In Money, Wealth

Extreme saving is a disease when you don’t enjoy your life

Being too much of a Saver is just as bad as being too much of a Spender.

Everyone always talks about how spending too much money extravagantly, frivolously (by who’s standards really), and like it grows on trees is a bad thing.

Yeah, I concur.

Spending too much money with nothing banked and not caring about your future IS a bad thing, but how come no one ever talks about saving too much?

People who save too much are just as bad as those who spend too much.

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It’s always a good trait to be a Saver but you need that balance of being a Spender too.

There’s no point in being too frugal and banking 75% of your income when you aren’t enjoying life.

I mean, WHAT IS THE POINT!?

What’s the point of all that money if you’re not going to enjoy it?

It’s just numbers in your bank account.

Do you enjoy looking at numbers in your bank account while you wear clothes that feel scratchy, uncomfortable, and barely fit?


Or avoid going out to eat in nice establishments because your budget per person when you dine out is $5?

Your bank account says NOTHING about who you are as a person other than the fact that you can live on beans and rice, refuse to enjoy life and work like a mofo.

Just as spending a ton of money on designer clothing and cars that you can’t afford doesn’t tell the world whether you’re a good person or not, saving a ton of money when you aren’t generous or kind with it doesn’t say much either.

I really don’t think we should be throwing stones at those who spend too much without also turning around and equally shaming those who save too much and end up depriving themselves out of their own lives.

What’s the point of all that money if you aren’t going to spend it?

Your heirs will probably be the ones enjoying it the most, I’d wager.

Case in point: Yearly vacation

I put my money where my mouth is because I am planning on taking a month off next year to travel to Europe with The Bun & my partner.

I have a strong feeling that we will BOTH be working full-time next year, and taking a whole month off means that each of us will lose that income for that month, not to mention have to spend goodness knows how much in airfare, hotels and expenses while abroad.

Am I going to just say: No I put my life on hold and wait to travel and see family only if we BOTH have the time off?

No.

What’s the point?

 

Life isn’t about WORKING.

What if I don’t get to present Baby Bun to his family members and they move away or worse, pass on?

What’s that worth to me, that meeting?

It’s priceless and that’s why since he will be big enough to be a slightly better traveler, we’re taking the opportunity to go relax in Europe with family for a month and to enjoy our money and our lives.

We aren’t thinking of the income being lost, or the expenses of going there. You can’t put a price on living.

Why not strike a balance between Spending & Saving?

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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Posted on September 30, 2015

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22 Comments

  1. Anonymous

    I hear you, there are certain things I’m not willing to give up just to have more money in the bank like I’m not willing to skimp on…

    Health/dental insurance, veggies, fruits, Netflix, Hulu Plus, Amazon Prime, my monthly subscription box, my Audible membership. Sometimes I like to go to Whole Foods to buy gourmet cheese and smoked salmon, and 3-4 times a year my bf and I like to go to this expensive restaurant in our city.

    Skimping on health/dental insurance has gotten people into debt and eating veggies and fruits now will help you when you’re a senior. A relative of mine used to work with seniors and they had often told her, “I wish I had eaten better and taken care of myself when I was younger.”

    I have to get old but I’d rather do it with the best body and mind that I possible can have and maintain. As for the smaller things like Netflix, etc. I want these little luxuries because they personally help me feel happier.

    A lot of frugal sites write, “Go to the library. It’s a warehouse full of freebies. You can get movies, books, e-books, audio CD’s, magazines, some of them have toys you can check out. Big city libraries sometimes offer free community classes and events, etc.”

    I *love* my public library. I really do. I check out a lot of books and media there and have taken advantage of their free classes…but there are rainy days, days that I don’t feel like going, sometimes there is a huge waiting list for a book, movie, Audio CD, etc.

    I also pay for 99% of my memberships annually. They’re basically my creature comforts because generally I’m not a huge spender unless I’m buying a car, a piece of furniture like a sofa or bed or a vacation, etc.

    My dad taught me to save and enjoy money.

    Reply
    1. save. spend. splurge.

      Dental bills especially, I am sure add up. I can feel my tooth wiggling right now and I am thinking of booking an appointment….

      Reply
  2. Luke Fitzgerald @ FinanciallyFitz

    I agree 100%. There is a fine balance, like anything in life, that leads to the most enjoyable life. I’m a huge fan of budgeting, delaying gratification, not using debt, etc. But it doesnt stem from my want/need to save money. It stems from spending money, and spending it wisely on things that are actually important to you. You have shed light on yet another example of people taking things to the extreme.

    Reply
    1. save. spend. splurge.

      Thank you kindly, Luke

      Reply
  3. Yetunde

    Yep, agreed. A long time ago, I came to peace with my very stressful work and why I keep at it. I call it my work-life contract. I have (love) my job because it allows me to enjoy/afford the lifestyle that I want and no apologies for that lifestyle including taking care of my parents, travelling to see family, shopping for things I like, doing things for my kids… That’s why I work. Save smart for the future but live well for now.

