Extreme Saving

wombat42_2

It is a recognised concept. For short term pain you can get a long term gain. For example you could have a dull tims saving almost everything you earn for a year or two - then you could realise your ambition - maybe pay off your mortgage, retire early or emigrate abroad etc. At least it is preferable to Extreme Spending. Here is one website I found on this:
http://www.extremesaving.co.uk/

Jonbvn

Sorry, but that website is an extremely poor copy of MSE.

wombat42_2

Jonbvn wrote: »

Sorry, but that website is an extremely poor copy of MSE.

It was the only website I found that incorporated "extreme saving" in its name. It may be a naff website but dont let that distract you from the value of the "extreme saving" concept.

Aegis

What a horrible concept... "Save money by cutting out most of your fun" seems to be the difference between being thrifty and this extreme saving concept. Yes, you can quite easily save money by, for example, not drinking anything but water at work, but what if you want a nice coffee every day? Would it then be better to cut that out as that website seems to suggest, or just to find a cheaper alternative?

To be honest, I glanced through that website, and nothing about it makes me want to revisit it when they get their acts together. None of the pages I clicked on at random had any mathematical analysis of potential savings or any real detail of anything useful you can do to work on this "extreme saving" concept...

If you're saving for a specific objective, then cutting out all non-essentials for a while might be a useful idea, but what's the point in non-specific saving of so much money if it means you essentially have to forego as many niceties as possible?

So what's the value of the extreme saving concept?

debbie42

I've no desire or need to save like that: life's too short.

There is a massive difference between living beyond your means and continually overspending what you haven't got, and scrimping and saving in such a miserly fashion that you really don't enjoy life.

purch

There's also a massive difference between spending sensibly and wisely, trying to seek the cheapest alternative, and scrimping and saving and living like Scrooge !!!!

Aegis

The way I see it, saving is getting essentially the same product but for better value. For example, getting 2 quotes for car insurance at £400 and £350 results in a saving of £50 if you would normally have gone for the higher value. Getting a higher interest account nets you extra savings in the long run through a similar strategy.

For me, this site is like suggesting that instead of getting multiple quotes, you do away with your car, forget the insurance and just walk everywhere. Sure, you might spend less money, but it's not really saving money so much as just not spending it on something that makes life a lot easier/nicer

munk

For me, this site is like suggesting that instead of getting multiple quotes, you do away with your car, forget the insurance and just walk everywhere.

roflcopter aegis - you forgot to mention saving money by not hiring a web designer for your extreme savings site

Liz_the_Whizz

I also worry that, if we become obsessed with saving money for its own sake, we will be less inclined to give money and/or items we don't want to charity.

Like others, I find MSE extremely valuable in helping to make choices about savings and investments, and to provide advice and support when someone needs it.

But taken to its extreme, saving is like any other obsession - inward-looking and ultimately destructive.

wombat42_2

Liz_the_Whizz wrote: »

I also worry that, if we become obsessed with saving money for its own sake, we will be less inclined to give money and/or items we don't want to charity.

Like others, I find MSE extremely valuable in helping to make choices about savings and investments, and to provide advice and support when someone needs it.

But taken to its extreme, saving is like any other obsession - inward-looking and ultimately destructive.

Extreme saving is not for its own sake. It would be for a specific purpose. For example you might hate your job and have no prospect of anything better. If you extreme save for a year of two you may well be able to retire early and realise lifetime ambitions such as emigration, trevel etc..

chesky369

The website is truly off-putting. If they're as professional with money as they are with editing their own site, I wouldn't trust them one bit. Appalling spelling and dreadful grammar.

I think the concept of extreme saving is probably OK in the short-term and for a specific goal. However if it becomes a habit, miserly-ness beckons.