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A recent conversation on frivolous spending led to subsequent pondering on the high rate of consumer spending which has now led to constant thought of disposable income: Who has it and what do they do with it. When I started writing about personal finance, I had no idea that money could be such a sensitive issue and at times can truly bring out the best in people. As a personal finance blogger, I obviously open myself up to criticism because I’ve my inherent honesty that I try to put out there. If I want people in my situation – young, unmarried, recent graduates – to learn from my plight then I feel that I should put most, if not all, of it out there. This presents an interesting dichotomy for on the one hand sharing means caring but on the other hand…uh…step off. But for those who are not in the personal finance world but might share there financial habits, they are often lambasted by their readers for their personal spending habits as if the 400 words in a blog post automatically makes things black and white. Torrie recently discussed this struggle from her personal blog:
Money, in particular, seems to be a very touchy subject among bloggers.
I myself, have restricted what I've written about for fear that I would be judged.
When I did the first ad campaign for Nikon they gave me a free D80 camera.
There was a period where, before the ad came out, I wasn't allowed to talk about where I got the camera from or the ad campaign.
I actually hid the fact that I had the D80 until the ad came out because I knew there would be a few people who would say things like "Weren't you just complaining about not having any money? How can you afford that camera?"
There is a lot of assuming going on by people who read blogs.
I’ve learned to handle the assumptions especially those that deal with how I spend MY disposable income by saying that what is frivolous to one person might not be frivolous to another. That’s the reality of things; not everyone is a single person in their mid-20’s and people have different amounts and ways of spending their disposable income. Which, by the way, is a phrase I’ve begun to loathe as really, money is money and it never really is ‘disposable’ in the true sense of the word. But that’s just a digression from saying that everyone has their own situation. Period.
Last week I mentioned that several BlogHers are giving up frivolous spending and in that same post also mentioned the reactions that some have received after making this decision as if rampant consumerism would be insane to give up and obviously would be depriving a person or a person’s family from the American Dream: 17 pairs of Gap jeans and a sweater from J.Crew. Duh. That post and comments made me realize that I take my disposable income a little too literally. Even though I’ve turned into some avid, crazy saver because CAR CAR CAR, I still spend a ridiculous amount of money on crap that I really don’t need. Like a sweater just because I don’t like the one I’m wearing or the “I needs”. The things I usually “need” so desperately are new tights because the ones I already own don’t have a cool print on them or a new turtleneck because apparently the other 27 I own aren’t doing the trick. And it’s not just the superficial stuff but despite the rampant saving, I know that I’m still not at a place where I would be OK if I had an emergency. Sure there’s that 401K but what if it’s something minor that really wouldn’t require paying $600 in taxes? What about those little emergencies? Am I truly prepared?
Not everyone has an emergency fund to fall back on when tough times hit. It can be emotional and overwhelming to know where to start making changes. Sometimes you can be so accustomed to your current lifestyle that you forget how much you could pare down when faced with an emergency or layoff. Think about a single item you buy regularly, and calculate what your annual savings would be if you went without it or substituted a cheaper product. Such tactics can improve a tight budget or help build up an emergency fund for the future.
All that said, I think it’s high time that I put a bit of a moratorium
