24 Jun

What is your money dial -second part


Last week I wrote about money dials and what importance they play in our spending.

It is a concept developed by Ramit Sethi. He has worked with many people on analyzing their money dial and how to stop spending unnecessarily on expenses which don’t bring much value and joy to our life.

I continued pondering on the topic of what my money dials are and do I hold grudges towards myself for some of them. I think I was not completely honest with my judgement of my money dials. It is ok, as long as I admit it and stop blaming myself for decisions made in that respect.

One category I didn’t mention is luxury – whether it is things for the home, myself or my loved ones. There we go – I admit it – I like luxury.

Parts of us, that we hide from ourselves

I got to realize that I shovelled that part of my personality under the carpet the other day when a new acquaintance joined me for a tour around Malta with my car. He was sharing that his parents packed even coffee cups for him when he was relocating. I said that I find it very practical, as when we relocated to Malta, a chunk of our savings went to purchase the same set of items which we got used to and brought comfort to us. I ended up chasing a particular brand of ironing boards which has an integrated ladder.

Fair enough – we shopped for comfort and practicality, that is a money dial I already shared last week. Then I continued, that after we parted ways with my long term partner at the time. I saw it as a great opportunity to have a fresh start and shop for the things, which I really want – oh boy, oh boy!

Very innocently I mentioned to my travel buddy that, one of my knives costs 100 euro and I spent time to build my kitchen gadgets collection. I believe I caused a shock, poor soul – his money dial is totally different – his focus is experience and travel, so I bet he calculated how many flights a single knife costs.

Now why that money dial was shoved under the carpet in my last article?

The first reason – shame. Although all my high price tag possessions are paid entirely by my hard work, I still feel that in the bigger picture it looks superficial. Don’t get me wrong, you would not guess that part of me, when you look at me – nothing much of a bling-bling. I think it comes more of a surprise to people, as I don’t look the part of a person who actually indulges in luxury shopping, which I think is a good balance. But still, sometimes I feel ashamed of the fact that I actually love high-end brands. I am in the process of learning how to accept all parts of myself, including the posh ones.

The second reason for skipping on this dial is -my luxury items wish list got sort of saturated. I felt like its time to grow to the next phase – I got the best pots, pans, knives (even a kitchen sink and a tap) one can think of, I even got an Omega watch (I know, I know it is on the modest part of the luxury scale). And now there is another kind of satisfaction I get – the one of watching my investment portfolio. Every euro not spent is a euro invested. And every euro invested, is an employee working for me, while I also work.

So is it over with luxury shopping?

I still have a thirst for a sense of luxury from time to time – a few clothing items every few months do the trick currently. Normally I buy pre-loved clothes, I choose brands which I love and would never pay full price. I find a seller who sells more than 10 items in pristine condition and bargain for a package price. You can not imagine the smirk on my face when I get a packet with 10 or 15 items for the retail price of one. I try to budget a sinking fund for such opportunities every few months. As if not planned and if not under control the luxury money dial can lift its head up, saying “treat yourself to that, girl! You absolutely deserve it!” in times when my pockets have to be zipped, tied and inaccessible.

The moral of the story for me is – the more honest and true to yourself you are, the more you have control over your hunches, and space the gratifications.

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