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Unread 19th May 2009, 11:16 PM   #1
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Default Addicted to saving money?

Has anyone ever felt that they're addicted to saving money? I can't seem to stop saving my money. You're probably thinking saving money is a good thing, and sure, it is. But I don't even know what I'm saving for, I just save money to save money. I think I just do it for the thrill of saving the money, making more, more, and more.


Let's say I'm aiming for $5,000. I tell myself I'm going to buy myself a new TV when I get there. When I DO get to $5,000, I'll say to myself "No, I'm just wasting money. I'll put myself under $5,000 if I buy a new TV" (something like that) and I'm already half way to $10,000, so I'll think to myself "Hmm.. maybe I'll just wait till I get to $10,000 before I consider wasting money". Just the look of 5 digits in my bank account gets me going. And when I do get to $10,000, same thing happens, I'll have the urge to get to $20,000. I want to SPEND money, but I can't seem to STOP SAVING. I want to treat myself more often, take my family out to dinner, things like that. I'm at $xx,xxx and I can't even "afford" to take my family out to dinner! What's wrong with me, lol.

I feel one day I'll even reach $100,000 and STILL not be content. I'm going to want to keep saving, and still for no apparent reason.

I think it's unhealthy. I can never really feel content with what I have. I hate spending. I only spend if I feel I really need something. The only thing I feel that's worthwhile to buy online is a domain name, so I can make a site that will make me more money. I never have money with me when I go out too, usually just enough money for travel and for some food. I just take my card with me and withdraw from my bank account when I REALLY need to (short on travel expenses, need food, etc.)


Sorry for the long post. Does anyone else feel this way? How can I get out of this habit?

I'd love to spend money on say, getting a product created and setting it up on Clickbank, but I just can't get around this state of mind. I need help.

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Unread 19th May 2009, 11:22 PM   #2
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Default Re: Addicted to saving money?

My first thought was that there are worse things to be addicted to.

I think that your saving-compulsion is probably attached to a fear of taking risks that borders on unhealthy, though. You probably do need help, but I'm not sure it's the kind of help you can get here.

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Unread 19th May 2009, 11:26 PM   #3
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Default Re: Addicted to saving money?

There is NOTHING wrong with saving. However, if you aren't satisfied with your income per month, don't be afraid of reinvesting into your business. The way I would look at it is... if I'm doing something right, how can I scale that up? How much would doing that cost? I mean, you know it works, so why not see what happens when you bring out whatever you're doing to its full potential?

Hanging on to your money isn't shameful, though. I wouldn't look at it that way. You never know what kind of stuff life will throw at you, and you can't ever be prepared enough. I applaud your ability to hang on to your cash. But I'd also be interested in hearing your results if you were to reinvest a little bit more into your current success.

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Unread 20th May 2009, 12:27 AM   #4
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Default Re: Addicted to saving money?

Hi

To start getting round the mindset tell your mind that if you invest (not 'spend') money on getting a product created, you will make even more money that you will be able to save.

Each time you create a new product and make money off it you can 'invest' some of those profits and do it again.

That way you will be getting new products and still saving more and more each time.

Good luck

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Unread 20th May 2009, 12:41 AM   #5
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Default Re: Addicted to saving money?

i do not believe on saving all my money. I read 1 book before to explained why the Jewish has the most richest people in the world. One of the statement explained 'If you save all your money and you look at the figure everyday, you won't have the GUT and creativity to figure out how to make more money...' i don't know how true it is the statement, but for me, i do not like to keep money in my bank, i would rather keep my bank account a portion of money (for credit card & emergency usage), then i will roll my cash with different investment tools that available.

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Unread 20th May 2009, 01:18 AM   #6
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Default Re: Addicted to saving money?

It is not really an addiction. I think it is a really good habit for you to be doing that. You would be able to spend on things that are really worth it when the time and situation calls for it.

