[Attempt at a serious topic] What is your attitude to money?

[SueEllen]

What are your hobbies?

Spend money on them.

There is no reason to spend the money all at once.

[northernladuk]

I have no problem spending money on the house, we've just paid to get the garage converted, but as that is something that everyone will benefit from I have no problem spending that. Its just a mental block spending on myself

I'm exactly the same. I was planning on getting myself a nice car for my 50th last year and had finally convinced myself to do it. I've not spent more than 20k on a car in my life, and that's only one car, the rest were all sub 15K. Finally convinced myself to put up to £40k in to something I've always wanted. Didn't get it due to covid in the end and oddly enough I've got hold of a Mini Cooper S which I'm actually loving so the need for the car has gone again.

I use everything to get the mortgage sorted and reduce any debts although I am a little older than you and I still have 10 years on the mortgage. On paper I will end up as too asset rich when I retire so in danger of not spending it as well but I need to get the worry I'll fall ill in the next 10 years out of the way first. Also in my mind, the money going in the mortgage means it's still there to pull out if I do need to spend on my ageing parents should they ever needed it. I know mortgages are the cheapest way to borrow so if I got a lump sum I'd probably look to the ISA or better investments but I think I'm like you. I'd have to put it somewhere safe for a good while to make sure I don't need it for something before I'd spend it. Funny thing is I don't think I'll ever spend it as this type of thinking doesn't just switch over does it.

If you aren't wired to spend it on yourself I wouldn't be trying too hard to change personally. As long as you are happy and you aren't missing out on your dreams I think there is nothing wrong with not spending it on yourself. Spending it on other things in your life that you worry about is just as useful for long term happiness IMO.

I don't think money is a motivator, it doesn't make you happy, well not long term anyway. In my mind I use it to remove the worry so I can enjoy other things more.

[SimonMac]

I'm exactly the same. I was planning on getting myself a nice car for my 50th last year and had finally convinced myself to do it. I've not spent more than 20k on a car in my life, and that's only one car, the rest were all sub 15K. Finally convinced myself to put up to £40k in to something I've always wanted. Didn't get it due to covid in the end and oddly enough I've got hold of a Mini Cooper S which I'm actually loving so the need for the car has gone again.

I use everything to get the mortgage sorted and reduce any debts although I am a little older than you and I still have 10 years on the mortgage. On paper I will end up as too asset rich when I retire so in danger of not spending it as well but I need to get the worry I'll fall ill in the next 10 years out of the way first. Also in my mind, the money going in the mortgage means it's still there to pull out if I do need to spend on my ageing parents should they ever needed it. I know mortgages are the cheapest way to borrow so if I got a lump sum I'd probably look to the ISA or better investments but I think I'm like you. I'd have to put it somewhere safe for a good while to make sure I don't need it for something before I'd spend it. Funny thing is I don't think I'll ever spend it as this type of thinking doesn't just switch over does it.

If you aren't wired to spend it on yourself I wouldn't be trying too hard to change personally. As long as you are happy and you aren't missing out on your dreams I think there is nothing wrong with not spending it on yourself. Spending it on other things in your life that you worry about is just as useful for long term happiness IMO.

I don't think money is a motivator, it doesn't make you happy, well not long term anyway. In my mind I use it to remove the worry so I can enjoy other things more.

You’re only 50! **** I thought I had a tough paper round

[vwdan]

Long time dead, mate. Fast cars, fast bikes and aeroplanes.

Life's short - I make sure I'm sensible, I have my savings and I try and put money into the house where possible - but I work hard and play hard. Life is for living.

[ladymuck]

I'm a seen it, had it, spent it kind of person. Give me a higher rate and I'll find something to spend it on, rather than save the extra.

I don't have huge savings and I also know I don't technically have enough of a war chest or enough in my pension.

I enjoy my fancy holidays and, in some kind of sadistic way, also enjoy figuring out how to pay for them. All my bills are paid and I have a roof over my head albeit in a stupidly expensive part of London.

I am well aware that I don't practise what I preach WRT things like war chest and pension. My argument is that I know my limits and what I can immediately cut back on if need be. And, yes, I have had to do that a couple of times in my freelancing career due to stupid cock-ups on my part.

[northernladuk]

You’re only 50! **** I thought I had a tough paper round

[eek]

oddly enough I've got hold of a Mini Cooper S which I'm actually loving so the need for the car has gone again.

Only a Cooper S?

You want an automatic JCW with all the works....

[northernladuk]

I don't have huge savings and I also know I don't technically have enough of a war chest or enough in my pension.

You've got £8.47 in the fruit bowl in the hallway though.

[vetran]

Loads of options that support protestant style thinking (don't worry I have a similar mindset).

Study - plenty of posters are doing late life learning.

Kids study pre UNI. Fund their 11 plus - start early other parents start them at 4.

Get the kids into plenty of clubs and help/donate. The more out of school activities they want do the happier they will be.

FIL used to partially fund a local kids football team (via the company is very cost effective) that made him very happy.

Put the money in trust for the kids to go to UNI - my father did and the kids are grateful and it subtly makes them very determined to get good degrees. They want to get a first to beat their Aunties & Uncles! My eldest loves reminding me she is better qualified than me.

Fund days out with the parents, grandparents. My MIL is round once a week minimum and the girls go out with her regularly. Build that relationship no-one will regret that.

Get the whole family together - (if they talk!) for us XMAS this year is going to be huge Covid willing. Summer BBQs similar.

As Gibbon says being lucky enough to fund a career break or sickness does make you feel blessed compared to others.

[ladymuck]

I would also add that my parents gave me £10k (I mentioned it a while back on the shares thread as I didn't know what to do with it!) after my grandmother died and I have refused to touch that. It's currently sitting in a savings account that I can't touch for a year.

A bit like Simon, because it's not "my" money, I can't bring myself to spend it. I did tell my parents I was going to spend it on the Antarctic cruise which they thought was a cool thing to do (no pun intended) but I know I won't.

I have no issue spending money on myself when it's my money. Gifted money (and I'm talking something other than a tenner in your birthday card) does have a different psychological meaning to it.