When 25, 60-65: your spending habits

[shootingstar]

Today, when poring over some lovely dresses, tops which I didn't buy:  I realized how little I changed about clothing purchases now & back when I was 25 yrs.  Unlike a lot of women, I spent a lot less money on fashion, clothing. Just pickier, also I sewed my own suits, dresses, tops for 10 yrs.for my jobs ..until cycling passions bit me.

Still, I liked the shoes, purses ...and books.

Now over 3 decades later, it's been more some cycling stuff, nice casual wear, pleasant cafe experiences.. nice shoes every few years. I'm still working....just stop myself from buying business wear now, unless critical need:  seriously girl, are you going to be wearing that in 3 years?

No, I didn't spend on booze back then. It doesn't take much to get moi drunk. 

[Ralphie ★]

I was cheap froogal then, I'm cheap froogal now.

 

[shootingstar]

1 hour ago, RalphWaldoMooseworth said:

I was cheap froogal then, I'm cheap froogal now.

 

It sounds more chic /groovy.  

In a mid-scale store today, I realized if I won the lottery, my clothing desires were still not upscaled enough to designer level. Just well-cut, good fit and interesting, is good enough for me.

[Further]

I wear jeans & tee shirts in the summer, jeans & sweat shirts in the winter.

I was born with nothing, I'll die hanging on to it

[shootingstar]

24 minutes ago, Further said:

I wear jeans & tee shirts in the summer, jeans & sweat shirts in the winter.

I was born with nothing, I'll die hanging on to it

Right, now when I'm on the job, I can't even wear black jeans except on Fridays (any colour of jeans, etc.)  I have a boss who has reprimanded those who cross the line. It's kinda ridiculous since we are all clean/neat dressers.  Prior, I worked for another dept., where I wore black jeans 50% of all work days, in the office. Even when giving presentations.

Gonna milk current dress wardrobe as far as I can.

[shootingstar]

oop;s

[MickinMD ★]

The short story:

When I got my first job after finishing graduate school in chemistry, making $16,000/year in 1977 (about $68,000 in 2019 dollars) I was still living in my parents house and bought them their first color TV, a 25" one for $250. I had a guilt headache for a week for spending that much money without a dire need for it.

Once I reached the point where I could live beneath my means, save as much as I should, and still have enough left over to spend more on fun, I spent money on cruises, trips to places like China, etc. But I never felt it was necessary to spend huge amounts on clothes, shoes, restaurants except for the occasional splurge. Even today, I get most of my groceries from places like Aldi and Walmart.  This week, I bought an excellent pair of jeans at Walmart for $10.40. I own 7 credit cards and use the right one in the right place at the right time to maximize cash-back and get about $800/year.  Minimizing such spending allows me to do foreign vacations, weeklong fishing vacations, etc.

The long explanationL

Let me explain why my sister, brother, and I have always felt guilty of spending a lot, eventually loosened up a little, but stayed conservative enough to be in very comfortable financial positions as we age.

I grew up in a family with a WW2-disabled father with a next-to-nothing veteran's pension and an underpaid mother that bought a house on the GI Bill after WW2 and if my parents hadn't, they wouldn't have been able to afford to rent an apartment most years and were so lucky the mortgage was around $55/month and didn't rise much as time went on. I went to a Catholic Elementary School in the 50's and 60's where the tuition was $20 per year. Some years the Parish waived it because my parents couldn't afford it.

No vacations, sometimes no gloves in winter, and spread the jam thin to make the jar last.

We didn't have a car in the family until I realized I'd need one if I wanted to commute to college, quit high school sports, got a job at a fast food place and saved for the car and college in my last year of high school, working 24-48 hrs/week during the school year.  I would clear up to around $55/week and allowed myself $5 to take my girlfriend to the drive-in on Friday nights.  I worked my way through undergrad college at UMBC and got a full-scholarship to IIT ($9900/yr, about $50,000 now) and a teaching assistantship ($325/month, about $1700 now).

