Month 2 Of Spending More

I wrote last month about deciding to spend a bit more.

The rationale: if I have hit my FIRE number, but am still working, I can loosen the purse strings and maybe enjoy my money a bit more.

I tried some purposeful splurging in July and August. How has it been going?

The Good

I have to admit, I have been enjoying what I get when I spend more money.

Every time I step onto my stairs, I revel in the new, cushy carpeting.

Mr. PiN and I stayed at some very nice hotels on our latest trip, and I finally stayed in a hotel where the bed was more comfortable than the one I sleep in at home–a very high standard. We had high tea in Victoria, and ordered whatever we liked at some fancier restaurants than we usually frequent on vacation. It was great.

The most exciting effect of deciding to loosen the purse strings was how relaxed I was when Air Canada messed up our flights.

On the way out to British Columbia, we got stranded at our stop over. Instead of wasting a vacation day in a remote hotel, Mr. PiN and I paid last-minute prices for a very nice hotel in downtown. We walked around a city we didn’t know well, ate at a lovely restaurant, and slept pretty comfortably. I didn’t sweat the price, or worry about how much the airline would reimburse us (if at all) for our costs.

Similarly, when we realized we probably wouldn’t be able to fly home on Air Canada, I felt free to buy new tickets without worrying much about price or reimbursement.

That freedom took a lot of pressure off of me and prevented a lot of stress while we were supposed to be having a relaxing vacation.

The Bad

Although I have enjoyed many aspects of spending money, it’s true that being careful with money sometimes leads you to more interesting experiences. And I don’t mean interesting as a euphemism for just unpleasant or dangerous.

In our latest trip, we took more cab trips than I have ever taken in one trip.

Growing up, we never took cabs; especially to and from the airport, there was always a collection of parents/aunt/uncles/friends of the family who would give me a lift. I returned the favor to friends and family when I could.

In prior trips, buses, trams, trains played a large part in Mr. PiN’s and my transportation choices.

This trip, hopping in a taxi was definitely easier, and usually saved time. We did get some great tips from the better drivers, and one took us to several stops one morning for a mini-tour. However, I did really feel that we missed out on seeing a city by riding around in a yellow car instead of using the public transportation.

Similarly, staying in fancier hotels was comfortable and pleasant; but the recommendations we got (for sights to see, for places to eat) were definitely higher end, and left out the “hole in the wall” places that can be more memorable.

The Ugly

Coming home to a credit card bill that reflected our spending was not very pleasant at all.

I’ve now nearly depleted the bank account I use to save for vacations and house improvements.

As those savings melt away, I need to rethink how much extra I really ought to be spending. After all, I could look at all of these purchases as splurges. Alternatively, this could become a new pattern of spending, in which case I would find that the nest egg I need for retirement has nearly doubled, and I’m no longer financially ready for retirement.

The Conclusion, for now

The credit cards will be paid off at the end of the month.

We already have another trip planned for the fall. The plane tickets are part of the reason I came back to such an unpleasant credit card bill.

However, we are likely going to be staying in less expensive hotels, and using public transport a bit more.

I still greatly desire some improvements around the house, including new carpeting for the upstairs, and replacing some of the kitchen appliances that are barely hanging on.

Given what’s going on, I think some of these house improvements can wait for a bit. We are approaching bonus season at work, and I will likely feel more comfortable paying for projects with “new money” rather than digging into savings.

Have I failed in my quest to enjoy the money I am still earning during my One More Year? I don’t think so. For sure, I certainly appreciated most of the expensive purchases I made this summer. But, like a rich dessert, I’m finding that some of these treats are best enjoyed in a limited fashion.