Is there a friction between MoneySaving and Shopping? Blog Discussion

MSE_Jenny

This is the discussion to link on the back of "Is there a friction between MoneySaving and Shopping?" blog. Please read the blog first, as the discussion follows it.

Read Martin's "Is there a friction between MoneySaving and Shopping?" Blog

Mark7799

I agree and understand every word that Martin says in his article. I think there are some who may be taking moneysaving too far judging on some posts. Personally I believe in setting a budget (assuming it's affordable:D ) for anything and then getting the best deal within that budget - I have seen postings of people hanging on until the last possible moment and possibly ending up with nothing (flights, hotel bookings, sale items etc). If something is that important to you and it's at a price you can afford then go for it.

rooo

There is quite a fine line in peoples perception between being tight and being careful.

I tend to go by the old saying: "You'll remember the quality long after you've forgotten the price", and get the best quality I feel it is worth paying. Buying better quality, although often perceived as extravagant and ostentatious, is in itself money saving, because these items normally last longer. As long as you are a savvy shopper and make a decision based on value for money, longevity, service, and the items worth to you, then you are moneysaving!

cmjb

I'm a dedicated fan of Martin's weekly emails. I think the site provides a great service to lots of people, myself included, so I don't want to sound churlish. I'm grateful for all the information Martin shares.

However, I am one of those people who uses a simple equation, Saving equals Income less Outgoings. You cannot "save" money by spending, that is, if you consistently spend more than you earn, your financial situation will deteriorate. Just because someone can make the monthly payment this month doesn't mean they can really afford this, that or the other thing. Unfortunately, Britain is adopting the American model of increasing debt and credit card use.

Personally, I prefer the continuing freedom of being debt-free to the momentary thrill of buying new stuff. So many products are pushed with the slogan that "you deserve it". Well, we all deserve not to have money worries!

Thanks for everything you do, Martin.

Hime

MSE_Jenny wrote: »

This is the discussion to link on the back of "Is there a friction between MoneySaving and Shopping?" blog. Please read the blog first, as the discussion follows it.

Read Martin's "Is there a friction between MoneySaving and Shopping?" Blog

There shouldn't be, but one can end up with what my girl friend and I call a 'poverty mentality', were one srimps and saves to reduce debt and to have financial security so that one CAN enjoy the rewards; then it becomes impossible to part with a penny out of concern that we are only safe if it is tucked away somewhere!! Running a budget, regular savings and putting away for big ticket items are helping me over this dreadful hump.....as is my nearest and dearest. The Martin Lewis site helps too!

Daisies

I think there can be a friction between moneysaving and shopping. Especially as it is such a consumer-driven society these days. I now tend to do the moneysaving thing automatically (it helped that I never got out of student habits) BUT I don't automatically go for the cheapest thing - I'd rather pay more for something that's better quality and will last than get something that's going to disintegrate. Eg, I wouldn't buy clothes from the cheap shops/supermarkets because they don't last (and also sweat shop labour, but that's a whole different thread!). If I were buying a new sofa I'd save up for one that would last me (hopefully) 15-20 years and is worth re-covering, rather than one that will be bust within 2 years. The same for technology - my current TV was a present 10 years ago and I will carry on using it until it's bust, I have no need of a new one.

Surely the acquisition of large amounts of "stuff" is what often gets people into trouble with debt in the first place?

kittykirsty

My OH and I own a large amount of 'gadgets': laptops, a playstation3, a wii, ipods etc etc yet we're not in debt (i'm assuming we're not counting student loans or mortgage here). I'm currently saving for us to get a plasma tv, and won't part with any cash until i know i've got enough for the + plenty extra incase we need it for emergencies.

There are obviously wide variety of reasons why people get into debt, and 'magpie syndrome' (see something, must have it) must be one of them. I don't have statistics of people's reasons for debt, but i doubt very much that MSE contibutes to the number of 'magpie syndrome' debt cases.

