If you came into money, would you continue to be frugal? - Mothering Forums

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#1 of 26 Old 09-13-2005, 11:37 PM - Thread Starter
 
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Say you've paid off your debt and own your house. Do you think you would change your frugal lifestyle? Would you buy pricier food? Drink finer wine? Stop shopping at Thrift stores and yard sales? etc....
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#2 of 26 Old 09-13-2005, 11:41 PM
 
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I honestly have to say there would definetly be a period where I spent some loot- :LOL I feel like I have been poor for so long that I could really really use some nice household items-(pots n pans for one!) I have no endtables n such, I could use a new winter coat etc etc so I would get what I wanted and needed right away but after that i am sure I would continue to be frugal because I would definetly tithe at church,give to charity,sponsor a child in Africa and such.....I would want to give give give if I actually had something to give. I couldnt imagine not shopping off the sale racks or at thrift stores,ebay etc.....its just not me.
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#3 of 26 Old 09-14-2005, 02:25 AM
 
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funny this should come up. we are planning to pay off our home loan in 7 years or less (we settle this friday - yay!). we are a one income family of 3. dh earns good money and we thought we'd make the most of his income and use our money very frugally for now (with the exception of organic food). that means spending money of $100 per month for the 3 of us - including clothes.
we made a pact that once our loan was paid off, dh can either leave his work and pursue something else he is interested in, or he can continue working (he only expects to move up from here on) and we will have something like $7000 a month to play with. i think after having $33 a month to spend for 7 years i'm entitiled to let loose a little, and i'll most likely go back to spending after the debt is paid. i do love discounts, but i also feel really bad about buying $2 "made in china" clothes for us (after dh's business trip to china and what he saw, i really am ashamed to buy made in china goods). i also love organically produced goods (clothes etc) and i'd like to be able to buy a punnet of organic blueberries and strawberries in the summer and not worry that i've spent $6 for 100g and that i'd have to reduce how much lunch costs to cook tomorrow. i wouldn't spend on bling bling stuff, mostly ethically made goods and support the charities/organisations/farmers i believe in. i'd get a new oven that doesn't stink, take my daughter to europe and around australia, travel to see my sister and her family and take my parents with me, get solar hot water installed etc. that's how i would spend. hell, we don't even have a tv, vcr or stereo right now and i don't think i would even want one when the debt is paid off.
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#4 of 26 Old 09-14-2005, 10:45 AM
 
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i think i would continue to be frugal so i wouldnt loose all my money. maybe shop at outlets more than consignment but i dont think i could go and spend $$$ all day long...sometimes i wish i could but in reality i know i wouldnt. doesnt that make sense, lol???
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#5 of 26 Old 09-14-2005, 12:36 PM
 
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I would definitely drink finer wine :LOL And while we shop resale there is rarely anything there. I would still shop the nicer consignments and clearance sales and never ever buy anything full price. But my family would have nicer clothes. i would aim more for organic and natrual fibers etc . . . As far as food goes we eat mostly organic so it hard to get frugal wiht that. I wouldn't start going crazy with convience fod and expensive treasts for all the same reasons we don't waste money on that stuff now. organic crap is still crap. it is just crap that is slightly less bad for you and had a nicer impact on the environment. i would also splurge more on earth friendly stuff like converting to recycled paper products and buy lots of things from natrual home magazines like composting gadgets, water filtes, and all tht fun stuff.

we would still try to be car free, and not be wasteful of resources etc. . .

I feel as a monther of girls who have a high likelyhood of becomiong future mothers I have an abligation to prepare for them for life and that includes teaching them how to be frugal and to make that soemthing they are comfortable and skilled at. regardless of how much money thier husbands make a frugal wife is a gift.

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#6 of 26 Old 09-14-2005, 01:36 PM
 
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My answer: Heck no!

We have our "what we would do if we won the lottery" plan, which includes getting a farm or house with more land for vegetable gardening. I'd love to be able to hire someone to help clean the house. And if we stayed in our current house that bathroom would get renovated. We'd also go out to ethnic eateries more often.

But I think we'd keep the same cars (just pay off DH's), and I'd still probably shop the thrift stores and garage sales.

We were relatively frugal (compared to the world at large) before we became parents. Now, on one income, it's a necessity.

