Enjoy life while you can.

idkwhattosay

Well I look at my parents and can draw the same conclusion. They spent majority of their lives in misery first trying to make ends meet and then trying to "make something". Abandoning their parents, moving countries, running away from war, moving house every few years, dad working abroad for 6-18months at a time. They managed to buy a flat, then a bigger one, a plot of land, built a cabin, bought another flat. All paid off, they're now over 60 with three properties but they can't sleep or walk properly from all the joint pain they accumulated over the decades of doing manual labour. So what are your assets worth when you're old, abused and spent your entire life working? You won't take it to the grave. This comes from the "grow up->marry->have kids->build a house" outdated mentality, because if you deviate from that social norm then you are considered a "loser". Sometimes I look at myself and think I'm doing exactly the same thing, except I don't even have children.

Malthusian

green_man said:

It’s easy to think at 77 with a big pot that you should have spent more, but what if he needs to go into a nursing home, he will have the pick of some very nice options rather than scraping the barrel.

"At least I'll have some nice options for the last nine months of my life" is one step up from "At least I'll have a nice tombstone" when it comes to reckless underspending. And I'm emphatically against the "spend or give away all your money and make the local authority dump you in Overmydeadbody Grove" school of thought.

There are plenty of good reasons to not spend your assets in later life (e.g. you think your heirs or charitable interests will enjoy it more) but that's not one of them.

For anyone who has money, studies have consistently shown (in particular in Australia where drawdown was the norm long before it was in the UK) that people underspending in fear of running out is a much bigger problem than people spending all their money and then having to live off state benefits.

People who spend any money they get their hands on don't really come into this conversation. They wouldn't process it. They won't have pensions to squander. They're eat-the-marshmallow types and will never change. Historically a combination of state benefits + mandatory saving and mandatory annuitisation (the latter includes defined benefit schemes) has kept them off the streets.

sevenhills

Arthurian said:

Frugal habits save the planet. 

Just knowing you have a good safety net of money tucked away gives incredible peace of mind.  You don't have to spend it to have a smile on your face.

I look after a 93 year old relative, he does not like spending money. He bought an expensive house in his younger days and scrimped and scaped, he never stopped saving.

Its just sat in the bank doing nothing. He has lost his chance now. He does not talk about money, but his income is around £12k/£16k per year and he will spend around £6k

He has been saving £6k for over 10 years. I look at him and think I do not want to end up like him.

Ciprico

If you're a saver, spending won't make you happy. If you're a spender you don't get the option to save. 
The only other combination if is you're a saver and your wife is a spender.
Then no one is happy!

Langtang

zagfles said:

Just walk into the bar of any big hostel and look around you. Then walk into the bar of a luxury hotel and look around you. Where do you think people are having a better time, where do you think it's easier to meet friendly people with whom you can a drink and a laugh and discuss your travels...

See the losers in the best bars
Meet the winners in the dives
Where the people are the real stars
All the rest of their lives

Neil Young... Sail Away. 

sevenhills

123mat123 said:

If you're a saver, spending won't make you happy. If you're a spender you don't get the option to save. 
The only other combination if is you're a saver and your wife is a spender.
Then no one is happy!

Or just wait for your elderly parents to kick the bucket? They are living so long these days.

My dad gave his children the procedes of his house sale, when he moved into flats.

grumiofoundation

123mat123 said:

If you're a saver, spending won't make you happy. If you're a spender you don't get the option to save. 
The only other combination if is you're a saver and your wife is a spender.
Then no one is happy!

Occasionally husbands could be spenders too I suppose. 

grumiofoundation

Yellowvest23 said:

I expected the "i dont spend or treat myself but happy " replies, since after all this is a money saving forum and the demographic would be that type.Lets be honest we all know they are kidding themselves and trying to justify their addiction of saving.

A) saving, especially a a younger age is sensible and could well make someone happy (or maybe more accurately not unhappy). 

B )there are plenty of people (and I’m sure this forum has a high % of them) who earn enough to spend on luxuries, holidays etc and are still able to save. Therefore spending the money they save wouldn’t actually bring extra happiness. 

C) If we are being honest the people who spend instead of save and look down on people who save as “not living life” are generally the ones who turn round and complain they can’t afford x y or z (generally that they can’t buy a big, fancy house). 

Nebulous2

I had a brief spell as a financial adviser. My boss had a client, music teacher, did private lessons in addition, had inherited an expensive house, no family, didn't drive - the only expensive purchase he had ever made was a decent piano. 

Every review the talk was about investments, increasing his return, making more money. My manager liked a sale, but he tried hard to encourage him to spend more, with no success. We speculated about where it would end but couldn't see the point. I left, so I never found out what happened to him. 

Anonymous101

Here's one for you.... I'm a spender, always have been. Its just since I learnt about FIRE 5-6 years ago I've made my pension and ISA the two things I spend on the most every month, alongside my mortgage. I've totally reframed my mindset to saving and now think of it as buying my freedom. No amount of stuff would make me as happy as having enough to not be reliant on having to work.