Readers comment on frugality and happiness

Last week, the bottom line of this column was that money really can't buy happiness.

Based on readers' responses, it appears that many agree. And even if some don't, they think we'll all be getting a dose of forced frugality soon.

Last week's column included comments from a financial adviser about a reader named Mike. Mike wrote to me a few months ago as he pondered why he had to live so frugally, despite a good salary, while neighbors with similar salaries seemed to be spending freely.

The adviser guessed that many of those neighbors were financing their luxurious lifestyles with credit or by sacrificing future savings. And even if they aren't, he said, Mike and others like him — including me — need to get our heads around the concept that having the best stuff won't make us happy in the long run.

One person who read the column online posted a comment in response about how hard it is to keep things simple and frugal, especially when your children are begging for games and gadgets.

"The temptation is to reason that we must have toys and nice things that money can buy so we can keep our kids around with their friends," this reader wrote. "If we don't have fun and nice things, where will our kids go? Especially as they broaden their horizons as teenagers. It's tempting to think kids won't stay at home or want to bring their friends around for you to meet and get to know.

"So I guess my question is, can we keep our kids close to us as a family if we don't have the boat, latest gadgets, nicest and biggest home? If so, then what are the things that do draw kids back to family and home?"

Personally, I think there are ways to make a home inviting to your children and their friends without spending a lot of money. But I'd be interested to know what other readers think of this question. Please send me your feedback.

Another online reader's comment focused on the different ways people think about money.

"I am a saver, and before I got married I thought the most part of the people were like me and shared my way of thinking," he wrote. "Well, now I can see that it just isn't the way it is. My wife, who I love very much, likes to spend money in a way I have never seen. It makes her happy when she spends money. She can't budget money, and credit cards are completely out of the question. She even feels bad after she spends the money, as if it was out of her control."

This reader wrote that his wife's habits were "driving him nuts" until he remembered that both of them had strengths and weaknesses.