Being ‘tight’ with money - how tight are you with yours?

Legacy_user

Hiya. I was talking about this with a friend today whose generally quite good at managing her money. I am too, especially more recently, but I wouldn't say I'm tight with money, but I do plan my purchases and watch my savings (I am currently saving for a house, and enjoy seeing the amount increase) which I also monitor with a spreadsheet. My friend was saying that her dad often says she is tight with her money. However, she's got quite a good amount of savings and has been saving quite diligently since she graduated uni. I've had a more looser approach to saving over the years, saving small amounts here and there and only started saving seriously the last couple of months now I have a specific goal. I earn more, she's 24, I'm 25. I wanted to know what are others opinions here on what is classed as saving and what is classed as being tight. Are there people here who would say they are tight with their pennies? If so why? Also, do you save? For those who do, is it for the sake of saving? For a rainy day, or is there something that you're aiming to buy?

surreysaver

There's being tight, and then there's living within your means. Some people like to enjoy life and can afford it, and others like to enjoy life but cannot afford it.
I never went to uni, so managed to get a job, save, buy a house etc a lot earlier than my peers.

Terry_Towelling

Good question.

Being 'tight' is all about not buying a round when you go to the pub with your mates, or buying someone a £4 bottle of wine for their birthday when you'd normally treat yourself to a £5 bottle, or giving someone a one-off lift to work when their car has broken down and then charging them mileage - that sort of thing.

Being thrifty is completely different and is a way of ensuring that you do have enough money available when it comes to saving or treating people in the right way.

LobsterMemory

While agreeing with the others, if you're watching your savings quite obsessively (I like seeing them go up) and you're just doing it for the sake of it, then that's tilting to the wrong side of the line IMO

You need to decide what you're saving for. And I don't count "I want as much money for a deposit as possible" as a valid goal. Make it "I want £10/20/30k for a deposit" and then I think it's a healthy way of living.

System

LobsterMemory wrote: »

While agreeing with the others, if you're watching your savings quite obsessively (I like seeing them go up) and you're just doing it for the sake of it, then that's tilting to the wrong side of the line IMO

You need to decide what you're saving for. And I don't count "I want as much money for a deposit as possible" as a valid goal. Make it "I want £10/20/30k for a deposit" and then I think it's a healthy way of living.

I'm saving for a deposit, actually and I have a aim that I'm targeting. I do also like seeing them go up. I didn't say I'm saving for the sake of seeing the amount go up. I just chose not to divulge what I'm saving for, as it wasn't really linked to the focus of what I'm asking.

longleggedhair

I'm tight fisted, and I'll be the first to admit it. Although I am getting better as I get older. My parents (despite earning good salaries) never had any money and there were always financial problems due to spending addictions. It sent me the other way and I have always been desperate for financial security.

I definitely have that now with savings and investments well into six figures, which has enabled me to ease back a bit. I think we all have a purpose in saving, whatever it's for. Mine was for no purpose other than the one mentioned above.

We only have one life, so if you want it and need it, then buy it....but don't WASTE it. It's a distinction that sounds simple but much of the population struggle with it.

DigForVictory

Tight is an opinion, a perception, and varies from person to person.

It also can hinge on perceived wealth/income - so someone may be thought tight if they "only" give a fiver to a retirement collection when actually they will have to curtail discretionary spending to afford that, but don't want to be thought to be so financially embarrassed.

I run a mix of Martin's Mantras and pinch of reckless impulsiveness - up to the cost of a cup of coffee usually. My mother in law thinks I was raised deprived & that I keep everyone on a short leash financially. She has more disposable income per week than I do even after prescriptions, but that penny hasn't dropped!

I'm not "Yorkshire tight" - if I get hold of a pound coin it isn't necessarily a prisoner, but ye gods I'll make it work...

System

longleggedhair wrote: »

I'm tight fisted, and I'll be the first to admit it. Although I am getting better as I get older. My parents (despite earning good salaries) never had any money and there were always financial problems due to spending addictions. It sent me the other way and I have always been desperate for financial security.

I definitely have that now with savings and investments well into six figures, which has enabled me to ease back a bit. I think we all have a purpose in saving, whatever it's for. Mine was for no purpose other than the one mentioned above.

We only have one life, so if you want it and need it, then buy it....but don't WASTE it. It's a distinction that sounds simple but much of the population struggle with it.

Hey, good for you! You mention your savings and investments , was that something that you amassed over years? Any tips hehe, money saving tips?


Out of interest, how old were you when you begun being this way, or always? And how old are you now, if you don't mind me asking?

pafpcg

DigForVictory wrote: »

Tight is an opinion, a perception, and varies from person to person.

My siblings think I'm tight, but I reckon my partner's mother was a real miser. She lived very frugally despite, as we discovered just before her death, being well above the national average for wealth. For example, she had £8000 in her 0% current account accrued from her weekly state pension but withdrew only a fraction for living costs. Overcoming her reluctance to change anything in her declining years and that there were better places for her savings was impossible until we found the right button: rather than say 'you can get twice the interest', we used 'but by switching to XYX, you'll get another £xxx every year' - worked every time!

Our parents grew up in the depression years in a Northern working-class society when thrift and 'make do and mend' were not just virtues but necessities - my partner and I have inherited those traits - my spendthift siblings haven't!

pumpkin89

I've always been a saver (my parents instilled it in me from an early age) and at times in my life I have been very tight (I used to cycle for 40 minutes to save 10p on a bottle of milk). That has contributed to me being in a comfortable place financially at a relatively young age. I try to be less tight and more generous now, and don't worry about the odd few pence. But I still save around a third of my salary, as IMHO long-term financial security matters more than having a few extras in the short-term.

Jane_B

I think it depends on perception and perhaps wealth.

I am frugal but not tight, I still treat myself to the odd meal out, enjoy a nice holiday now and again, but don't blow money like some I know.

Some of my Husbands relatives on his mothers side are what I would consider tight, they are incredibly wealthy (think Panama papers wealthy) yet refuse to spend anything more than they need to exist. Which for me is too far, I am all for not buying a yacht (which they could easily, with a fair amount left over!) but to live on baked beans and toast, not go for meals out at all, avoiding family events so as to not have to buy a presents etc. I feel goes into the tight category.