Bridget. Momma to DD (4), expecting DS - 9/09, wife to SAHD. Gardener, coffee addict, urban dweller.
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#7 of 26 Old 09-14-2005, 02:18 PM
 
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I agree with what was said above. I would get the things we need first.

After that I would definitely still be frugal. It's a part of who I am. I was raised poor and not wasting is pretty much ingrained into me.

If we even had a little more right now I would definitely use the money to help others.
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#8 of 26 Old 09-14-2005, 02:31 PM
 
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The only things that would change for me would be


1. more money to our church
2. buy 100% organic all the time
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#9 of 26 Old 09-14-2005, 02:35 PM
 
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Quote:
Originally Posted by HydeParkB
My answer: Heck no!
:

Actually, we're not even frugal now, and we don't have any money!

I always joke that we shouldn't even play the lottery (we never do) because we'd totally be the cliche people who spend all the money in a few years AND end up a few extra million in debt. : At least it would be fun while it lasted!

ETA: I do TRY to be frugal, which is why I'm always looking in this section. I'm just kind of a frugality failure.
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#10 of 26 Old 09-14-2005, 02:41 PM
 
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I would spend some money on my house--new kitchen, new flooring, etc. But I would save at least half of it, and I wouldn't really change our lifestyle other than that.
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#11 of 26 Old 09-14-2005, 03:01 PM
 
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No, not as frugal as we are now...I guess it depends on what we are talking about re: "coming into money." If our current income doubled, I think we would live the same way we do now, but be putting money into savings/retirement, instead of being paycheck to paycheck. But if we're talking about winning the lottery...I think we would travel a lot, and not terribly frugally either.

On the other hand when it comes to consumer goods, I think I would want to limit what came into our house, and model a certain level of consumption for DS. I don't think it's healthy to grow up with the idea that you can buy every single thing that you see.

I have been out to eat with wealthy friends & their kids, and watched them order everything on the menu the kids ask for...appetizers, entrees, sides, drinks, desserts...enough food to feed 4 families and 80% of it doesn't get eaten. I find it really disturbing. I have boxed up what they didn't finish and taken it home, since they were going to let it be thrown away. I'm not really from the "clean your plate" school but I do believe in taking a moderate amount of food, finishing it, and then asking for more if you're still hungry. I wouldn't want my son to learn to be so cavalier about waste, no matter what our family's financial situation might be like.
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#12 of 26 Old 09-14-2005, 03:12 PM
 
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I would definately stay frugal. Regardless of having money or not I think buying just because we have the money is wastefull.

Of course I would pay off everything. Give more to our parents to repay all that went into raising us. Eat 100% organic. Buy the supplements we all need on a regular basis instead of semi-reg like now. Fix the house we have. And have a beer vat installed under the house for dh to have a constant flow..... HAHAHAHAHA even if I have extra money now I can't help but shop the clearance racks - at consignment, resale and goodwill stores. I have these standards for clothes prices and doubt I will ever change. Even goodwill's prices seem high to me sometimes! lol
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#13 of 26 Old 09-14-2005, 03:45 PM
 
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It would be nice to live more comfortably and not worry about paying the bills on time or juggling one payment to make another and it would be nice to occasionally splurge on something extra but overall my whole attitude would not change. I prefer to live simply and not wastefully but a few "treats" here and there would be nice.
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#14 of 26 Old 09-14-2005, 06:48 PM
 
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goodwill is expensive!! I can do beter shopping clearance racks at nice stores. no way I am spending $5 on a dress from teh 80's with stains on it when I can get one for 43 at Old Navy, Gap or Daytons.

The truest answer to violence is love. The truest answer to death is life. The only prevention for violence is for the heart to have no violence within it.  We cannot prevent evil through any system devised by mankind. But we can grapple with evil and defeat it, but only with love—real love.

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#15 of 26 Old 09-14-2005, 08:41 PM
 
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I don't think you have a choice once you've really started to 'think frugal'... once you've decided that X amount of money is what a certian thing should cost, it's kind of hard to convince yourself that you should spend a whole lot more than that just because you've got it. So yeah, we'd still buy clothes at the thrift store (but then, part of the reason why we do that is moral anyway...), buy used, recycle, keep our cars, etc.

But there's definately some things we'd do/buy 'just cause'. I know we'd travel more. We'd do things that we put off, like repairs to the car, and cleaning the carpets, and fixing the computer right away instead of saving up for them. We'd replace all our teflon pans and 40 year old towels in one fell swoop rather than peicemeal as we have money. We'd fix DH's teeth rather than hoping that someone's next job has a dental plan.

