Perfectionism

quantic

Morning Money Savers,

I recently had an unexpected bill of £790 due to an accident, and even though we have plenty of money to pay it (currently at £53k savings) I find myself tortured by the idea of doing so as this will be the first time in the past 3 years that the balance has gone down.

Do any of the rest of you guys suffer from perfectionism when it comes to savings? Would love to know your experiences and thoughts.

:beer:

Zola.

#middleclassproblems

Eco_Miser

The purpose of saving is to be able to spend when the need arises - without having to worry where the money comes from.

So, I might be annoyed that an accident has cost me £790, but I wouldn't worry in the least that my savings have gone down.

How long will it take to replace this money?

quantic

@Zola. I see your point but everyones problems are relative and when you earn below national average and save religiously for 8 years, £790 is half what I earn in a month and still feels a lot even though our total savings are high.

cloud_dog

So, apart from you having a nice warm and comfy feeling because your hard effort to save is paying off and the total has continued to increase.... What are your savings for?

quantic

Eco_Miser wrote: »

The purpose of saving is to be able to spend when the need arises - without having to worry where the money comes from.

So, I might be annoyed that an accident has cost me £790, but I wouldn't worry in the least that my savings have gone down.

How long will it take to replace this money?

I'm not sure we will be able to replace the £790 as my wife goes on maternity next month.

I think thats part of why I feel anxious paying it out when our income is going to drop so much soon.

Zola.

quantic wrote: »

@Zola. I see your point but everyones problems are relative and when you earn below national average and save religiously for 8 years, £790 is half what I earn in a month and still feels a lot even though our total savings are high.

True, but that represents 1.4% of your savings, I think you will be ok.

quantic

cloud_dog wrote: »

So, apart from you having a nice warm and comfy feeling because your hard effort to save is paying off and the total has continued to increase.... What are your savings for?

We plan to use some to bring the mortgage down in august when our first deal is up and the rest is for when my wife is on maternity leave as she only gets statutory.

TCA

Are your savings not earning enough interest to cover the bill? £790 is only 1.5% of your £53k.

BananaRepublic

quantic wrote: »

Morning Money Savers,

I recently had an unexpected bill of £790 due to an accident, and even though we have plenty of money to pay it (currently at £53k savings) I find myself tortured by the idea of doing so as this will be the first time in the past 3 years that the balance has gone down.

Do any of the rest of you guys suffer from perfectionism when it comes to savings? Would love to know your experiences and thoughts.

:beer:

The one who has the most money when they die wins.

Alternatively, a sensible approach would be to save wisely, as you do, but also realise that money is there to help you and your family enjoy life. It is a balance between saving, and spending.

I have huge savings, but my aim is to retire at 60 or earlier. And yes I do spend money on luxuries as well as necessities.

coyrls

quantic wrote: »

Morning Money Savers,

I recently had an unexpected bill of £790 due to an accident, and even though we have plenty of money to pay it (currently at £53k savings) I find myself tortured by the idea of doing so as this will be the first time in the past 3 years that the balance has gone down.

Do any of the rest of you guys suffer from perfectionism when it comes to savings? Would love to know your experiences and thoughts.

:beer:

I can't speak for others but no, I do not suffer from this problem. Does that help?