In Budgeting, Discussions, Discussions, Minimalism, Money

How much would it cost you to replace it?

When you are thinking about what to get rid of, you can just ask yourself:

How much would it cost to get it replaced?

If one day, you think you MIGHT need the item, think about what it would cost you to replace it to put things into perspective.

When you are about to clean out something from your closet, let’s say a really nice fancy winter coat that was originally $1600 that you aren’t sure you want to keep because you’ve lost weight and it’s too big on you… think about whether or not you’d want to buy that exact coat again.

If keeping a $1600 coat makes you feel better because you think you MIGHT go up a size one day, perhaps it is worth it.

(Actually for $1600 you can probably consign the coat and get some of the money back, which makes the sting of having to get rid of it easier to bear.)

Burberry-Bridle-Gate-Trench-Coat-4-Ways-Cuff-2

In contrast, if you are trying to get rid of an old grimy, paint-stained t-shirt you used to paint the entire house with that was $10, it is a much easier decision to get rid of that old $10 t-shirt and buy another one in the future if you decide you need another t-shirt to ruin.

So.. how much would it cost you to replace it, if you were to get rid of it today?


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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have 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 have 11 side incomes that are on track in 2020 to make me $50K - $75K. 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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11 Comments

  1. Chris Grande

    sounds like my “Craigslist” test. If I can replace it for under $20 on CL, it’s gone:)

    Reply
    1. save. spend. splurge.

      Hah! I like that test.

      Reply
  2. Emily @ Simple Cheap Mom

    It definitely will make some decisions easier. I think it’s important though to not just keep something because it’s expensive and would be expensive to replace. If I come across something like that I go further into questions like posed: will I actually use it, do I actually have room for it, and do I actually want to keep storing it.

    Reply
    1. save. spend. splurge.

      Well this I think is a good litmus test and then you do need to probe further!

      Reply
      1. Emily @ Simple Cheap Mom

        @save. spend. splurge.: Agreed, it definitely makes it easier to get rid of crap that’s not worth anything anyway!

        Reply
  3. moneystepper

    This was top of our thought process last month.

    When we moved back from France to the UK, we actually decided to sell almost everything we own as the sales price and the cost to replace were always about the same (given that we could always buy the same items second hand when we got back to the UK).

    This then saved us several £1000s in shipping costs and was a good way to have a PROPER clear-out. We came back with 4 suitcases and a few IKEA bags – which had EVERYTHING we owned in it. Pretty crazy how much stuff you can own without realising it!

    Reply
    1. save. spend. splurge.

      Hey I hear you, I feel like I need a purge, myself.

      Reply
  4. marilyn

    This is so appropriate this morning.people have suggested i sell everything until I have somewhere new to live.but
    My argument is I would never be able to afford to replace it.much thought provoking.

    Reply
    1. save. spend. splurge.

      That’s the way I feel as well! You have to think of replacement costs. Of course, if you don’t ever use it, the cost is negligible.

      Reply
  5. Revanche

    Great minds 🙂 we’re purging like crazy and things that still have life in them but aren’t worth the effort of selling like shirts and pants get donated. Bigger things like furniture we try to resell, but only after we evaluate whether we’re fairly sure that we won’t use it again. Dog stuff we keep because we know that we’re always going to have at least one, no point in getting rid of and rebuying a (pricy!!) dog bed.

    Reply
    1. save. spend. splurge.

      I am keeping Baby Bun stuff too. For the next Bun and maybe to pass on to GrandBuns.

      Reply

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