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Unread 20th May 2009, 06:36 AM   #7
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Default Re: Addicted to saving money?

agree studygm god i would love to save up $1000's, if your able to do it whilst living a decent life i dont see a problem and wouldent call it a habbit either

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Unread 20th May 2009, 06:52 AM   #8
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Default Re: Addicted to saving money?

Quote:
Originally Posted by Skribblez View Post
Has anyone ever felt that they're addicted to saving money? I can't seem to stop saving my money. You're probably thinking saving money is a good thing, and sure, it is. But I don't even know what I'm saving for, I just save money to save money. I think I just do it for the thrill of saving the money, making more, more, and more.


Let's say I'm aiming for $5,000. I tell myself I'm going to buy myself a new TV when I get there. When I DO get to $5,000, I'll say to myself "No, I'm just wasting money. I'll put myself under $5,000 if I buy a new TV" (something like that) and I'm already half way to $10,000, so I'll think to myself "Hmm.. maybe I'll just wait till I get to $10,000 before I consider wasting money". Just the look of 5 digits in my bank account gets me going. And when I do get to $10,000, same thing happens, I'll have the urge to get to $20,000. I want to SPEND money, but I can't seem to STOP SAVING. I want to treat myself more often, take my family out to dinner, things like that. I'm at ,xxx and I can't even "afford" to take my family out to dinner! What's wrong with me, lol.

I feel one day I'll even reach $100,000 and STILL not be content. I'm going to want to keep saving, and still for no apparent reason.

I think it's unhealthy. I can never really feel content with what I have. I hate spending. I only spend if I feel I really need something. The only thing I feel that's worthwhile to buy online is a domain name, so I can make a site that will make me more money. I never have money with me when I go out too, usually just enough money for travel and for some food. I just take my card with me and withdraw from my bank account when I REALLY need to (short on travel expenses, need food, etc.)


Sorry for the long post. Does anyone else feel this way? How can I get out of this habit?

I'd love to spend money on say, getting a product created and setting it up on Clickbank, but I just can't get around this state of mind. I need help.
Can I be your godson and help you spend that money on your
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Unread 20th May 2009, 07:03 AM   #9
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Default Re: Addicted to saving money?

Saving money is a great habit most people cannot seem to incorporate into their lives.

My best clients are those that have an ingrained saving ability. What I do is help them optimize this habit. Those that spend everything they earn will alway be poor, even if they make a 7 figure income.

You should feel fortunate to have the desire and ability to save. You'll always have that sense of security a nest egg affords.

As with everything, moderation is key. Life is short, so you have to stop and smell the roses sometimes.

Good Luck.

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Unread 20th May 2009, 07:24 AM   #10
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Default Re: Addicted to saving money?

Same here. I love spending money, but hate it at the same time.. It feels great to see those numbers add up.

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Unread 20th May 2009, 07:46 AM   #11
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Default Re: Addicted to saving money?

I had a great-uncle who lived like a hermit. He didn't trust his kids or nearly anyone in his family. He didn't have electricity or running water in his house - he collected rainwater and had a hose from the tank on his roof that ran through his kitchen window. When I last saw him, his shoes were falling apart so he'd tied a length of old innertube around them to keep them together.

When he died he had $2.6M in the bank.

Saving is awesome, but there are extremes.

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Unread 20th May 2009, 07:50 AM   #12
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Default Re: Addicted to saving money?

Saving money certainly isn't a bad thing! Definitely gives a feeling of confidence and security that most people living check to check don't have.

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Unread 20th May 2009, 07:55 AM   #13
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Default Re: Addicted to saving money?

Quote:
Originally Posted by dave147 View Post
becoming obsessed with saving money leads to the scarcity lifestyle which will in turn set off all sorts of negative reactions that will ensure that you lose the money that you are so desperately trying to hold onto
That's not true. Read about the saving habits of the common millionaire (The Millionaire Next Door)

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Unread 20th May 2009, 08:25 AM   #14
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Default Re: Addicted to saving money?

Saving isn't a bad thing - but what if you get hit by a bus and die tomorrow? (sorry, I really hope you don't!) All that hard work saving, and then not spending it when you've reached your internal goals, have gone to waste on you personally.

