How Do You Spend Money?

outlander on 03/06/2016 - 17:56

In the spirit of Mr Avocado's post I have decided to pose the question on everyone's mind -
Just How Do You Spend Money?

Before I spend money on anything big, I ask myself the following questions

  • How much will this positively change my life? Is that worth the time I had to sacrifice to pay for it?
  • Can it be found cheaper elsewear, how much cheaper is it practically likely to be, and can I find that information in less time than the difference in time is worth between the two?
  • How likely is it to go on sale in the future? Will the ripple effect to my life caused by the delay be less than the likely potential savings?
  • How long will the product last for?
  • Based on predicted life, what is the daily cost of this decision in both time and dollar terms?
  • Likely issues based on reviews
  • Potential repair costs
  • Is there a used alternative that has a lower price compared to new, based on the predicted residual value?
  • Resale value
  • How would I design the product? What features are critical and what are superfluous?
  • Can a cheaper product be hacked to produce a similar result?
  • Am I smart enough to answer these questions to any degree of accuracy? Wouldn't it be more cost effective in the long run to hit myself in the head with a brick until everything was just oh so amazing?

And they go on from there.. and on, and on, and on and on and on. Some about the value of the time in making decisions, some about the real value of a dollar, but the majority are almost entirely brick related questions.

TLDR: WHAT QUESTIONS DO YOU ASK YOURSELF BEFORE BUYING SOMETHING?

Financial

Comments

  • stevensx on 03/06/2016 - 18:03
    +18

    Gotta say, if I went through all those thoughts in my head everytime before buying my big mac meal at maccas I'd probably be in much better shape….

    Honestly, the only question I ever really ask is can I find it cheaper elsewhere? Always shocks me that all of these drone consumers in Australia and around the world walk into stores like JB HiFi and take whatever's on the stand without searching elsewhere or drilling the staff members for a better deal (My bets that many people don't even know that you can). Nothing worse that buyer's remorse after discovering a better deal could have been found elsewhere but you didn't do your research.

    • smpantsonfire on 05/06/2016 - 18:16
      +5

      Don't you think sometimes, time IS money?

      • outlander on 06/06/2016 - 15:55
        +1

        So how much did that thought cost?

  • Forrest Gump on 03/06/2016 - 18:15
    +16

    by the time you go through all those questions, its likely the item has been significantly reduced, if not superceded, anyway

  • nocure on 03/06/2016 - 18:43
    +15

    I always asks the camels , checks the status of the ice and submit a forum thread before any purchase.😁

  • Donaldhump on 03/06/2016 - 18:50
    +13

    I will never go drinking with you… Bar would be shut by time you decide what to buy

    • outlander on 03/06/2016 - 19:07
      +13

      Actually I don't mind spending money on other people, so you probably would.

      Last time I was in a bar it got a little weird though. I tried to avoid having to make a choice by asking the barmaid for 'whatever beer is cold and on tap'. She replied 'Yeah, but what do you want?' I assumed she didn't hear me, or was being intentionally dense so I repeated myself. She repeated herself, I repeated myself, and it went back and forth until she was almost screaming at me.

      "WHAT DO YOU WANT!"
      "Whatevers. On. Tap"

      Ahh, fun times.

      • Mysterious Laptop on 06/06/2016 - 13:09
        +2

        How is that a fun time? That just sounds annoying to the bartender and everyone else waiting.

        • outlander on 06/06/2016 - 19:15

          It was funny because a girl from my class asked me on a date there. The majority of my brain said to just let it go, don't make a scene you'll embarrass her, but a tiny voice in the back of my mind said "No! Stand your ground! Woman respect irrational displays of confidence!"

          I think the barmaid got me back in the end, because she gave me a dark brown lager? Hard to remember what it was, but it still had yeast in it or something, because after drinking it my mouth began frothing and I had to constantly swallow for hours, until finally I woke up half way through the night with a mouth full of foam.

        • [Deactivated] on 06/06/2016 - 19:26

          @outlander:

          girl from my class

          Same girl who invited you to her place for a 'smoke' ? o.O

        • outlander on 06/06/2016 - 21:24

          @Jar Jar Binks:

          Oshit, your starting to assemble a bigger picture of me from the trail of breadcrumbs I leave behind, while erasing your own footprints. Should I be worried?

