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I'm addicted to saving

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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,732 Ambassador
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    I would also suggest having a separate account for personal spends so you can feel that you can allow yourself to spend on something which will make you happy. I would not say just spend on anything, us savers like to get value for money after all, but balance up the amount you would spend on some material benefit for you and you have the backup of savings as well. Are you saving in a pension?
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  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
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    The problem with any addiction is that it can take over your life. So be careful, saving is good, but don't over do it, enjoy life while you are young and able.

    Cheers fj
  • guestman
    guestman Posts: 191 Forumite
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    The problem with any addiction is that it can take over your life. So be careful, saving is good, but don't over do it, enjoy life while you are young and able.

    Cheers fj
    100% agree with this
  • uk1
    uk1 Posts: 1,839 Forumite
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    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.


    Hi,

    if one was to have a choice of addictions between a spending or saving addiction, then yours is the one I'd choose and the one that will not only do you less harm but in the long run, much much more good.

    The twitches you highlight - for example not buying a new expensive mouse when your current one is functioning perfectly well isn't a sign of being irrational, but quite the reverse. You are refusing to be sucked in to the wasteful consumerist society and exercising rational choice. You are controlling the "I want" urge and replacing it with "I need" filtering. Well done.

    I think your idea is a great one of having a seperate account for saving apart from your normal day to day expenditure. Might I suggest a third account? It could be a virtual account within your everyday spending account. Why not have a contract with yourself that says that once the 50% has been hived off for bills, then you put say 40% into your saving account and say 10% as a "treats and extravagance" account? So what you are doing is saying "If I do right and save 40% of my income then 10% is my reward to spend without conscience. You can save it for indulgences or spend it as you go. I bet you will save it .....:D;)

    It's important that with this level of sensible provision for the future you do not forget how to live and suffer and give yourself no indulgences or joy or things to look forward to. Just a slight change to your plan that ensures you also enjoy the fruits of your labour and what it should provide.

    Well done ....

    :)

    Jeff
  • AddictedSaver
    AddictedSaver Posts: 19 Forumite
    edited 28 August 2016 at 9:04PM
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    Thanks, Jeff.

    I too would prefer to have a saving addiction over a spending addiction but it does get quite tiresome because ultimately I'm not saving for a holiday 6 months down the line or a car 2 years down the line. I'm saving for retirement 40 years down the line, which is depressing.

    I'm so scared of being old and broke that I have developed a compulsive need to save. Going without isn't really bothering me as my life style is so minimalistic anyway that I'm never really locking myself out of enjoyment. It's just whenever I go to buy myself something that I don't "need", I instantly think it's a waste of money and that it probably wouldn't get me much enjoyment anyway.

    Thanks for the tips though, I'll give it a shot see how it goes.
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    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.
    A separate fun spending account is good, but £100 a month seems too much to me.
    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.
    How is one working mouse better than another?
    (OK, I have known some that were ergonomic hazards, but surely that doesn't apply here?)

    There are some non-essentials that you should spend money on occasionally but not buying a £50 mouse isn't savings addiction, it's common sense.
    Eco Miser
    Saving money for well over half a century
  • AddictedSaver
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    Unless you're a gamer you probably wouldn't understand. I currently have an MMO mouse and a normal gaming mouse. The MMO mouse is pretty old and the weighted ball inside is lose so it rolls around. The mouse still works just fine but I should ideally replace it soon.

    £50 is the going rate for a decent MMO mouse. Like I said I don't waste money but when I do buy something for myself I like to buy something that's actually worth the money. And £50 for an MMO mouse is certainly a good deal in my opinion.
  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
    edited 29 August 2016 at 7:57PM
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    Nice as an mmo mouse may be, will it be any better at surfing the. Web as a £2.50 mouse from lidl's?

    It's a bit like buying a 25 speed bike and only using three gears! Or buying a super car and living on one of the Channel Islands where the speed limit is 20 or 30mph!

    Cheers fj
  • uk1
    uk1 Posts: 1,839 Forumite
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    Thanks, Jeff.

    I too would prefer to have a saving addiction over a spending addiction but it does get quite tiresome because ultimately I'm not saving for a holiday 6 months down the line or a car 2 years down the line. I'm saving for retirement 40 years down the line, which is depressing.

    I'm so scared of being old and broke that I have developed a compulsive need to save. Going without isn't really bothering me as my life style is so minimalistic anyway that I'm never really locking myself out of enjoyment. It's just whenever I go to buy myself something that I don't "need", I instantly think it's a waste of money and that it probably wouldn't get me much enjoyment anyway.

    Thanks for the tips though, I'll give it a shot see how it goes.

    It seems to me that what you need to get your mind around is that saving instead of putting cash aside for essentials is probably saving too far. You need to work out what the capital items are that are required and ensure you regularly have a growing fund set aside specifically to meet them.

    Perhaps you need to set your savings target at a bit less? It seems to me that you are on the right track and going in the right direction, but you just need to take your foot of the accelerator a bit. The reason for your post is that you recognise the symptoms as potentially extreme so all you need to do is curb them a little and then you will be on exactly the right track.

    Jeff

    Jeff
  • theoretica
    theoretica Posts: 12,375 Forumite
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    it does get quite tiresome because ultimately I'm not saving for a holiday 6 months down the line or a car 2 years down the line. I'm saving for retirement 40 years down the line, which is depressing.

    You mentioned wanting to buy a house, and that will probably be a closer aim for saving than retirement in 40 years.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
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