Thrifty with cash not with investing?

V

Victor

Senior Member
Location
midwest USA
are you thrifty or cheap with saving money everyday with ordinary stuff but indifferent or lazy about large investments in saving?
I put too much thought and time into everyday spending and not enough on my portfolio that has dropped. I Lost a huge sum in stocks in past year but grocery shopping worries me.My mother was the same way. Even worse. An odd contradiction?!
 

Victor said:
are you thrifty or cheap with saving money everyday with ordinary stuff but indifferent or lazy about large investments in saving?
I put too much thought and time into everyday spending and not enough on my portfolio that has dropped. I Lost a huge sum in stocks in past year but grocery shopping worries me.My mother was the same way. Even worse. An odd contradiction?!
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I don't think it's an odd contradiction. I made some really REALLY stupid decisions when the gold crash started in late 2012. We sold a large amount of gold because *I* wanted it that way. It's still too painful to think about because if only I'd used my stubborn streak and held out, the value today would assure the kind of retirement I always wanted. 😢 Frankly it spooked me out of much investing at all because panicking like I did when the bottom crashed out showed me I really didn't have what it takes to be a true investor.

So anyhow, to answer your question, I'm neither cheap nor thrifty with ordinary stuff... I don't budget or anything... as kids say these days, "it is what it is."
 
I consider myself thrifty and definitely not cheap. I look to save money wherever I can but that's so I'll have more to put toward my extras, which include vacationing, the occasional meal with family at a nice restaurant and helping close family members financially when needed. As a self taught investor I've done pretty well in the that arena. That's not to say I became rich doing so but I am comfortable. My portfolio is still in "gain territory" despite the recent crashes and fluctuations. There were times I splurged but only after I saved or invested my goal for the month. I've been a consistent saver for 51 years and it became a habit (now somewhat a hobby) to micro-manage my finances.
 
I view investments as long term so grit my teeth and let things ride, typically for at least a year before I make adjustments.

Day to day spending needs a different philosophy. I spend wisely, I buy quality, I stay out of debt. Day to day positive spending habits reap instant results.
 
It is hard to break old habits. I have always been thrifty (divorced with 3 teens). I still look for sales and buy 2nd hand (even the dogs are from "rescue organizations" LOLOL)

Most of my furniture are 2nd hand (except the beds). Old furniture was not popular 40 years ago; now they are "antiques" and valued much more than the original price.
 
Victor said:
are you thrifty or cheap with saving money everyday with ordinary stuff but indifferent or lazy about large investments in saving?
Click to expand...
I guess I've made plenty of mistakes in investing that have cost me a lot of potential money as well as some real money, which makes every day price comparison shopping seem a bit silly. On the other hand, the penny watching for ordinary stuff helps keep my credit card bill within my monthly budget so that avoids costly credit card debt.
 
I am also not rich, I have everything pulled out of the market for the time being. When I feel safe to do so, I will go back in. I feel good right now, I have one small account with the federal government that is still active. There has been small growth but I do keep an eye on it. Yes, I know that most companies do not advise what I am doing, the market will come back. I am more worried that my principle will go to zero and how do I come back from that at this age. I would rather sit still and make decisions when needed.
 
Victor said:
are you thrifty or cheap with saving money everyday with ordinary stuff but indifferent or lazy about large investments in saving?
I put too much thought and time into everyday spending and not enough on my portfolio that has dropped. I Lost a huge sum in stocks in past year but grocery shopping worries me.My mother was the same way. Even worse. An odd contradiction?!
Click to expand...
One can control what they spend on groceries but have little control of what stocks will do.
 
I was never thrifty before I retired. I thought my time was worth more than chasing coupons. Now when I receive coupons or savings from stores I use them religiously. I wouldn't say that I'm thrifty but I track my expenditures. I always know there will be an extraordinary expenditure each month. It is usually for theater tickets or for travel. I did just get a $389 credit back on my Chase Freedom card because I use it to pay for everything.

Re: investments, I haven't touched my equity investments in years. My financial advisor put aside enough cash for me to use in the long term. That, and Social Security, pays my bills. My investments aren't doing well in 2023, but I don't plan on touching them for quite a while so I'm not alarmed. I trust my financial advisor, and he shuffles things around based on where he thinks the opportunities are.
 
I didn't do well in the stock market, so got out late last year except for $150 dollars (two utility stocks with high dividends) and the account is struggling. It is now $135. So I'm glad I got out! It was too much of a roller coaster for my nerves and pocketbook. CD rates are steadily going up, so I am looking at them. I found one for 5% at 11 months, which is quite good, especially if they don't have a minimum balance to open it.

My late husband who was an economist used to say, "A penny saved is a penny earned." So yes, I save money as best as I can. I don't eat out like I used to. I cook at home more often. Only buy the necessities. Teaching has helped ease the loss from the stocks. I set money aside for special purchases or classes, like my watercolor class.
 
A friend lost all of her pension savings in certain stock options. I know nothing about investments and so keep everything that I have saved in a very safe GIC. Numerous people tell me you're not making any money on that, yes, but I'm not losing or will lose any money in the future.;)
 


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