        • [Deactivated] on 06/06/2016 - 21:41

          @outlander:I didn't ask for my comment to be unpublished. I only reported the conversation as off-topic. Mod decided to unpublish it.

          Why is everyone mad at me today?

          Edit :worried about what?

        • outlander on 07/06/2016 - 21:34

          @Jar Jar Binks:
          Careful what you wish for, I guess. I was thinking of asking the same thing actually, glad i didn't now

          I don't know about people on the internet, but IRL you seem like the guy people would be mad at because it was impossible to stay mad at you.

          worried about what?

          I don't know. What are you capable of JJ? Have you ever shot a man just to watch him die? Have you ever pinched a bum so hard it made the other person cry? We just don't know what you might do..

        • [Deactivated] on 07/06/2016 - 21:53

          @outlander:

          What are you capable of JJ?

          I find violence of any kind disasteful and disturbing. I've never made anyone cry,at least not intentionally.

          IRL, I'm liked by my peers and loved by family. I do have an ambivalent relationship with my biological mother, which might explain some of my idiosyncrasies. Mostly, like Tas said, I am my worst enemy.

        • outlander on 09/06/2016 - 22:24

          @Jar Jar Binks:

          I've never made anyone cry,at least not intentionally.

          Well, why would you bother? You've got a wiki :D
          She is PLENTY adapt at making people cry, I can tell you.

          ambivalent relationship with my biological mother

          I'd like to know more about this, but I sense this isn't the place. Feel free to message me if you'd like.

      • Ughhh on 06/06/2016 - 13:17

        I'm guessing she got annoyed because there are people who will complain if the beer given tasted like crap- tasted like crap due to personal taste rather then off beer

      • dbun1 on 06/06/2016 - 15:16

        She probably got annoyed because most places have a few varieties on tap. Understandable. Be specific next time and at least look at what's on tap and name something.

  • StewBalls on 03/06/2016 - 18:55
    +19

    WHAT QUESTIONS DO YOU ASK YOURSELF BEFORE BUYING SOMETHING?

    Would Batman buy this?

  • mskeggs on 03/06/2016 - 19:07
    +1

    I make some of these considerations for larger purchases.
    One you left out is how much time will the new item take up? I am too busy to get a new hobby etc. so when I see computer games on sale etc. I nearly always manage to say no as I realise I won't ever get the time to play them.

    • outlander on 03/06/2016 - 22:36
      +1

      That's the same reason I don't keep a girlfriend. What a coincidence.

  • altomic on 03/06/2016 - 20:25
    +15

    How Do You Spend Money?

    quickly and inneffectively

  • dasher86 on 03/06/2016 - 20:26

    Usually all on black

  • xoom on 03/06/2016 - 20:49
    +4

    On other people. Brief look for what im after. If price is decent. I buy.

    For me. I eye out an item. Keep an eye out for sales and pick the best time to buy.

  • retiredfeline on 03/06/2016 - 20:52
    +1

    0) Is it worth asking all the following questions for this small purchase?

  • GameChanger on 03/06/2016 - 21:33
    +5

    What is the OP asking, can someone translate his post?

    • StewBalls on 03/06/2016 - 21:43
      +18

      I'll save you some time, it's just another one of those pathetically needy, attention seeking posts that are becoming so popular on OzB of late…

      • GameChanger on 03/06/2016 - 21:45
        -3

        Yeah thought so StewBalls!

        It's an alarming trend, wonder why it happening.

        • outlander on 03/06/2016 - 22:37
          +12

          and yet here you are. Feeding the monster. You really have to ask yourself gc, are you part of the problem or the solution?

        • [Deactivated] on 04/06/2016 - 09:16
          +22

          @GC, a bit rich coming from the guy with such epic threads as :

          LOL!

        • GameChanger on 04/06/2016 - 13:01
          -8

          @Jar Jar Binks: Surprise, surprise that StewBalls hit a nerve of yours.

          The difference between my posts and attention seeking ones like this, is that mine ask for community opinion whereas your type ones are just for self gratification.

        • outlander on 04/06/2016 - 17:03
          +1

          @GameChanger:

          Gamechanger you never replied to my post. Did I scare you off?

