it’s all about the benjamins
April 23rd, 2007 @ 10:16 pm | miscellany | Post a CommentWhen we got married, husband and I decided to join our finances completely. I find financial chores like paying bills, balancing the checkbook, reconciling statements, and all that stuff really mundane, and I don’t want to do any more of it than absolutely necessary. It’s been a few months now, but we are almost down to one checking account, one savings account, one credit card, etc. Our strategy is to streamline everything.
We’ve also been eager to get ourselves on a financial plan but have held off until we know what our annual income is going to be and if we are going to buy a condo anytime soon. But it’s hard to make a definitive plan and stick with it when our variables are, well, very variable. (Somebody get that girl a thesaurus!)
Just because we don’t have an actual plan to get rich (other than to live below our means as best as we can) doesn’t mean I can’t dream about getting rich! A recent post by -R- about what she would spend her hypothetical riches on (and what she wouldn’t spend it on) got me thinking.
Let’s say you’re at a point in life where you can buy pretty much whatever you want. Not rich enough to buy yourself a trip to outer space or anything, but rich enough that you can blow $200K at Barney’s without your husband divorcing you. I imagine I wouldn’t be able to give up all my thrifty habits and there would be some things I simply wouldn’t want to buy. What luxuries would you splurge for? What things would you choose not to buy even though you had the money?
Here’s my list:
Splurge: Manicures, pedicures, facials.
Save: Expensive haircuts or coloring.
Splurge: Unique and/or artisan things for my reasonably sized home, including nice furniture and artwork.
Save: A big huge boring house. (aka McMansion)
Splurge: A driver.
Save: A fancy car. (Seriously, just give me the driver, bonus if he is a hottie.)
Splurge: Vacations. (Preferably with husband and margaritas.)
Save: A boat. Just no. I don’t really like water that much, and I always feel like there is anarchy when lots of boats are sharing not a lot of water and I’m convinced it can’t really be very safe.
Splurge: A personal chef who will cook me healthy, sustainable, local organic foods.
Save: Eating out at high end restaurants and ordering expensive wine.
Splurge: Apple products, such as my beloved Macbook and damn do I want an iPhone.
Save: HDTV, DVDs, and most other electronic-y stuff.
Splurge: Charity. I hope my generosity would be propotional to my wealth.
Save: Fancy jewelry. My $3.00 clearance earrings from Kohl’s suit me just fine, thanks.
Splurge: Lessons/classes in painting, martial arts, Spanish, cooking, or whatever hobby I feel like dabbling in.
Save: Designer purses. I’m frequently tempted but ultimately unconvinced that a name brand purse will make my life any better.
So tell me, how would you splurge and how would you save? Leave yours in the comments or on your own blog. And no you are not allowed to date my hot driver, he is all (hypothetically) mine!
SAVE: Fancy jewellery as well. I don’t wear much anyway.
SPEND: Nice clothes and shoes. They last forever and I always feel better wearing nice clothes.
SAVE: Fancy cars. I like my little Toyota!
SPEND: On a big aviary with lots of wonderful birds that I could love and take care of.
written by E :)
April 23rd, 2007 @ 11:10 pm
my boyfriend and i were just discussing what we’d do if we won the lottery tomorrow. i said i’d splurge on a personal trainer and personal chef. i think i’d save on a big house or fancy car. i like what i got…
written by k
April 23rd, 2007 @ 11:31 pm
I like this one, too. I’m totally with you on the cars. I’ve driven a Honda Civic since I was 16 (it was a 1987), and I swear, that’s all I’ll ever need!
written by Laurel
April 24th, 2007 @ 6:28 am
wow.. this is tough… I would probably be more likely to upgrade home, and electronics (once you’ve had HD.. it can be hard to watch regular… seriously) As for the car, I’d probably keep the Corolla (the T.C. as we call it) but possibly look into getting another car.
I’d probably keep cooking for myself, but really start to splurge on organic and quality… I figure at this point I won’t be working and cooking is something I enjoy.
written by Jane
April 24th, 2007 @ 6:48 am
Some things I just couldn’t justify spending big money on EVEN if I had it handy. Like a lot of clothing stores, the high priced ones. I could find STACKS of better bargains that aren’t brand name.. and then I’d be able to buy more… right?
