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Why My Wife and I Have Money
By JLP | August 23, 2008
Last weekend, during our trip to San Antonio, my wife and I took a short drive up to San Marcos to check out their massive outlet mall. It is unbelievable how big their outlet center is. To top it off, last weekend was our tax-free back-to-school shopping weekend so LOTS of people were out shopping.
We had to drive all the way to the end of the mall in order to find a parking spot. The section of the mall where we parked was mostly higher-end stores that we weren’t famliar with. So, we decided to start with Neiman Marcus Last Call. We walked in and started looking around. My wife decided to check out the shoe department. She walked over and picked up a pair of sandals (basically, high heels with two small leather straps). The original price was something like $264 and Last Call had them marked down to $164. My wife said something like, “I would NEVER pay that much for something like that.” I agreed but didn’t say anything.
We continued to look around and saw a bunch of nice clothes but they were still out of our normal price range, which is relatively modest. After a while we decided to leave. As we were leaving, I told my wife, “This is why we have money.”
It’s true.
No, we aren’t rich but we are comfortable and it feels nice. There was a time not too long ago when our budget was tight. It’s not that way now and I like it!
We have never been the type of people to spend lots of money on clothes and stuff. We usually shop sales or just buy cheaper clothing. Now, it does help that my wife is an engineer and therefore typically wears company-provided clothing (Nomex). Not everyone has that “luxury.” I understand that. But, for us, it has been a blessing because my wife doesn’t have to spend a lot of money on office-type apparel.
Don’t get me wrong. We do like nice things. We spent a small fortune doing our kitchen/family room renovation last year and probably spent more money than we should have. In other words, we aren’t always cheap. But, it has been our relatively frugal day-to-day activities that have allowed us to spend more money on things like our renovation. That, coupled with our refusal to upgrade our lifestyle with every raise, are the main reasons we are in the best financial shape we have ever been in.
Oh, and in case you’re wondering—we did end up buying some stuff so we do have less money than we had before we visited the outlet mall. LOL!
Topics: Budgeting |
August 23rd, 2008 at 1:41 am
This is so true. My wife bought an outfit from Ann Taylor the other day for $1.99. It was a discontinued item that was on sale. She said guess how much it cost. I said, $50. She said guess again. Usually I’m good at that game. Not this time.
August 23rd, 2008 at 8:38 am
I hate going to the mall, so I don’t go. I buy clothes online now, usually with free shipping. I’m not much of an impulse buyer, so waiting a few days to receive my order. If the clothes don’t fit, I can exchange them for free. Shopping online saves gas money, time, and most of all, I avoid the stress of driving in horrible traffic (seemingly non-stop construction).
August 23rd, 2008 at 9:00 am
Andy,
I love shopping online but the only clothes I have purchased online was some Levis that I couldn’t find at JC Penneys.
But you’re right: online shopping is great.
August 23rd, 2008 at 9:15 am
“The original price was something like $264 and Last Call had them marked down to $164. My wife said something like, “I would NEVER pay that much for something like that.” I agreed but didn’t say anything.”
I am the same way. I like nice things as much as anybody, but I have a certain idea of how much each item is worth to me. I may pay that much for a pair of shoes that both looks good and is comfortable and light enough to wear everywhere, but only if I could be sure it would last for years. The problem is - shoes never do. I could ignore them going out of fashion, but they get scratched and worn. So, I don’t go over two-digit amounts for this type of items, more often lower two-digits.
Don’t like online clothing - I need to try it on. Too many times I encountered items that look good on a hanger and terrible on me or just OK on a hanger and beautiful on me. Don’t like cheap stores either - I like good fabric. I prefer stores like Ann Taylor when they have sales. I bought items in Ann Taylor for much less that what one can find in JC Penney and similar stores. Including a 100% very dressy cashemere sweater for $40. We have an Ann Taylor in my little town. Occasionally I stop buy, notice a few things and, if they are not on sale, leave. Then stop buy in a few weeks and see if the price dropped enough to be close to the amount I have in mind. If the item disappears, I think “great, I saved money, there’ll be something else”. If it drops to my range, I try it on and think if I need it or really want it at that sales price. Sometimes I buy and sometimes I don’t.
August 23rd, 2008 at 10:20 am
Just yesterday I went to Dillards and bought 6 Daniel Cremieux shirts and 3 pairs of Daniel Cremieux shorts and the total was…
$167 including tax!