        • [Deactivated] on 04/06/2016 - 17:11
          +1

          @GameChanger:

          StewBalls hit a nerve of yours

          What do mean? I've upvoted his comment. Plus, I'm rather fond of @StewBalls and his brand of humour :)

        • GameChanger on 04/06/2016 - 17:44
          -7

          @outlander: Its not feeding the monster, when you call them out. Its better people see the comment and get an idea what is really going on.

        • outlander on 04/06/2016 - 17:58

          @GameChanger:

          Monster? What monster? What on earth are you talking about? Your always talking about something weird gc..

        • ChatCPT on 06/06/2016 - 14:59
          +1

          @GameChanger:
          GameChanger - I think its time for you to go to the toilet!

        • GameChanger on 07/06/2016 - 16:00
          -1

          @havok44: HEHHEHE

      • outlander on 03/06/2016 - 22:27
        +6

        pathetically needy, attention seeking

        Whoa, Dad is that you? I didn't know you were on ozbargain…

  • ols108 on 03/06/2016 - 22:45

    Imagine grocery shopping with this guy

  • [Deactivated] on 04/06/2016 - 09:46
    +5

    Was it posted as a deal on ozbargain?

    *Yes? -> then buy. No other questions required.

    *No? -> what would the Mrs do? /txt her and ask.

    • Gorodemon on 05/06/2016 - 19:19
      +1

      Yup, this is what I did when the condoms were on sale. Surprise surprise, her reaction wasn't as I expected.

    • Mysterious Laptop on 06/06/2016 - 13:10

      If no mrs?

    • outlander on 07/06/2016 - 14:47

      Whats your Mrs' number? I have some things I want to buy…

  • goosegog on 04/06/2016 - 10:52
    +2

    Outlander- your photo makes you look like a blow up plastic doll.
    How do we spend our money? - Frugally.
    What we have has to last until the time of not needing it any more.
    We holiday about 3 times a year- through special deals.
    Buying groceries is mostly done on specials.
    Basically I believe we do quite well because of researching before purchasing.

    • outlander on 04/06/2016 - 11:20
      +1

      Glad you like it.

      Okay, so walk me through a through a typical day buying something - lets say your bed sheets are worn, and you have to buy new ones.
      Whats your first step?

  • [Deactivated] on 04/06/2016 - 11:31
    +1

    I only look at whether it is cheap relative to it's historical price. That's about it. For other things like food, I don't really put a price on it, the more expensive it is, the better it is usually.

    • downhillmtbr on 05/06/2016 - 17:59

      I haven't found that to be the case completely, plenty of wanky food places that charge twice as much just so they can pay their sign writer and Instagram account manager ;)

  • Nynaeve on 04/06/2016 - 11:50

    I use google and check a few sites to see what price it is really going for. I also try to delay buying it even just for a short time. I usually find the impulse goes away. Also review what you already have, could this item replace several items or will it be in addition to? Where will this item be stored? (do I have room for it) Will I use it a lot or for a week non stop then never again.

  • buwa99 on 05/06/2016 - 14:21

    "TL&TBDR: WHAT QUESTIONS DO YOU ASK YOURSELF BEFORE BUYING SOMETHING?"

    Just one question "Will this fit in my CC limit?"

    What sort of commie pinko are you?

  • fantombloo on 05/06/2016 - 16:47
    +3

    I often calculate costs per use or over time.

    For example I'm about to get a new telly. The Hisense will cost $600 and come with a 3 year warranty - so I figure a max of $200/year. An equivalent (better?) Samsung is about $1200 with an extended warranty for 5 years all up - so around $240 per year. I don't see it as twice the price, rather I'm happy to pay the extra $40/year for what I think is a better product.

    When it comes to something like a suit I consider how many times I'll wear it - maybe a wedding here, other function there. It makes no sense for me to buy an expensive suit - it works out to over a hundred dollars per wear; I'd be better off renting a new one each time. (As it is my $60 polyester is fine.)

    Same for a swimming pool. I see people spend $50k for something they use 10 times per year. Over 10 years each swim just cost $500 a pop. That's a no-brainer for me. (yes, I know it can add value to a property but that's a separate issue and consideration)

    .

