But, I digressed…

The thought of spending doesn’t stop at the latest electronics gadget. I want to go to Disneyland, and going to end up spending more there.  We want to take a boat cruise and spend a lot more there.  Heck, I even want to get a new car since I’m not happy with the performance of this Civic! (Read: Mid-Life crisis!)

Then there’s the obligatory Mother’s Day, Daughter’s Birthday, and my oh-so-favorite, Father’s Day gifts!

When will this spending end?  There’s only one way to curb this and it’s to come up with a budget.  I don’t have a bottomless pit of a bank account and I live on my bi-weekly paychecks.

This is why I still don’t have a DSLR camera.  I still don’t have a new TV. I still don’t buy into Blu-Ray and “upgrade” my DVD libraries. I still don’t buy new movies.

Instead, what I’m doing is cutting down on my eating out.  I’ve started to eat healthy and cut down big meals (especially dinner). I’ve cut the cord by using HDTV antenna and Netflix/Hulu. I’ve cut my phone bills from $25 to $4/month by using Ooma Vo-IP.

Now I’m left with things I do need to spend.  I still can’t telecommute and have to pay extra for gas since it’s at a ridiculous price of $4+/gallon¹. I need to upgrade my desktop computer because I do more video editing.  And let’s not forget the stuff I need to fix around the house (and garden).

Thinking out loud here. Either way, I don’t think I’ll ever stop spending money.

Photo Credit: lms0814

This article was posted on Rudy Amid's Blog:

Need to Spend

1. Like in 2008.

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But not today.  Everything went up!

I wonder what drove the prices up?  Is it Christmas shopping season already?  Whatever it is, I have “Delayed Buyer Remorse”, watching my Printer selection went up from $70 to $108!

Ah well, I waited this long, I might as well keep waiting.

Photo Credit: raga

This article was posted on Rudy Amid's Blog:

I Snooze I Lose

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With that said, I like to shop at both Walmart and Target.  They have the best prices in town.  If it absolutely can’t wait, chances are I’ll go to one of these local stores.

Unless it’s electronics, which I’ll promptly visit Fry’s.  But that’s another story…

Anyway, I just found a site with both Walmart and Target growth maps, in America.  They’re animated too!  Interesting to see how both stores started from one-location humble beginnings, into hundreds.  The end result is pretty dramatic.  They’re now big corporations.  Isn’t capitalism great?

Click on the images below to see the animated maps.

Target:

Walmart:

This article was posted on Rudy Amid's Blog:

Shopping

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With the mainstream media constantly touting economic recession, unemployment, and spending cutbacks, it’s easy to believe the doom and gloom.  However, I just got back from the malls this afternoon and it’s so far from the reality that was reported on the news.  I’ve twittered what I saw in the malls in the past couple months.  I still see people packing the malls, buying up a lot of stuff, eat at expensive restaurants¹, and still spending on luxury goods².  I think the reality is so different here in Orange County, California.  Or maybe, the residents here are still in denial about the slumping national economy.  Perhaps the reality is that we have it well here in California, and we’re still able to continue living the good life.

After reading a few articles, apparently life is good outside California as well.  Other towns are experiencing bustling local economy.  Even Amazon is claiming best ever 2008 Christmas season for online shopping.  I suppose consumers are still optimistic about the economy, and still willing to spend money in this otherwise “tough times”.  Consumer spending is probably the ultimate bailout for this ailing economy.  So I’ll go buy more stuff, and do my part to get out of this “recession”.

This article was posted on Rudy Amid's Blog:

Bustling Local Economy

1. Such as Cheesecake Factory
2. Such as Apple products

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What is an example of a Dollar Store item?  Try this nail clipper.  It’s the best nail clipper I ever had!  I use it all the time for the past two years.  It still clips my nails cleanly.

I’m going to start thinking what other Dollar Store gift item I can get from Nordstrom.

This article was posted on Rudy Amid's Blog:

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Being spoiled meant developing a habit of getting whatever I wanted.  So, I had a tendency to buy on impulse.  For years, I accumulated a lot of stuff.   Most of them became junk because of lack of use.  At first, I felt like I had to have them, but got bored of them quickly.  This is not a good habit.  As I grew up, I knew I had to change this feeling and learn to control my impulses.  Otherwise, I’ll be wasting my money on meaningless little things that has no lasting value.

I have ways of overcoming my problem of the urge to splurge by asking myself these questions:

1. Is it something I need or want?
   This works all the time.  All of my impulse buys are based on emotions.  Sometimes it’s the excitement of the moment.  Sometimes when I’m feeling depressed or bored, I feel the urge to just buy anything shiny and new, hoping it’ll cheer me up.  Over the years, I learned buying whatever I want is counter-productive and wasteful.   I always have to ask if I need it.  For example, buying an MP3 player for my car is needed because I commute almost an hour each weekday.
2. Is it just for me, or will it benefit others in my family?
   I can no longer think for just myself.  I live with my wife and daughter, so my decisions will affect them.  It’s important that I think about sharing my spoils with them.  Share the wealth, share the joy. For example, buying a DVR or media player so my wife and kid can play their favorite shows on-demand.
3. Can it wait?
   I can use the 30-Day rule where I’ll contemplate my reasoning behind the potential buy.  Waiting 30 days also has the advantage of watching prices drop.   I’ve tried this with my recent PC build shopping list.  I knew I needed the new computer, but buying the parts didn’t have to be done on impulse, taking whatever is “the best” one out there.   For example, I was able to wait for a weekly online sale, to get a better deal on a hard drive, and saved at least $20.
4. Is there an inexpensive alternative?
   In today’s competitive market and freedom of choice, there’s always an alternative to everything.  I thought about my DVD collection.  I would make mistakes like buying Deep Blue Sea, a movie that was highly recommended by friends, but it wasn’t worth watching.  In this example, if I just need to watch the movie once, I could have just rented it from Blockbuster or Netflix.
5. Do I have the cash, right now, to buy it?
   A good rule of thumb for me is to know exactly how much money I have in my checking and savings account.  If I don’t have the cash for it, at that moment, then I just don’t buy it!  I can’t rely on credit card financing because it gives me the sense of false security that I can afford anything after a couple of paychecks.  When I was kid, my Dad used to tease me by saying a credit card was the way to get stuff for free.  Of course, back then, I didn’t know what a credit was.  Now I know better.  If used improperly, it’s a painful trap.  I used to take cash advances from a credit card, not knowing the interests (usually as high as 21%!) accrue as soon as I take the money out!  A very good example to follow is saving up some cash before buying anything.

Self control and discipline are needed to fight my urge to splurge.  Following the above rules will get me out of trouble, practically every time.

This article was posted on Rudy Amid's Blog:

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Now I rather wait for deals at Amazon. American Express runs MyWishList the amazing (but impossible to get) one product a week at really cheap prices. All without standing in line at the crack of dawn and freeze.

We also turned black friday into “Good Friday” when we donate to charity the same amount of money we spent on shopping.  The new getting is giving!  It is the time to give thanks during Thanksgiving.

This article was posted on Rudy Amid's Blog:

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