What Are Your Approval Clip Levels for Purchases?

cuteseal on 18/03/2021 - 11:30

Interested to know how Ozbargainers justify their purchases, and what sort of decision process you go through and whether you need to get the approval of your significant other. Also, at what point does it move from a no-brainer to a "I'll sleep on it" decision?

For example, for me:

  • under $50 - no brainer
  • $50 to $200 - think about it, might mention it to the wife
  • $200 - $500 - sleep on it, will discuss with wife
  • above $500 - only through mutual agreement

To illustrate, I saw a couple of used Kobo e-readers under $100 the other day on Facebook marketplace - thought about it, did some research and then pulled the trigger. I also bought the Theragun from Kogan for $220 for my tennis elbow the other day but didn't consult the wife first and felt bad.

How about you?

General Discussion

Comments

  • Hybroid on 18/03/2021 - 11:34
    +3

    Surely depends on the item. Different price band categories depending what it is.

    • dust on 18/03/2021 - 11:47

      Yep depends on the category of the item.

  • Quantumcat on 18/03/2021 - 11:35

    Under $100 I would just buy it, over would consult with significant other. If only so he can plan for bills etc

  • spackbace on 18/03/2021 - 11:41
    +14

    Ah, single life ;) Just have to debate it with myself lol

    • Muzeeb on 18/03/2021 - 11:46
      +4

      Ah, single life ;)

      Probably not the only debating you do with yourself then

  • Muzeeb on 18/03/2021 - 11:46
    +5

    Easier to seek forgiveness than permission.

  • apsilon on 18/03/2021 - 12:01

    Depends entirely on the item and discount. I rarely buy anything I wasn't planning to buy eventually (I don't get the "I don't need it but it's cheap so I'll buy 3" mentality). If it's something I was planning on buying in 6 months but it comes up now at 30%+ off then I'll likely buy it unless it's into 5 figures in which case I may pause and ensure I've covered all options and am certain.

  • Cheaplikethebird on 18/03/2021 - 12:04
    +7

    I was becoming a little impulsive with my spending on random crap so what I've done is created a list of things I want to buy. Anything over $50 has to go on the want to buy list for a week at least before I pull the trigger. The point of it, at first at least, was to remind me of the big things I want so I don't let small purchases push them further away. I'm finding though that often with a lot of items seeing it listed against all my other wants after about a week I realise I don't actually need it that bad.

    • cuteseal on 18/03/2021 - 12:16
      +2

      This is the kind of helpful tip I was looking for… thanks for sharing.

      • Cheaplikethebird on 18/03/2021 - 12:21
        +3

        It's been super effective.

        Another level it works on which wont be for everybody - I buy a lot of kooky crap and I feel like internally my brain is feeding me this feeling of urgency to buy, like if I don't buy this cool weird thing now I'll forget and I'll never know the joy of owning a 4 foot tall vintage Italian movie poster (for example). Now I just put it on the list and that feeling of urgency is taken away.

        • mlbrooke on 19/03/2021 - 07:28
          +1

          I used to do this as well, it was really effective for me to stop impulse buying. This the habit that is hard to break, seeing something and ‘needing’ it right away. By writing the list it means I had to think about whether I really needed it first and whether I would in fact use it enough to warrant the expense…. Now I’m cured and only buy what I need (mostly)

  • SF3 on 18/03/2021 - 12:04

    You should know already and through some trial and error - know what is OK or not… but you are dealing with people, so the situation may evolve over time. ;)

    Any item that impacts or disrupts the family - you should discuss with your significant other.

    There is no real rule book on this. A lot of factors such as your upbringing, incomes, lifestyle and most importantly your relationship with your wife.

    Also depends on who is the CFO of your household (even if you are the CEO) :)

  • Hearthstone on 18/03/2021 - 12:05

    no need buy whatever with either of us no limit,
    having said that none of us ever bought anything big like 5k or 10K without talking about it first

    plus I do all the money management and clean up credit card each month and make sure we are on track
    with the saving and investment on top of paying off the mortgage.

    she can spend whatever she like without consulting me I can see it on the statement if she goes over the top then
    I just have a gentle reminder with "great spending power it comes with great responsibility"

  • Davo1111 on 18/03/2021 - 12:06
    +3

    Dont have a wife, i do what i want.

  • djones145 on 18/03/2021 - 12:07

    needs to be more PC

    partner or öther"

    other as
    - family members
    - pet
    - can be between the left and right side of the brain
    - separate personalities
    - with your banker

    • cuteseal on 18/03/2021 - 12:15

      Haha I did say significant other. My example mentioned "wife" because… well I have one.
      Feel free to add your own interpretation. :P

      • scottb721 on 18/03/2021 - 22:00

        Mentioning 'wife' is more than sufficiently PC.

  • SF3 on 18/03/2021 - 12:08

    but didn't consult the wife first and felt bad.

    Come on Psy, what happen to your persona?

    • cuteseal on 18/03/2021 - 12:18

      Covid has impacted my Gangnam style lifestyle…

  • tsunamisurfer on 18/03/2021 - 12:17
    -2

    If you earn it, it is your money there is no need to ask any wife.

    • cuteseal on 18/03/2021 - 12:18

      Controversial…

    • iforgotmysocks on 18/03/2021 - 12:32
      +2

      I was wondering why you hadn't ever asked my wife.

    • [Deactivated] on 18/03/2021 - 14:12

      100% this. Sharing income and asking each other's permission is so archaic.

  • BargainCowboy on 18/03/2021 - 12:20

    Wait what, you guys can buy stuff without consent?!

    • cuteseal on 18/03/2021 - 12:28
      +1

      Only if jv gives his approval

  • Duckie2hh on 18/03/2021 - 12:28
    -2

    This is why people complain that they can't afford housing. Any spend should be carefully considered.