But I’d splurge on DVDs. And shoes. And things I can buy online. And pets. Lots of pets. Yep!
written by alyndabear
April 24th, 2007 @ 7:05 am
I totally agree about the designer purses. While it would be fun to have a coach bag or something, I just thing it’s not at all worth three or four hundred dollars. Especially when there are excellent purses to be had for under $25.
written by Janssen
April 24th, 2007 @ 7:49 am
Splurge: Vacations and time away with the husband
Save: Vacation homes. Just one more thing to have to worry about maintaining.
Splurge: Pants that are tailored to fit.
Save: Shoes. I get confused if I have too many.
Splurge: Personal trainer to get my butt (and other things) in gear
Save: A gardener or landscaper–I like doing it on my own
written by Kori
April 24th, 2007 @ 8:14 am
Hmm. I’m more of a saver than a spender in general, though the husband would probably not so much agree… BUT I would splurge on books, a nicer car, and building our own house. Saves would be eating out, shoes, haircuts, and electronics.
written by RA
April 24th, 2007 @ 8:47 am
I’m with you on most of this stuff, although I would probably prefer to drive my own car, despite having a (hypothetically hot) driver.
written by Marriage-101
April 24th, 2007 @ 8:50 am
I’d probably spend more money on decorating our house. I would still buy clothes off the sales rack at Banana Republic and other stores, but I would buy more of them, and actually buy stuff on sale at Anthropologie. Probably a few more pairs of shoes, too. But I’m with you about the fancy car - I’m perfectly happy with the one I have and I will never have any desire to buy a designer purse. I also agree with you about the charitable giving, vacations, and dipping into hobbies. All excellent ways to spend extra cash!
What a fun post.:-)
written by Sijbrich
April 24th, 2007 @ 9:34 am
I LOVE the 200k spending spree at Barney’s! It would be nice just to be able to treat myself (and my friends sometimes) without going into the poor house. I would splurge on vacations and fun trips but I would likely still save on vehicles etc as I don’t really care if I am driving a Bentley or an omni as long as it gets me around and has A/C!
written by Jules
April 24th, 2007 @ 9:50 am
I agree with you 100% on most of your save/splurge choices, but:
Splurge- semi fancy car (brand new ford mustang convertible)
Save- driver. Unless he’s my DD.
Splurge- I would buy one very expensive bag (probably Chole) and these prada sunglasses that I AM OBSSESSED WITH (and walk through Saks occasionally to try them on and sulk)
I am such a loser.
written by Julie
April 24th, 2007 @ 10:34 am
My list is here!
written by Melissa
April 24th, 2007 @ 10:35 am
Hmmm… this is a tricky one.
Splurge: vacation! vacation! vacation!
Save: fancy-schmancy car.
Splurge: shoes, great (but not necessarily “designer”) clothes.
Save: the house, I don’t need something huge - I would rather have something comfortable.
Splurge: cultural enrichment like the symphony, ballet, touring shows, concerts, lessons, classes, etc.
Save: the techno-gizmo’s. I need a laptop and a great digi-camera… but I don’t watch TV enough to even warrant having a basic cable package. (here in the Mountain-West, you gotta have cable to get ANY reception whatsoever)
written by heidikins
April 24th, 2007 @ 11:06 am
Oh boy, you’ve done and ask us the Million Dollar Question :D.
Splurge: Personal trainer, BMW (not for the status but for the fun of driving it (I’ve owned one before)), facials, pedicures, good shoes, green cottage on an acre, wood working shop (for hubby), vacations, rustic antique furniture, music lessons, a canoe for my lake, green appliances, Japanese soaking spa, central vac, house cleaner, season passes to an aquarium, concert series, and opera/symphony/plays, art collected from my travels, two horses.
Save: Personal chef (Hubby does that), Hummer (ew!), Rolls, Jaguar, Porsche, Mazarati or any of those types of vehicles, tailored clothes, huge house, city living, gardener (do it myself), designer purses, big diamond rings, flashy gold jewelry, manicures, dyed hair, dog walker, eating out at high end restaurants, laundry maid, driver, marble floors.
Basically: I like to work hard but I also like to enjoy life. I don’t want to be spoiled and have everything handed to me. I want to be a natural person who treats the earth and envrionment well and who gives back to the community. And to live modestly.
written by Chiada
April 24th, 2007 @ 11:26 am
Splurge: Home with pool in tropical location.
Save: Boat; I’m against any hobby that requires so much maintenance.
