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I admit it! I have spent too much on things I didn’t need, wasted things and overspent my income. The current economic situation has not been a wake-up call, but a big slap-in-the-face. It’s forced to think about each and every cent I spend. When looking at my overall financial situation, I hope I can afford to live a few more years. It’s easy to look back and see my many financial mistakes.
When friends sported a new jacket with matching shoes and jewelry I had to do the same. After all, I belonged in their crowd. I deserved having what they had, didn’t I? Even if my income couldn’t afford the new outfit at that time, I had American Express, Visa, Mastercard and Discover.
Home décorating was a hobby. I’d buy stacks of décor magazines and books. Martha Stewart was my idol. If bedrooms in peach and seafoam were featured, I’d repaint mine. When the color palet changed to Chinese red and black I’d do it all over again. I went from Early American to Danish Modern to Shabby Chic over the years. Buying replacement furniture for the pieces I’d donate to charity was a habit. Decorative pillows, colorful towels, Venetian Vases, brass lamps and silk flower arrangements were common purchases.
When I didn’t feel like preparing lunch or dinner, I’d stop by the local grocery deli section and pick up a gourmet treat. Spending more than a few dollars for lunch became the usual. I never gave a thought to the occasional restaurant visit with a select glass of wine. The ever popular cup of java from Starbucks was a daily treat. Fast food was not an option. I only ate healthy. I never looked at prices when I did my grocery shopping, I selected the items I wanted and the brands I thought were best. Reading labels for calories and fat content far outweighed the importance of price.
Driving a spiffy car was important. After all, what would people think of me if I drove a Junker! I always insisted on reliable transportation which I thought meant a new car every three years. The amount of gasoline it took to run the thing was a non-issue. After all, there was plenty of it and the cost was nominal. The folks who bought into the electric hybrid cars were a bit on the edge, weren’t they?
Several times a year, I’d hop on a plane and head back to my home state to visit family and friends. I’d rent a car, treat myself and friends to fancy meals, shop for fun and give little thought of the total ticket. Occasionally I’d visit Santa Fe, New York or go to a spa. While I did think through the trips to Europe, I explained that extravagance by telling myself I only live once so I have to take advantage of each opportunity. Simply drag out that good ole American Express card again.
Seeing a play, attending a symphony or jazz performance, playing golf, attending a workshop and going to or renting movies were necessities.
Now I look back and think. Why didn’t I evaluate where my money was going? I mean, each dollar? Like I do now? Well, I knew I would always work and be able to make a decent amount to supplement my savings. The stock market would continue to pay regular dividends and my portfolio would increase by a livable amount each year. I could live to be ninety-three and do well according to my spreadsheet. I’m not saying I’d redo all of my life’s expenditures, but I definitely would be more aware of where I made spending decisions that weren’t important. I would give more away to others who needed it, spend more on travel, activities and experiences and much, much less on stuff. If this economic situation turns around, I promise I’ll continue to reassess my priorities and pay attention to pennies.
I admit it! I have spent too much on things I didn’t need, wasted things and overspent my income. The current economic situation has not been a wake-up call, but a big slap-in-the-face. It’s forced to think about each and every cent I spend. When looking at my overall financial situation, I hope I can afford to live a few more years. It’s easy to look back and see my many financial mistakes.
When friends sported a new jacket with matching shoes and jewelry I had to do the same. After all, I belonged in their crowd. I deserved having what they had, didn’t I? Even if my income couldn’t afford the new outfit at that time, I had American Express, Visa, Mastercard and Discover.
Home décorating was a hobby. I’d buy stacks of décor magazines and books. Martha Stewart was my idol. If bedrooms in peach and seafoam were featured, I’d repaint mine. When the color palet changed to Chinese red and black I’d do it all over again. I went from Early American to Danish Modern to Shabby Chic over the years. Buying replacement furniture for the pieces I’d donate to charity was a habit. Decorative pillows, colorful towels, Venetian Vases, brass lamps and silk flower arrangements were common purchases.
When I didn’t feel like preparing lunch or dinner, I’d stop by the local grocery deli section and pick up a gourmet treat. Spending more than a few dollars for lunch became the usual. I never gave a thought to the occasional restaurant visit with a select glass of wine. The ever popular cup of java from Starbucks was a daily treat. Fast food was not an option. I only ate healthy. I never looked at prices when I did my grocery shopping, I selected the items I wanted and the brands I thought were best. Reading labels for calories and fat content far outweighed the importance of price.
Driving a spiffy car was important. After all, what would people think of me if I drove a Junker! I always insisted on reliable transportation which I thought meant a new car every three years. The amount of gasoline it took to run the thing was a non-issue. After all, there was plenty of it and the cost was nominal. The folks who bought into the electric hybrid cars were a bit on the edge, weren’t they?
Several times a year, I’d hop on a plane and head back to my home state to visit family and friends. I’d rent a car, treat myself and friends to fancy meals, shop for fun and give little thought of the total ticket. Occasionally I’d visit Santa Fe, New York or go to a spa. While I did think through the trips to Europe, I explained that extravagance by telling myself I only live once so I have to take advantage of each opportunity. Simply drag out that good ole American Express card again.
Seeing a play, attending a symphony or jazz performance, playing golf, attending a workshop and going to or renting movies were necessities.
Now I look back and think. Why didn’t I evaluate where my money was going? I mean, each dollar? Like I do now? Well, I knew I would always work and be able to make a decent amount to supplement my savings. The stock market would continue to pay regular dividends and my portfolio would increase by a livable amount each year. I could live to be ninety-three and do well according to my spreadsheet. I’m not saying I’d redo all of my life’s expenditures, but I definitely would be more aware of where I made spending decisions that weren’t important. I would give more away to others who needed it, spend more on travel, activities and experiences and much, much less on stuff. If this economic situation turns around, I promise I’ll continue to reassess my priorities and pay attention to pennies.
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