Obsessed with saving!

Mnd · 5 September 2018 at 7:37PM

That's happened to us as well, we were at opposite ends of the savings spectrum, we have both moved towards the centre of spend/save balance, and now we have a 4 year plan to get to our saving target so my wife can retire at 62

wild666 · 6 September 2018 at 5:53AM

triplea35 ask yourself these questions 1. Do you have everything you want in life? 2. When your son(s) get the inheritance will they continue your tradition or blow the lot as fast as possible? 3. Is your wife truly happy with the lifestyle you are providing for her?
I have 3 children 2 of which are sensible with money and 1 who blows it as fast as they get it. I regret that he will get his hands on some of the money. I save money I have hinted at the cheapest service possible when I am gone, A basic cardboard coffin, an Hearse if they want or van big enough to put the coffin in, no preachers, I am not religious, a few hard rock songs and that's it, into the flames to Fire by James Brown.

Moneycat · 6 September 2018 at 1:17PM

triplea35 wrote: »

....my focus on saving is directed to provide for our adult son in later life.

Many parents do this - mine are no exception. They are an older generation, started with nothing and whilst they are by no means 'rollling in it' - with careful spending, they've had a comfortable life.
The thing is, that I'm ok financially speaking and I don't 'need' the money. I wish they'd spent it on themselves and enjoyed it. They've earned it. We never went on holidays or spent any money on any 'enjoyment' when I was young (I have no siblings) and it's kind of too late to make up for that now. Money was not to be wasted and it was only for necessities. I left home at 19 and have been pretty much financially independent ever since.
I would not focus on saving for the sake of providing for your son but make a point to learn to enjoy at least some of the money before it's too late.

sukysue · 6 September 2018 at 2:54PM

I think because 'the times they are a changing ' means that l worry for my DDS future . There is not the job security or final pension scheme available that l and my DH had, so they will need money to be able to live a comfortable life . I feel as if they are our responsibilty until we die. I also know that they will never be able to afford their own homes without a large amount of money from us, so l suppose we are not spending it mainly because we want to leave it to the DDS and we don't want for anything. The main thing that we have achieved is retiring early and we are more than content with that.

Savvy_Sue · 6 September 2018 at 4:28PM

wild666 wrote: »

I have hinted at the cheapest service possible when I am gone, A basic cardboard coffin,

We'd have had one of those for my dad except that cardboard was more expensive than the cheapest wooden alternative! (He'd have approved ...)

Mistral001 · 20 December 2018 at 11:02PM

The original poster paints a picture of himself as a miser who does not want to be a miser any more. I think he probably needs the help of a clergy man or woman rather than money advice from a bunch of others who, let's face it, come to this forum precisely to save money.

Kernel_Sanders · 28 December 2018 at 4:44PM

Mistral001 wrote: »

The original poster paints a picture of himself as a miser who does not want to be a miser any more. I think he probably needs the help of a clergy man or woman rather than money advice from a bunch of others who, let's face it, come to this forum precisely to save money.

Why the clergy?

Arthurian · 9 January 2019 at 5:45PM

I think to enjoy old age you have to spend more money just to keep things going as they are. For example, paying to have tradesmen do what you once had the energy to do yourself - hanging new curtains, hoovering and dusting, hanging a picture, pruning the roses. Or using taxis where once you would drive yourself, because trains and buses are uncomfortable and cold. Maybe taking the family out for dinner because you'd like to cook for them, but it's exhausting. Later, there's the cost of private carers, because local authority ones only have time for the bare minimum, and then £50k a year in a home, with maybe the odd treat of a taxi ride out with a carer when you want. There's a lot to be said for the peace of mind of knowing there'll be plenty of money to pay for such things when needed. If you can 'enjoy life while you can' and still have that peace of mind, then maybe increase your spending now.

teedy23 · 10 January 2019 at 6:34PM

If your having days out etc your still living a life ! Maybe you would satisfy the saver in you by volunteering to help other people get their budget under control ? That might give you less time to think about your savings....just a small step away from the spreadsheet lol. Good luck and well done !

Bigmoney2 · 30 January 2019 at 8:17PM

I too have always saved, and have taken early retirement. My parents also never had much and saved for a rainy day. They didn't have expensive holidays, and always looked for cheapest options or bargains, limited modernisation of the house, rarely had meals out etc. Now mum is in a nursing home funding herself to the tune of £1000 a week, alongside people being funded by local authority.