I’m sure I’m going to run into situations where the rules I laid out might not fit, so let me explain the point, as that should ass some guidance:
It’s my feeling that most of the things I spend my money on are not things that I need, but things that I want. In same cases, they are things that I want because I just like new toys… In fact, I’m willing to bet that 90% of the stuff I buy on some level is just satisfying that childhood urge for new things…
There are a couple of areas where I like to buy things: Electronics and Outdoor Gear.
I’ve been a technophile ever since I was a kid. I love gadgets and all things technology. In 2009, I probably purchased over $3,000 worth of electronics or accessories. In all honesty, not much of those purchases were really necessary- they were simply toys that I bought because I wanted them. I was watching Football one Sunday this fall and I realized that there were no less than 4 devices within my reach that could update my Facebook status.
The same goes for outdoor gear- I absolutely love camping and biking. My wife and I make a yearly pilgrimage to a camping store in New Jersey, where we probably spend more than some people in this world live on for an entire year.
These are going to be the two parts of my life that will be the hardest not to jump on some deal when someone tells me about it.
As for necessities such as food- I’m not cutting back here. Although I do need to go on a bit of a diet, that is totally separate from this project. The same goes for absolute necessities such as health care (if a doctor tells me to buy something, I buy it). I’m a little on the fence for clothing- I think I can buy basic things like socks if I have to, but no fancy dress shirts, unless a work-related event calls for it.
