Monday, October 8, 2018

Follow-up to September Recap and Why Thrift Matters

You may be thinking how ignorant it was to set out a savings target as I did for 2018 knowing the volatility of DH's salary. I can't argue-I did go into 2018 with rose colored financial glasses. Still, goals need to be set if there is any hope of reaching them. I won't ever regret the vacation. I have memories with my family, and created more hopes and dreams for future adventures. Both of those outcomes are priceless. The thing about a vacation like that, once you commit financially, it is really hard to pull out. I learned that with our blip and needing to change dates and expensive airline tickets charges. 

Stretch budgets though, trip aside, do a lot for my fortitude in being thrifty and wise at least most of the time, with our money. It made packing my lunch 95% of the time worth it. It made the search at second hand stores to replenish a few items in my wardrobe almost fun, and I hate shopping. Stretch budgets help you look at the needs in your life and evaluate if they are in fact needs are just wants that have become routine and no longer special. To me, that is crucial. It doesn't mean I'll cut things out of my budget automatically, but it does help me gain peace of mind to know if we truly had to have an austere budget, there is fat we can cut to do so. In that, it makes giving to others easier as well because foregoing a few extra wants means someone else's need can be fulfilled.

Because of my stretch goals, I want 2019 to be the year we look at additional cash earning schemes, particularly those that are passive. Life will change dramatically next fall when other than weekends home, we will truly be empty nesters with my non-work life not evolving around hDD2's extra curricular life. I'll strive to look at ways to reduce and reuse our consumption of non essential things, and find past times that are enjoyable, but with relatively little or no cost. I'll still develop a savings goal, highlighting the priorities of where we will spend those funds and track our progress. And, I'll start planning for the next big vacation. Maybe it won't be for another ten years, but if I'm here, it will happen. That is why thrift matters. 

13 comments:

  1. I agree. Thrift is very important, and a good trait to hone. I try to strive for thrift in all things. I'm not saying I succeed, but I strive for it. Today, I think the popular phrase is "living with intent." I've been doing that for a number of decades. As I get older, I am practicing more thrift in regards to my time. By that, I don't mean, "Oh, it takes too much time to peruse the thrift shops first for a need, I have better things to do," but rather "that obligation/person/issue is not a good return on my time investment, I think I will let it go."
    Currently, we are building a house. This mindset has been necessary in terms of the many decisions we must make. There are some areas that I have had to say to DH words to the effect of "Well, I decidedly DON'T want x, but have no preference over y or z, so you decide." I would exhaust myself otherwise.

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    1. You should write a guest post for me about being thrifty with time! I agree wholeheartedly that as much as I don't want to squander money on things of little value, my time is even more precious. Good luck with the house building. After moving my daughter from one apartment to another, I can't imagine what moving a whole household would be like. It has made me realize how much I need to declutter and minimalize our surroundings now an din the years leading up to downsizing homes.

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  2. I think your holiday was absolutely right. Saving needs some sort of goal whether it's a long term one like a wonderful retirement or a medium term one like a special holiday. And that was a special holiday!

    Great post.

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    1. A biggie of course in 2019 (and 20, 21, and 22) will be having enough set aside to pay for the following years college tuition and there are gaps there for sure. Still, a few savings goals towards memories will be essential to my mind as well.

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  3. I think your goals were wonderful. Setting a goal is necessary and readjusting a goal is part of the process. Your trip was fantastic and something you will talk about as a family for years.
    I am just glad to see that even with severe thrift you still allow yourself some indulgences.

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    1. Oh my wants in the budget are plenty. For the next few years though, they will need to be simple wants.

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  4. I agree with the others. Thrift is the way to go but it makes sense to treat yourself occasionally too. Memories are worth so much more than things!

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    1. I've never regretted money spent on trips, but looking around at the mass of things, I can't say the same about physical purchases.

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  5. I am thrifty/parsimonious. I think your trip was absolutely perfect.

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    1. I did not know what parsimonious meant. New word of the day.

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  6. If you always meet your goals, then you're not setting them high enough. :-)

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    1. No danger there. I excel at not hitting my goals!

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  7. I hope you are able to meet your goals! I set goals too but rarely meet them unless there is a deadline that I'm up against and it's tomorrow.

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