Why we shouldn’t feel bad about splurging.

Do you have a soft spot for Chanel handbags, Tiffany earrings or Belgian chocolate? Or maybe you love electronic gadgets, fast cars or automatic watches? 

We all need to have things that excite us.

Guilty Pleasure: Something pleasurable that induces a minor feeling of guilt

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Personal finance books and blogs tell us to invest in index funds, dollar cost average and save on fees.

Financial planners tell us to stick to a budget and explain how every dollar we save will triple by the time we retire.

The FIRE Movement tells us to be frugal, focus on increasing our savings rate so we can retire by 40.

In so many places, we are made to feel guilty for spending our hard-earned money. Many of us are embarrassed or ashamed about our spending habits.

But who has told you that spending money on things you enjoy is OK?

Well, today, that person is me.

Spending is fun.

Spending is necessary.

You should spend BIG on the things that bring you the most joy.

This post is about Unguilty Pleasures. Yup, unguilty is actually a word.

“Spend bravely on the things that bring you joy. Cut out the things that don’t matter.”

Can You Save Your Way to Happiness?

In the personal finance space there’s so much about delayed gratification, saving for the future and how to reduce spending.

We are told that if we cut out our daily latte we will somehow become a billionaire. And don’t even think about ordering smashed avocado on toast.

Many frugality nerds and FIRE eaters actually get an adrenaline rush from looking at their savings spreadsheet on an hourly basis. If that’s you, you are truly awesome and I salute you. 

My view is that I actually want some of my spending to INCREASE over time- as long as there is an appropriate increase in income too. Given a choice, I’d rather level up than shrink down.

Savings are capped. Income is unlimited.

You Can Buy Happiness

Yup. I said it. Contrary to what all those Facebook posts will say. You just need to spend it on the right things.

The breathless smile on my child’s face from a $2 Kinder Surprise is worth every cent.

Contributing to the construction of the Beach House that lets super sick kids and their families enjoy just one fantastic holiday warms my heart. 

I also contribute monthly via direct debit to Food Bank which helps to feed kids breakfast so their brains have the energy to help them learn. Children are the future of our world.

Spend BIG on the things that bring you joy but cut out the things that don’t matter.

Life Is A Journey…

…and you never know when it will come to an end.

Our lives are a journey with twists, hurdles and unknowns.  

In Medschool, one of my classmates passed away from leukaemia, a Gastro colleague died at 37 from a heart attack, and last year colon cancer took a 32-year-old GP.

It’s easy to get caught up with the final destination of accumulating $10 million or retiring at 40, but it’s also important to make the journey fun and enjoyable.

My 5 Unguilty Pleasures

Here are 5 things that make my heart sing. 

1. Travel

For me, travel is about creating shared memories.

We allocate my wife’s entire income and spend 4-6 weeks away every year. As a full-time private specialist, the highest cost is the opportunity cost of foregone income. 

As a child, my parents worked 7 days a week until I was in Year 12. Their only days off were Christmas and Good Friday. We only ever went on one family holiday where they took 10 days off and we went to Disneyland. It was the first time I got to actually spend time with my dad and it was amazing. Despite waiting for 2 hours to ride Space Mountain, that 3-minute ride was the most fun I have ever had with my old man.

I vowed that if I ever had kids, we would go on regular holidays. I’m lucky to have married a travel bug.

These days we take our parents along with us on holidays at least once a year. We never know when they won’t be able to travel anymore and the kids love having their grandparents with us.

2. Italian Food

I think I must have been Italian in a past life. Although I’m Chinese and I’ve collected Michelin stars across Europe, Asia and the USA, given a choice, I’d choose a big bowl of freshly made pasta over a five-hour degustation.

My Italian lovers are:

Pasta- freshly made gnocchi is my ultimate favourite and so hard to find

Pizza- it doesn’t even need to be good pizza and I’ll easily down a large one from Dominos or Pizza Hut. Of course, given a choice, I’d go for one from a wood oven. I’m so lucky that my local 400 Gradi is open until 10pm for dinner after a long operating list.

Proscuitto- sliced thick or thin, if it’s displayed on a leg in a restaurant, I’m ordering a serve. Actually, I have to order two now that I’ve got my son addicted too.

4. Sneakers

Like a moth to a flame, I’m attracted to brightly coloured footwear- the more fluoro, the better. Maybe it’s because I’m a kid of the ’80s and was brought up with happy pants and glow sticks. Who knows.

The great thing is that I once I’ve had my fun wearing them around town for a year or two, they get a quick scrub and have a second life as work shoes. I have at least half a dozen pairs of brightly coloured shoes scattered around the private hospital change rooms. That way I keep the theatre bugs at work. 

5. My Children

Anyone who has kids knows that feeling you get inside seeing your child happy beyond belief. I’m always surprised how a stuffed toy, Play School concert or ice cream brings so much excitement and can be the anchor for a treasured memory.

As a child, I yearned to spend time with my parents, now that I have a choice, I’m always looking for ways to create those priceless memories with my kids. 

One of my Orthopaedic colleagues has a neat way of doing this. In the year his child turns 10, he takes them on an overseas trip of their choice. It’s just him and them one-on-one. With four kids, undivided attention is rare during a typical week. No matter what the future brings, he’s created a truly unforgettable “Dad memory” for each child.

6. Convenience

Call me lazy, but there is a stack of things that I would rather pay someone else to do. We have a cleaner, gardener, pool guy and nanny.

Their hourly rate is much lower than mine, so its worth it. It’s the way I buy back time for regular date nights, kid-free getaways and weekends to spend time with the kids.

We’ve never argued about who’s turn it is to scrub the shower. In my mind, that’s money well spent.

So Where Do I Cut Costs? 

We spend bravely on the things that bring us joy by cutting out or reducing our careless spending.

Debt

We have chosen to live in a home that is in a great location and big enough for our needs. This means we have a small mortgage and sleep well at night. While some of my colleagues stare paralysed at their eye-watering mortgages, my wife is planning our next family vacation.

Gifts

My wife and I don’t buy gifts for each other when society dictates we should. We celebrate Valentine’s Day, Christmas, Mother’s Day and Father’s Day in our own way. We resist getting sucked into the email spam of JB Hifi and Tiffany. 

Fashion

We don’t buy designer clothes or try to keep up with expensive fashion trends. Our biggest spends are at Zara, H&M and Uniqlo. When I’m not at work I live in Lululemon which lasts forever. 

Workwear

I buy one suit a year for work and wear it every single day. It gives my patients an appropriate first impression when they see me walking in through the waiting room. It’s also much more professional if I need to speak to family members after a critical incident. Like Steve Jobs, I’m a believer that it simplifies my morning routine and reduces decision fatigue.

So how about you? What are your unguilty pleasures? Share them in the comments below.

As always:

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