Last week I went to Toronto to see my Mother for a belated (Canadian) Thanksgiving celebration. While we were shopping she was willing to spend $200 on a new handbag, and she almost did it, but thank goodness she controlled herself.
I am trying to live a less materialistic lifestyle where I save more and spend less on “stuff” but this is typical behaviour from my Mother. She and my Step Father are Re-DINKs. They each have two kids but none of us live at home any longer. Her new DINK life allows my Mother the freedom to spend her money as she wants. She now has the luxury to enjoy the finer things in life if she chooses to do so.
My Mother Spends Her Money on Enjoyable Assets
My Mother is not yet ready to retire but she has accumulated enough retirement savings that she really doesn’t need to save a lot more on a regular basis. If we combine the lack of need for savings as well as the fact that she no longer has children to provide for she can basically spend her hard earned money on herself.
My Mother chooses to spend her money on material goods that are also a good investment. I understand that an $85 wallet and a $200 handbag are not good investments but those are exceptional purchases. My Mother and her husband usually spend their money on enjoyable assets and life experiences.
Enjoyable investments are assets that they can enjoy now but will appreciate in value over time. My Mother’s enjoyable assets include Art Work, remodelling their Home and a Summer Cottage. As a Financial Planner I encourage clients to save for their future; we have to understand that this doesn’t always mean keeping money in the bank. Saving for our future can include accumulating enjoyable assets.
My Dad Spends His Money on “Stuff”
Although I am no longer close with my Dad I couldn’t help but think about him while my Mother was contemplating the purchase of her new handbag. I thought to myself that my Dad would never spend $200 on one single item because he would be calculating how much other “stuff” he could buy with $200.
My Dad has the exact opposite spending habits of my Mother. My Dad loves to fill his house with “stuff”, even when my Dad upgrades or replaces his current “stuff” he doesn’t throw out or get rid of his old “stuff”, he just keeps accumulating more “stuff.”
My Dad is proud to show off his home and his collection of “stuff” to everyone and anyone who visits. He built a shed to store all of his “stuff” when he moved into my Step Mothers home. My Dad moved into HER house and SHE didn’t want any of his “stuff” in HER home.
My Dad’s collection of “stuff” includes everything from several irons to multiple televisions. My Dad spends money on getting good deals and he definitely shops on a budget. He doesn’t like to pay full price for anything, but that is mostly because he can’t afford it. When my Dad finds a good deal on something whether it is groceries or t-shirts he always buys them in mass quantities. My Mother has a different shopping strategy. She tries to buy the items that she needs while they are on sale, but at the end of the day if my Mother needs something she will buy it regardless of the price.
Quality is more important to my Mother than Quantity. Unfortunately I can’t say the same for my Dad.
Photo by Portable Antiquities
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
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