Living within your means

[Rotayjay]

Just as there is a sliding scale of income, there is a sliding scale of frugality. There are well-off people who drive ordinary cars, and people of modest means who spend those modest means on holidays. We all know all the types.

I was always taught to save at least 10% of my take-home pay. I've sometimes lived up to that and sometimes haven't, at various stages of my life, but it has generally served me well. Of course, the higher your income gets, the easier it is to save - the basics are covered and everything else is cream.

The cost of living has taken a heavy toll on Australians. But at the same time, you see a lot of people driving around in brand-new cars, many of them giant pickup trucks much larger than what is neccessary. There seems to be growth in big, extravagant weddings (and 'destination weddings'), 'gender reveals' (which didn't even exist 15 years ago), extravagant buck shows and hens nights, feeling you're entitled to have a gap year and do a world tour, and the list goes on.

I blame social media. The pressure to keep up with the Joneses is more intense and more public. At risk of sounding like an old campaigner, I think living within your means and not buying unneccessary crap has gone out of fashion.

 

[Rotayjay]

How were you brought up with regard to being frugal? Did you ever have a significant other or spouse who was too stingy or too spendthrift?

 

[Dogs_R_Us]

I was brought up to detest waste. I hate throwing out food so am careful to buy only what I need, mostly. We’ve only ever had secondhand cars, which we maintain and get the most out of. We don’t like paying for services we can do ourselves, eg painting rooms, tiling, fixing things that get broken or malfunction, as far as possible.

We have good holidays, in Australia and OS, eat and dress well, keep track of where our money goes. Both of us have had short periods of un- or under-employment but we’ve got through. We expect retirement to be comfortable if not wealthy.

How much do you really need? Many young, and older, people feel they must keep up with peers, not be left out, so they spend for appearances and can get into trouble that way. If you’re mindful you can control spending and make your money work for you.

 

[Plugger35]

First credit card I got when I was young I spent it up thinking this is great, free money until I got hit with a big interest rate bill.

Learned my lesson, I stick to a budget now and never spend more than I get or go into debt and save my savings for a rainy day.

 

[revo333]

The cost of living has taken a heavy toll on Australians. But at the same time, you see a lot of people driving around in brand-new cars, many of them giant pickup trucks much larger than what is neccessary. There seems to be growth in big, extravagant weddings (and 'destination weddings'), 'gender reveals' (which didn't even exist 15 years ago), extravagant buck shows and hens nights, feeling you're entitled to have a gap year and do a world tour, and the list goes on.

I actually think the worse spenders with people under 30 are those earning over 100k who should be able to save money but they don't and complain more then those that are doing tougher.

My parents were pretty tight and we didn't get much luxuries. I remember a few times going to primary school without any food at all.

I lived well within my means for 10-15 years for a house deposit and by the time I got close I needed double the money I had saved as I was single. I wasn't enjoying life and probably lost a few friendships and some of my youth.

Life is to be enjoyed and I don't begrudge any young person going on a holiday or buying a nice car if they have worked and saved up their own money for it.

 

[Ivelisse]

Just as there is a sliding scale of income, there is a sliding scale of frugality. There are well-off people who drive ordinary cars, and people of modest means who spend those modest means on holidays. We all know all the types.

I was always taught to save at least 10% of my take-home pay. I've sometimes lived up to that and sometimes haven't, at various stages of my life, but it has generally served me well. Of course, the higher your income gets, the easier it is to save - the basics are covered and everything else is cream.

The cost of living has taken a heavy toll on Australians. But at the same time, you see a lot of people driving around in brand-new cars, many of them giant pickup trucks much larger than what is neccessary. There seems to be growth in big, extravagant weddings (and 'destination weddings'), 'gender reveals' (which didn't even exist 15 years ago), extravagant buck shows and hens nights, feeling you're entitled to have a gap year and do a world tour, and the list goes on.

I blame social media. The pressure to keep up with the Joneses is more intense and more public. At risk of sounding like an old campaigner, I think living within your means and not buying unneccessary crap has gone out of fashion.

You're better off not giving too much thought to what total strangers are doing

 

[Rotayjay]

There's always an element of envy. You can respond to that envy by copying the purchases of those you envy, by channelling that energy into other areas of your life, or just wallowing in envy. I'm an envious person overall - it bugs me to see people living a more luxurious lifestyle than me. But the only things I can do about that are trying to earn more and invest.

I think there is a bit of a stereotype that women are less frugal than men, but I'm not sure that's true. There are wives that blow money on clothes that are worn once only or a party that didn't need to be that fancy, and there are wives who budget the household strictly while the husband buys expensive jet-skis.

Plus the 'running costs' of being a woman are higher, I think. It's not socially accepted for a woman to not wear makeup, or wear the same clothes too many times.

