Here’s Why I Regret Being So Extreme Saving Money
I’m a Super Saver: Here’s Why I Regret Being So Extreme Saving Money
G. Brian Davis Sat, May 18, 2024
Most people spend too much and save too little of their paycheck. But it’s possible to go too far in the opposite direction.
While saving more money helps you build wealth and passive income streams, and possibly reach financial independence at a younger age, extreme savings and frugality come with a cost. Before budgeting for a high savings rate, beware of the following pitfalls.
Missed Experiences with Loved Ones
Life is meant to be shared. Sometimes that means spending money to share experiences with your family and friends.
“In their relentless pursuit of savings, I’ve seen many people sacrifice cherished experiences, personal growth opportunities, and meaningful connections with loved ones,” said Abid Salahi, co-founder of FinlyWealth. “One particular client of mine, driven by an insatiable desire to save every penny, missed out on attending important family events and cultivating hobbies.”
Instead of being exclusively focused on saving, he advised, “Prioritize quality time with loved ones, engage in hobbies and activities that bring you joy, and cultivate a mindset of abundance rather than scarcity.”
Tolls on Personal Relationships
Missing out on shared experiences aside, hardline stances can impact your personal relationships.
Carl Rodriguez of NX Auto Transport has seen it firsthand. “One lesser-known downside to extreme frugality is the potential impact on relationships. Saving aggressively can sometimes lead to conflicts with friends or family members who have different spending habits or expectations.”
That proves especially true for your romantic relationships, where your finances intertwine with another person’s. “It’s important to find a balance and communicate openly about financial goals to avoid strain on relationships.”
Lack of Investment in Your Children
The better experiences and education you provide your children, the more likely they are to grow into successful, balanced, intellectually curious adults. But don’t let your desire to save money interfere with being present for your kids.
Mado Eldemrdash from Tireonway.com weighs his own regrets about investments in his children. “I worry it has affected my children, the quality of schools and clubs we’ve sent them to. All these financial behaviors can impact our quality of life and may affect my children’s professional futures.”
Neglected Personal Development
To Read More:
https://finance.yahoo.com/news/m-super-saver-why-regret-160237203.html