How much would you spend on …?
If you would spend $200 on a purse, what does that indicate about you?
J. Money at Budgets are Sexy directed us to a fun blogging game: How much would you spend on (fill in the blank)? A winter coat? A purse? Fashion boots?
Like all good games -- Monopoly comes to mind -- it can reveal traits you might otherwise leave unexamined. “These exercises are awesome because they get you to stop and evaluate your true spending habits -- something we tend to glaze over every now and then,” J. Money wrote.
Here’s a sample from his post, comparing what he’d spend with figures provided by Krystal of Give Me Back My Five Bucks and “Fabulously Broke” at Fabulously Broke in the City, who invented this little exercise. (Krystal and FB are using Canadian dollars, so Krystal’s $200 purse is $193.33 USD.)
Purse (or wallet):
Krystal clarified that she generally doesn’t spend so much, but when she does purchase clothing, she looks for quality. So does FB. “I know that spending more money doesn't necessarily mean a higher quality, but generally speaking, it's true,” Krystal said.
Our spending limits are more akin to those of J. Money. We haven’t used a purse in years, our wallet cost about $10, and we still wear the same winter jacket we bought more than 10 years ago for about $100.
Here is J. Money’s approach:
As you can see, I don't like spending that much money on things. But, I also NEVER ever EVER pay full price either. If it's not on sale by at least 20% (and usually 50%), I won't think twice about buying it.
For more comparisons, read the comments made at the posts mentioned above. Also, The Lost Goat shared her spending limits at her blog, as well as what she last spent and the most she’s ever spent for each item. Her limits are generally higher than those of Krystal and FB, and, once again, the emphasis is on quality. “For instance, the $550 purse was bought in 2004, it's still in nice condition, and I still use it. The $150 jacket was a fox fur jacket bought on eBay in 2003 and last worn three weeks ago,” she wrote.
Kelly Whalen used the exercise for some wishful thinking: $400 for a purse, $300 for a custom pair of boots, $100 for pants, but only $100 for a formal dress or a winter jacket. She added, “Right now I'd say $0 for every category since a) I have everything I need and b) I am laser focused on paying down debt, and increasing savings.”
"Little Miss Moneybags" listed $50 for a purse, $150 for a winter jacket and $200 for knee-high boots, but admitted she has never spent that much. Her spending priorities are different. “I get all the arguments about quality over quantity -- I do. But I'd rather have six or eight $10 bags in my closet than one $100 bag. I want to switch things up.”
Lara, a reader of Fabulously Broke, offered yet another perspective:
I'm a broke student and just can't afford to pay more than $50 on most of the things listed (and would prefer to pay far less). Right now my main thing is trying to make everything I already have last as long as possible, watching for things I can use on Freecycle.org, and checking secondhand stores.
How much would you spend for each of these items? Have you actually spent that much?
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
The Consumer Financial Protection Bureau's complaint database highlights the worst problems people have with collectors.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'