Can you save too much?

jimjames

boliston wrote: »

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

I have friends that do that too. Unfortunately they have a problem the next day when they find it isn't their last

Ray_Singh-Blue

Startup1985 wrote: »

I would rather live a life full of experiences, adventures and memories than have a million in the bank

False choice

I totally plan to have a life full of experiences, adventures and memories AND have a million in the bank.

JohnRo

melanzana wrote: »

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!

Financial insecurity leads to all manner of unpleasant things I'd rather avoid. I'm not yet financially secure so I save to invest in the hope of achieving said security.

ChesterDog

My wife and I, between us, have well over a million 'in the bank'. In fact we have a target of reaching a million each (in total assets at least).

But it's only a 'fun' target. We aren't obsessional about it, and do spend on things that we want.

My wife's health (MS) means our lives are quite restricted in many ways, but we very much appreciate the high level of financial security we have attained.

We are careful with money because that is how we have always been. It is how we became financially secure.

Bottom line - yes, we are both reluctant to spend small amounts of money on things that do not seem good value. While happily splurging it on cars and the like.

Startup1985

Ray_Singh-Blue wrote: »

False choice

I totally plan to have a life full of experiences, adventures and memories AND have a million in the bank.

Negative.

This post is about the OP who will not spend money well no more than 30 quid anyway. I'm sorry but you can have a million but if you won't spend more than 30 you are not going to experience very much at all. If you have the means to save a million whilst also spending then that's all good

Shmo

Thank god for the internet and message boards otherwise who would even know you had all this money in the bank with such a frugal lifestyle.

chockydavid1983

It's an interesting question. I saved hard for a mortgage deposit and am now investing hard for financial independence.
I probably went a bit extreme in the year leading up to house purchase and have now loosened up quite a bit now I have more disposable income. Fortunately my salary has been increasing at a good rate and I've had good bonuses too.
I'd like to think that once I reach financial independence that I'd loosen up still further. OTH I don't feel like I live a particularly expensive lifestyle but then I don't really feel like I'm not doing anything I'd really like to do because of the cost.
Happiness is pretty separate from wealth anyway. Up to a certain amount it gives you stability and freedom but above that it doesn't make a whole lot of difference.

datlex

Yes you can have too much in savings. For example if you get made redundant too many savings can prevent you getting help. Of course you can go beyond too much to sufficient to live on.

jimjames

datlex wrote: »

Yes you can have too much in savings. For example if you get made redundant too many savings can prevent you getting help. Of course you can go beyond too much to sufficient to live on.

Not sure how that computes. If you have savings maybe you don't need help. It would be a bit shortsighted to keep minimal savings just to be able to claim benefits if the worst happened.

Startup1985

Ray_Singh-Blue wrote: »

Vicki Robin argues in "your money or your life" that income and expenditure are two different beasts. Society tends to link the two. So teachers drive Fords, bankers drive Mercs, footballers drive Lamborghinis. At the end of the day, they all experience the convenience of motorised transport from A to B. Although they spend very differently because they are expected to and because they can.

It is nice to hear about your holiday in Florida. But what about the experience did you really value? The family time together? Seeing new places? Being warm?

My family experienced all those things on a camping and canoeing trip on the South Coast of England this summer. It was absolutely fantastic. I think we spent £300 all week, but I deeply valued the experience. And we did not need to sit for hours in an aluminium can over the Atlantic Ocean (an experience on which I would place a negative value).

I to have enjoyed holidays on the south coast for 1/10 of the cost of the holiday we had in Florida but the world is huge and England is a small little island. I want to experience different cultures, different foods, different cars, different sights and environments. I will still have a nice pot for when I'm 65-70 maybe not a million but I will have enjoyed the world while I'm fit, healthy and active and provided amazing memories for my daughter that she can remember for life. Anyway this has gone off on a tangent, our OP is too tight to even spend 300 on the south coast. That is 10 times the amount that he starts to panic at!