But day to day, the reason we don't have a lot of junk isn't cause we can't afford it, it's because we don't want a lot of junk. And I can't see that changing even if we did have a billion dollars.

Spending all of my money and time on this wild, wild life.
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#16 of 26 Old 09-14-2005, 09:11 PM
 
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I have a "real" answer for you: yes...for awhile until it catches up with you. We won a decent amount on a lotto scratch-off about a year ago. We paid off all our debt (except our house) and traded in a bad vehicle for a really nice SUV (paid cash). Started retirement funds and ate out at least 2-3 times a week. We felt "justified" in spending money on "this that and the other thing" becuase we "went without" for so long. It wasn't too-too crazy...like taking vacations or buying big screen tvs or antyhing...but definately more then we were spending before. This spending frenzy lasted about 4-5 months.

Fast Forward: I am now DESPERATE for saving money again. When I say desperate...I mean DESPERATE. I should have saved that money to apply towards the fact that I am out $40k a year for being a SAHM. Instead I ate out.

I always said if I ever came into money that I wouldn't do what every other "idiot" does and blow it all...and truly I didn't "blow it all" because I paid off debt and started retirement funds...but I wasn't still frugal either and THAT money I sure wish I had now.
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#17 of 26 Old 09-14-2005, 09:36 PM
 
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Ha!

We did the opposite, but twice.

Had money. Lost it (first dotcom crash)

Had money again. Lost it (second dotcom crash) - the day before we closed on the house we were buying.

We didnt live very differently when we had money from how we live without. We rarely ate out, and I very rarely bought anything for myself. The only thing I spent money on was books for the kids and for me, and I have to say that I still spend a fair amount on books - just can't break that habit.

My only regret is that we didnt cash in some of our fortune one day sooner so we didnt lose the house.......

Honestly, though, the only time I am sad that we don't have our $$s any more is during crises like Katrina. We still give what we can - but boy, I'd have loved to have had the money to do something really significant to help.
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#18 of 26 Old 09-14-2005, 09:51 PM
 
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I am not the most frugal person as it is but I can't stand to buy anything that sin't on sale. I love a bargain. If we won the powerball- I would have a nice house, new cars, and nice stuff but I'd make sure I was getting the best bargain I could find. I's quit my job, return to college to work on a masters or phd OR I would quit my job and foster/adopt a whole houseful of kiddos. DH on the otherhand would spend money like a lunatic- buying every gadget he could find and he's not a frugal shopper like me, so he'd be paying full price.

We would have to really work at not spending it all in a manner of years. I'd find someone to help us manage our millions.

I love dreaming about winning the jackpot (the most I've ever won is 80 bucks )

Alicia DH Mike DS Gage Lola & Zeus Fishy Dishy, Charkey and Shark
RIP Sidney 1994-2010 RIP Charlie Brown 2008-2010
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#19 of 26 Old 09-14-2005, 09:59 PM
 
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Can you say have passport will travel :LOL


We'd fix up the house with high end stuff, yeah I know but I'm still living with college partical board. Nice floors, steam shower...... Yeah I'd buy healthier more exotic food, but I don't see us really changing our daily lifestyle that much.

Mom to ds 9 dd 7 : and dd 3/08 : if I can I go to
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#20 of 26 Old 09-14-2005, 10:14 PM
 
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Quote:
Originally Posted by MerelyGod
:

Actually, we're not even frugal now, and we don't have any money!

I always joke that we shouldn't even play the lottery (we never do) because we'd totally be the cliche people who spend all the money in a few years AND end up a few extra million in debt. : At least it would be fun while it lasted!

ETA: I do TRY to be frugal, which is why I'm always looking in this section. I'm just kind of a frugality failure.
:LOL You gave me a good laugh, cuz you and I are twins separated at birth! I'd spend the money and do all the things I've always dreamed of doing if I had the money!

Sabrina , mom to 4 fab kids!