We didn't the get $325/month in the summer but had to stay and do research. One August, I realized I had $7 for fun for the whole month. I browsed through a bookstore and saw a book called Chess for Match Players by British Champion William Winter. Inside were all those terms I saw in Sunday newspaper chess reports: Sicilian Defense, Ruy Lopez, etc.  It cost $7.  I bought it.  That was my fun for August - and led to me playing in tournaments, eventually playing in the U.S. Open and winning a couple small tournaments. I reached the semi-finals of the 1977 Golden Knights, the U.S. postal chess championships, and am a rated expert (2116 official rating) by the U.S. Chess Federation.  Today, I'm a chess.com member of Team USA, Team USA Southeast, and Team Maryland.

After I achieved a comfortable financial position and bought a house, I began to spend money on things like trips to places like China, cruises, etc.  I bought new cars, but only as much as I needed and kept them for 10-17 years.  I'm frugal but not to the point of being a miser: I just make sure I live beneath my means, keep a budget, and spend as it allows. When we have a large summer party, I'll buy crabs for the group. When I have a restaurant lunch with friends or relatives that are not financially well, I'll pick up the check.  When I learn an out-of-state cousin won't get her painful teeth fixed because she's out of money, I send her a check to cover it.

After the childhood I experienced, I am thrilled I've had a life with mostly no serious financial stress.

 

[Prophet Zacharia]

3 hours ago, MickinMD said:

The short story:

???

[Longjohn ★]

4 hours ago, MickinMD said:

The short story:

When I got my first job after finishing graduate school in chemistry, making $16,000/year in 1977 (about $68,000 in 2019 dollars) I was still living in my parents house and bought them their first color TV, a 25" one for $250. I had a guilt headache for a week for spending that much money without a dire need for it.

Once I reached the point where I could live beneath my means, save as much as I should, and still have enough left over to spend more on fun, I spent money on cruises, trips to places like China, etc. But I never felt it was necessary to spend huge amounts on clothes, shoes, restaurants except for the occasional splurge. Even today, I get most of my groceries from places like Aldi and Walmart.  This week, I bought an excellent pair of jeans at Walmart for $10.40. I own 7 credit cards and use the right one in the right place at the right time to maximize cash-back and get about $800/year.  Minimizing such spending allows me to do foreign vacations, weeklong fishing vacations, etc.

The long explanationL

Let me explain why my sister, brother, and I have always felt guilty of spending a lot, eventually loosened up a little, but stayed conservative enough to be in very comfortable financial positions as we age.

I grew up in a family with a WW2-disabled father with a next-to-nothing veteran's pension and an underpaid mother that bought a house on the GI Bill after WW2 and if my parents hadn't, they wouldn't have been able to afford to rent an apartment most years and were so lucky the mortgage was around $55/month and didn't rise much as time went on. I went to a Catholic Elementary School in the 50's and 60's where the tuition was $20 per year. Some years the Parish waived it because my parents couldn't afford it.

No vacations, sometimes no gloves in winter, and spread the jam thin to make the jar last.

We didn't have a car in the family until I realized I'd need one if I wanted to commute to college, quit high school sports, got a job at a fast food place and saved for the car and college in my last year of high school, working 24-48 hrs/week during the school year.  I would clear up to around $55/week and allowed myself $5 to take my girlfriend to the drive-in on Friday nights.  I worked my way through undergrad college at UMBC and got a full-scholarship to IIT ($9900/yr, about $50,000 now) and a teaching assistantship ($325/month, about $1700 now).

We didn't the get $325/month in the summer but had to stay and do research. One August, I realized I had $7 for fun for the whole month. I browsed through a bookstore and saw a book called Chess for Match Players by British Champion William Winter. Inside were all those terms I saw in Sunday newspaper chess reports: Sicilian Defense, Ruy Lopez, etc.  It cost $7.  I bought it.  That was my fun for August - and led to me playing in tournaments, eventually playing in the U.S. Open and winning a couple small tournaments. I reached the semi-finals of the 1977 Golden Knights, the U.S. postal chess championships, and am a rated expert (2116 official rating) by the U.S. Chess Federation.  Today, I'm a chess.com member of Team USA, Team USA Southeast, and Team Maryland.

