At what point do you stop saving?

edinburgher

and people on 4 figure salaries who have 6 figure net worth.

Interesting, but I bet they never got there entirely under their own steam?

Gadfium

I see no point in creeping timidly into the grave with a bank stuffed full of money. Neither do I see any point in spending the last couple of decades of life (should I be so lucky) not being able to afford the things that bring me pleasure.
Life is enriched by experiences, by doing things, meeting people and so on. There's a bazillion places in the world to watch the sunrise, there's a world of books to read. there's a million places to hear a great piece of music. A life that's full of experiences is a life worth living.

home_alone

Its a strange thing but we might be one of the couples you talk about and although we could go on numerous holidays we don't the thought of hours and hours at airports, jet lag etc does not appeal to us we have done it and now we have more fun sending our kids and grandkids away mainly because we love them. I must admit that our ideas on what we would do in our old age has completely turned around, everyday on the golf course did not happen, a new car every year or two, did not happen, trips here there and everywhere did not happen. We live comfortably, reasonably healthy go to the occasional funeral, spoil the grandkids and thats it. For those planning the big away trip I will always remember a close friend that booked the whole family in to disney florida bought all tickets upgraded the car and what did it did do rained every single day, it does not always work out as you planned.

atush

PeacefulWaters wrote: »

When you're retired and:

1. Your indexed income exceeds your outgoings comfortably
2. You have a lump sum behind you

You can then gradually run down the lump sums treating yourselves.

What he said. when you are retired and have more than you need then you stop saving.

roundabouthere

I remember reading a previous post where they said that the "more money they had the less inclined they were to spend it on things."

I definitely tend to agree with this. I think somehow debt tends to leads to more spending on items. When you actually have the money you actually start to think that that you don't necessarily need to buy it. I'm not sure if I phrasing this very well but hopefully you understand the gist of it.

atush

ChesterDog wrote: »

Well this thread has inspired me to blow some cash on a Chinese tonight! :-)

that is far too expensive. I splurged on the chippy it is cheaper

For those planning the big away trip I will always remember a close friend that booked the whole family in to disney florida bought all tickets upgraded the car and what did it did do rained every single day, it does not always work out as you planned.

Florida has a dry season, it was just poor planning that they went in the 'wet'.

Linton

Saving is what you do whenever your income exceeds your expenditure. As I am retired and have some money coming in once a year I save at times and withdraw money for spending at others.

The objective of planning is to keep one's on-going expenditure relatively constant and always within one's means whilst income and major expenditures are happening in parallel. This applies throughout one's life.

eastcorkram

I think I save quite a bit. Maybe not compared with some on here! I've no idea why. The only reason really, is that I have no idea what else to do with it. It will still be there when I'm gone. I've no plans to use it, unless I need it for day to day living at some stage in the future.

ctdctd

I have got to the stage where the more I save, the better standard of living I will be able to enjoy pre and post retirement whilst maintaining a buffer to allow for the unexpected.

I do not have an extended family so in the event of needing medium to long term funded care, the equity in my house is the buffer for the buffer!

Saving becomes a habit, so I don't think I'll consider stopping until I make the decision to stop income earning. Even then, the sight of capital dropping will probably prompt some ongoing penny pinching!

IronWolf

Im still fairly young so try and save quite a bit. I cant think of anything i deny myself though, and anything i want i buy, i just dpnt really yearn for expensive things. I wouldnt say being able to buy what i want at the same time as save makes me happy, or that spending more money would make me happy. I think happiness and money arent that linked, people without money think it will make them happier but will probably be disappointed once they get it.

I used to save with the aim of retiring at 40, now i just think what is the point, i already work not many hours but earn enough to live comfortably but im not happy, i dont think not working at all would make any difference.