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#21 of 26 Old 09-15-2005, 02:22 AM
 
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Yes. Though I'm a sucker for buying other people things when I have money... I'm very miserly with my money (even when I had plenty of money as a high school/college student - right when my parents stopped having to be frugal) and have always preferred thrift stores over the mall. Seriously :LOL My relatives thought I was a hopeless case because they wanted me to pick out clothes for them to buy me at the mall and I couldn't even fathom getting them to spend that kind of money on me! I told them I would be more comfortable at the Salvation Army and they thought I was nuts They told me that I'd have to spend my own money at the SA and that they were going to get me clothes from the mall no matter what

I think maybe I was rebelling (I was a good kid, so there aren't many other ways I rebelled in middle and high school. College is another story ) against consumerism/my relatives (very consumeristic) though I don't think I knew consumerism existed in a concrete way back then. Didn't know it had a name and couldn't have explained my rebellion at the time.

If we had the money then these are some things we'd do with it:

I'd take people out to dinner once in a while and get nice (though still frugal!) gifts for people since I'd be able to actually afford it. I'd get lots of ones from the bank and go over to Seattle and take the whole family and teach my children charity and love for their fellow humans. Definitely would buy ALL organic though we still wouldn't eat meat (however, we would probably indulge in local fresh/smoked salmon occasionally if we had money ). We'd also - save save save.

But at heard, I'm a tightwad and we have never needed for anything so far because of it so I wouldn't be quick to let that part of myself go. Especially since dh isn't nearly as frugal as I am. He's getting much better though

love and peace.

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: Circumcision can never be undone :
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#22 of 26 Old 09-15-2005, 03:21 AM
 
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If we won the lottery or inherited a fortune from some long-lost relative, we would probably spend more money on less stuff, if that makes sense. We would build a small house but it would cost more b/c we would use local timber, environmentally friendly construction materials, and we would install enviro friendly systems like solar panels and that heating system that takes heat from deep in the ground (the name is evading me at the moment :LOL). We would buy all organic food, clothing, bedding, etc. We would travel. We would invest in a better car, like a hybrid or one that runs on biodiesel.

But we wouldn't use the money to buy a bunch of useless junk, and we would still find the most frugal alternatives that fit into our lifestyle beliefs. It's just too much of who we are.
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#23 of 26 Old 09-15-2005, 05:38 AM
 
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We'd be comfortably frugal.

Mostly because I never again want to be where we are right now. Fortunately for us there is a light at the end of the tunnel and it's 42 days away (sold house, moving somewhere cheaper, debt free. Finally.) However, these last couple of weeks are going to be tight.

mum to a crew...
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#24 of 26 Old 09-18-2005, 12:44 PM
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Twice in my life so far, I have had money. The first time I paid off all of my mother's debt and helped her purchase her own house.
The second time, I helped my mother refurbish her kitchen, I bought all the school clothes for all the children I could find whose parents did not have the means to do so. And the school clothes for each child, I went all out...two pairs of shoes, winter jackets, winter boots, snowpants, and then all the clothes they would need for the entire school year, underwear, socks, shirts, sweaters, pants, jeans, and each one got to pick one 'nice' outfit, in case they had a school dance or wedding or special event to attend.
Then I bought groceries for all the families. Paid off any overdue bills some of them had.
I am sure there were a few other things I did, those are the one's off the top of my head.

Would I do it again? Yes. I have been homeless with my children and we survived. Helping others in times of need when I was able to do so was worth much more than hording money for myself.
Besides, if I ever become homeless again, I have three families whom I helped that now have their own houses and I am sure they would help us out.

The children I helped will always remember me and they will be the adults in my children's lives.
So, yes, it was definitely worth every penny.

I have never bought items that were not necessary, ie-fancy picture frames, music CD's, movies, TV's, fancy wierd telephones, lamps, etc.
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#25 of 26 Old 09-18-2005, 02:24 PM
 
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I'd contine to live frugally and invest the extra, giving it the greatest chance of being the most usefull, to the most people, over the long run.
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#26 of 26 Old 09-19-2005, 10:49 AM
 
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When I quit working to stay home with DD, our income was cut in half. If we still had that income, I know exactly what we'd be doing with it:

1) More travel
2) Better food
3) Eat out more often
4) Better clothes
5) House projects
6) More "fun money" for each of us
7) More charitable contributions

Because that's basically what we did before.

Saving is already one of our top priorities -- we save first, then live off of the rest, even when that's painful.

If we came into a real windfall, I think we'd consider private school for DD. I also think we might wind up having more children than we would otherwise.

Sonja , 40, married to DH (42) since 5-29-93, DD born 11-3-2004, DS born 1-18-2007.
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