Slave to saving

BarleyGB

Im in the same boat to, struggle to justify spending money, when I was younger I blew every penny and was up to my eyeballs in debt most of the time. Didn't think twice about borrowing half my salary to buy a car. Now I could buy a fairly nice car from savings and id never think of it (driving a 8 year old Ford KA).

Ive promised myself the 'treat car' next year, as ive been doing for a few years now, it'll be 15% of my total savings and im still struggling to justify the purchase, I just think about depreciation/lost investment opportunity.

I think ive swayed to far the other way, i.e. need to get a better balance on the 'you only live once', the rainy day may never come mindset.

kidmugsy

BarleyGB wrote: »

Ive promised myself the 'treat car' next year, as ive been doing for a few years now, it'll be 15% of my total savings and im still struggling to justify the purchase, I just think about depreciation/lost investment opportunity.
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Cars are a snare and a delusion. Get a pilot's licence.

Niv

I am also a little trapped to saving. I have recently agreed to go on holiday next year and am already fretting about my savings going down!

PenguinJim

I know what everyone means about not wanting to spend savings, but there shouldn't be a problem if you demand the most possible value from everything you buy. Squeeze every penny! Research every purchase to make sure it's an excellent, cost-effective solution to your needs.

And, of course, don't forget that the habit of frugality is hard to break - which is a bonus. You'll not only save more quickly, but your financial independence target will lower as you develop a more efficient lifestyle.

Which would Mrs money_maker prefer? An expensive wedding? Or retirement at 45?

Try to get the wedding cost down to £6K and revel in the £1,000 you've just earned!

(I just hope you didn't buy an expensive engagement ring..!)

lalman

I have read every post over the last 10 minutes or so, and I have to say I am in the exact same boat.. I mean car... I mean flat... you know what I mean!

I save a large percentage of my salary, even after a significant payrise the extra - literally every penny has gone into savings, + put maximum I can into my pension to get tax relief.

I don't spend money on myself, I have a watch that works which I got 7 years ago, a car that I have paid off (that I got pre-ultra savings) 5 years ago... and I just can't justify buying a new one... nor do I want anything...

I don't mind spending on other people, my folks aren't too well off so ill pay half a months savings to get them abroad for a holiday...

I just want to grow my 'personal balance sheet' and 'grow as a person' - which I don't think costs money. I find that quite fun and aiming for financial freedom and security as early as possible.

I'm 28, a guy... I should be going out drinking but partying but I just don't find that stuff fun...

So in conclusion, same boat/ place!

DoctorW

lalman wrote: »

I have read every post over the last 10 minutes or so, and I have to say I am in the exact same boat.. I mean car... I mean flat... you know what I mean!

I save a large percentage of my salary, even after a significant payrise the extra - literally every penny has gone into savings, + put maximum I can into my pension to get tax relief.

I don't spend money on myself, I have a watch that works which I got 7 years ago, a car that I have paid off (that I got pre-ultra savings) 5 years ago... and I just can't justify buying a new one... nor do I want anything...

I don't mind spending on other people, my folks aren't too well off so ill pay half a months savings to get them abroad for a holiday...

I just want to grow my 'personal balance sheet' and 'grow as a person' - which I don't think costs money. I find that quite fun and aiming for financial freedom and security as early as possible.

I'm 28, a guy... I should be going out drinking but partying but I just don't find that stuff fun...

So in conclusion, same boat/ place!

Literally identical to my situation. Saving is addictive and in a good way. Makes you realise what it is important in life and what isn't. Though important to have a small, tactical blow-out every now and again to maintain sense! 7k on a wedding seems a lot but in this day and age probably isn't.

My personal opinion is that getting married at all is pretty mental but I hope you have a great day and don't let it bother you or throw you off the tracks of your disciplined saving mentality!

D

Eponym

I know what you mean but it is important to have a balance between saving for the future and enjoying today. That means not buying frivolous things you dont really need, but if you can afford it and you want to, spend some of your hard earned cash on things you really want to do, like traveling or hobbies. I find that when I've been saving hard even a mild "treat" for myself feels great.

I spent just over thirty grand on my house deposit a few months ago and was expecting parting with the money to be a huge wrench, but I didn't really feel that all. Perhaps because I had been saving it for that very reason and I got a house in exchange!

atush

Niv wrote: »

I am also a little trapped to saving. I have recently agreed to go on holiday next year and am already fretting about my savings going down!

I have a problem paying for the new car, but I dont have a problem with going on holiday lol.

mgarl10024

I used to get a bit trapped with cash ISAs. I'd put the money in, and then didn't want to take it out because of the allowance (which was much smaller a few years back). My eagerness to put the money in, coupled with my reluctance to take it out, allowed me to paint myself into a corner a couple of times.

Once you get beyond an emergency fund, saving for savings sake, just to see the numbers get higher, doesn't hold much interest to me.

As many have said, work out what makes you happy. Some people love travelling, some people love gadgets, some people love cars.
Me? None of the above interest me. I'd just like time. So I save aiming for financial independence and the hope of one day being able to reduce or remove working altogether, freeing myself up to enjoy the time. Doing what, I've no idea - that's the fun.

ManofLeisure_2

Slave to saving

No, this doesn't apply to me. I have always believed that life is for living and at the end of the day ''we're a long time dead''. Fortunately my wife is very sensible and takes a more ''considered' approach with respect to our finances .