How to get the best bang for your buck

[wageslave23]

In general what types of discretionary spending do you find most efficient?  I just went bowling with my wife ($14) and then dinner a casual Mexican restaurant ($47).  The food was good but compared to the bowling,  totally not worth the cost.  Maybe for $20 it would be worth it for something different.  In that same vane I usually find vacations not worth the price. What are your thoughts?

[Wolfpack Mustachian]

For me, it's all about whether I'm appreciating it or it's inertia driven. I spent $40 recently on a smallish piece of cheese and a single (albeit large) bottle of beer. This was worth it to me because it's been a year (the cheese) and maybe 5 years (the beer) since I have had either, and I have been looking forward to both and am slowly enjoying the cheese and will enjoy the beer and sharing it with my spouse. When I eat out with a friend I haven't seen in a while, it really doesn't matter to me that much if the meal is $8 or $15, as I'm doing it to spend some time with a friend, and we're eating somewhere I enjoy. For vacations, we try to spend with deliberateness, as well. We go in planning on cooking our meals but still eat out at least once or twice somewhere nice and spend a decent amount. I'm hopefully going on a trip over the summer for a couple of weeks, and it's going to be fairly expensive, but it's expensive because of things I'm planning for - rentals where we can do the things we want to do, food at specific places that are tasty and I plan out to go because I want to try them, etc. We're able to do all of these things and still save money (or we wouldn't do them), and they generally feel worth the cost because I'm doing what I want to do.

I feel that things aren't worth it when I am grabbing something out to eat because I'm tired and give in to a temptation to go to some fast food place on the way home just because or when I go on vacation somewhere just to be going on a vacation and so on. Basically, I have very expensive things (to me at least they're very expensive) that I do sometimes that seem well worth it and other things that might be less expensive that I think about later and think, why on earth did I do that?

[Raenia]

This is going to be such a personal choice that I'm not sure you'll get much insight here.  Personally I don't enjoy bowling, so it would not be an efficient use of money for me no matter what the price.  I don't much enjoy Mexican food either, I'd prefer a nice candlelit home cooked meal.  Offer me a $50 sushi dinner, on the other hand...

In general, I'd say that eating out is only worth it if what you're getting is something you can't do at home.  Either type of cuisine, quality, or environment.  Same for experiences - I'm not going to fly to another country to go hiking in nature, when there are tons of state and national parks in driving distance that I haven't seen yet.

I would also say that things become more worth it the less often you do them.  My DH and I have a nice dinner out 2-3 times a year, for birthdays and anniversaries.  Because we do it so seldom, we can go to nicer places than if we were doing it every month, and we appreciate it more as well.  If you go bowling every weekend, it won't be as special or worthwhile as if you do it once a month.

[cool7hand]

+1 that this is a personal choice.

We spend what others would likely think a ridiculous amount of money on freshwater bass fishing from gear to boat to tow vehicle to vacations. But it's our favorite form of life experience. For example, we can look at the pictures we take of the fish before releasing them, pictures that serve as slideshows on our devices, and remember where we were and how we caught them and what the day was like and things we said.

We wouldn't spend money on a Mexican dinner either. But we would spend $50 plus dollars on two gluten free pizzas from this one local joint that has magic gluten-free crust. Most gluten free pizza tastes like cardboard. But this is the real deal! Even so, we can't stomach the expense more than a couple of times a year.

Just find what you like and don't sweat it. Sweating the spending on what you love is toxic.

[Wolfpack Mustachian]

+1 to both of those and just to add from my above - it's very individual in nature because different people are going to value different things. That's why I always focus on being deliberate with your spending. Just take the time to think about what is meaningful spending to you and what is not. Don't do it just to be doing it. Keeping up with the Joneses is a good example of what to not do, but it's only one example. Inertia in spending can come from things as simple as how you were raised - what expectations you place on yourself because of your culture, background, parents, etc that you may not agree with but are doing because that's the way it's always been done. There are many other examples of spending like this without thinking. Don't spend without thinking. Be deliberate. You may still have some regrets, but they'll be a lot fewer.

[ohio4life]

Meals out:

I almost never enjoy meals out to the point where I think it is worth it. Maybe 1 out of 5 meals out seem worth it to me. To be fair, my GF makes wonderful meals for me most nights and I am not much of a foodie to begin with. I try to keep my meals simple most of the time and it isn't a big part of my life. My friends and family love eating out and they really enjoy it, so I eat out way more than I would prefer. If it is just me and my GF then I would prefer to just make dinner at home. With friends or family, it is maybe more worth it to go out to a meal, because no one has to host. Maybe after the pandemic I will try to start more dinner parties or something.

