Why money should make memories, not clutter
Once you’re done scrimping and saving, it’s all good to start spending... just watch that you shell out wisely.
This column is violently opposed to spending money on stupid things. For years, I’ve cudgeled and cajoled, needled and wheedled, and used every trick in the book to beg you to cut the bloat, trim the fat, and reap the rewards of the frugal life.
For this I make no apologies. I’m the Budget Buster, not the Sweet Fairy of Goodness, so at least you’re getting exactly what it says on the tin. When I find an example of moronic consumerism worthy of a punch in the face, the red mist descends, and I tear it apart.
But I must be getting soft, because lately I’ve been wondering if I’ve been overly puritanical. I’m always telling people what NOT to do. Once you’ve repaid your debts and done all the other sensible things, why not have some fun?
Since this form of spending comes so easily to most people, I figured no-one needed my input.
But, as it turns out, there’s a whole field of research that has pinpointed the best and worst forms of spending for feeling good.
Most people’s biggest spending regret is buying some particular item. But when it comes to spending money on experiences, the exact opposite is true: people are full of regrets about passing up the chance to do something cool.
Buying experiences instead of things is a good guiding principle, but to narrow down the definition of ‘‘experience’’ and get the most bang for your buck, try to look factors: for these four
it social Sorry, but going to the movies by yourself is a bit sad. Spending time with friends and loved ones is one of the biggest predictors of overall happiness, and sharing experiences with other people generally makes it much more enjoyable.
it memorable The ideal experience is something you’ll enjoy thinking about and retelling over and over. Personally, I’m going to dine out on my story about hiking across the Himalayas in jandals right up until the end of the universe. Even painful experiences can become a source of joy if they’re memorable enough – my trek involved some miserable moments, but remains one of the most satisfying things I’ve ever done.
it personal Avoid buying experiences that make you feel guilty, resentful, or at odds with your own identity. I have no interest in watching sports games where I’m not invested in the outcome, or buying tickets to trendy shows that I don’t really care about. Instead, do something that fits with your image of who you are, or who you want to be.
it unique The whole point of buying experiences is that they’re oneof-a-kind. Unlike a car or phone, you won’t feel stink when you notice your friend has a better brand or newer model. To maximise this effect, steer clear of any experience that veers into ‘‘brand name’’ territory, like a trendy restaurant, or cliched tourist attraction. Instead of being the billionth person to do the ‘‘holding up the leaning tower’’ photo, try to head off the beaten path a little.
The memories you create literally become a part of who you are, and change the shape of your consciousness.’
When in doubt, reducing debt and saving money is always a good idea. I will defend this position as long as I’m still standing, but I do recognise that life is for the living. The memories you create literally become a part of who you are, and change the shape of your consciousness. With that in mind, deciding which experiences you weave into your life story starts to seem like a pretty important priority too. Choose well! Got a burning money question? Email Budget Buster at richard.meadows@thedeepdish.org, or hit him up on Facebook, where you can also find links to previous Budget Busters.