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I'm addicted to saving

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  • hoc
    hoc Posts: 571 Forumite
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    Yes, I am to some extent.

    Minimalistic lifestyle is fine, that is also how I live. Many good things including food and social can be had at reasonable prices. You can loosen up without comprising on principles, see it as a deserved reward. I would rather spend £30 on a drinks or meal with friends once a month at the cost of foregoing Costa/Starbucks coffee at £3-4 a day. Yes, that is £30 that could have been saved but then where does it stop?

    Saving/investing is important but when it goes beyond reasonable delay of gratification it can become counter productive.

    MarkFromCornwall has given correct suggestion, so I will copy-paste:
    It's good that you are thinking about your long term future, but your happiness in old age may depend as much, or more, on your health as on your wealth. So try to put as much effort into developing a healthy lifestyle as you do into saving money, and if that means spending some money on a gym membership or on better food then it will be money well spent.
  • Dird
    Dird Posts: 2,703 Forumite
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    I know the feeling. This damn MSE Savings Thread can have negative effects.

    Being a FPS gamer all my life I was thinking of getting Overwatch but decided against it (mixed reviews and I'd need to get at least a new graphics card to run it). I have finally ordered a new phone though (first since 2011)

    Look at my shoes! https://s14.postimg.io/5jvno67lt/trainers.jpg
    edit: why do my shoes say Waffle on the bottom o_O
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • Stubod
    Stubod Posts: 2,214 Forumite
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    Welcome to the "addiction" club...We have been "at it" for the last 40+ yrs, but we are now fast approaching the "time to spend" part of our lives (early retirement), and I am in total panic about not having any income. (First pension kicks in in 2 years, then state pensions 5 years after that). Problem is that once you have accepted you are not going to have any income for a while you end up spending "nothing" at all, (other than essential living expenses).

    So what has sort of worked for me over the last couple of years has been to set up another bank account which I transfer a little bit of money into each month from wages. I am an excel junkie so have always done our own monthly "internal" household accounts. (Income and expenditure). So, as far as these accounts are concerned if we earn say £1,100 a month, we put £100 straight away into this extra account and then declare an income of £1000. The £100 going into a completely separate account. We then use this money whenever we want some "frivolous" spend. If we get any "birthday" money or Premium bond income etc we also add this to the account, otherwise it just goes into the "purse / wallet" and is spent on general stuff without being appreciated.

    If you are earning more than you need it is essential to save for a rainy day, but equally you need to be able to splash the odd bit of cash without feeling guilty. Its good practice to run a spreadsheet or something similar to record your income and expenditure. This will also help you to budget.

    The other option is to put more money into a pension fund of some description. This is beneficial as you get some "extra" money from tax breaks, + you are automatically saving more for your eventual retirement day".
    .."It's everybody's fault but mine...."
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    This might not be quite the advice you are expecting but I'll say it anyway.

    It's good that you are thinking about your long term future, but your happiness in old age may depend as much, or more, on your health as on your wealth. So try to put as much effort into developing a healthy lifestyle as you do into saving money, and if that means spending some money on a gym membership or on better food then it will be money well spent.

    Healthy lifestyle for sure, gym membership terrible idea, complete waste of money, after the first few visits interest will wane and then you stop going, meanwhile the monthly payment will continue, and you will be tied in for at least a year maybe two. Don't do it. Go for a brisk walk, far better than a treadmill!

    Cheers fj
  • jimjames
    jimjames Posts: 17,750 Forumite
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    Healthy lifestyle for sure, gym membership terrible idea, complete waste of money, after the first few visits interest will wane and then you stop going, meanwhile the monthly payment will continue, and you will be tied in for at least a year maybe two. Don't do it. Go for a brisk walk, far better than a treadmill!

    Cheers fj
    Or something like Parkrun, free weekly run and great social event too
    Remember the saying: if it looks too good to be true it almost certainly is.
  • AddictedSaver
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    Dird wrote: »
    I know the feeling. This damn MSE Savings Thread can have negative effects.

    Being a FPS gamer all my life I was thinking of getting Overwatch but decided against it (mixed reviews and I'd need to get at least a new graphics card to run it). I have finally ordered a new phone though (first since 2011)

    Look at my shoes!
    edit: why do my shoes say Waffle on the bottom o_O

    Thanks for all your comments everyone. Some good advice there.