Based on the regular prices, I saved $385. The shirts were regularly priced at $60 and I got them all for $18. The shorts were regularly priced $50 and I got them for $15.
I love this time of year.
August 23rd, 2008 at 3:20 pm
I don’t go to malls, and I buy my clothes at thrift shops. Why do I *NOT* have money?
The reasoning in the OP seems to imply that I also should have money.
August 23rd, 2008 at 6:10 pm
Terry,
Living within our means is the reason my wife and I have money. I thought I made that clear in the post.
August 23rd, 2008 at 6:59 pm
Okay, I (and many others) live within my (their) means but don’t have money. So the original premise is flawed. (grin)
August 23rd, 2008 at 7:32 pm
Terry,
You also have to make more money.
August 23rd, 2008 at 8:20 pm
I too live within my means with a pretty large margin actually. But I’ve often wondered of the unintended consequences if EVERYONE did the same.
August 23rd, 2008 at 9:12 pm
I think one consequence would be we Americans would be able to invest in our own country’s debt and wouldn’t have to be at the whim of foreign nations!
August 23rd, 2008 at 11:41 pm
We are the same with my wife. We know what we need and we shop only for it.
We digress only for liquidations where you can buy for example bathing suites for $3 or jeans for $1.50
To live within your means is exactly the right approach … and perhaps a little bit below …
August 24th, 2008 at 10:54 am
I do not enjoy shopping or going to the mall. That’s why I have money. I really, really have to need something to go anywhere near a mall.
August 24th, 2008 at 2:30 pm
“I too live within my means with a pretty large margin actually. But I’ve often wondered of the unintended consequences if EVERYONE did the same.”
Me too. Imagine how much banks’ profits would suffer if everyone starts paying their credit card balances in full or, even worth, starts playing arbitrage. Add to it retailers, businesses, automakers. At the same time I doubt it very much this will ever happen.
@KC - I hate shopping too, and don’t go to a mall except for when I need something. Most of the time I need something though I can get it from amazon. I find shopping boring, crowds - annoying, driving to the mall - tiring. By the time I get back, half of a weekend day is gone. There are so many better ways to spend time. I do like local Ann Taylor though even if I haven’t visited it in ages - need to lose a couple more pounds before I can even consider getting any new clothes…
August 24th, 2008 at 8:05 pm
Like some others have said, I absolutely hate shopping. Because of my disdain for the mall, I wear clothes for a number of years until they are visibly warn before replacing them. I don’t let things get ratty or have holes or anything, but I’ll wait until the item is ready to really show signs of wear before replacing.
This is hard to do with dress shirts and such I have to wear every day, but I find I can buy a decent $100 shirt (like Charles Tyrwhitt) when they have sales for about $50 each. Since the shirts are of pretty good quality anyway, I find they can easily last at least 3 years before starting to show signs of wear with machine washing at home.
So, I just have to stock up on 5 or 6 shirts in traditional colors and only spend about $300 to get 3 year’s worth of dress shirts. I just don’t see the need to be regularly buying new clothes every six months or a year just because some catalog says they have a “new” item for the season.
August 25th, 2008 at 9:59 pm
You’re right about that Prime outlet in San Marcos. It was gigantic even before they expanded it a few years back.
I hate clothes shopping and normally shop two times a year. Summer and Winter. Of course I miss most of the deals but I think I save a ton because I don’t step foot in the stores to begin with.
I mean, what’s wrong with wearing a shirt I bought in 1998…..?
August 27th, 2008 at 6:47 am
Let me offer another explanation why my wife and I have money. MY WIFE WORKED!
I’m sorry, but too many of our friends keep saying, how can you retire so young (55) and my explaination to them is simply, my wife worked her whole career in a good job.
A lot of my friends wives appear to be kept women even though they aren’t that well off. If you aren’t comfortable with the day-care thing, then stay at home while they are young, but once they get in school, get a job. And I don’t mean as a crossing guard at the school. A real 8-5 job.
This may sound harsh, but honestly I couldn’t be more proud of my wife for putting up with the rigors of a full-time job while a lot of her friends watch soap-operas while their children are in college.
September 8th, 2008 at 10:23 pm
Love it. We’re the same way, thankfully.