Can you save too much?

bluedrop

bigfreddiel wrote: »

Having had the savings bug since my thirties I think I've saved too much and not spent enough!

Own my house, own my car, no debt, no dependents, have good pension - worked out the same as my full time working wage, and have getting on for £1m in various investments.

And I still have trouble justifying spending anything over £30!

Does anyone else have a similar problem?

fj

Finally! Someone with the same problem as me.

DH and I both have 100k+ incomes. House has very little mortgage but we have the cash to pay it off fully. We are both in early 30s.
I have this massive problem in buying anything but basic stuff. For instance, I've been postponing getting highlights done on my hair (first time ever) - I keep postponing it just to not spend 80quid I guess.....

I buy everything ONLY in sale. EVER ONLY IN SALE or PRIMARK !!

I'm fed up, I really have to reason out to myself big time if I have to spend more than £30.

bluedrop

Mrs_Z wrote: »

I don't know about saving too much but what I have noticed that I often have trouble spending small sums. Say £30 worth of clothing - I probably see something I like, I go home and think about it, and then in a weeks time I may or may not go back and buy it. Two years ago when we bought our last house £500+k decision was made in less than 10min :eek:

exactly me !

Startup1985

Deleted_User wrote: »

Surely these 2 things are not mutually exclusive? Experiences, adventures and memories don't have to cost a lot. You can reach your 60s or 70s with a million quid in the bank and no regrets of missed opportunities. I'm on a journey to climb every munro and visit every inhabited island in Scotland before death. Costs very little to pursue these objectives but brings joy beyond measure.

I don't know, I'm sure it cost more than 30 quid earlier this month to take out daughter to Orlando for memories that will last forever. I could have invested that money instead though and never experienced it or seen how happy it made her? OP says he has no dependents and has a great pension so what is he still saving excessive amounts for, tax man will love him I guess. I'm not saying every penny should be spent but you only have one life, this is not a rehearsal and you cannot take your money to the grave. Go see the world it's a huge place, drive a convertible car in the summer sun, live a little is what I'm saying I guess because you have now earnt it

TheShape

If you are spending too little to maintain a quality of life, you are saving too much.

I once worked in a building society in a quite affluent area. In the colder months a common complaint from some of the elderly residents would be that the rising cost of fuel had left them to sit, all day, huddled in front of a small heater in one room of the house, else face abject poverty.

Of course they would quite often ask you to update their savings passbooks (many would receive their interest monthly) only for you to see that the 'little old lady' complaining of living close to poverty would have 6 (often approaching 7) figure sums in savings.

boliston

I think the saying "you can't take it with you" makes a lot of sense.

jimjames

boliston wrote: »

I think the saying "you can't take it with you" makes a lot of sense.

But at what age? Maybe in your 70s but is that the right attitude in your 30s?

glentoran99

jimjames wrote: »

But at what age? Maybe in your 70s but is that the right attitude in your 30s?

Yep, you only live once may as well enjoy yourself

george4064

bluedrop wrote: »

Finally! Someone with the same problem as me.

DH and I both have 100k+ incomes. House has very little mortgage but we have the cash to pay it off fully. We are both in early 30s.
I have this massive problem in buying anything but basic stuff. For instance, I've been postponing getting highlights done on my hair (first time ever) - I keep postponing it just to not spend 80quid I guess.....

I buy everything ONLY in sale. EVER ONLY IN SALE or PRIMARK !!

I'm fed up, I really have to reason out to myself big time if I have to spend more than £30.

Send some to me?

Im desperately trying to save to afford my first house, I'd literally kill to be in your position right now.

boliston

jimjames wrote: »

But at what age? Maybe in your 70s but is that the right attitude in your 30s?

You should treat each day like it is your last is my motto

melanzana

Insecurity leads to hoarding.

That may be rubbish stuff in a house, or money in a bank.

I'm glad I am a secure being. I save it now to spend it. Happy Days!