In Money, Style

Feeling financially bloated

So just the other day I went out with Baby Bun touring the city, and caved in to buying this really pretty linen silver scarf for $90.

Fresh off my shopping high,Β I went to a Korean beauty store and bought 4 face masks for around $3 each.

.. then I went home and looked at what I bought.

Correction: I looked at what I bought AFTER I used one of the face masks and gagged from the super sweet cloying floral scent that they put in the mask.

It stank so badly (to me), I had to wash it off my face.

I don’t think perfumed products are my thing any more because I am just not used to having things being scented any longer.

Anyway, I sat there, looking at these things and saying to myself: $100. That’s what is sitting here in front of me. $100.

Then I ended up returning everything and getting back about $100 (minus one face mask which I think actually did help my acne but who’s to say if it really worked or not?)

WHY DID I RETURN EVERYTHING?

It’s not as if I can’t afford it.

Considering my net worth, and what I’ve purchased in the past, I can… but lately for some reason, I have been a little more hesitant in spending.


(Not on food though. There will never be another chance for me to be living downtown so close to food that I have been willing to set aside up to $1000 a month just in treats and eating out. I just ate $10 worth of macarons today in 2 minutes.)

I returned everything because I felt bloated.

Not in the physical sense but emotionally bloated.

Photograph-Vienna-Brussels-Shopping-Mall-People-Stores

I NEED A BREAK FROM SPENDING

I have been gorging on spending like crazy, buying things without thinking (I blame the late night milk pumping sessions and the exhaustion of handling a newborn!), that I want a break from it all.

I need a break to NOT buy anything frivolously, and frankly, did I really need another super pretty, silvery, gorgeous, linen scarf?

(Don’t answer that. I could buy it again if it went down to something like $20 after taxes.)

Do I really need anything? No.

I am even hesitating on buying my celebratory pair of neutral ballet flats in a dark brown from Etsy because I’m hemming and hawing over spending about $125 on them (shipping and taxes included).

I know I will eventually buy them, but I almost feel like I have to wait until I start seeing my net worth climb and income roll in for a few months again before I can relax and spend money.

…which is totally ridiculous because I have income that is going to be coming in spades and I choose NOW, THIS VERY MOMENT to not spend money when I have been spending thousands without ANY income?

Yes.

REASONS WHY I AM CUTTING BACK ON SPENDING

Going to eventually buy a condo next year or so

BF has been kind of gung-ho on this which has surprised me, but .. has gotten me excited too.

He really wants to buy a permanent condo in cash and move in and get settled, particularly with my egging him on with reports of how the market is slowing down. The prices of homes have been steadily dropping and it looks like there are MORE condos coming to Montreal which will drive the prices down even more.

Independently, he had also been tracking / doing research on the prices of condos and has observed them dropping year after year.

Even the rent in these condos that I am sure people purchased as investments, are starting to drop and become cheaper.

Some homes are going for at the city estimate or even slightly below (but they’re undesirable, as they’re on the lower floors of the condo building).

Anyway, I need cash (about $200,000) to make this happen and right now my bank account is at $5000 in liquid, actual cash.

I’d have to liquidate some investments (I am loathe to touch this money) to make it, and I want to see if I can pay for it as much as possible, in cash.

WantΒ to bring Baby Bun to see his family in Europe in 2015

Baby Bun was a HORRIBLE traveler going from Toronto to Montreal in the car, but then again, he was alone in the back, facing backwards in his car seat, he couldn’t see Mommy OR Daddy (although I sang to him until my throat was hoarse), and it was his first time in a car seat.

EVER.

Otherwise, I think he’s actually a pretty good traveler if given the chance.

We’ve been taking him out on mini trips to the markets around the city and he has been able to fall asleep in his car seat and not whine too much, and he’s getting used to the idea (resigned, maybe?) of traveling.

Therefore, once he starts being able to walk and perhaps speak a little bit, I want to see if I can travel with him to Europe. He will be easier to handle once he can walk, and I really REALLY want him to meet the other half of his family.

He won’t remember anything but I am not going for him as I am going for the adults.

I will see how he handles mini trips here and there and then gauge when/if we can go to Europe next year after my contract is over to visit everyone.

Of course, this trip / vacation means I need $$$$$ to pay for rent and for traveling expenses. I’m budgeting about $6000 for this.

Want to see my net worth grow to $400,000 by 2015

It has been about 2 years, almost 3 that I have been flogging the goal of having my net worth hit $250,000. This is a certainty for this year, but now I’d like to stretch and reach $400,000 by the end of 2015.