Vacation:

I don't necessarily worry about money spent on vacation, because I attempt to give myself a break from normal concerns. There is not much I do on vacation that is expensive except for the lodging or air travel costs. Not much you can do about that, but I do generally visit people when traveling and don't spend too much on lodging. AirBnB prices do seem extremely high now. I'd prefer to do more camping and outdoor stuff, but it is hard to do that unless I am traveling solo.

Spending in general:

I don't get a lot of satisfaction out of spending. If I want something I generally buy it and then have some buyer's remorse. I try to treat myself to some hobby related spending, but it is probably 100 or less dollar a month on average and that feels about right.

[Metalcat]

I'm not entirely sure what you are asking??

Are you asking what things we personally feel are worth the price, or asking how you can get the best bang for your buck???

Either way, the answer is: it depends.

It depends on what matters to you. Nothing has an inherent value for the individual, it only has the value you are willing to pay for it. So, for example, if someone finds art boring, then the admission to the art gallery is a bad deal. Meanwhile, if you're a huge art fan, then access to thousands of pieces by masters is the best deal you will ever get for $8.

So, what kind of feedback are you actually looking for??

[GuitarStv]

The last guitar I purchased cost me a little over a thousand bucks.  Since the purchase I've put about 1500 hours on it though, so at under a dollar an hour it has been pretty cheap for entertainment.  My road bike was 800$ and has had far more use, but it regularly needs new chains, cassettes, cables, and the like so probably comes in around the same cost per hour at the end of the day.

[Zikoris]

I almost never consider restaurant food to be worth the money, outside of travel around Europe and Asia where we've had some truly excellent food. As a result, we basically never eat out outside of travel. If I had to swear off North American restaurants for the rest of my life, it would be no problem at all.

I've always felt good about any very unique experiences we've spent money on, even the very expensive ones. Trying new things and having an experience-rich life is really important to me. This includes travel, obviously, but also things like seeing new local places, going bungee jumping, taking classes, and so on.

I don't consider most consumer goods worth the money. The exceptions being things I use a lot, like my two e-readers, my high quality kitchen stuff, and multiple video game consoles.

My laser eye surgery was worth it several times over.

[wageslave23]

I know it's unique to each individual.  Curious to hear some general thoughts on what makes spending "worth it" as well as some specific things that you may be able to extrapolate to Universal principles.   Im trying to help dial in my own judgment.  Spending on strengthening relationships and unique experiences are a couple more general principles I've gleaned from the responses so far. Along with looking at where you spend your most time and spending money on those things.  Like a bike if you do a lot of cycling,  or in my life a mattress because I have trouble sleeping and it is such a big part of life. 

[Bloop Bloop Reloaded]

For me I have no issues paying for 'restaurant food'. It's maybe $15-$35 for a meal out and that's small beer compared with how much other big ticket items like say private schooling ($35,000 a year) costs. And I at least get some utility out of eating out - I genuinely like the convenience and taste.

One thing I try to avoid is buying retail (computers, jewellery, watches, clothes, phones, or any other expensive consumer goods) in Australia where possible as I find most things are massively overpriced here compared to the US/UK. Obviously I can't go overseas to buy food but I can definitely choose to support Chinese, UK or American companies when it comes to buying other things. I definitely don't believe Australia is a good "bang for buck" country in general.

[Metalcat]

I know it's unique to each individual.  Curious to hear some general thoughts on what makes spending "worth it" as well as some specific things that you may be able to extrapolate to Universal principles.   Im trying to help dial in my own judgment.  Spending on strengthening relationships and unique experiences are a couple more general principles I've gleaned from the responses so far. Along with looking at where you spend your most time and spending money on those things.  Like a bike if you do a lot of cycling,  or in my life a mattress because I have trouble sleeping and it is such a big part of life.

I really don't think you can generalize what's worth spending on because individual needs are so wildly varied that the commonalities will be so broad as to make them virtually useless.

Also, what's worth it to one person vs another, even if they do have the same values, will vary drastically depending on their level of disposable income, and their life circumstances as well.

The things that are worth it to me to spend on have changed wildly over the course of my life, and that's just one person.