    • Cheaplikethebird on 18/03/2021 - 13:05

      I agree somewhat but the market is definitely geared against the non-asset owning classes. Because the goal is so far out of reach a lot of young people have given up mentally and so don't consider it when spending their money on crap.

      • Duckie2hh on 18/03/2021 - 14:45
        -1

        Avo on toast $18 thank you.

        • Cheaplikethebird on 18/03/2021 - 14:54

          If you can't see that the economy/property market is the way that it is because it's there to lock people into the traditional wage earning system instead of joining the asset-owning class, then I think you might be a little simple.

          Sure young people do a lot of discretionary spending but the world is set up like this by powerful forces who keep it this way so they don't have to share their pie among the rest of us.

          • Duckie2hh on 18/03/2021 - 16:04

            @Cheaplikethebird: Those 'asset-owning class' include our parents, who sometimes worked 2 or even 3 jobs, to ensure that they could pay for +18% interest rate. Sure the conditions are tough at the moment for first home buyers. But that doesn't mean its game over. A lot of young people in the current generation, expect to travel, have huge discretionary spending, and still have enough money to buy a house a block away from the parents. Why not start with an apartment or unit? Thinking that your first home is your forever home is setting the expectations too high for many first home owners.

            • Cheaplikethebird on 18/03/2021 - 16:14
              +1

              @Duckie2hh: Not everyone's parents own their home mate, some of us grew up in rentals and have to consider how we'll house our parents once they reach retirement age.

              Sure property ownership isn't impossible but I think you may be underestimating the leg up you've enjoyed by having home owning parents.

              • Banana on 18/03/2021 - 22:55

                @Cheaplikethebird: I consider myself pretty lucky in that I have been promised some help when it comes to my time to buy, but even with that I am finding it hard to find a property which I can afford.

                I am too cheap to even buy take-away coffees, and certainly no avo on my toast, thank you very much!

  • Banana on 18/03/2021 - 12:56

    If the two of you have a shared account for daily expenses, do you really need to discuss how you spend your own portion of money? Asking for future's sake cause that's how I envision it should work.

    • cuteseal on 18/03/2021 - 13:12
      +1

      This question was more meant for discretionary spending, not daily expenses, groceries, petrol etc. Those are a given.
      We've had joint bank account and credit cards from the start, and have always pooled our finances so it's not my portion and your portion.
      And so when buying stuff, it's spending "our" money and hence the question.

      • Banana on 18/03/2021 - 13:39

        What I meant was each person contributes $x per month to cover the daily expenses. How individual spends their left over portion of the money is up to them.

        Would you feel obligated to ask if that was your mutual arrangement instead?

        • Quantumcat on 18/03/2021 - 18:57

          I think you still should. If you spend your discretionary amount on stupid stuff then there's no scope to dip into it if there's an emergency. It is respectful to consider the other person when you are buying stuff - at least let them have a chance to tell you if they think the item is not worth it.

    • apsilon on 18/03/2021 - 13:55
      +1

      I think you do, not every dollar of course but how else do you plan long term goals, or even short term larger expenses? Holiday planning? Purchase of a car or house? What if one person saves a lot and the other wastes every last cent on frivolous purchases? That's going to have an impact on things long term. People need to talk to each other..

      • [Deactivated] on 18/03/2021 - 14:14

        Do you really want to pool your income with someone who "wastes every last cent on frivolous purchases". Separate income, separate banks. The only way to go. People need to wake up and realise it's not the 50s anymore where the household only has one income and that income is shared.

      • Banana on 18/03/2021 - 14:22

        Re: financial goals, long or short term, surely you can talk to the other person and put in more money in the shared account until the goal is achieved?

        I would rather have the financial independence so I can spoil them, myself, or my family without worrying about my money, your money, our money. However would like to hear how this actually works in real life.

        • apsilon on 18/03/2021 - 15:46
          +1

          I'm not saying don't have separate accounts, of course you should IMO, and I'm not saying you need permission from the other to spend your money. I'm just saying purchases and plans need to be discussed. Put money towards a goal into a shared account? Sure, but if you haven't discussed the goal in the first place how is that going to happen? I really don't see how a couple could go through life not discussing this sort of thing. Do people in a relationship really not talk to each other?

          • Banana on 18/03/2021 - 22:46

            @apsilon: Can't speak for others, but I certainly set expectations and goals for the future and talk dollars as soon as possible.

            What if purchases and plans were discussed and not mutually agreed upon, despite the other half didn't have to fork out a cent? If you go ahead you are disrespecting the other half, if you didn't go ahead you basically needed to get permission from the other to spend your own money.

            Maybe it's safer to start printing out some terms and conditions… :P

  • pharkurnell on 18/03/2021 - 15:30

    Interested to know how Ozbargainers justify their purchases,

    If I need it, and its a decent price I buy it.

    Thx bye.

  • Randxyz123 on 18/03/2021 - 16:36
    +1

    What goes through my mind for anything over $100 is

    • Do I need this?

    • What else do I have to pay this month or next?

    • Is there something else I should be paying with this or should this be going to something better.

  • tonyjzx on 28/03/2021 - 14:36

    It depends on what the item is and how much spare cash you have after paying all your bills.

    Like right now I'm in "bind" of sorts… the usual service the car, pass inspect, pay green slip, pay rego.

    I have a fault where I buy computer bits willy nilly whether I need it or not. I have some psus and boards and cases, cpus etc. sitting in the garage.

    I dont buy my hobby things willy nilly as I have high standards… havent bought a watch in ages and I do have some nice audio gear coming in.

    For me $500-$1k isnt a big deal.

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