After I achieved a comfortable financial position and bought a house, I began to spend money on things like trips to places like China, cruises, etc.  I bought new cars, but only as much as I needed and kept them for 10-17 years.  I'm frugal but not to the point of being a miser: I just make sure I live beneath my means, keep a budget, and spend as it allows. When we have a large summer party, I'll buy crabs for the group. When I have a restaurant lunch with friends or relatives that are not financially well, I'll pick up the check.  When I learn an out-of-state cousin won't get her painful teeth fixed because she's out of money, I send her a check to cover it.

After the childhood I experienced, I am thrilled I've had a life with mostly no serious financial stress.

 

Good explanation. 

[shootingstar]

In my 20's after university, my idea of splurging was a restaurant meal.  That's because I probably only ate out less than 20 times...during 5 yrs. of university. 

Now I go to cafe several times per wk. I know.....poor kids are eating out all the time.  

[Tizeye]

Today have more expensive toys. Also, when I was 25, gas was around $0.25/gal.

[Airehead]

When I was 25, I adopted 3 children. Enough said. We never had money for extras. We had what we needed and always it seemed enough for my husband to buy mandolins and guitars and fiddles and stuff. He needed those for work and often bought and sold for profit. 

[sheep_herder ★]

Married with one child and living in a 43x8' mobile home in Fort Collins, CO.  Was in graduate school and we watched our pennies very closely.

[Prophet Zacharia]

I was a poor graduate student at age 25. And I’m not yet in my 50’s let alone 60’s. So... push?

[Razors Edge ★]

2 minutes ago, Prophet Zacharia said:

I was a poor graduate student at age 25. And I’m not yet in my 50’s let alone 60’s. So... push?

Yep. Making ends meet at 25 - paying off college bills, general stupidity, and then establishing a "clean" starting point for a career and a positive financial future.  Not to the 50s yet either - but SOON!

[shootingstar]

8 hours ago, Razors Edge said:

Yep. Making ends meet at 25 - paying off college bills, general stupidity, and then establishing a "clean" starting point for a career and a positive financial future.  Not to the 50s yet either - but SOON!

So you are still a "teenager", Razor? 

 

[shootingstar]

9 hours ago, Prophet Zacharia said:

I was a poor graduate student at age 25. And I’m not yet in my 50’s let alone 60’s. So... push?

I did not perceive you as under 50, PZ.

[sheep_herder ★]

There are a lot of young folks on the forum.

[Bikeguy]

I’m 64 now, so I’m qualified to respond. ?

When I was 25, I was single and had 2 cars. My Z28 Camaro and a Chevy Citation to drive to work.

I got married 2 years later and that changed everything.  Which was a good thing.

During the 90s our company had some difficult times.  I had to re-apply for my job 2 or 3 times.  There were many other layoffs, etc… maybe 12 years of being on the bubble to lose my job.  And to make it worse my wife worked at the same company (where we meet) and she could have lost her job too.

We learned to live well below our means.

Now I still have 2 cars, a 2016 Prius and a 2010 Forester.  And my wife has her 1997 Honda Prelude (never driven in the snow) which she loves to drive. 

2 things I learned.   Living below your means is VERY good thing.   

And the other….  Don’t overlook opportunities.  Back before I purchased that Z28 Camaro, one of my dad’s friends offered to sell me 40 acres of land (which had a lot of lake frontage) in northern Wisconsin for $10,000.  Yeah, I was young and stupid and purchased the car.

[Prophet Zacharia]

1 hour ago, shootingstar said:

I did not perceive you as under 50, PZ.

I guess I have an old soul. Kiddos still in high school. Work still to be done.

[shootingstar]

44 minutes ago, Bikeguy said:

2 things I learned.   Living below your means is VERY good thing.   

And the other….  Don’t overlook opportunities.  Back before I purchased that Z28 Camaro, one of my dad’s friends offered to sell me 40 acres of land (which had a lot of lake frontage) in northern Wisconsin for $10,000.  Yeah, I was young and stupid and purchased the car.

You misplaced the lottery ticket.

[Bikeguy]

38 minutes ago, shootingstar said:

You misplaced the lottery ticket.

exactly...