[dcheesi]

I struggle with this in various ways. One particularly silly/nitpicky example: I never order curries from Thai restaurants, since I know I can make a Thai curry at home that's 90% as good just from canned curry paste and a few other ingredients. Instead, I go for things like Drunken Noodle that are at least a little more complex, and/or dependent on real cooking skill/effort.

All of which made sense --when I actually made Thai curry at home. But since my SO doesn't do spicy food, and all of my favorite curries are at least a little bit spicy, I almost never make curry anymore.

At this point, I'm starting to feel a bit curry-deprived. Yet I still can't bring myself to order it, since I know I could still make it cheaper myself (though I never do). It's quite a pickle.

[Edit: I do still order Indian curries sometimes, since I've yet to find e.g. a store-bought Vindaloo sauce/base that's satisfactory. But the Maesri brand pastes from the Asian market seem to do the trick for most Thai curries, so why reinvent (or pay 3x the price for someone else to make) the wheel?]

[SomethingFishy]

I struggle with this in various ways. One particularly silly/nitpicky example: I never order curries from Thai restaurants, since I know I can make a Thai curry at home that's 90% as good just from canned curry paste and a few other ingredients. Instead, I go for things like Drunken Noodle that are at least a little more complex, and/or dependent on real cooking skill/effort.

All of which made sense --when I actually made Thai curry at home. But since my SO doesn't do spicy food, and all of my favorite curries are at least a little bit spicy, I almost never make curry anymore.

At this point, I'm starting to feel a bit curry-deprived. Yet I still can't bring myself to order it, since I know I could still make it cheaper myself (though I never do). It's quite a pickle.

[Edit: I do still order Indian curries sometimes, since I've yet to find e.g. a store-bought Vindaloo sauce/base that's satisfactory. But the Maesri brand pastes from the Asian market seem to do the trick for most Thai curries, so why reinvent (or pay 3x the price for someone else to make) the wheel?]

I have to laugh at this because it’s so personally relevant right now. Like you, I love curries and found out that the Maesri pastes plus good coconut milk and kaffir lime leaves is 90% as good as store bought, while about a tenth of the price. But I’m 14 weeks pregnant, with horrendous hyperemesis. I am overwhelmingly nauseous, vomit frequently and feel like trash. I also had to have major surgery a week and a half ago, the equivalent of a c-section, while still pregnant, to save the baby’s life. Recovery is rough. Vomiting with an abdominal incision is agony. The one food that sounds good (e.g., probably won’t come back up) is Panang curry. But I physically can’t make it for myself right now. I’m about to break down and order some, and only the knowledge of the cost differential is holding me back!

[BlueHouse]

I live in a HCOL area, but it's a very walkable location.  As part of choosing to live here, I make very conscious choices on what I do for entertainment.  Every month, I scour the event sections of the local papers to find out what events there are that interest me.  Once a quarter (pre-covid) I go through the events calendars on the Smithsonian website and look for one-time events, lectures, films, etc.  These are all free.  There are so many fascinating, educational, and entertaining things to do that I rarely have to look any further for anything to entertain me.  I've attended all types of events, from lectures, to book signings, to cooking demonstrations, dance recitals, history lessons, dragon races, sporting clubs, kayaking, river paddling -- all for free.

Books - not only do I use the library in-person and online (and download content from many libraries through reciprocal agreements), but there are tons of "little free libraries" all over my neighborhood.  One of my goals in FIRE is to visit many different Free Little Libraries and map them out in my new FIRE bullet journal.  And libraries are wonderful places for free events -- read their newsletters and subscribe to their mailings.  Do things you wouldn't normally do, because they are free -- and why not?  I went to a NaNoWriMo event once at the library and had never even heard of it before I signed up for it and learned some organizational tips and ideas for pushing myself towards goals (even though I don't plan to write a novel). 

I also love to make lists.  I don't like to collect objects, but I love to collect experiences.   You can literally make scavenger hunts out of things of interest that you find in your area.  And if you keep lists of your interesting things, you can categorize them and share them with others to make fun games out of the hunts. 

I keep an email address just for events, so I sign up for more and get added to more event lists as time goes by.  I get invited to (or otherwise find in newspapers) to almost every restaurant "soft opening" in my quadrant of the city.  This means free food and drink at a new restaurant (it's a dress rehearsal for opening night), and I'm usually one of the first people to have tried a new restaurant because I go to these. 