    I strongly advice getting overwatch, it's so much fun! Absolutely worth the money :)

    I think what I'll do is create a separate "spending account" where I put £100 a month or £200 a month into it and that is purely for spending on things. It's not like I'm going without, when I need new shoes I certainly do buy them, it's the non essentials that I tend to put off.

    The other day I wanted to buy a new mouse for £50 but the one I have works just fine, so it would be a waste of money, even though the new mouse is probably a lot better than the one I have no. I only really tend to replace when something is broken.
  • Dird
    Dird Posts: 2,703 Forumite
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    The other day I wanted to buy a new mouse for £50 but the one I have works just fine, so it would be a waste of money, even though the new mouse is probably a lot better than the one I have no. I only really tend to replace when something is broken.
    Now that would be a waste. Razer are overpriced as hell :f I recently bought 2 new mice as my scroller was dying. The more expensive of the 2 was £12 and works fine, it was replacing a mouse that cost £4 and lasted 2 years! (would have ordered it again but no longer on Amazon)
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • atush
    atush Posts: 18,731 Forumite
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    I think it is great you are addicted to savings now.

    Once you've bought a place to live, there will be plenty of things to spend on so you'll need as much as you can get.

    You are right to save for your home over things like games.
  • savings_my_hobby
    savings_my_hobby Posts: 363 Forumite
    edited 28 August 2016 at 5:16PM
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    I'm 28 and currently save 50% of my income. 40% goes on rent, 10% goes on bills and then other 50% goes into savings. I only have £20k in savings but I'm absolutely terrified of being old and broke that I frantically save every penny I can.

    It's getting a bit ridiculous, I won't even buy myself a £40 video game for fear that it won't be worth the money and so I'm wasting £40. Every time I go to buy something I talk myself out of it by thinking "that's another £40 I could save".

    Don't get me wrong I'm happy, my lifestyle is very minimalistic and I don't have any children or want any. I don't want a relationship or anything, I'm autistic so people are not really my thing. As long as I have my music and my video games, I'm happy.

    The problem is no matter how much I save it's never enough. I can't stop thinking about when I'm older, when I can't work any more, what if I don't have enough to live comfortably. It scares the hell out of me.

    I don't own my own house either which is another reason why I'm desperately saving. I'm looking at getting a mortgage soon. I just want to own my own home and have enough money to live comfortably as an old man.

    I've been in and out of work for the last 10 years due to some mental breakdowns and I'm so scared that I'll be unfit to work in the future and I won't have enough money to survive.

    I know you'll all just say that I cannot take my money to the grave with me etc but how can I stop being addicted to saving? Anyone else addicted to saving?

    If you want a videogame without spending £50, you could always do what I used to do and buy used ones off ebay, then when you have finished you can sell your game and recuperate some money, I have at times made profit by doing this, but it's hard as ebay takes 10%, paypal takes 3.4% and you will need to factor in packaging materials.

    I share your anxiety about growing old and being broke and our bodies will be too frail to earn a crust and heaven knows we cannot rely on the state for handouts, I just hope our savings will not be drastically eroded by inflation.

    This is why it is essential to make your money work for you, currently I gain over 3% on savings, inflation was 0.6% for July so looking good at the minute, although interest rates have been slashed so expecting a fall in savings income. As long as I earn around 3% i'm not really fussed.
    Earn, Save and Achieve
  • JohnRo
    JohnRo Posts: 2,887 Forumite
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    I know you'll all just say that I cannot take my money to the grave with me etc but how can I stop being addicted to saving? Anyone else addicted to saving?

    I have a similar outlook, fear of financial insecurity is what drives my saving/investing habit but I see it less as an addiction, more as an imperative. It would be nice to splurge on 'stuff' but I don't and it doesn't bother me.

    Suggest you try to stop looking at saving as a negative, it is a key component of your longer term plan and a sensible one at that.

    Telling myself there are worse things in the world than saving for a financially secure future helps, at the very least it creates a purpose and goal to reach for.

    I just hope you've been using high interest accounts. Have you looked at sensible investing for some of your savings?
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
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