Welcome to our month long buy less plan! Read here to get caught up on what’s going on.
Product: Yesterday I gave a small-potatoes suggestion for limiting money wasted on entertainment. Today, here’s a big one. We are really good at spending lots and lots of money on toys.
But, you say, you don’t have kids? Well I’m not thinking about the kids’ toys.
Boats, snowmobiles, extra cars, fancy lawnmowers, big TVs, fancy grills, fancy grills (er, teeth)—all this stuff is an easy way to blow lots of money.
People who like to have these things usually have the same argument for buying them, “you only live once.” Well that’s true. You only live once. So why would you waste your limited resources on things that are so empty? One fancy TV in your twenties can equal 24 TVs in your retirement if you were to invest the money instead.
I am not advocating for no extra money spent on products used just for fun. Just don’t crazy with it. Buy used, buy infrequently, and by all means share what you have.
If you get the big TV, invite others to your house for the game; if you have a pickup, lend it to friends when they need to move furniture; if you have the fancy grill, invite others over for BBQ—so they can see and appreciate your shiny teeth, ha ha.
You have to use your resources to enjoy them for what they are truly worth. Money is not meant to be hoarded. We shouldn’t translate it into empty stuff and surround ourselves with empty reminders of what we have. We shouldn’t even stash it all away in a bank and keep it forever just so we can look at the numbers and feel successful.
If we use our money wisely we can limit the time we have to work. We can put in less overtime and put in less time overall (if we want, although no matter how much you enjoy your job, not many people want to work into their 70’s.)
We can’t be wise if we collect more and more toys.
Reason to buy less: A smaller house holds less stuff. A smaller house is cheaper in mortgage/rent payments and in property taxes (which continue on even if your house is paid off,) and in utilities.
Suggestion: Experiences—it’s where it’s at. The only place you have to store experiences is in your memory and your memory is a rockstar at storing experiences. It’s been studied time and again that kids remember what their parents did with them, not what they bought them.
The same goes for you. You will remember that time your Uncle Lenny did a belly-flop when all the family decided to meet at the neighborhood pool on that hottest day of the year. You will remember when that physics professor actually launched a catapult in the classroom. You will remember when you stopped and climbed over the cool looking rocks with your kids.
Now, sometimes memories do get attached to items, and that’s fine. However, if you do that too often you become a hoarder. Do you want to find worth in the 1,000’s of knickknacks you’ve collected over the years or in your ability to belly-laugh while pulling your spouse out of the snow hill he/she got himself/herself stuck in?
I’m not saying you have to go and get rid of everything you find close to you (although getting rid of a few would make that drawer not get stuck.) Just don’t buy more with the intention of using it to make you happy.
Experiences are very often totally free and if you find it worth it to spend money on an experience your dollar will go much further than on another gadget or pair of shoes.
photo credit: <a href=”http://www.flickr.com/photos/39415470@N02/8264213903″>Jewelry</a> via <a href=”http://photopin.com”>photopin</a> <a href=”https://creativecommons.org/licenses/by/2.0/”>(license)</a>