Plus if you don't reward yourself, you'll just get stuck in the spiral of saving and become unmotivated to save more (as you'll think to yourself - "well, I'm never going to spend it anyway").

Money alone can't buy you happiness

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Unread 17th March 2010, 05:46 PM   #15
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Default Re: Addicted to saving money?

My sister is addicted to saving money, LoL She thinks the whole world is out to get her money. I on the other hand don't seem to have this problem, I'm addicted to spending money. Im of the opinion that you cant take it with you when you die, so you might as well enjoy it now. ;-)
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Unread 17th March 2010, 06:04 PM   #16
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Default Re: Addicted to saving money?

OK, not really a bad thing but it sure can stop your business growth.

Sometimes got to take some risks when it comes to investments. Buying a TV isn't really an investment though.

I used to be the same way with money until someone introduced me to the concept "money is energy".

What they mean is that by spending (not recklessly though) that money goes out and does things. It drives economies, it employs people, my $200 dinner out gives that waitress some money that she uses to feed her kid.

So spending money has a real emotional energy attached to it. And the idea is that by releasing the positive energy into the world it comes back to you..with interest.

Yeah it is a little "out there" law of attraction but the crazy thing is it seems to work. I've had the pleasure of meeting some very succesful and wealthy people in my life and it is one of the philosophies that most of them seem to share in one way or another.

Some argue that they can now afford to spend money but they all say that the shift in fortune came after the mental shift.

The really fun thing is that as soon as I started to adopt this mindset myself then everything started to take off.

Now I don't focus on making money, I focus on helping others and get money as a reward. And I don't focus on spending money, by spending money I am helping others...and I am rewarded for that too.

Money is energy...let it flow....

OK, now I need to find a technical post somewhere so I don't get labelled as a fruity dreamer.

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Unread 17th March 2010, 07:51 PM   #17
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Default Re: Addicted to saving money?

Quote:
Originally Posted by Kelly Verge View Post
I had a great-uncle who lived like a hermit. He didn't trust his kids or nearly anyone in his family. He didn't have electricity or running water in his house - he collected rainwater and had a hose from the tank on his roof that ran through his kitchen window. When I last saw him, his shoes were falling apart so he'd tied a length of old innertube around them to keep them together.

When he died he had $2.6M in the bank.

Saving is awesome, but there are extremes.
thats crazy man, that sounds like enough motivation to start spending to me.
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Unread 17th March 2010, 08:08 PM   #18
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Default Re: Addicted to saving money?

I wish I could be more like you. As soon as money touches my hands...it goes directly into someone elses. Luckily about 35% of what I makes goes into a bank account so I indirectly save money.
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Unread 17th March 2010, 08:54 PM   #19
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Default Re: Addicted to saving money?

More people should have that addiction. For me I try and leverage my money to make more money. Staying liquid is key and squirreling profits into savings will make you a millionaire. Great post!
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Unread 17th March 2010, 09:02 PM   #20
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Default Re: Addicted to saving money?

Just out of curiousity...

How do you do with giving money away?

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Unread 17th March 2010, 09:17 PM   #21
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Default Re: Addicted to saving money?

I think that I have a problem with useless spending. I really need to be saving more or at least spending my money on something that is an investment. Food is my biggest problem, I eat out way to much and also end up with a decent bar tab a few times a week and that really adds up.

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Unread 17th March 2010, 10:34 PM   #22
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Default Re: Addicted to saving money?

I think saving money is a good habit to have, although after a while, you should use your profits to reinvest.
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Unread 17th March 2010, 10:42 PM   #23
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Default Re: Addicted to saving money?

I think saving us a great and excellent way to keep money for future use, but dont squirrel it away at the expense of things that you could have today - you send a subconscious message to the brain that tomorrow wont be ok.
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Unread 17th March 2010, 11:18 PM   #24
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Default Re: Addicted to saving money?

IMHO, one of the causes of the financial crisis is: people spend too much. addicted to saving is far better than addicted to spending.


