Mindset over finances - am I the only one

Hoenir

markyyyyyy said:

Albermarle said:

AS you have asked the question on a Savings & Investments forum, it is likely many of the contributors think in a similar way to you. 
You will not find too many big spenders, YOLO types.

and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

Hopefully you ( and your employer if you have one) are contributing to a pension, as normally this is the best way to save for retirement due to the tax advantages.

I am self employed and I put £450 a month into my stocks and shares ISA

i don’t put any money into a pension

is it better to put into a private pension?

Pension is more tax efficient. 

Are you currently overpaying your mortgage? 

Bostonerimus1

markyyyyyy said:

Hi
A bit of background
I’m 36 yrs old, single
own a small home worth £120k - mortgage of £65k
savings/investments of £55k


I always feel like I don’t have enough money, and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

i stick to budgets and feel as though I’m ruled by these, even though I do budget for hobbies I like, the odd holiday etc.

i feel surrounded by people splashing left, right and centre, numerous holidays a year, and feel like I’m doing it wrong? Or maybe I just have a skewed perception and people rack up debts doing these things

What I’m getting at, is this a common feeling amongst people, or should I just accept it and approach the “fu** it, what will be will be” approach? 

Just here for a discussion l, am I the only one that feels like this?

I'm the same as you. An approach to finances like yours allowed me to retire at age 54 with zero debt and have a retirement where I don't worry about money...other than how to minimize taxes. Keep doing what you are doing!

masonic

markyyyyyy said:

Hi
A bit of background
I’m 36 yrs old, single
own a small home worth £120k - mortgage of £65k
savings/investments of £55k


I always feel like I don’t have enough money, and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

i stick to budgets and feel as though I’m ruled by these, even though I do budget for hobbies I like, the odd holiday etc.

i feel surrounded by people splashing left, right and centre, numerous holidays a year, and feel like I’m doing it wrong? Or maybe I just have a skewed perception and people rack up debts doing these things

What I’m getting at, is this a common feeling amongst people, or should I just accept it and approach the “fu** it, what will be will be” approach? 

Just here for a discussion l, am I the only one that feels like this?

There was a thread on this subject around this time last year. It was very popular and a lot of posters shared very similar sentiments.

I need budgets to encourage myself to spend. My default is to scrutinise every penny of expenditure, a budget allows me to justify discretionary spending knowing I have given it some prior thought. I don't see this as a problem, more a secret weapon against making poor spending decisions. Perhaps the influence of this site. The danger is going to the extreme of depriving yourself of a life until you are too old to make the most of your money. So some guard-rails must be set in the same way as a spendthrift needs to reign in the FOMO.

Alexland

I managed to get over being MSE grade tightfisted by having kids as they are excellent at getting me to open my wallet against my wishes. I try and deprive myself of stuff and live in poverty inbetween being with them.

jaypers

It’s a mindset thing. Good that you’re cautious and think about these things. I’ve found that ‘pots’ helps……create yourself a separate account somewhere for extravagances. Taking money out of such an account to treat yourself is far less stressful than if you were withdrawing from a single savings account etc. 

incus432

It's a fine line between careful and tight.  I think it's often linked to seeing our parents' struggles and trying to avoiding their mistakes - in my case seeing how insecure they were financially.  As a result I probably got it a bit wrong in my 30s and 40s,and should have splashed out a bit more . You can relearn and change your habits and mindset though.

Archerychick

markyyyyyy said:

Hi
A bit of background
I’m 36 yrs old, single
own a small home worth £120k - mortgage of £65k
savings/investments of £55k


I always feel like I don’t have enough money, and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

i stick to budgets and feel as though I’m ruled by these, even though I do budget for hobbies I like, the odd holiday etc.

i feel surrounded by people splashing left, right and centre, numerous holidays a year, and feel like I’m doing it wrong? Or maybe I just have a skewed perception and people rack up debts doing these things

What I’m getting at, is this a common feeling amongst people, or should I just accept it and approach the “fu** it, what will be will be” approach? 

Just here for a discussion l, am I the only one that feels like this?

Sounds like your mindset is very aware when it comes to finances. And I expect most of us on this forum are fairly aligned. I expect that because you’re single you’ll be more aware anyway, because it’s just your income to cover the bills, so that’s natural.

Mine stems from my upbringing, I was brought up to value what I have and also to consider if it’s something I really need. I have a significant income but my lifestyle isn’t aligned to that, I’d rather save the money, and retire early! I have everything I want, and need, but like you don’t just throw money away on silly things, because guess what? It won’t make me enjoy like any more, and it’ll mean I have to work longer. 

22225

I like some of the things Ramit Sethi says even tho it feels v cringe to listen to someone talking on YouTube about a rich life. He does talk about saving money but also about spending money on things or services that would really make you happy.

I would sort out your pension as that will bring you some reassurance.

Also no offence but when/if you get a girlfriend or kids you may feel more compelled to start spending the cash.

Save some money to invest in training if you can to possibly increase your salary. Then invest more in pension or ISAs. When it hopefully snowballs you will feel more secure?

thegentleway

I was the same, hoarding money and other items. It’s never enough and never ending. Until you start giving some away. That’s what makes you feel like you have enough, at least it did for me. 

trickydicky14

O my God, I've just spent £900 on a laptop and phone for myself, it's taken six months to pluck up courage to do it. To be honest, I wont even notice the money gone so why do I need to go and lay down in an darkened room.