There is an article in the Economist entitled "Baby boomers are loaded. Why are they so stingy?"
Apparently the issue for the economy in 2020s and 2030s is why baby boomers are spending so little. The article was published in the Straits Times too and I read with amusement comments from many baby boomers defending their behaviour, justifying their so called "frugal" habits. They ascribed it to having lived through hard times and thus valuing this positive trait.
It does not take me a moment to agree that being "stingy" most describes my husband. I then wonder whether my own spending habits can be considered likewise. It is true that I have not spent a single cent on any luxury brands of apparels, bags and accessories. Throughout my working years the only so called expensive item I indulged in is a Rado watch which cost S$2000+ and an Osim massage chair. I really can't think of any indulgence unless one considers carefully planned travelling expenses a luxury. Yes my husband and I do spend quite a fair bit on travel (about 2 long distance trips and a couple of shorter trips per year) but we never splash on truly luxurious hotels except for one or two occasion.
It is kind of strange but I can say I have no qualms parting money for a good cause including charity and gifts. I guess it boils down to a mindset of constantly evaluating whether an expenditure is worth its utility. So if a wealthy person spends half a million or more on a luxurious car I kind of wonder why they don't go buy real estate instead, ie. something more tangibly solid and less depreciating.
Once I wished aloud I could win a business class ticket for a long distance holiday. A friend commented I actually have the means and it is a matter of choice. My reflex response to her comment was "I wouldn't be so irrational as to take business class which is worth 2 economy class tickets (ie. more holidays) ." Or for that matter, I would deliberate very hard whether to be a bit more extravagant when celebrating a special occasion. It all boils down to embracing value to the point that it feels sinful to waste money on extra comfort or fulfilling some desires for luxury. Does that tantamount to being stingy?
As John Rockefeller once said "I believe that thrift is essential to well ordered living"
But the same Rockefeller when asked how much money is enough replied "Just a little bit more"
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