    Reply
    1. save. spend. splurge.

      No point in killing yourself.

      Reply
  4. Jess @ Best Credit Cards Canada

    What constitutes “saving too much”? If you save the majority of your money but are happy with simple things in life, is that okay? Even if you can save too much, I still think it is much better than spending more than you have!

    Reply
    1. save. spend. splurge.

      Then yes. But if you feel like: Oh I can’t go to a fancy restaurant, or that’s not really something I can feel I can allow myself to spend on.. then we have a problem.

      Reply
  5. Heather @ Simply Save

    Agreed!!!! There is a line and a balance with spending and saving. I think some save, save, save out of fear but that can get unhealthy. I’ve had many experiences early in life that showed me that living a long life to retirement is not a guarantee…it’s a gift. While I’d love to make it to 90 and retirement and am saving and preparing for it, I’m also enjoying my money along the way just in case I don’t get the luxury!

    Reply
    1. save. spend. splurge.

      Semi-retirement I say!

      Reply
  6. middle class

    You know you’re spending too much if you go into debt or don’t have an emergency fund. However, it’s much more difficult to know if you’re saving too much. It’s much worse to be old and broke, then old with money for your heirs!

    Reply
    1. save. spend. splurge.

      My rule of thumb is you are saving too much if you feel like you are unable to enjoy things because you want to keep saving saving saving.

      Reply
  7. raluca

    I sort of agree with you, in the sense that yes, it’s good to spend a little to improve your quality of life. It’s important to keep firmly in mind that money is a means to an end – it’s like fuel for a car.
    However, it’s also important that the things/experiences you spend your money on align with your values. For me, clothes are not really that important (I know, why am I reading this blog then? 🙂 ). They should be warm and clean and smell good and that’s about it. So spending more on clothes (because of advertising or because society says that I’m a woman and I have to get myself doled up), not only would it not improve my quality of life, it would actually lower it -> I hate shopping for clothes and I’m actually quite stressed when I have to do it.
    If however I would spend some money on a trip where I would re-charge my energy and see my family and friends, that would be quite cool.

    Reply
    1. save. spend. splurge.

      LOL! YES! Why are you reading this blog? I’m a huge enabler for spending.. 🙂

      But if you ever felt like you couldn’t go on a trip because it would eat your savings, I’d consider that a problem.

      Reply
      1. raluca

        @save. spend. splurge.:
        But why would it be more virtuous to say “I can’t go on a trip, I’ve just bought a house and money is tight” than saying “I can’t go on a trip, I am planing my early retirement in 8 years”. I mean, why is the first phrase more socially acceptable than the second one? The first denotes the inability of balancing your bank account and the second that you are planning ahead for your life and decide to defer gratification for a couple of years in exchange for a lifetime of freedom and yet the second one is where people look weird at you?
        And I read this blog because you seem to be a real person. Clothes and all :).

        Reply
        1. save. spend. splurge.

          Hmm. You make a good point. I guess for me, I am more of someone who wants to enjoy life and live in the moment, so I never want to put off anything I can do and enjoy today. Time is really too short and is not something that can be banked for the future, whereas money is very easy to make & bank in comparison. So why deprive yourself for 8 years?

          (I don’t like either sentence though..)

          Anyway, I also speak from experience of someone who has worked on and off.. about 50% of her career, so I have had plenty of long “retirement” periods, and my personality is such that I simply can’t stay idle.

          Reply
  8. Kate @ GoodnightDebt

    Yes. What is the point? Perfect timing. I’ve been hemming and hawing about paying for the trip Hubs and I are taking in December. Its going to be expensive and I can’t seem to pull the trigger. Last night Hubs made a few great points: What are we saving for? Why did we pay off my student loans? Living small is great and all, but what is the point? I’ll be booking everything tonight 🙂

    Reply
    1. save. spend. splurge.

      ENJOY!!! 🙂 I’m so pleased you will go. Go without guilt.

      Reply
  9. Sense

    I completely agree with the sentiment, but I think it is hard for some people to relax when they have been through very lean times and know that hardship could be juuuuust around the corner. Also, in a personal example, I tend to nest and retreat if something in my life is going badly. It is a small comfort to know that even though I am miserable, there is a silver lining to staying in/not spending lots of money–at least I am good AT THAT. 🙂

    Reply
    1. Kemi

      @Sense: I’m the same, my family went through a period of homelessness during my early childhood and the experience has had a lasting impact on me. I have a strong tendency towards extreme frugality and I have to remind myself that I have enough and I’m not going to be homeless again.

      Reply
      1. save. spend. splurge.

        That, I can understand.

        Reply
    2. save. spend. splurge.

      Revanche mentioned something similar.. but I really think this is a psychological block that has to be overcome to say: No, I am not going to be homeless if I buy X, Y or Z.. it is something to work through, just like saying the opposite for spenders: No, I am not going to be sad and miserable for the rest of my life if I don’t buy X, Y or Z..

      Reply

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Save. Spend. Splurge.
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