Someone recently told me not to spend time on expenses which are less than 1% of your total net worth.
I don’t know if I can do that. I think of this way, if it satisfies the below rules only then I don’t give it a thought
But now wondering this isn’t such a great formula either. Also don’t want to keep thinking (read as over thinking) on every expense/spend.
Do you guys have any better idea?
My parents have taught me one thing - don't think much about the price tag of anything that is necessary for you or you like it - rent, food, clothes, electronics (when needed), memories
I add to it this way - if I like something I'll buy it, but on one condition that I should get the money's worth out of it with my usage. Most things get rejected outright. So I mostly end up buying things that add value to my life.
Same bro🤝. I just buy items based on the value it will provide and the duration it will work with just having a base price which I sets based on observing different products and suck the money which I have put in 😆. Before buying I just make sure if I am buying a product, i will wait for the duration which I have assumed it will work fine for. I will not be tempted how good may the new offers be. Unless i am making a monetary benifit (iykyk)
I think one get's a general sense through their own spending patterns on this
I can speak only for myself. Assuming a 1Cr NW, I would make justify one time spends above 5K rupees basis how much utility they give me. Apple Watch is great, a concert I would think about. A health check up that costs 5K is okay, but a one time drinking night where I spend 5K pinches
Tough to summarize with a formula tho
True true.
I think similarly.
Tell me about your strategy for travel expenses?
Similar tech expenses/game expenses.
For me ,in the above scenario, Apple Watch seems like an expense that needs a lot of thinking before coming to conclusion of buying it.
On the other hand a party expense of 3-5k for a Friday night, seems okayish while spending doesn’t feel like a dent in pocket, at least during that time.
Which doesn’t make sense when sober
I do value of the expense. Can be low money high value add, or high money low energy/attention high value - these are bought instantly
Others obviously are impulsive, you don't put your brain there 🤭
Value adds are very rare for me.
Most of the time they are like needs.
And tbh, I am trying to figure out what categories can fall into impulse buying( read as reckless expenditures)
Not speaking of high level stuff. I spend as much as I can on cheap thrills.. For eg: drinking good filter coffee at a famous joint costs me 15-30rs. Walking to the stall, drinking coffee and enjoying the process itself doesn't cost much but gives more happiness..
Spending on such cheap thrills is something I'd always do irrespective of budget or anything.
Nice.
Yes, most times I don’t even consider these as expenses. Count em as experiences
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