I am gracious that Lazy Man (and yes he is indeed lazy!) clued me into his blogging world and has allowed me to post about some experiences I have with saving for retirement. Basically, I have none. My parents did not teach my sister and I anything regarding saving (my mom actually cleaned my sister’s and mine bank accounts when we were kids to pay her lawyer) and we always strapped for cash. Looking back, I know why.
While I was in college, my grandmother pulled me aside and told me she gave my parents $1,000 when I was born to start a nest egg for me. They spent it – all they ever did was spend. All I remember is them fighting over money. They made many mistakes regarding making ends meet. I think the root of it all was this phenomenon I call “emotional spending” – buying something and not thinking of the consequences. They were using your emotions to buy everything. My parents did this all the time. My dad bought a boat and actually has had three that I know of so far. He has to hide it from my mom because part of their divorce agreement was he would sell it. My Mom just spends her money on unnecessary nicknacks and it adds up. She buys a slew of gifts for all these people, their kids, and their pets. She actually borrowed $6,000 from her retirement so 50 of her friends can attend my wedding. She is always trying to keep up with the Joneses. If these Joneses were real friends, they would not care. My mom is always buying gifts for her nieces. I tried to tell her to not give them anymore gifts unless it was Christmas, Easter, or their birthday. Would they die if they didn’t get a gift on a random Tuesday?
So to wrap up my first blog post, does anyone have anything to share about emotional spending?