Are You A Cheapskate Or Spendthrift?

Discussion in 'Money & Finances' started by Ed Wilson, Mar 17, 2020.

  1. Ed Wilson

    Ed Wilson Well-Known Member
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    When I got out of college I was damn near broke, so when I started working my first desire was to build up a nest-egg and that persisted for most of my life. I didn't buy a new car until l was 40. Now that I'm retired I find myself financially comfortable but not necessarily wealthy, but the sense of thrift still persists. Doing some simple math, considering life expectancy and savings, I should be blowing a lot more than I do now, but it's still hard.
     
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  2. Frank Sanoica

    Frank Sanoica Veteran Member
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    @Ed Wilson

    Being Czechoslovak makes it even worse! We are known for our frugality. An opened billfold allows moths to fly out! The area where I grew up is known as the "Bohemian Wallstreet". Said to be one of the heaviest savings intense area in the US.
    Frank
     
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  3. Peter Renfro

    Peter Renfro Very Well-Known Member
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    I don't think I am a spendthrift, but I will not cheap out on stuff. Quality outlasts low price every time. I have responsibility money and I have my money. I always worked a decent blue collar job, made a decent blue collar wage,so did the missus. That is responsibility money. All my life if I wanted what the wife would refer to as a toy, I found casual work. I am a handy guy, I can operate equipment,drive truck,cab,limo, can work with cattle,build fence,etc. Never had a problem finding day work to subsidize my play.

    All that being said, my wife has her first communion dollar from grandma!
     
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  4. Ken Anderson

    Ken Anderson Senior Staff
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    I agree with Peter that, for most people, it makes sense to spend the money to buy something durable rather than dribbling your money away on cheap stuff that doesn't last long. At this point in my life, I couldn't care less about fashion and my wife sometimes has to tell me that I can't go out in public in whatever way I am dressed at the time, but I'd rather spend $30-40 on a shirt that will still fit and be wearable in two years than $5 on a shirt that won't survive two washings. I am somewhat less stringent when it comes to furniture now that I am nearing seventy, but a common argument between my wife and I have been over some of the pressed-board furniture she would bring home that wouldn't look good, to begin with, and we'd have to replace in a year or two. I don't demand heirloom furniture, but actual wood is nice.
     
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  5. Ed Wilson

    Ed Wilson Well-Known Member
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    Amen on furniture. I bought a Broyhill set of bedroom furniture years ago and it's nothing more than sawdust and glue. Handles were falling off and a bump in the corner will knock that corner off. On the other hand, I still have my parent's bedroom dressers, and they are solid, good old American wood and are built like a tank.
     
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  6. Mary Robi

    Mary Robi Very Well-Known Member
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    I'm frugal, which does not necessarily make me cheap. I'm definitely not a spendthrift but I do make some impulse purchases IF they make me happy.
     
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  7. Cody Fousnaugh

    Cody Fousnaugh Veteran Member
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    I've always had the idea, "cheaper doesn't always mean better" and go from there.
     
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  8. Yvonne Smith

    Yvonne Smith Senior Staff
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    Basically, I am a saver, and not a spender.
    When spending, I try to “choose my battles” carefully. When there is not really any difference between two product except the price (can of green beans, for example) then I am going with the store brand and save the money.
    On the other hand, when I buy yogurt, I will spend almost double, to have the exact kind of yogurt I enjoy, because the difference DOES matter to me.
    I like Fage Greek yogurt, and the store brand, even when it says it is Greek yogurt, is just not the same as the expensive brand.
    So I spend when it matters, and save when it doesn’t.
     
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  9. Al Amoling

    Al Amoling Veteran Member
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    Except for the bed we've got the same bedroom set from June 1959
     
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  10. Lon Tanner

    Lon Tanner Veteran Member
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    I have always Looked for good value and quality in things that I buy for myself or someone else. I am neither a Cheapskate or Spendthrift.
     
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  11. Bill Boggs

    Bill Boggs Veteran Member
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    I think maybe a little of both.
     
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  12. Craig Swanson

    Craig Swanson Greeter
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    Like Mary I am frugal without being a cheapo. Nor am I a spendthrift..mainly because I cant afford to be. I dont often buy the cheapest or the most expensive..but the in between.
     
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  13. Jim Nash

    Jim Nash Well-Known Member
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    Most of us oldies were taught to save for a rainy day. I had two friends who lived very carefully, built up a considerable bank balance, developed dementure, their savings disappeared like water down a drain while their bed partners had a wild life and paid nothing. The answer is obvious. None of us accept that mortality is inevitable.
     
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  14. Peter Renfro

    Peter Renfro Very Well-Known Member
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    Habits once formed are hard to break. I worked with two bachelor brothers. They lived with their parents,inherited the family home. Several times they were called into the office and ordered to cash their cache of pay checks. The younger drove an S=10 pick up that the box was rotted off of and replaced with a wooden flat bed. The older drove a VW beetle,in the winter they shared an old Power Wagon.
    Neither of them ever bought a lunch.When they were forced to take their vacation,they stayed home.
    They always said that they were gonna have a grand ol time when they retired.
    Nope they still do nothing except work their homestead and count their useless money.
     
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