From the outside, some people think I spend a ton of money to be "the first" to try new restaurants and go to all of these events, but those who know me best know my methods and know it just takes a bit of planning.  I am constantly in awe of the fantastic experiences I have and then amazed that they are free.  I feel as if I'm the luckiest person in the world because I can take part in so many of these opportunities. 

[namasteyall]

Pretty much what I do in Mumbai most evenings (pre Covid). Plenty of good, free or very low cost things to do almost daily: art openings, library lectures, restaurant events, major fashion weeks, poetry readings, dance, etc.  Invitations galore...

[joedad189]

what your asking is, i think, analogous to the concept of Money Dials, something Ramit Sethi (of i will teach you to be rich fame) came up with. the idea is you turn up or down the dial in a given category of spending based upon its importance to you. if say your transportation isnt that important to you then you spend the bare minimum on your car or bike to get around as needed. but if you love clothes or gadgets or investing then since you "saved" money on transportation or other money dials you can, to your comfort level, turn other dials way up to maximize the pleasure, experience or bang for the buck the item gives you.

i really like this idea of figuring out what lights you up and turning up the corresponding money dial. Say you like bowling with your wife, maybe join a league to do it regularly, maybe take a few classes from a resident pro to increase your skills, maybe dive into the types of balls, shoes, braces, etc that can help your game, maybe travel to tournaments to up the fun factor. i think this can translate to any activity or thing. the best thing about this idea is that its all up to you as to how much is appropriate to "spend" on a given money dial.

personally i like convenience at the moment as i have two young kids and have two working parents and little time or energy at the end of the day

[BicycleB]

I live in a HCOL area, but it's a very walkable location.  As part of choosing to live here, I make very conscious choices on what I do for entertainment.  Every month, I scour the event sections of the local papers to find out what events there are that interest me.  Once a quarter (pre-covid) I go through the events calendars on the Smithsonian website and look for one-time events, lectures, films, etc.  These are all free.  There are so many fascinating, educational, and entertaining things to do that I rarely have to look any further for anything to entertain me.  I've attended all types of events, from lectures, to book signings, to cooking demonstrations, dance recitals, history lessons, dragon races, sporting clubs, kayaking, river paddling -- all for free.

Books - not only do I use the library in-person and online (and download content from many libraries through reciprocal agreements), but there are tons of "little free libraries" all over my neighborhood.  One of my goals in FIRE is to visit many different Free Little Libraries and map them out in my new FIRE bullet journal.  And libraries are wonderful places for free events -- read their newsletters and subscribe to their mailings.  Do things you wouldn't normally do, because they are free -- and why not?  I went to a NaNoWriMo event once at the library and had never even heard of it before I signed up for it and learned some organizational tips and ideas for pushing myself towards goals (even though I don't plan to write a novel). 

I also love to make lists.  I don't like to collect objects, but I love to collect experiences.   You can literally make scavenger hunts out of things of interest that you find in your area.  And if you keep lists of your interesting things, you can categorize them and share them with others to make fun games out of the hunts. 

I keep an email address just for events, so I sign up for more and get added to more event lists as time goes by.  I get invited to (or otherwise find in newspapers) to almost every restaurant "soft opening" in my quadrant of the city.  This means free food and drink at a new restaurant (it's a dress rehearsal for opening night), and I'm usually one of the first people to have tried a new restaurant because I go to these. 

From the outside, some people think I spend a ton of money to be "the first" to try new restaurants and go to all of these events, but those who know me best know my methods and know it just takes a bit of planning.  I am constantly in awe of the fantastic experiences I have and then amazed that they are free.  I feel as if I'm the luckiest person in the world because I can take part in so many of these opportunities. 

Great post, @BlueHouse!

I almost never consider restaurant food to be worth the money, outside of travel around Europe and Asia where we've had some truly excellent food. As a result, we basically never eat out outside of travel. If I had to swear off North American restaurants for the rest of my life, it would be no problem at all.

I've always felt good about any very unique experiences we've spent money on, even the very expensive ones. Trying new things and having an experience-rich life is really important to me. This includes travel, obviously, but also things like seeing new local places, going bungee jumping, taking classes, and so on.

I don't consider most consumer goods worth the money. The exceptions being things I use a lot, like my two e-readers, my high quality kitchen stuff, and multiple video game consoles.

My laser eye surgery was worth it several times over.

If you bungee jump, a good quality bungee that keeps your head from hitting the ground is a good...er...NOT-bang for the buck!  :)