 

[Rotayjay]

You're better off not giving too much thought to what total strangers are doing

Good advice

 

[Plugger35]

There's always an element of envy. You can respond to that envy by copying the purchases of those you envy, by channelling that energy into other areas of your life, or just wallowing in envy. I'm an envious person overall - it bugs me to see people living a more luxurious lifestyle than me. But the only things I can do about that are trying to earn more and invest.

I think there is a bit of a stereotype that women are less frugal than men, but I'm not sure that's true. There are wives that blow money on clothes that are worn once only or a party that didn't need to be that fancy, and there are wives who budget the household strictly while the husband buys expensive jet-skis.

Plus the 'running costs' of being a woman are higher, I think. It's not socially accepted for a woman to not wear makeup, or wear the same clothes too many times.

Not to mention that women have to fork out about 700 bucks for a haircut these days while guys only pay about 50 bucks tops.

 

[Rotayjay]

Not to mention that women have to fork out about 700 bucks for a haircut these days

Is that what it bloody costs these days?!

 

[Plugger35]

Is that what it bloody costs these days?!

That was a reference to a post in another thread where a woman was quoted about 700 bucks for a haircut.

That wouldn't be the norm but it's still fair to say that women in general pay significantly more than men do to get their hair cut.

 

[Dogs_R_Us]

Is that what it bloody costs these days?!

I wouldn't think so, unless you're Joh Bailey, but women I know pay around $150-$200 for cut and colour.

 

[Power Raid]

Just as there is a sliding scale of income, there is a sliding scale of frugality. There are well-off people who drive ordinary cars, and people of modest means who spend those modest means on holidays. We all know all the types.

I was always taught to save at least 10% of my take-home pay. I've sometimes lived up to that and sometimes haven't, at various stages of my life, but it has generally served me well. Of course, the higher your income gets, the easier it is to save - the basics are covered and everything else is cream.

The cost of living has taken a heavy toll on Australians. But at the same time, you see a lot of people driving around in brand-new cars, many of them giant pickup trucks much larger than what is neccessary. There seems to be growth in big, extravagant weddings (and 'destination weddings'), 'gender reveals' (which didn't even exist 15 years ago), extravagant buck shows and hens nights, feeling you're entitled to have a gap year and do a world tour, and the list goes on.

I blame social media. The pressure to keep up with the Joneses is more intense and more public. At risk of sounding like an old campaigner, I think living within your means and not buying unneccessary crap has gone out of fashion.

A great post and a great simple rule to save 10% on top of your enforced 10% super (or whatever rate it is today). That 10% should be over and above your minimum house repayments.

As an older guy I look at under 30s buying avocado, mangos, coffee, a flashy phone and flashy car, insurance, expensive cars, flights etc and can't help think their parents didn't give the best guidance.

If one was to do nothing else but buy $2k of CBA shares each year from 1990 they would be loaded. 1990 $2k would be worth $140k today. 1991, 92, 93, 94 & 95 would be the same. Thus $12k would be worth $840k today. Then add 96 to 2024.

Now ask oneself if you spend $2k per annum on mangos, coffee, gambling, tatts, phones, cars, flights etc and then ask yourself what this is really costing you.



When your young, beautiful (when your older you will appreciate how beautiful youth is), energetic; you don't need clutter in your life. When your older, retiring and vulnerable with health & income; you will soon feel the difference between life with abundant resources compared to without.

 

[Dogs_R_Us]

As an older guy I look at under 30s buying avocado, mangos, coffee, a flashy phone and flashy car, insurance, expensive cars, flights etc and can't help think their parents didn't give the best guidance.

So much is also funded by loans of all types and living on credit. It's the age of entitlement. "Why shouldn't I have it?"

 

[Rotayjay]

That brings another thought to mind: I also blame Afterpay (and its competitors). It teaches ****ing terrible money habits. I get taking out a loan for a house or a car, but a loan to buy a pair of shoes? **** me, if you don't have the money yet, don't buy it!

 

[Mofra]

That brings another thought to mind: I also blame Afterpay (and its competitors). It teaches *ing terrible money habits. I get taking out a loan for a house or a car, but a loan to buy a pair of shoes? * me, if you don't have the money yet, don't buy it!

Hello crico

Certified Legendary Thread - Chrisco Hampers - who in their right mind buys them ?

As Christmas approaches and bogans all across the country await their hard earned chrisco christmas hamper it begs the question why ? The hamper contains readily available products from any supermarket for at least 3 times the price and you run the risk of it not arriving. Do you know anyone...

www.bigfooty.com

 

[rocker_oz33]

I wouldn't think so, unless you're Joh Bailey, but women I know pay around $150 $200 for cut and colour.

Still cheaper than 480 $

.

 

[rocker_oz33]

Whoops forgot it was 780$.
How could I forget.

 

[rocker_oz33]

Can't afford it .
So people steal it .