    • Davros on 06/06/2016 - 13:20
      +2

      Same for a swimming pool. I see people spend $50k for something they use 10 times per year. Over 10 years each swim just cost $500 a pop. That's a no-brainer for me. (yes, I know it can add value to a property but that's a separate issue and consideration)

      Same thought process we had so it was an outdoor shower standing amongst the palmtrees for me.
      $20 worth of bits from ebay and bunnings, already had the hose to run it and had a free pallet to stand on.
      Totally private from prying eyes so viewing pleasure is enhanced.

      Money saved in this fashion many times over has been spent on assets that produce income.

  • mrluke on 05/06/2016 - 18:17
    +1

    I have my rent and bills direct debited, I set aside 50 a week for petrol, I allow myself 25 a day for food and drink and the rest I try my hardest to hang onto.

  • sparkles on 05/06/2016 - 18:22
    +1

    I don't ask myself that many questions, mainly:

    1) Is this the best option, factoring in quality/longevity/possible resale value?
    2) Can I live without this? (I opt out at this point….sometimes)
    3) Can I get it cheaper?
    4) Can I buy it secondhand?

    I like secondhand because it saves me loads, allows me to buy better quality and reduces my carbon footprint. I also quickly sell on anything that I find I don't love/need anymore/use anymore.

  • Marcsie on 05/06/2016 - 18:24

    Give me all your money and then I will show you how to spend it ! lol

  • smpantsonfire on 05/06/2016 - 19:02
    +1

    Always look for the cheapest bargain of what I want to buy.

    Then I figure ot if I can get X amount of years out of it and depreciate over the X amount of years, and am I happy with the per year figure.

    Eg. ATH50x for $160, life expectancy? maybe 8 years. $160/8 = $20 a year. Would I appreciate these headphones for $20 a year? Sure will, so I buy.

  • FittyFitty on 06/06/2016 - 10:06

    OP, (how) do you price personal satisfaction derived from a purchase to offset the spend and factor in the overall value of the purchase?

    • outlander on 06/06/2016 - 15:50

      Good question. Can you give me an example of personal satisfaction you've experienced from a purchase?

      • FittyFitty on 07/06/2016 - 02:36

        Fo shizzle; it's those intense feels of want that eat away your insides and cause interrupted sleep patterns, culminating in a bubble of extreme fulfilment in the act of final acquirement, followed up by an arbitrary succession of highs during use; I last felt it when I lusted for and finally acquired a Nikon D750/35mm combo, and every shot fired downstream has been a pseudo-orgasmic hit, if you will pardon this my prose at this early hour. Point being, sometimes you can't price satisfaction and isolate a purchase by mere financial value.

    • outlander on 06/06/2016 - 21:27

      Okay, reading that comment back it could be interpreted as suedo-sexual dig, but I assure you it is not. Probably.

  • fruit on 06/06/2016 - 11:07

    eh

  • ChatCPT on 06/06/2016 - 15:06

    Whenever I decide i need/want something:
    1. Go one OzB search and look up the item
    2. Look up by votes, see if anything is still not expired and nab it!
    3. If all expired - wait till I see something pop up for around that price

  • captobvious on 06/06/2016 - 17:41

    Its more fun spending other peoples money.

  • [Deactivated] on 06/06/2016 - 18:17

    IF you were truly zen you would apply those questions to each breath you take.

  • godzilla123 on 06/06/2016 - 19:58

    I dont…but the wife does

  • Baebs on 06/06/2016 - 20:21

    I'm a simple person, I see something I like and I buy.

  • [Deactivated] on 06/06/2016 - 22:58

    Both sides of coin topic, with much angst from the OP.

    If you can save a substantial amount of money on a significant purchase by going to a certain amount of trouble - being well-informed /haggling negotiating, it's often worth it.

    If you can save money on regularly bought small items, by going to very little trouble, savings will add up, so also worth it.

    Best not to go too silly in relation to saving with other things and experiences in the middle. That mindset will just as likely detract from any enjoyment that's on offer.

    • outlander on 07/06/2016 - 14:44

      Tas! After a lengthy absence, you have returned. Welcome back.

      with much angst from the OP.

      Yes, it could have been replaced by [Long list of things that quickly become more bizarre and neurotic as they go down, culminating in outrageous final point] but that seems cheap.

      Aside: Don't forget to leave a long and visually stimulating post on my other thread.

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