Since starting this blog about personal finance, I’ve spent countless hours looking to reduce my spending. So, you might be surprised that I spent so much on an Adele concert.
Do I regret it?
The backstory: I had a family reunion in New York. Due to credit card miles, my room was free (savings of nearly $500). One of my best friends wanted to go see Adele live. And I wanted to see the Adele concert too. Adele live in New York.
We spent a lot of time on stubhub looking for reasonable tickets. There were none. About three days before the concert, the insider hold tickets became available. These are usually reserved for industry insiders: pr people, record executives etc… They were expensive, but in a great location: front row for about half the concert! (see for yourself!)
Adele Hello. Live in New York
Getting out of debt and sticking to a budget can be hard. Inevitably, one will be tested or tempted with something you want to spend money on. The benefit of doing a budget is you can know exactly how you’re spending your money. For example, I was spending $100 a month for a storage locker for items that weren’t that valuable to me. So I cancelled it. Also, I was spending nearly $50 a month on restaurant delivery. And I cut that out too.
Once I took control of my money, I was able to choose what was important to me. And most of the time, experiences are better investments than stuff.
Experiences vs. Stuff:
I made a lot of progress in cutting back on spending and living a frugal life. However, when I had the chance to see Adele live in New York with one of my best friends- it was an experience I could not pass up. And it was totally worth it.
We wound up spending a lot on the tickets, but we had the best seats in the house. This photo was taken by me. We were basically front row for about half of the concert. It was amazing!
It was the most amazing experience I’ve ever had at a concert. Plus, I shared it with one of my favorite people in the world. We posted pictures and video on social media of Adele singing Hello Live in front of us. It was an Amazing Night! It was an incredible experience.
Am I telling you to spend $600 on concert tickets? No.
I learned that an expensive great experience can be much better than spending money mindlessly. For me, spending money on experiences is much better than on things like clothing (Ralph Lauren is making me broke).
I spend nearly $600 each month on my car payment. (It has been paid off.) I like my car a lot, but it doesn’t bring me anywhere near the satisfaction I got from the concert. I Loved it the first few months and then the satisfaction wore off.
That is what numerous psychology studies prove. We buy something and we are excited and then we adjust to it and the excitement wears off. This is why credit card spending can be such a viscous cycle. And people can stay in debt their whole lives.
What I learned is that I want to spend my money consciously. I want my spending to bring memories that last. And that paying off debt makes me feel great. So, unless there is something truly special to spend my hard-earned money on, I’m keeping my money invested so I can retire early.
Let me know what you think.