I'm addicted to saving

TheTruthSeeker

A few years ago I was pretty broke so I had no incentive to save because the money I was saving didn't seem to make much of a difference. Now I'm actually doing well for myself and making a decent amount of money I've become addicted to saving. I don't like to spend any money unless I absolutely have to but I'm starting to think, will I be that person who just saves and saves and never actually spends any of his money?

I mean whenever I think about spending like £200 or something I always think "but that's £200 more I can save" and because my investments are obviously based on compound interest, the more you have the more you make.

Does anyone else suffer from this? I think it's just going to get worse the more money I make.

xylophone

Never mind, you'll end up the richest man in the graveyard with all the indispensable men for company.....:)

Freecall

Welcome to MSE.

I've been addicted for years.

I like to think of it as an addiction to avoiding waste rather that saving however. As is the case with most people I suspect, I spend as well as save, it's just that I insist on making any spending deliver value whether it be for essentials or luxuries.

:beer:

Broken_Biscuits

you could get some therapy for your addictions, if only you could bring yourself to agree to the fees.

mvarrier

My ability to save comes in part from having no interest in fancy things- if you don't covet them, you are happy and have more money in your pocket.

It's useful to have goals though, beyond simply money accumulation. Those goals should include things you enjoy. As said above, you can't take it with you.

Pagg

It's a damn sight better than driving yourself into a state of frenzy because the bills are due and you've spent more than you can afford. Not speaking from experience. Mum and Dad, bless them, drilled that into us kids from an early age.

kidmugsy

A little judicious spending can bring a lot of pleasure. Do you hate hot, sticky weather? Buy some silk shirts and a pair of linen trousers.

Just avoid all the rubbish of brand-new cars, expensive watches, coffee-flavoured hot milk, baccy and excessive booze, and so on. Looking back, there are a few things I wish I'd tried when I was young enough e.g. taking a few riding lessons. I imagine that riding brings a lot of pleasure without the expense being painful - as long as you don't buy a horse. Flying lessons?

saintalan

TheTruthSeeker wrote: »

A few years ago I was pretty broke so I had no incentive to save because the money I was saving didn't seem to make much of a difference. Now I'm actually doing well for myself...

You feel like that and this is your first post! Hang on it's just gonna get worse.

Alternatively get an OH:)

Stubod

Saving is good..but be careful.....you can save too much......consider your long term goals, but always consider "life".....have saved all my life...(in bred by parents....mother now in a home with dementia..but lots of dosh!, father at home with lots of arthritis and worry.....+ lots of dosh.....and worried about care home fees.....)...you can't take it with you..save some / spend some.....in what ratio?.....you have to make the call...but you are a long time dead.....

Eco_Miser

I'm a natural saver, I just don't feel the need to spend money. However I do spend money - when I can justify it to make my life easier, or more pleasant - or more fun. For that reason, I found spending £3k on a new bathroom easier than a fiver on a cup of coffee.

Save so that you can spend in big lumps with significant results, rather than frittering it away with nothing to show for it; and save so you can buy what you need without wondering how you'll pay for it.

Having money is good,
spending less than you earn is good,
but spending a little on carefully considered indulgences is good too.

chucknorris

TheTruthSeeker wrote: »

I mean whenever I think about spending like £200 or something I always think "but that's £200 more I can save" and because my investments are obviously based on compound interest, the more you have the more you make.

Does anyone else suffer from this? I think it's just going to get worse the more money I make.

You mention both savings and investments, but you post title suggests only savings (not investments), which is it?

How old are you? If you are not retired, perhaps you should be thinking more about investing, and in particular into a pension. Especially if you have a decent work pension available with employers' contributions up for grabs.