I don't think there's such a thing as being 'good' or 'bad' with money. People who get into debt by buying stuff they want rather than need are (IMO) probably mostly making themselves feel better for some other area of their life that is going wrong. Buying something new that they want gives most people a warm fuzzy feeling.

Therefore everyone can be 'good' with money if they want to be, and are willing to put the effort in do to such. (BTW i'm still talking about magpie syndrome here, debt for other reasons can be a different kettle of fish). This website helps people who are 'bad' with money be 'good' with money (amongst the many other brilliant things this website helps with!).

I think if people who were 'bad' with money, and didn't want to change that, came to MSE.com they would start to realise their actions and realise what a great community this is to get help becoming 'good' with money, instead of using this site as a place to get tips on good deals!

Whew, what i'm basically saying is, I'm pretty sure that this site doesn't encourage people to spend beyond their means as you don't have to look far to see forums posts of people who are in dire straights because of debt. These posts serve as a warning for people who are likely to get themselves into debt by buying stuff they want regardless of their bank balance. Also, the great community on this site; the fantastic advice from Martin and the forum posters does change people's lives for the better. Surely once you've started down the route of getting help from here, an item about a 40" plasma for £699 isn't going to make you stray?!

rooo

I think if you're not carefuly, Moneysaving i.e. being savvy, can sometimes drift into tightness. I've done it myself a few times and had to snap myself out of it. Like I said above, it is a fine line sometimes.

The famous £9.99 Alton Towers deal was a prime example. There I was thinking that if we took our own food and beer, we could get away with a nice weekend away for under £50. I had to remind myself that the whole idea of the weekend was to enjoy ouselves, not to save money. We then promptly racked up a £50 bar bill and had a great time!! And even though we spent well over what we had planned, we enjoyed it a huge amount more than we would have done.

Sometimes, actually spending a bit of money gets you a better deal, maybe not in the pocket, but certainly in terms of enjoyment and satisfaction.

nearlyrich

I have been a money saver for many years, I don't spend on any credit cards that are not linked to a DD to pay off the whole balance each month and my overdraft provision is free except for interest if used. Having said that I like nice things, have far too many gadgets, fortunately I get some good deals thanks to my job and shoes ( no deals sadly but my faves are £50 -£60 a pair not £300 to £600 ) I have too many but they all get worn and some are a few years old.

I like shopping but I won't spend more than I have and I am lucky tht I don't feel compelled to buy designer clothes and handbags etc in fact I am not very fashion concious, as long as I am clean and smart I will do. My work suits are usually Next or M and S rather than the more expensive brands favoured by some of my colleagues.

Like Martin we like our holidays and we feel we should have as good or better accommodation as we have at home so we look for a good deal on a decent hotel or whatever but we will get the best price going LOL.

Daisies

Yes, I'm not sure where the line is between being considered "tight" and being careful. At university I hardly ever drank, and consequently completed my first degree with little debt as I stuck to my budget (£5 a week for "going out" goes a long way when a pint of orange squash costs 17p!). But the people I spent my time with were of the same frame of mind - and we had a whale of a time and did some wonderful things (like the under-rated, just going for a walk and spending time with my friends!). I didn't think of this as being "tight" at the time, but doubtless some would have thought so, but they're the ones now in debt.
And that also meant that I could afford to go back and study for my postgrad. and that I've been able to buy a house (I still don't earn a fortune, and doubt I ever will, but that's not what's important to me).

Queenie

MSE_Martin wrote:

MoneySaving should enable you to have a better not worse lifestyle

:T In total agreement :T

I like a bargain, I enjoy haggling, I like saving and ....

... I enjoy spending money I do all the bargaining, haggling and saving so that I *can* enjoy spending money on the nicer things in life.

I loathe paying over the odds (and feeling ripped off if I see the same thing cheaper elsewhere)
I resent paying out interest (love seeing it add up when I'm paid it though )

Am I tight? People who know me wouldn't say so