Tag: personal finance

“You’re a monster! exclaimed a co-worker”, my husband told me, upon revealing to them at the lunch table that he is not buying me any gifts for Christmas. I imagine their jaw would drop even more if we tell them that it has been many years since I received anything from him covered in gift wrap or a card of any kind. Whether it is birthdays, anniversaries, or Christmas, we don’t buy items to celebrate that occasion whatsoever.

I had the same chat with a colleague in the kitchen not too long ago, when we were talking about a downtown Christmas Market right in our office building. I told her I haven’t explored the market yet, because the ‘anti-consumerist in me’ has no motivation to browse around different shops while fully aware that there is likely nothing that will catch my fancy and buy. She seemed pleased though, instead of the strong reaction my husband’s co-worker’s have.

My husband and I would share stories like this at night, during our scheduled bedtime that we try to stick to. We go to bed together at the same time, a great opportunity to share to each other how our day went, have some cozy cuddles, and also to have a regular sleep schedule. In addition to random stories of how the day went, we talk a bit about errands we need to do, what volunteer activity will I be working on, and the financial state of our home. He’d tell me which of our roommates had already paid rent, or how far long we are in paying off our mortgage.

Sometimes, he would mention about things that we need such as an apron for when he cooks spaghetti every Sunday, or a couple pairs of jeans or work shirts. He’d tell me about a hole in his shirt or a pair of pants that are too long, and I’d say ‘no problem, I’ll take care of it’. By taking care of it, it would either mean bringing out my sewing kit to repair the clothes or make the clothing item, or going to the thrift store to buy a few items. When a clothing item is too frayed to be worn anymore, they are the first candidates to be turned into a rag, oven mitt, and quilt.

“I broke my budget!” he told me just a few weeks ago, when he decided to buy a VR (Virtual Reality) gaming system, which is fairly expensive. He does have the money for it, but it’s just something he didn’t budget for this year. So according to the budgeting software he uses, for the ‘personal expenses’ category, he is over budget. Over budget from what I would say is a fairly low personal spending allocation. Instead of getting upset, I was quite amused. He now alternates between playing video games with a controller and the VR set, and he is pretty content.

Frugal is defined as economical and not wasteful about money and I think, with great relief, that we are able to incorporate that in our lives. Other positive words that come to mind are “budget-conscious” or “mindful about money”.

I wonder if our drastically different upbringings made it necessary to have upfront discussions about important topics that are taken for granted. There’s no expectations or assumptions that are to be made, the only way to know is discussing it. The fact that he is not Filipino gave me the confidence to frankly talk about women’s health issues and procedures that I experience. I was hopeful, and I was right, that he won’t be too grossed out. In the same token, he we talk about expenses, retirement plans, insurance and inheritances.

It’s fortunate that for many things that are important, we see eye to eye, both in principle and in process. We both like to stick to habits and automating things, which is evident in how we save money, pay bills, and track our spending. We found our happy medium between flexible, easygoing, forgiving and disciplined. This makes us feel okay with eating out with friends, and also meal prepping every week. This makes us consider thrift stores or DIY items as opposed to buying the latest model gadgets and equipment. This resulted to him using a nine-year-old flip phone with a $15 a month with a Pay As You Go set up, while I have a smartphone with 2 GB of data. This helped us feel okay with certain luxuries that were considered deliberately. He bought a TV and the VR gaming system, and the TV is the first one he actually purchased after moving out 9 years ago since his TVs then were both hand-me-downs. I had a professional photoshoot at a studio just for myself which was pretty expensive, but it is something that was carefully considered for a few years. It was both a fancy gift and a therapeutic exercise for myself.

The reasonableness in our approach takes the pressure off, which I think is what makes many people struggle with managing money. In our culture where immediate feedback, gratification, or results are sought after, the subtle peace of mind that comes with a long-term plan is not as appealing. Even the quietness of not having a major current problem can be unsettling for some. Thinking in bigger numbers in terms of dollars and time horizons is a significant thing I learned from my spouse. Now, I look at them with excitement, instead of dread. Given my age, having ‘only about twenty years’ left in our mortgage can be viewed as an optimistic thing.

Realizing that our savings rate does not compromise our way of life is reassuring. His biggest hobby is gaming (both video games and board games). He definitely maximizes the money he does buying these, and through friends and gaming leagues, has access to gaming opportunities where he doesn’t need to buy much. With my hobbies of arts and crafts and volunteering, there were multiple ways I discovered to save money also. Using second-hand and upcycled materials for the items I make, and then as far as volunteering is concerned, I usually get ‘paid’ by having food at the meetings.

This is something I hope that other couples and other households are able to achieve at some point.