If you have more than enough money, but are frugal-minded, how do you decide how much to spend?

[Anonymous]

I basically realize that price and value don't always sync up. I try to find out (Consumer Reports, word of mouth, skeptical reading of on-line reviews) when it matters, but I also realize that I could research forever and still not know and don't waste too much time. I try to buy only what I need. But if I hear that something I value is very reliable, I'm willing to pay the price for quality. Environmental impact is important to me--so I first look for high quality used and then look for high quality so I don't have to keep rebuying the same crap and load up the landfill with broken products.

[Anonymous]

Anonymous wrote:I never buy the top model. I check consumer reports and buy the "best value".

+3. And check wirecutter, too. I’ve never been disappointed by purchases so researched.

[Anonymous]

For a specific purchase, I mentally start at the bottom and work up. E.g., the $400 fridge would keep food cold. What more would I get if it's $500? Is it worth the extra $100? If so, repeat with the $600 fridge, and so on, until I say, no, the $900 fridge is just marginally better than the $800 one, not worth spending extra money.

For day to day purchases, try out the cheapest and see if I like it. I shop at Aldi, which is generally about half the price of other grocery stores. Most of the stuff makes me happy. Maybe 1 out of 10 products are noticeably worse, so I don't get them again.

Durability is worth it if you know you'll keep it for that long. But I don't get super expensive gloves, for example, even if they are more durable, because I don't want to worry about losing them.

[Anonymous]

OP here. Thanks all - sounds like my approach is similar. I guess in the case of the vacuum there isn't a clear consensus of "best value" (based on the reviews I've read so far)

[Anonymous]

^^accidentally hit submit. I'm having the same problem with washers - every washer has its detractors.

I wish everything was like a Bosch diswasher - almost universally adored and lives up to the hype. We've never regretted that purchase!

[Anonymous]

I buy whatever seems to do the job the best and has good amazon reviews.

[Anonymous]

I bought a cheaper stick vac first and it was terrible so I got the Dyson last time. I hated my shark vacuum a decade ago.

I spend money on things that are quality or that I enjoy. I buy most of my clothes from Walmart or Tractor Supply on sale, keep vehicles until they die, and don’t love eating out, but spend money on entertaining, travel, and horses. And of course, my kids’ education.

[Anonymous]

Anonymous wrote:We are late 30's, aggressive savers, live beneath our means, etc. and as such have a healthy amount of money.

I'll give a real life example, but my question is more broad: If you are making a household purchase and you can afford "anything" (and I obviously don't mean truly ANYTHING) how do you decide a reasonable budget?

Example: I clean my own house. I would like some kind of stick vacuum to do quick cleans of the bathroom floors when I'm not wanting to get out my big vacuum with attachments, etc. In the stick vac world, there is a $400 Dyson, a $160 shark, and lots of other options under $100. I can easily afford any of these options, however I don't want to spend $400 on a Dyson when a $50 Bissel will do. But I'll also be annoyed if I buy a less expensive one, and I end up replacing it because it sucks.

How do you make this everyday decisions when you are frugal minded, but not actually on a strict budget?

Look for things that free you up time wise. If you actually had enough money you would hire a maid.

[Anonymous]

For stuff like appliances, Consumer Reports and crowdsourcing. We considered a Dyson but got a Shark (not stick) when we looked for a vacuum - it had great reviews and was especially well-regarded when it comes to pet hair. The Dyson may be marginally better but not $500 better, which is what it would have cost. I still get enjoyment out of getting a deal and even though I have enough money for any given top-of-the-line whatchamacallit, I don't have all the money in the world and I'm not looking to watch it burn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here an example: when we travel internationally as a family we go business class. We try to use points but that doesn’t always work. But I’d never ever pay full fare for 1st class (sometimes it’s triple the cost of business and the difference I not worth it in our view). We also stay in nice hotels, get car service, etc. But we still live in a normal house (good neighborhood, good schools but not what you expect if you knew how much $ we have).

And? We live in similar setting with similar travel scenario. I would still buy Dyson.

Why so crabby? I already said I'd buy the Dyson. But OP was asking about purchases beyond the vacuum. I offered an example. She's free to ignore.

[Anonymous]

Anonymous wrote:^^accidentally hit submit. I'm having the same problem with washers - every washer has its detractors.

I wish everything was like a Bosch diswasher - almost universally adored and lives up to the hype. We've never regretted that purchase!

I think SpeedQueen is the clothes washer equivalent of the Bosch dishwasher.

[Anonymous]

I hate my dyson and got the $100 one at Costco. Works great

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are late 30's, aggressive savers, live beneath our means, etc. and as such have a healthy amount of money.

I'll give a real life example, but my question is more broad: If you are making a household purchase and you can afford "anything" (and I obviously don't mean truly ANYTHING) how do you decide a reasonable budget?

Example: I clean my own house. I would like some kind of stick vacuum to do quick cleans of the bathroom floors when I'm not wanting to get out my big vacuum with attachments, etc. In the stick vac world, there is a $400 Dyson, a $160 shark, and lots of other options under $100. I can easily afford any of these options, however I don't want to spend $400 on a Dyson when a $50 Bissel will do. But I'll also be annoyed if I buy a less expensive one, and I end up replacing it because it sucks.

How do you make this everyday decisions when you are frugal minded, but not actually on a strict budget?

Look for things that free you up time wise. If you actually had enough money you would hire a maid.

OP here. We had housecleaners when the kids were little but none cleaned to my satisfaction. Now that the kids are in full time school I have plenty of time and prefer doing it myself. Not everyone hates cleaning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are late 30's, aggressive savers, live beneath our means, etc. and as such have a healthy amount of money.

I'll give a real life example, but my question is more broad: If you are making a household purchase and you can afford "anything" (and I obviously don't mean truly ANYTHING) how do you decide a reasonable budget?

Example: I clean my own house. I would like some kind of stick vacuum to do quick cleans of the bathroom floors when I'm not wanting to get out my big vacuum with attachments, etc. In the stick vac world, there is a $400 Dyson, a $160 shark, and lots of other options under $100. I can easily afford any of these options, however I don't want to spend $400 on a Dyson when a $50 Bissel will do. But I'll also be annoyed if I buy a less expensive one, and I end up replacing it because it sucks.

How do you make this everyday decisions when you are frugal minded, but not actually on a strict budget?

Look for things that free you up time wise. If you actually had enough money you would hire a maid.

NP: Not necessarily. I feel uncomfortable with a maid, like my kids to learn to do household chores, and find many aspects of cleaning meditative. We had housecleaners for awhile and I found myself spending more time cleaning, and feeling more pressure around it because I didn't like leaving a mess for them.

[Anonymous]

I look for the best value and longevity. I take time to research my purchases and don't want to redo that research just a few years later if something breaks. I also research the best return policies or warranties and purchase with a credit card that will extend the manufacturer's warranty.

For something that's not an everyday item, I usually think about it for 6-12 months or more before I pull the trigger. I'm not an impulse shopper.