Splurge: Vacations. Especailly one back to Barcelona (maybe even a little apartment there) and italy. And a mediterranean cruise. And hawaii and australia.
Save: Designer clothing. I may trade in my old navy stuff for something a little nicer and longer-lasting, but I will never be able to justify spending $200 on a tshirt.
Splurge: A never-empty liquor cabinet/wine supply.
Save: On the wine. I’m happy with my $7 bottles of yellowtail, thank you!
Splurge: Nice non-hand-me-down furniture.
Splurge: Unlimited home improvement projects and landscaping (combo of DIY and having the professionals come in when needed).
Save: Jewelry. I’m not a big fan of lots of bling anyway, so I’ll stick with the small inexpensive stuff.
Splurge: Laptop with wireless internet and a fancy new blog design that comes with someone to fix it whenever i can’t figure it out.
Splurge: Organic food. No more of this frozen crap that we’re forced to eat now.
Okay, this is the longest comment ever. But it sure was fun!
written by Audrey
April 24th, 2007 @ 11:29 am
PS Love your “cute shoe fund” bar. Fantastic! Does that count under the “splurge” category, or the “save” category?
written by heidikins
April 24th, 2007 @ 11:41 am
When I first read this I thought you were saying you WANTED a McMansion and I almost died. I had to go back and reread it.
Splurge: trips, vacations, holidays…whatever you want to call them.
Save: $$ designer clothes (there is no thrill like the thrill of finding an awesome sale item.)
Save: more then one car
Splurge: more vacations
written by Isabel
April 24th, 2007 @ 11:49 am
I’m such a jerk because I would totally splurge on many of your save items. (Hello - expensive haircuts and color would be my bread and butter!) But I will say I would never want a “McMansion.” If I can’t find hubby without a good shout then then house is toooooo big for me to be comfortable!
written by alison
April 24th, 2007 @ 12:27 pm
a lot of my choices are the same as yours. i’d probably keep shopping where i do now, but buy a few more outfits or pairs of shoes. i also would splurge on spa days every month, i would get a personal trainer and i would build my dream house.
i would save on a chef or gardener. my husband and i like doing things like that ourselves!
written by cady
April 24th, 2007 @ 1:31 pm
Oh lord, now I feel like such a nerd! I’ve got SO many splurges….It’s going to have to be a whole post. I’d better start to think of the saves..hahaha
written by Maya
April 24th, 2007 @ 2:47 pm
Post is up here: http://chocklate2.wordpress.com/2007/04/24/champagne-taste-beer-budget /
written by Maya
April 24th, 2007 @ 5:17 pm
Personal chef- that is a good one that I wish I would have thought of!
written by -R-
April 24th, 2007 @ 9:41 pm
[...] Q. How did you feel about combining finances with your husband? Whose advice, if any, did you solicit? A. When my husband and I first moved in together (as boyfriend and girlfriend), we kept a running tab of who paid for what and tried to keep things pretty even. After about a year, this system started to fall apart because we got lazy about tracking things. By the time we got married, we both had a good idea of each other’s spending habits, and we felt ready to merge everything together. [...]
written by Long Relationships » Blog Archive » Q&A: Couples’ Finances
April 25th, 2007 @ 8:57 am
Good luck with that. Marital money can be a real challenge sometimes. Trust me… http://fiddley.com/archive/200611/fool_me_twice
written by Pete Dunn
April 25th, 2007 @ 10:43 am
My list is posted on my site! Thanks for the great idea…although I feel kind of materialistic after reading your list!
written by Jenni
April 25th, 2007 @ 2:36 pm
Yeah, I’m totally feeling shallow now. I’d totally splurge on just about everything. Okay, maybe not the car - I’d get a Land Rover (kind of a splurge, but not compared to some other things) Definitely the spa and hair stuff.
I’d totally splurge on a personal trainer and take some mad cooking lessons so I could actually, uh, make food that is healthy. And then I wouldn’t be able to wait to outfit my newly toned healthy body with designer clothes!
Until then, I’ll stick with the designer accessories.
written by Aimee
April 25th, 2007 @ 5:01 pm
They talked about this on 107.3 the other afternoon. Chili (is that her name?) has a friend who, in college, never bought Kleenex because she was counting pennies, and even though now she can afford it, she can’t bring herself to buy it.
written by Erika
April 27th, 2007 @ 7:57 pm