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Unread 17th March 2010, 11:43 PM   #25
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Default Re: Addicted to saving money?

Nothing wrong with saving money as long as you have money to save
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Unread 17th March 2010, 11:46 PM   #26
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Default Re: Addicted to saving money?

The goal is to do what gives you the most pleasure so long as it is beneficial to you and your loved ones.

So if you have saved $1000 for a TV and you decide that you would prefer to save the money..then that is more beneficial to you. However if you feel you are deprived without the TV then it is time to let lose with the cash.
You also have to take family members into consideration.

My thought has always been to buy the best quality things I can afford when it comes to furniture etc. so it may cost more but it usually lasts longer. For example I bought a very fine quality leather handbag for several hundred. I carried that bag for 13 years and finally sold it at a yard sale for $10. It was a classic bag and always looked good.
My sister on the other hand buys a new inexpensive bag every season and she prefers to do that.

So the idea is what do you really get pleasure from?

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Unread 18th March 2010, 01:40 AM   #27
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Default Re: Addicted to saving money?

Quote:
Originally Posted by Skribblez View Post
I feel one day I'll even reach $100,000 and STILL not be content. I'm going to want to keep saving, and still for no apparent reason.
Hi,

You have a very good habit going.

However, $100,000 is not very much money and won't allow you to be financially independent so you need to save much more. Hopefully you're young and can save much more over time.

But, you'll find saving is actually easier if you get into the habit of donating a portion to a charity you feel strongly about. This seems weird but it's true.

This makes wanting money a preference and not an addiction so you draw more to yourself. You're telling yourself you have enough to share. (I find 1% - 5% of net works best for this.)

When you do spend try to spend on things that will make more money. Obviously a good business plan will help here so you're not spending on the wrong things.

And it does not cost much to make a product of your own.

Not spending on material things is good as long as you have a decent life already.

If I were you I'd set up a spending plan and automate everything. Then set aside a certain percentage for business investing to create even more money.

I love to save too. Money to me is the following:

The ability to:

have the power to change things that I see as an injustice in the world

help my children get a good start in life

security

privacy

travel

learning

time to do what I want - when I want

freedom

These things are so important and you get them with money. So saving is very good.

Good for you that you already have the saving habit - keep it up!

Donna
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Unread 18th March 2010, 11:32 AM   #28
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Default Re: Addicted to saving money?

Sounds to me like you are somewhat fixated on retaining and holding onto cash, it doesn't come across as too healthy to me.

However as others have said, being sensible with your money is a great characteristic to have.

I wouldn't say you should force yourself to spend it, but my advice would be to focus on making it and enjoying the process of making it. Let it accumulate in the bank if you wish.

Another thing that might help you to is to decide on a percentage per month to give away to good causes.
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Unread 18th March 2010, 01:10 PM   #29
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Default Re: Addicted to saving money?

I wish I had this problem.

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Unread 18th March 2010, 01:21 PM   #30
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Default Re: Addicted to saving money?

A long time ago I learned a useful money technique in some seminar:

1 - Set up several bank accounts for various uses that fit your life. For example:
Living Expenses
Reinvesting in your business
Long-term Financial Freedom Account (used only to invest for retirement)
Emergency Savings
Fun

2 - All money that comes to you is split into these accounts by percentage. So the savings accounts might each get 10%, Living Expenses 35%, Business Reinvesting 35%, and the Fun account 10%.

The kicker is that at the end of each month you HAVE to spend the money in the "Fun" account - and you have to spend it on something you wouldn't normally purchase. Something decadent for you.

The idea is to allow yourself to enjoy your success, as well as be responsible. I do it myself and find it very successful. In fact, I've switched most of my gift-giving to something like that ... I like to gift my loved ones with say a $100 bill along with the requirement that they have to spoil themselves with it in some way. It's been SO much fun to hear back about their experiences.
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Unread 18th March 2010, 02:12 PM   #31
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Default Re: Addicted to saving money?

