a city big enough to host a lot of major events, although the nearby Hershey Arena does hold concerts during summer months (but the concerts mostly involve what I'd call "second-tier" groups). Example: although Taylor Swift (not that I'm a fan) is from Reading, PA, she has never to my knowledge made an appearance within 100 miles from us. Bob

 Not to hijack my own thread because I am still interested in the things members here consider 'splurge' worthy, but when we talk about this generation, I am amazed at their attitude towards things in general. What I mean, and I believe someone mentioned it already, this generation and maybe the one even before that is a see it, got to have it type of generation. Since I am old, my values were if we wanted something we worked and saved until we could afford it. When we married, we lived in a basement apartment for 5 years to save enough for our first house. I see my grandkids and it sure seems whatever they need or even desire, they get, maybe to keep up with others or just the fact that the parents don't want to tell them no. My daughter-in-law spends so much money on say Halloween costumes for the kids, something they probably couldn't care less about, and for what, to wear one day a year. My grandkids get taken to the mall seems every other week to just spend money on just wasteful things. At least to us, they are wasteful. I can see if this is all extra money, but my son works like a dog, sometimes 10-12 hours a day and they have no savings, but just spend it as soon as it comes in. It's not our business to even try and correct this pattern, but we see it all over the place from these new, see it, gotta have it generations.

Quote from: LennG on March 24, 2024, 06:33:10 PMNot to hijack my own thread because I am still interested in the things members here consider 'splurge' worthy, but when we talk about this generation, I am amazed at their attitude towards things in general. What I mean, and I believe someone mentioned it already, this generation and maybe the one even before that is a see it, got to have it type of generation. Since I am old, my values were if we wanted something we worked and saved until we could afford it. When we married, we lived in a basement apartment for 5 years to save enough for our first house. I see my grandkids and it sure seems whatever they need or even desire, they get, maybe to keep up with others or just the fact that the parents don't want to tell them no. My daughter-in-law spends so much money on say Halloween costumes for the kids, something they probably couldn't care less about, and for what, to wear one day a year. My grandkids get taken to the mall seems every other week to just spend money on just wasteful things. At least to us, they are wasteful. I can see if this is all extra money, but my son works like a dog, sometimes 10-12 hours a day and they have no savings, but just spend it as soon as it comes in. It's not our business to even try and correct this pattern, but we see it all over the place from these new, see it, gotta have it generations.

You're right, Lenn. Younger and middle aged adults and even teens these days are extremely competitive and obsessive about having the newest and best material possessions. With some people it goes to the point of desperation.

Quote from: DaveBrown74 on March 24, 2024, 06:38:44 PMYou're right, Lenn. Younger and middle aged adults and even teens these days are extremely competitive and obsessive about having the newest and best material possessions. With some people it goes to the point of desperation.

"Keeping up with the Joneses" - at least that's what it used to be called.

For me, I barely splurge. I guess my big splurge is sushi and expensive tuna steaks (a few times a year). Also, my cooking pots/pans/knives and utensils are at the top of the heap in quality (and cost) even though my primary skillet is cast iron that I've had for 45 years and use for most of my cooking. I splurge on electronics (TV, sound system, computer, a top-end Samsung phone. I'm not one who falls for the "conspicuous spending" trap (shirts, etc., with big name logo) clothes, or expensive suits

We splurge on creature comforts; as empty nesters with two grandkids, we sold our home three years ago and went bigger. More rooms, more living space, more land. My wife loves decorating and I love technology.

My current splurge is bowling balls and bowling tournaments

As soon as I retire in three years, we'll be joining Len and Doris on some cruises! 

Quote from: T200 on March 26, 2024, 10:34:06 AMWe splurge on creature comforts; as empty nesters with two grandkids, we sold our home three years ago and went bigger. More rooms, more living space, more land. My wife loves decorating and I love technology.

My current splurge is bowling balls and bowling tournaments

As soon as I retire in three years, we'll be joining Len and Doris on some cruises! 

Now that you have more room, you can do like Terry Bradshaw did in the movie "Failure to Launch", where he went "full Monty" in his new "naked room", the one thing he wanted after the kids moved out...LMAO

Quote from: T200 on March 26, 2024, 10:34:06 AMWe splurge on creature comforts; as empty nesters with two grandkids, we sold our home three years ago and went bigger. More rooms, more living space, more land. My wife loves decorating and I love technology.

My current splurge is bowling balls and bowling tournaments

As soon as I retire in three years, we'll be joining Len and Doris on some cruises! 

We'll be waiting.