Comments on: Why I’m Going to Stop Saving Money

By: Dolla Thug

Dolla Thug — Sat, 24 Jul 2010 13:51:07 +0000

I do believe that there comes a point when obsessing over minor savings has diminishing returns – your article definitely recognizes that. There comes a point where saving the 35 cent coupon just isn’t worth the time it took you to clip it! And after you’ve set your financial foundation with an emergency fund and cut out the credit card debt, I agree that there’s no need to stress yourself over the small stuff. Thanks!

By: antonia

antonia — Fri, 09 Jul 2010 08:38:33 +0000

I tried to keep a running commentary as you call it several times, and that just didn’t work for me because my spending patterns are so inconsistent. One month I might spend $2000 on air travel but nearly nothing on food, another month I might go out more than usual…it just depends. I like your method of treating yourself but making compromises in other areas. As you say, having something to save FOR is a huge motivation. Good luck with your goals!

By: Anna

Anna — Thu, 08 Jul 2010 15:51:19 +0000

I really enjoyed this article, as someone who has lived on volunteer stipends for the past 3 years (AmeriCorps, Peace Corps) and am slowly entering the “salary world”. I’ve been reading books about financial planning but also about living a happy life based on your own interests, and this article really resonated. I think that when it comes down to it, “living within your means” is the simplest and best piece of advice. I am trying to start good financial habits now but still remain true to my own passions and interests. I want to strike a happy medium between avoiding the financial mistakes of older generations (no savings etc) vs becoming too obsessed with counting every dollar and being more interested in the idea of “saving” rather focusing on the goal or solution. So I guess I’m in the middle – I want to keep saving , but I have concrete goals in mind (I have funds setup for a trip next year [no destination picked out, but I'm still setting the money aside cause I know I'll get itchy feet by then], and also hoping to go to the 2012 Olympics, and being able to have some little luxuries that would make me really happy (horse back riding lessons). I don’t want to just put money away and at the end of my life wonder why I never had any fun. I do agree with the part in your article that implies that sometimes we ADD more stress to our lives by seeking out tiny ways to save money, and I agree. I’ve started to adopt a policy that if something adds stress to my life, I’m not going to do it, or I will pay the $1 more to avoid it… If I’ve decided to treat myself to a meal out, then I am not going to waver between the $15 entree and the $17 entree. However, I am determined to avoid credit cards and debt. I’m pretty good about compromising (“I went out for dinner last week, so I’m not going to have cocktails this week,” or whatever) but I do not keep a running commentary. If there is something that I really, really want, then I treat myself and make compromises in other areas so that I am always living within my means.

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Announcement: featured in 2 blog carnivals — Mon, 05 Jul 2010 04:08:05 +0000

[...] post Why I’m Going to Stop Saving Money has been featured in two carnivals, the Best of Money Carnival and the Carnival of Money [...]

By: antonia

antonia — Fri, 02 Jul 2010 08:32:42 +0000

Good point about being able to enjoy luxuries at a discount. Sometimes when we’re focused on saving, the temptation is to cut out every pleasure, but if you look around you can often find massages etc for ridiculously good prices.

By: Ro

Ro — Fri, 02 Jul 2010 07:50:28 +0000

I liked this post. Personally, I find clipping and organizing coupons very relaxing. I also have a rule against buying anything I wouldn’t have bought without the coupon. As a result my household and grocery bills are very low.

In some aspects I follow your advice. I treat myself to a massage, facial and a really fine meal at least once a month. The cost still matters somewhat (I have found ways to enjoy these things at a discount) , but the experience is a good one.

By: antonia

antonia — Thu, 01 Jul 2010 06:14:53 +0000

Nothing wrong with saving if you’re happy with it! Thanks for stopping by

By: antonia

antonia — Thu, 01 Jul 2010 06:13:27 +0000

I can see why you’d feel frustrated. Four years is a long time to be working two jobs only to make ends meet. Maybe it’s time to rethink your long-term strategy. My post describes one approach, but there are dozens of other things you could try.

For example:
- move to a location with a lower cost of living
- ask for a promotion or a raise
- sell some stuff
- housesit for a few months to save on rent

Just remember, you are the one in charge of your financial decisions. If what you’re doing isn’t working, try something different. Good luck!

By: Financial Samurai

Financial Samurai — Wed, 30 Jun 2010 03:25:18 +0000

Hmmmm….. deep! I’m still gonna still save money.

By: Financial Bondage

Financial Bondage — Tue, 29 Jun 2010 19:59:08 +0000

I want to save. I really do. I get to about $1000 then something happens or I pay normal living expenses (which I’ve cut to the bone- nothing else to cut)… then I’m down to $600 or 700… then in 2-4 weeks im at $1000 again… repeat every month or so….

I can’t save beyond the $1000, despite working two jobs for 4+ years. It’s VERY frustrating. Everything is so expensive, I make so little… Can’t make any headway on saving….