Beers, Crankbaits, and Days Offshore (Standard Economic Units)

Beers, Crankbaits, and Days Offshore (Standard Economic Units)

I don’t think I’m cheap, but I might be considered frugal by some; or thrifty by others.  I’m willing to spend, but the bottom line is that I do like to think that I know what I’m getting for my money.  I’ve been thinking about the evolution of the units I use to help in that All-American Decision, “Should I buy this thing?”  I can’t really judge the value of a coin or a dollar; and that probably indicates a personal yet wide-spread problem with the underlying assumptions in economics.  But I can estimate the personal value/enjoyment of a possible purchase in terms of items that have specific value to me.  And so most of my purchases are evaluated in terms of my set of personally-adopted, standardized economic units.  Here are a few examples of how I think about my discretionary spending:

The Beer

This used to equate to about $1, but maybe should be adjusted to about $3.  I usually don’t have to think too hard about purchases in this range, but I used to; and that experience provides practice for the occasions when I might be trying to stretch a Twenty through the weekend or some such situation.  What my decision-making boils down to is will I enjoy having this item as much as I’d enjoy a cold, frosty beer?  I’m no alcoholic, so plenty of times, the answer is “Yes!”  But if an item means less to me than having a relaxing beer, I probably don’t need it.  Interestingly, the Beer later became my standard unit of exercise; how hard did I have to work, for how long, to burn off how many Beers?

The Beer

The Crankbait

This is where (I hope) my true nature shows through; the Crankbait used to equate to about $5, but is probably due for an adjustment to about $10.  How much happiness would ownership of that shiny new crankbait provide?  New shoes cost a trolling spread?  That dinner out cost how many of the newest Rapalas?  Meanwhile, my tackle boxes are probably more impressive than my bank statements.

The Crankbait

OK, these sorts of decisions don’t really amount to much (although they can certainly add up!)   But how much can I comfortably have in my wallet; what would hurt me to lose?  I’d propose about $100, which I’ll dub the Reel.   What’s my max for spending without consultation?  Probably about $500, or the Fishing Weekend, I think.

The Day Offshore

This is my $500 to $1000 unit.  It’s not referenced every day, but rather is reserved for special occasions.  Car repairs, unexpected plumbing problems, failed garage doors and all of life’s not-so-little-and-yet –not-catastrophic expenses fall into this category.  I perceive all of these as taking away my ability to afford dreamy days offshore; and I really think before buying discretionary items (electronics, furniture, and so forth) in this category.  This is the current Standard Unit for my second job.  How many Days Offshore (or their equivalent) will I accumulate a year?  Will my efforts be worth it?

Returning from an exhilarating Day Offshore.

Beers, Crankbaits and Days Offshore; these I can understand and value.  On their basis and availability, I make my common economic decisions.  There are other denominations, too, such as the Vacation, the Boat, and the House; but I don’t deal with those too often.