I Bought Six Pairs of Boots and Am Ecstatic: Money Magic or Money Madness?
February 13, 2012Yesterday I bought six pairs of boots. In reading that comment, you might be thinking, “Hmm… isn’t she the Money Diva who writes at length about being smart with money and even wrote the blog, the Wardrobe Capsule –how to look fabulous while spending less? What happened to the “spending less?” What’s with six pairs of boots, Nancy?”
I never said that you weren’t ever allowed to HAVE FUN just because you are being money smart. Trust me, it was so much fun to try on boots and think, you know, I actually can get all of them. Here’s why: money was set aside in my special “spending account.” These “bucket list” funds may only be used for wonderful experiences with loved ones, travel, or special things I want to purchase. This is an enjoy life/happiness fund and yesterday it was “boot heaven.”
The important lesson here is I had to make a choice – when I chose a “shoe shopping spree” then it negated any other choices. The money has been spent. The account has been emptied. It is time to go home, and have a fashion show not to keep shopping or go out to dinner. (My husband has dubbed my showing him the purchases with different outfits – fashion show.)
Having the funds in the account to spend gave me freedom to really fully enjoy the moment. Have you ever had the experience of getting caught up in the moment and buying something way over your price point? I witnessed that a few years ago when I went shopping (ironically, it was boot shopping) with a friend of mine during a girl’s weekend at Union Square in San Francisco. I think we saw every single boot within a two block vicinity of the Square and she ended up purchasing a pair of designer boots that were about double her price range. They were darling and she was excited at the time but afterwards, buyer’s remorse set. She felt sick to her stomach and totally regretted her purchase. Luckily, she had checked the store’s return policy and was able to return them but the overspending put a damper on the whole experience. It went from joy to heartache in a hurry.
Money tip: Set aside extra funds in a special account for your bucket list once you’ve set aside funds for important short-term goals (emergency fund) and long-term goals (retirement.) Link a debit card to this account (one that won’t allow you to go over your balance). Then use this fund for your special fun things and replenish it after you’ve gleefully drained it.
I had a budget and was able to get six pairs instead of one! Here’s the deal. I was thinking of getting a nice pair of leather boots at a department store or a boutique (there are a million wonderful boutiques in Salt Lake City). When we drove by a new Skechers Factory Store, I asked my husband to flip a U-turn and pull in saying, “Honey, we have a change of plans.” Skechers is a favorite brand of mine as I’ve been very satisfied with their quality of merchandise. They were having an end-of-season boot sale so their boots were already 70% – 80% off AND you could get the second pair (even if they were already marked down) for half off. That certainly got my attention.
So instead of going the designer boots/ boutique thing as I’d planned, I went a different direction. Instead of one pair of boots, (which would have been fine since they would have probably lasted me for years) I went for six pairs of non-designer but very nice boots. Here’s what I ended up with: the “fake it” leather-look biker boots, the “fake it” suede lace ups, the Skechers Uggs look-a-likes, and two mountain-style pairs of boots with “fake it” fur tops (in different colors). The number six was a pair of hiking boots for hubby at half price to keep him happy (and his feet warm). All in all, I ended up going $2 over what I’d planned on spending on the one pair but got six in different styles (and no animals were harmed in the process).
Money tip – Just because you have money to spend doesn’t mean you suspend your smart purchasing skills. Watch for the sales, buy during the end-of-season discount blow outs, and print out coupons on line before you go. (I didn’t do that this time.) The coupon printout really works, especially for online purchases, but it also works for in-store purchases. Just Google the name of your store and the word “coupon” and it will pull up a dozen coupon websites with savings codes to add at checkout online or to print to take into the store.
This simple step costs nothing but stretches your dollars so you can either save funds for later bucket list items or if you are ready for a “boot bonanza” like I was, you can totally indulge and say, “I’ll take them all thank you.” So what do you think? Was this shopping spree money magic or money madness? Walking to the car with boxes stacked above my head and not one but FIVE pairs to choose from today was magic for me.
Special postscript – when we got home we each rounded up six pairs of shoes or boots that we no longer wore and either tossed them (if they were very worn) or bundled them up for charity so someone else could enjoy their own (gently used) shoes or boot bonanza.