Quote:
Originally Posted by Jeremy James View Post
Just out of curiousity...

How do you do with giving money away?
Consider giving more money away to church, good causes, etc.

It'll help you go into a giving mood instead of a hoarding mood.

Quote:
Originally Posted by NancyHill View Post
A long time ago I learned a useful money technique in some seminar:

1 - Set up several bank accounts for various uses that fit your life. For example:
Living Expenses
Reinvesting in your business
Long-term Financial Freedom Account (used only to invest for retirement)
Emergency Savings
Fun

2 - All money that comes to you is split into these accounts by percentage. So the savings accounts might each get 10%, Living Expenses 35%, Business Reinvesting 35%, and the Fun account 10%.

The kicker is that at the end of each month you HAVE to spend the money in the "Fun" account - and you have to spend it on something you wouldn't normally purchase. Something decadent for you.

The idea is to allow yourself to enjoy your success, as well as be responsible. I do it myself and find it very successful. In fact, I've switched most of my gift-giving to something like that ... I like to gift my loved ones with say a $100 bill along with the requirement that they have to spoil themselves with it in some way. It's been SO much fun to hear back about their experiences.
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Unread 18th March 2010, 05:00 PM   #32
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Default Re: Addicted to saving money?

good for you. saving is good, but you need to spend some at the same time to enjoy life.
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Unread 7th May 2012, 01:14 PM   #33
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Default Re: Addicted to saving money?

I also compulsively save my money...When I see all of my firends struggling to get by it gives me a feeling of self worth and I know that my hard work eventually pays off...You still have to have fun though...I will splurge once or twice a week on a (pricey) round of golf as that is my release which I prefer over getting ****faced at a bar.

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Unread 8th May 2012, 06:28 PM   #34
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Default Re: Addicted to saving money?

I'm guilty of this, I usually save 75-80% of the money I make.

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Unread 8th May 2012, 11:40 PM   #35
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Default Re: Addicted to saving money?

don't save your money, just turn it into gold or silver.

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Unread 9th May 2012, 12:36 AM   #36
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Default Re: Addicted to saving money?

All that matters is whether you're happy with what you're doing.

Are you? If yes, keep doing it. You don't have to spend it if you don't want to do. Buying a new TV will not make you happy.

If you're not happy, change.

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Unread 9th May 2012, 01:25 AM   #37
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Default Re: Addicted to saving money?

THis is something I went through when I was going through the intermediate phase.

But holding onto money means you are not outsourcing and you not increasing your chances of making money.

ever heard that saying, you gotta spend money to make money, well as a clickbank product creator you have to be willing to let go of the money to make it back later down the track. Even if you flop the learning will be huge.

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Unread 9th May 2012, 03:05 AM   #38
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Default Re: Addicted to saving money?

I'm on the opposite end of the spectrum - I am addicted to spending money!

It's good to save money, but only to a certain level. I'm not sure you have hit that level yet, but I don't really know your situation. I'd say you have a good habit actually - but you should not let your desire to save prevent you from making investments on future projects such as getting a product created.

I must say your family sounds amazing not to force you to spend on them!

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Unread 9th May 2012, 03:13 AM   #39
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Default Re: Addicted to saving money?

And my friend, that's how billionaires are made.

I wish I could be like you

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Unread 9th May 2012, 07:41 AM   #40
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Default Re: Addicted to saving money?

I'm addicted to saving money but i do make investments regularly.I should consider spending more for me personally.I would really like to go on vacantion in Bali.
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Unread 9th May 2012, 09:43 AM   #41
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Default Re: Addicted to saving money?

I save a percentage of my money and spend some of it too. I work very hard at what I do and I should be able to enjoy purchasing some things that I really want.

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Unread 9th May 2012, 11:10 AM   #42
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Default Re: Addicted to saving money?

Saving money is healthy. Hoarding money is not.

The difference; the savers work and save a part of each paycheck. Hoarders will live like paupers and obsess over bank accounts, which contain the equivalent of multiple years' wages.

