People tend to spend more as their household income increases. This is something that Tom and I talk about a lot because it will happen to us. While Tom’s salary has increased over the past 5 years, our household income is still less than it was when I was working. So far we have managed to avoid spending too much more with Tom’s increasing salary since we are still catching up from me quitting my job. To be honest, we are spending more on cable and internet than we ever have and we need to figure out how to lower that bill ASAP. Other than that, we are spending the same amount we always have. However, with Tom’s loan payments decreasing we do see ourselves having more expendable income in the next few years. It’s hard for me to imagine extra money right now with birth costs and other costs that come with having a second child. All I can imagine is less money as we grow our family.
Even though I can’t see it happening, I know it will. Every so often some well meaning colleague or friend will advise Tom that I will eventually stop being a “spend-thrift” and turn into a typical lawyer’s wife. I hate to stereotype, but this is what has been said to Tom, so I’m repeating it here.
Personally, I think it is sexist and wrong to assume that all lawyers’ wives spend frivolously.
These comments have been said enough to make me wonder, will I be able to avoid the “make more, spend more” trend? Or will I be sucked into some dark hole where I think I have to spend more if we have it? Is this all a matter of avoiding the trap to “keep up with the Joneses“?
I certainly hope I can avoid spending more just because we have more money! Tom and I have some plans in order to avoid this. We plan to continue to live beneath our means and pay for a house faster than the typical 30 year rate. We also plan to continue to save for retirement and education for our children. Once we have a little more money we’d like to start making smart investments again. I like to think that all of those things will keep me from becoming a crazy spender. Don’t get me wrong, I like to spend money and I like the have nice things, but I don’t want to spend money just to spend money.
At the same time I also like to day dream about what life will be like if we ever have a lot of money. I envision spa days, shopping trips to boutiques, and lots of fancy wine in upscale restaurants. I also have a pretty fancy kitchen in these day dreams. Somehow I think I can manage to have all those things while keeping a spend-thrift attitude.
I also have to remind myself that me being a spend-thrift is about more than saving money to me. Environmentally speaking, it makes much more sense to be thrifty instead of buying fancy new things. I’ve always been eco conscience and I can’t image becoming a different person just because our household income increases.
These are just some of the thoughts going through my head these days! Do you think it is possible to avoid spending more when you make more? If so, what tips do you have?
It’s totally possible to avoid spending more when you make more! If you want it, you can do it!
At work my Mr. usually gets comments that I’ll want a second kid. It’s my parents that insinuate that I’ll want a bigger house or to blow more money, so I’ll need to go back to work.
It’s kind of funny actually. What makes our life so different to believe that it’s not sustainable?
Our wants might change and we might end up doing those things, but I’m just going to enjoy today!
I AM just going to enjoy today! Great advice! It really is funny that people assume we will want different things when our finances change.
I am sorry that you too have to deal with ignorant peoples’ comments and conceptions. But, let me tell you that these people are envious of your ability to handle finances efficiently (which they probably never could) and of your strong relationship with your husband. They are simply trying to create doubt in his mind about your motives. Their ignorance is laughable. Keeping up with the Jonses is pathetic and usually individuals with low self esteem buying more and more things on credit until they can’t even afford the minimum payments due. The true and free way of life is living debt-free, buying what you can afford, and rejoicing in knowing you don’t have to worry about losing your cars, house, etc. you are doing everything right, so don’t let anyone else tell you otherwise!
Thanks, Julia! I needed to hear that their ignorance is laughable. You’re so right.
I love this post! I think a huge part of it has to do with priorities and actively choosing to be happy with what you have. At least that is what I’m learning! :)
Yes, I agree, you have to choose to be happy with what you have. Great advice!
We are in the same boat with the cable and internet. I am working towards getting rid of cable and just keeping internet. We can watch everything we watch, through streaming services like Hulu. There are only two things stopping us, HBO Go is only available if you have the cable service, and Eric hates the idea of seeing his shows a day later than they air. I think once the next Game of Thrones season comes and goes I’ll be able to convince him that it’s worth the money we are going to save. Also I definitely think you will be able to keep yourself from spending when your husband makes more, you have such a solid foundation already!
We should get rid of our cable too but my husband loves his sports way too much. One day we will find a good way to get ALL the games he has to watch.
We got rid of cable a couple months ago and now only have internet. Saves us $70 a month! And we haven’t even noticed that we don’t have it anymore!
Also, check your data internet usage!!! Do you really use all you are paying for? We were paying for all this data that we never even used! I changed our plan right away and now we save an additional $50 a month on our phone bill. Really aggravating though that we paid so much money every month for so long without never even using it.
Sorry I meant data use on your phone not data internet usage!!!
G’day! Great post today and I always think it is relatively easy, but one of the things you said was “you live beneath your means”…good on ya and congrats on getting that house paid off sooner as every little bit counts! Cheers! Joanne #ibabloggers
My husband and I have had times when we have had more money than we could possibly need to really struggling to pay bills so I totally understand this post. After going through a rough several years, I have learned that I never want to be in that position again. Staying out of debt and only getting things you need helps you to deal with the hard times. Also, having a food storage to help supplement your family while you are going through those rough times is a very good idea. Thanks for the great information!
I think it is absolutely possible to spend below your means! It all comes down to money management – just because your income allows for all the shiny new things, you never know when you might need it.
About 10 years ago, my family was making middle-class income and we didn’t have very good money management skills. If we wanted it, we got it. Eventually, jobs were lost and we dropped down from middle-class to just below working-class. We learned our lesson and even though our income has gone up a little more, we still only buy what we need and save the rest.
Do you do Vlogs? Sorry, off-topic..
I don’t, but I’d like to eventually. I’m adding on some freelance work and having another baby so I don’t know if now is the time to take on another project. Maybe once things slow down with the new baby. I have a feeling things won’t ever slow down though!
It’s hard not to fall into a money trap, I think. We’ve had that problem and need to adjust down.
It really it hard! Even since writing this post I’ve thought of things I “need” when we have more money. I really don’t need anything, it’s just tempting to want new things when you have more money.
It sounds like you are doing a wonderful management job of your finances and finding plenty of joy. Keep up the good work. When I go to spend I have to stop and ask myself ‘do I really need it or even really want it’? Quite often ‘No’ It would only join the next round of cleaning out the junk.
Such a good question to ask yourself, Kathleen. I know that helps me a lot too.