Has saving affected your mental health.

masonic

Albermarle said:

masonic said:

boingy said:

masonic said:

B0bbyEwing said:
Right now I have a Galaxy S20 (which I bought in 'Pristine' condition from Music Magpie which replaced my Galaxy S10 - also from Music Magpie (my last NEW phone was an iPhone 6S from Apple on release day)) and I've been looking at the Galaxy S23 because 1) it's newer 2) quicker 3) battery will be better 4) will get updates for longer (mine has stopped getting the latest version - downside of Android) 5) I prefer the screen shape as it doesn't have curved edges like the S20

Yes, it does irk me when I'm upgrading only because the phone has fallen out of support for security updates.

My wife has just had to replace her 7 year old phone because WhatsApp needs a newer version of Android. She's an occasional WA user rather than an addict but it's the main comms channel for a smattering of old friends and a few family members. We both tend to keep things until they break so it's a bit irritating to change a perfectly working phone. I've seen a few posts on here about folks being forced to buy a new phone to keep their banking apps running. Imagine if you had to keep changing your front door every time Royal Mail updated their delivery service. 

In a world where everyone talks about reuse and recycling, phones have a built-in obsolescence. 

It's often worse than that. Banking apps are usually happy to go on working long after the phone's operating system replete with security vulnerabilities and is unsafe to use for things like online banking. A phone I bought this year is apparently good until 2028, which is an improvement on the 2-3 years that is typical.

Imagine if you bought a front door with a defective locking mechanism that needed regular servicing, but the manufacturer only agreed to do so for a few years before they'd make you either buy a new door or risk leaving it unlocked when you go out.

My understanding ( but I am no techy expert so could be wrong) that with an Iphone  you get around 6 years of full IOS updates ( from 14 to 15 to 16 etc) but even after that you still get security patches. The critical point seems to be when the bank ( or whoever) upgrades their app, and your old IOS system can not cope with it.
So with a bit of luck you could still be OK for 8 years or more. Or obviously less if like many MSE'rs you buy the phone second hand.

Yes, iPhones probably offer the best ongoing support, perhaps as the OS and hardware are both products of Apple. The problem is much more pronounced with Android, as it is down to the third party device manufacturers to push out updates after the burden of testing against hardware and device drivers. Some manufacturers are more invested in this after-sales service than others, and some have responded to pressure from industry bodies and governments to improve on this. This always weighs on my purchasing decisions, and I've only lost out in the past due to smaller manufacturers with progressive support policies going to the wall. It hasn't quite driven me over to the dark side of Apple , and I am hopeful Android device manufacturers will raise their game either voluntarily or through regulation. The devices I tend to buy are about half the price of an iPhone, so as long as I get at least 4-5 years I am not losing out - but there's no reason why these devices couldn't last 10 years+ if I look after them. But the original point made by B0bbyEwing about planned obsolescence and monthly contracts with biannual upgrades isn't helping matters.

Nebulous2

In recent times I've moved to Google phones. The A series were a low cost option, but they are more mid-priced now I'd say. Current one is the 7a. 

A clean version of android, without all the advertising and bloatware introduced by others. Guaranteed 3 system updates and 5 years security patches. 

Tend to do decent discounts at times, such as Black Friday. Also give big reductions when a newer version comes out. 

Sea_Shell

Is an outdated phone a risk if you only use home WiFi to do any banking?

masonic

Sea_Shell said:

Is an outdated phone a risk if you only use home WiFi to do any banking?

It's more of a risk if you go out and about with wifi/bluetooth enabled, or surf the internet. I would be more relaxed about only connecting to your home wifi, not using social media, and only visiting a limited number of known reputable websites. Using network data is better than using other wifi networks. The residual risk is a vulnerability that bypasses all reasonable precautions, and these do come along once in a while. Personally I'd prefer to be using a device that is fully patched to do my internet banking and anything else that is sensitive.

Eco_Miser

Albermarle said:

No, I don't think saving affected my mental health, except perhaps improving it since I don't have to worry about money. My mental health perhaps affected my saving habits though.

Maybe getting a bit too deep here, but having a strong saving habit does not mean you have a mental health problem, a term which is probably used a bit too often nowadays.

It is just part of your personality. It only becomes a mental health issue, if it makes you miserable, antisocial ,having strange behaviour and negatively affects many aspects of your life. 

Like with the OP, and a couple of the other posters, but not you I don't think ?

Having a strong saving habit does not mean you have a mental health problem, but being antisocial and miser - able does make saving easier.

Eco_Miser

NoMore said:

I find it’s the people who just save for savings sake or for a ‘rainy day’ are the ones who have trouble spending these savings. 

Having an actual aim and goals for savings helps you spend it when the time arrives. 

But when your income exceeds your natural spending (and you have already got all your short/medium term goals covered) what do you do with the excess? Spend it on tat, just so it's not accumulating? leave it in a zero% current account? or put it in a high interest savings account?

MisterMotivated

I'm sure the government and large corporations would love that.  We are trained from a young age to be consumers after all, with yesterday's Spendfest '23 Main Event embodying that perfectly.  Buy things for everyone you know, regardless of whether they want or need those things, to show them how much you care about them.  Except, it's not because you care, it's because you have a societal obligation to do so, lest you look like a miserable git.

DietIrnBru

My pension savings are for retirement - I save up a regular saver to enable an overpayment to my mortage at the end of each year - I have emergency savings equal to three months wages - my credit union is money I can let run in the background as it comes off my wage directly - I've also got a sinking fund for anything house releated (repairs and replace).

Where is become unhealthy is saving without any clear idea of what the cash is for - it becomes a goal you never reach - more if never enough. You see that on boards a lot - five figure sums of cash with no purpose in a persons life except to have it.

The other unhealthy habit I've seen is people actively chasing interest rates - personally I will open the best regular saver rate I can find once a year -  my savings account I may look at every six months and see if there is a significant gain to be had - I'm not talking a few decimal points. Make the best decisionn you can at a set time - otherwise youre constantly beating yourself up for not getting that rate or that discount.

jimexbox

DietIrnBru said:

The other unhealthy habit I've seen is people actively chasing interest rates - personally I will open the best regular saver rate I can find once a year -  my savings account I may look at every six months and see if there is a significant gain to be had - I'm not talking a few decimal points. Make the best decisionn you can at a set time - otherwise youre constantly beating yourself up for not getting that rate or that discount.

Only you snooze you lose. The best accounts are usually open for a very limited period. My isa, fixed bonds, notice accounts and instant access are all NLA. 

trickydicky14

Eco_Miser said:

NoMore said:

I find it’s the people who just save for savings sake or for a ‘rainy day’ are the ones who have trouble spending these savings. 

Having an actual aim and goals for savings helps you spend it when the time arrives. 

But when your income exceeds your natural spending (and you have already got all your short/medium term goals covered) what do you do with the excess? Spend it on tat, just so it's not accumulating? leave it in a zero% current account? or put it in a high interest savings account?

possibly give to charity if you feel you have too much?