Your financial rules.

[fossyant]

We have recently got my sister to 'retire' after a cancer scare. Senior underwriter, and had worked at the company a long time. Got a six figure 'settlement' after they made her redundant on returning to work, so I said take the tax free, invest the rest, so she took £30k and put the remainder in a pension pot. She'll manage on the £30k for a few years (husband works), then start her pension early. She's just used her 'critical illness' pay out to purchase a new static caravan - her old one will be removed from site in the next few years due to age, so she's PX'ing whilst there is still some value in it.

My only slightly costly vice is pedal bikes, but that's only really ensuring what I have is in top mechanical order. When I retire, I'll have time to take the nice vintage bikes out. We don't do loads of air travel, I'd rather sit in the tent/van awning on a field overlooking the sea - so long as there is somewhere for MrsF to swim, and for me to ride my bike, we're happy.

My wife is the 'saver', my money goes on the household bills etc, although the plan is to reduce 'outgoings' before I retire and manage on less.

 

[kynikos]

Stooze, baby, stooze! (gives me ~£5k a year I wouldn't otherwise have).

 

[SteveH80]

I'm too idle to record everything I spend, but I do do my finances at the beginning of each month to make sure I'm living within my means.

My pension has gone up by about 25% since I retired in 2020. That's not as good as it sounds, it means the same inflation has eaten into my savings. On that basis buying new toys when necessary is sound financially advice 🙂

The only sensible thing I've done is buy my missing years for my state pension, even though it's a few years off yet.

 

[Profpointy]

Look after the pennies and the pounds will look after themselves.

Penny wise and pound foolish.

This very much summed up my late father.
He'd drive my mum, and later me, mad whilst wasting loads of time and effort saving pennies, or insisting buying
a "bargain" set of bendy spanners for a fiver, and yet wilfully neglected the house he inherited for so long it basically fell down, likely wasting a hundred grand or more

 

[All uphill]

although the plan is to reduce 'outgoings' before I retire and manage on less

We've been surprised at how frugally we live in retirement, without trying. It turns out that much of our expenditure, and unsustainable consumption, was only done to compensate for miserable working lives.

Things I don't miss at all in retirement include owning a car shaped headache, having alcohol induced headaches, eating meals out that aren't as good as the ones I enjoy cooking at home, watching TV.

Things I've returned to in retirement include reading lots of quality books, cycling, taking good care of our money, gardening, U3A (University of the Third Age) talking with strangers.

I understand that we are all different, but I wanted to say that we find life vastly improved even though our income has halved.

 

[Alex321]

I'm on my 5th new car now, and have heard this statement, or similar, made many times.
What happens when you buy a new TV, or washing machine, or laptop, do you leave the shop saying 'oh no what have I done'?
Had many years owning clapped out old clunkers, now all that hassle is a distant memory, time to enjoy a few things in life.

Two big differences:
1. A new TV or washing machine is usually going to be less than a month's take home, while a car will be closer to a year's take home.

2. You won't be buying a new TV or washing machine with an eye to selling it 2nd hand and replacing it in a 2-3 years. If you intend keeping something until it wears out, you are not really concerned with depreciation.

 

[FrankCrank]

Two big differences:
1. A new TV or washing machine is usually going to be less than a month's take home, while a car will be closer to a year's take home.

2. You won't be buying a new TV or washing machine with an eye to selling it 2nd hand and replacing it in a 2-3 years. If you intend keeping something until it wears out, you are not really concerned with depreciation.

Must've spent a fortune on fast cars and women, the rest I just squandered.