Budgeting
The End Of The Joneses?
Posted by Jean
Kev wrote: Do we really all have the new sensibility now? Are the Jones’ out of fashion or out of style for good? I think the American consumer will come back, though never as bold as we were – at least not for a while.
I for one think thrift is going to be hip for a while. Just check out the style section of yesterday’s New York Times where there was a story about how less expensive labels like Ann Taylor, Talbot’s, Isaac Mizrahi’s new Liz Claiborne line for Macy’s have become suddenly alluring to the Prada shopper.  And the story in today’s WSJ about the slowdown in global consumerism.
Are you actively shopping less? Because you want to? Because you have to? Lemme know….
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I starting slowing down my spending a few years ago. I actually downsized from a large house to a smaller one (which I enjoyed more). As I was cleaning out the attic and the basement and the garage, I was able to furnish an apartment for a recently homeless family, donate lots of clothes — and fill a large dumpster. I was crying as I filled the dumpster, not because it was hard to let go of the stuff but because I had paid good money for all of it. I kept thinking, “If I had saved this money instead of spending it on all this junk…”
This lead to three rules I’ve followed since. What a difference!
1. No crap. I never buy anything unless I expect it to last, and it’s well made and designed. I believe it was William Morris (the artist, not the agent) who said, “Let nothing into your home that is neither useful nor beautiful.”
2. Just-in-time. I only buy things that I am prepared to start using that day. When I go to Home Depot or the clothing store, I don’t buy anything that might be useful some day, even if it’s on sale.
3. Shopping is not recreation. I no longer go to the store as a way to pass time. Ever.
Not only do I have less debt and pressure, but life is more fun this way. Really.
What do other people think?
When I was young, my father told me the rich are getting richer and the poor are getting poorer. I didn’t understand it then, but I do now. Poor people are poor because they make poor financial decisions. There is a difference between being poor and being broke; one is temporary and one is usually permanent. The rich get richer because they save money, and they don’t follow the herd when it comes to investing. When you save your money, it allows one to take advantage of economic times like now. The rich don’t follow the herd when it comes to investing. The rich don’t jump on the band wagon and ride the market by buying when everybody else is. The rich sell when the herd is buying, and the rich buy when the herd is selling. They have a solid understanding of the concept of supply and demand and they put it to work to their advantage
I think I shop less because I want to AND because I have to. I have just made the simple decision to live within my own means and trying to save as much as possible for the future or for a rainy day. I want to be financially successful in my life and, therefore; I’ve made the decision to watch where my money goes, clip coupons,conserve energy, etc.
As a community, however; I think the new trend has become “look at how much stuff I bought for this little amount of money.” Now, my girlfriends and I talk about great bargains we find. We also share coupons and let each other know about great sales. We didn’t engage in this type of discussion before.
I think its developing into a form of “keeping up with the Jonses.” However, instead of “look at all this stuff I bought” it is “look at all this stuff I bought for this little amount of money.”
I think Shelliebeans82 is right…. and BTW, these ARE the rainy days! It’s pouring!
I shop less because I have to. Since moving overseas my earning dollars are worth half as much and yet things cost twice as much now. However, I’ve also realized that I have plenty of clothing, shoes, designer jeans, purses, etc. to last me for quite a long, long, time. There’s no need for me to shop and if I have that itch for something new I can budget for it and purchase when I go home to the US for visits.
The most important thing for me at this point is to continue to pay off my existing US consumer debt and save and invest at home and overseas in case I decide to stay.
I think if everyone knew their after tax hourly income and computed how many hours they would have to work to buy items to “keep up with the Jones’” they wouldn’t make the purchase 9 out of 10 times. It’s a great reality check!