How well are you spending?
How well are you spending?
Find the type of spending that gives you the most joy
Most people associate spending with being a bad thing. In my opinion, it does not have to be.
If the joy gained from spending that sum of money outweighs the joy of saving, then the spending is well-worth it.
One of my biggest themes for this year was to have more fun. It’s something I’ve been lacking since the onset of the Covid pandemic, forcing us into lockdown and raising the issue of mental health.
I’ve not stepped foot on an airplane for the best part of 3 years. My last trip overseas was back in 2019/2020.
Finally, I scratched my travel itch on 2 February 2023, when I set off for a holiday in Japan. It’s one of my favourite travel destinations, featuring the best of both worlds (food and scenery). It was a breath of fresh air (literally and metaphorically), the best holiday I’ve had in recent memory. Every time I leave, I find myself yearning to return.
By the end of the trip, I tabulated my total expenditure for the trip. To my shock (or surprise), I spent more than I budgeted for.
No regrets, it was money well-spent.
If I had a choice, I would do it all over again (I already have plans for the next trip).
There’s a huge lesson that I’ve learnt from this trip. That is, money spent creating enjoyable experiences is money well-spent.
This made me recall a Jan 2023 article I read by Morgan Housel, where he shared about the art and science of spending money.
Are you being too frugal, and missing out on life?
I highly resonate to the concept of frugality inertia.
What people really want from money?
People don’t want to have the most money, they just want enough to stop thinking about it.
The only question that remains: How much is enough?
Diligent saving over many years is prudent, but what use is it if you never get to enjoy the money you earned?
How much do you want to die with?
If you die with $1 million left, that’s $1 million of experiences you didn’t have. And if you die with $50,000 left, well, that’s $50,000 of experiences you didn’t enjoy.
This concept was first introduced to me by the book “Die with Zero” by Bill Perkins. Being the frugal person that I am, It’s made me re-think the concept of over-saving, and over-investing (if there’s such a thing). Instead, I’m now allocating some of my wealth to just have some fun. Because, why not?
Does spending on this spark joy for me?
Applying the Marie Kondo concept to spending, it helps to ask the question:
“Does spending on this item spark joy?”
If it does, spend lavishly. If it doesn’t, cut it out ruthlessly.
I used to be lost, when it comes to spending on things that made me happy. After my travel to Japan, I’ve found one, and I’m sure there’s going to be many more to come as I try out new things.
The most expensive things do not necessarily bring the most joy. Owning a big house or a nice car is not my thing.
What I need are my yearly trips to Japan, a place which makes me feel the most relaxed, calm and zen. It’s also a place where I get to meet beautiful people (literally and metaphorically).
To quote Rami Sethi: Frugality, quite simply, is about choosing the things you love enough to spend extravagantly on—and then cutting costs mercilessly on the things you don’t love.”’
There is no guide on what will make you happy – you have to try a million different things and figure out what fits your personality.
P.S This is not a guide on how to spend your money (going to Japan might not be what sparks joy for you)
In case you’re curious, here’re some beautiful photos of Japan