Will I make it? I hope so, but it’ll mean saving $25,000 where there is nothing left to save even if I cut back on miscellaneous spending.

Realistically, I can save to reach at least $375,000 by the end of 2015, but $400,000 is a serious stretch.

Of course, this is all well and good to say all of this.. but to actually see it happen? Let’s see.

Note: I probably will buy those shoes. In September or October, though, once some money starts flowing in.

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Sherry of Save. Spend. Splurge.

Millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. Since then, I have paid my $600K home in cash (my half was $300K), my $180K casr in cash, worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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Cut your own budget and handle it wisely

Posted on March 15, 2013

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27 Comments

  1. Kathy

    Usually my husband and I don’t say we can’t afford something. Instead we say we don’t want to afford it. We have the money and could easily purchase whatever “it” is, but we choose not to buy it unless it comes down in price. Most of the time when that finally happens, we forget we even thought about buying it.

    Reply
    1. save. spend. splurge.

      I’m trying to adopt this mindset!!!

      Reply
  2. SarahN

    Agh I’m totally the same! It’s like my check system, naturally in built, from getting out of control with spending. I don’t even think it’s a finite number of items or $$s, I can spend heaps, but if it’s a planned purchase then I’m a ok. If it’s a lot of spur of the moment things, I freak out and get the compulsive urge to list it all with prices, to truly assess the damage!

    Reply
    1. save. spend. splurge.

      This is why I Track my spending.. to keep myself in check.

      I’m trying to exercise discipline and not go crazy buying tons of stuff, but I really do want those ballet flats. I’ll buy them off Etsy though and instead of spending $500 on Lanvin, $200 on Poppy Barley, I’ll buy 2 pairs for $100 each on Etsy, handmade in Australia πŸ˜‰

      Reply
  3. Money Pincher

    Heh! I use to do what you did when I was working in downtown. I get attracted to all the pretty stores. I’d buy then 2 days later go back and return it. I love Canada’s return policy πŸ˜€

    I know when I get bored, I go for a “walk” down the nice streets to “window shop” when I don’t really need anything. I usually ended up buying something. Last Friday, I went on some of these walks and ended up buying $100 worth of stuff: a pretty coral blazer and a colorful drapey skirt from anthropologie. In hindsight, I should not have bought the skirt as I have enough skirts. As for the blazer, well I needed some colors in my closet.

    I just did an analysis of how much I spent in 2014 and realized on average, I spent about $450 on clothes per month. I guess I really need to buckle down on my spending if I also want to save up money for renovations at my house – so I can turn it into a rental property.

    Reply
    1. save. spend. splurge.

      That’s my problem too: just window shopping turns into $300 out the window.

      I need to focus on different goals for my money now!

      Reply
  4. Kendal @HassleFreeSaver

    I’ve been having the same misgivings about shopping lately. I want to avoid it, but I love it, and then when I buy stuff, I feel guilty or not as excited as I want to feel, and sometimes return everything. It seems like a colossal waste of time and effort, but sometimes the very act of shopping is enough to feed my fashion tapeworm, even if it means I walk away with nothing. I’m also in the middle of some sort of transition – I’m sick to death of everything in my closet and want a complete redo, but I have no idea what my “new” style looks like. Sigh. #FirstWorldProblems, I know.

    Reply
    1. save. spend. splurge.

      Sounds to me like you’re in a fashion rut. I’m more in the mindset of wanting to collect everything in every colour, etc which has led to this bloated feeling. It is so unnecessary and wasteful but I couldn’t help myself.

      Have you tried shopping your closet by trying to make new outfits from different combinations??

      Reply
      1. Kendal @HassleFreeSaver

        @save. spend. splurge.: Oh yes, that was my first plan of action. I downloaded the Cloth app to document my favorite outfits and that worked for a time. It felt good to put together different combinations and feel like I had a fresh look without spending extra money. In the end, though, I realized I was just sick to death of the pieces themselves, and it didn’t matter how I wore them. That’s a bit dramatic as I certainly have items I’ll never part with because I love them, and those are the ones I’m wearing most now. Hopefully I don’t get sick of them, too!

        Reply
        1. save. spend. splurge.

          Ahh. My only other advice is a clothing swap or going consignment shopping

          Reply
          1. Kendal @HassleFreeSaver

            @save. spend. splurge.: Luckily, I have a couple fashionable friends with whom I clothes swap every few months. I just offloaded half my wardrobe to one friend who texted me last night excited about all the fun stuff she scored. I think it’s just a phase, honestly; I feel a shopping binge around the corner, where I load up on Parisian-influenced styles. Thanks for listening!! πŸ™‚

  5. Cassie

    It’s probably a prudent decision all things be told. I know I’m up against a little shopping fatigue myself. Spending on staging the house in May, buying some wants in June after selling the house and then heading off to Europe in July has left me feeling like I need to set my wallet down and back away for a bit. Best of luck in finding a condo! Hopefully your little bun continues settling in so you can travel easily πŸ™‚

    Reply
    1. save. spend. splurge.