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Unread 9th May 2012, 12:58 PM   #43
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Default Re: Addicted to saving money?

I save because I hate spending money.

I used to save my $5 a week allowance as a child and was able to buy high priced video games and systems because of that.

I've been taking a lot more risks lately with IM, but I know that's always an investment that I'll get back later.

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Unread 9th May 2012, 12:59 PM   #44
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Default Re: Addicted to saving money?

I save because I hate spending money.

I used to save my $5 a week allowance as a child and was able to buy high priced video games and systems because of that.

I've been taking a lot more risks lately with IM, but I know that's always an investment that I'll get back later.

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Unread 9th May 2012, 03:37 PM   #45
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Default Re: Addicted to saving money?

I consider myself a super-saver as well. I usually "put away" more than 50% of my gross income every year. For me, I tend to save up until I get to a certain point where I can make an investment rather than spending. The investments could be to buy a block of stock, an income property, a tool for my online business or hiring staff.

If you're saving just to save remember that you're getting a negative rate of return by having your money in a "high-rate" saving account once you consider inflation.

Start by outlining your long term investment goals and then start taking the steps necessary to get comfortable to invest your money.

I always have about 10%-20% in cash and also have a 6+ month emergency fund so I don't put ALL of my cash to work. But, the harder my cash works for me the more time I have to myself.

Remember, "Time is MORE VALUABLE than money".
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Unread 9th May 2012, 04:19 PM   #46
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Default Re: Addicted to saving money?

I don't believe saving is an issue, but fear of not having enough can come from a lack mentality. I think that if you use some of your money to buy an asset, like a piece of invest property or another domain name that can help you generate monthly income then you can use that income to purchase your wants.

The principle me and my wife try to go by is that we don't buy a liability or a luxury item until we get an asset that can pay for it. So I just got an investment property no money down that I hold a note on that pays me 250 per month after expenses. So with that 250 I can use it for a note on a motorcycle payment or use the funds to pay for a TV and then let the 250 go back into my savings to make up for what I spent.
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Unread 9th May 2012, 07:39 PM   #47
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Default Re: Addicted to saving money?

Humans is creature that full of desire....

What saves a man is to take a step. Then another step. It is always the same step, but you have to take it.
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Unread 9th May 2012, 07:53 PM   #48
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Default Re: Addicted to saving money?

I have to admit that I am super addicted to saving money but the problem with saving only dollars or whatever fiat currency is inflation and the devaluation of the currency... But if you really think about it, you would be better off investing your money (not the stock market, mutual funds, or 401K's) in tangible items that have REAL value... like land, guns, silver, gold, things that will hold value throughout time and that will always have value... paper is only paper so don't get too caught up into having too much of it on hand because it could fail at any point (or get burnt up LOL)... just my thoughts... money isn't valuable only the things that you can buy with money are valuable, but money in itself is essentially worthless...
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Unread 9th May 2012, 07:57 PM   #49
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Default Re: Addicted to saving money?

This is an addiction I desperately need....

I recently started an Armani watch collection for no apparent reason other than I want watches

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Unread 9th May 2012, 08:13 PM   #50
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Default Re: Addicted to saving money?

As always, lots of awesome advice post here.

I agree that saving your money too obsessively isn't really a bad thing. However, a 90 year old family member has always followed NancyHill's system of putting money into various accounts.

She also followed the idea put forth by NikkiG that money is energy.

This woman to this day puts all of her money into her various accounts. However, over the years she's amassed a great deal of wealth, but she also gives a ton of it away.

The more she gives away, the more money she makes. It's almost like she has a faucet that pours out money. That feeds into the idea of money as energy.

She also always spends approximately 10% on her money on fun. If she wants to go out to eat at a nice restaurant she does. If she feels like a new piece of jewelry she buys it.

Her will leaves a large bulk of her vast estate to charity.

If you combine the money is energy with the idea of spending some for pleasure you're probably on the right track to creating a very balanced money philosophy. In my humble opinion it's a very easy, but doable plan.
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