      It won’t be easy to work full time and still take care of Baby Bun so I will have to see how we can do this… I need him to sleep longer!!!!!!

      Reply
  6. Linda

    Perfect timing on this, yesterday I impulsively (not like me at all) bought some extra goods at Costco because they were on sale. I got home and looked at the $30 I spent on coconut water (from concentrate, forgot to read the ingredients also unlike me) and “Dark” chocolate (65% probably, I need a minimum of 72%) and tried to figure out what came over me. I don’t skimp on the quality of my food ever, but I’ve been spending so much (futon, tablet,etc) I was running off that shopping high. I’m exhausted from spending I actually don’t even want to buy anything, and I wont for a while at least.

    Reply
    1. save. spend. splurge.

      I hate it when I make stupid, easy mistakes like that too!!

      Reply
  7. Kassandra

    You hit your shopping wall so respect how you’re feeling and pile up that cash for the exciting goals you have coming up! A trip to Europe – j’aurais hΓ’te! Baby Bun is a lucky little one πŸ™‚

    Reply
    1. save. spend. splurge.

      Haha yes. That describes it perfectly: a shopping wall πŸ™‚

      Yes I’m excited to bring him to Paris!

      Reply
  8. Alicia

    I totally get it. Sometimes when I lose my resolve, I end up looking at the stuff I bought and just thinking “what the heck did I buy that for?”

    I think you have some very substantial and ambitious goals. Depending how long it is before you two pull the trigger on buying a condo, you’d be able to save a good chunk of that monthly, with that new contract. Even if you only had to raid half of your investments if you moved in a year or so from now.

    Reply
    1. save. spend. splurge.

      I look back at all my purchases and with a critical eye, I could have avoided buying about 30% of it. It’s quite wasteful.

      Yes.. I think I can make it. I still have to pay taxes on the profits earned and retained in my company, but I could just wait a little longer before paying in cash.. or just cash everything out, pay for it, and invest the remaining money locked up in my company.

      Haven’t worked out the details of that yet, but as it stands, I have about $175,000 I can liquidate to buy a condo today. I’d rather NOT do it, but I could.

      Reply
  9. debt debs

    I feel so much better now that I don’t buy stuff anymore. Anything I even fleetingly think I need, I just put on ice temporarily and eventually the feeling passes. I think saving your money for investments (real estate) and experiences (travel) is much wiser.

    Reply
    1. save. spend. splurge.

      I think the key to my saving money and not spending it is to have a goal. Once you give me a goal: Buy a condo, go on vacation next year with Baby Bun… then I know what I am working towards and I am able to reach it.

      But if you give me an arbitrary goal: Save $250K, save $500K … *yawn* .. I don’t really feel any pressure or need to work towards it.

      Reply
  10. Kate @ Money Propeller

    Good luck to you, I know you can achieve your goal! My in-laws just bought their condo last June and it was totally a long process but it’s totally worth the wait. πŸ™‚

    Reply
    1. save. spend. splurge.

      I’m getting excited about it πŸ™‚

      Reply
  11. Charles@gettingarichlife

    I don’t know Canadian real estate which market is the one that was suppose to be way overvalued? Do you have PMI there, which is mortgage insurance for anything less than 20 percent down. As long as valuations make sense I’m a huge proponent of property ownership, as real estate is my favorite trade class

    Reply
    1. save. spend. splurge.

      All of the real estate market in Canada is overvalued. All the major cities — Vancouver, Calgary, Toronto .. even Montreal, although Montreal to a lesser extent because the prices are starting to drop.

      We do have PMI here but it’s covered by the government which means if people default, taxpayers (who own houses) are on the hook to bail these banks out.

      Personally, I think there should be a law not allowing anyone to buy a place (ANY place) without 20% in cash down.

      CASH IN HAND. That would solve a lot of problems in my opinion, and the cash can’t come from a line of credit, debt should be taken into account when they slap down their 20%.

      Reply
  12. Michelle

    You crack me up! Maybe you just have spending fatigue? Shopping takes a lot energy. When I stopped shopping for a year I was amazed at how much extra time I had. I also was a lot more relaxed.

    Reply
    1. save. spend. splurge.

      Yes!! Spending fatigue if it isn’t related to food….

      Reply

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