Addicted to saving money?

Profile picture of the author Skribblez by Skribblez Posted: 05/20/2009
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.
#addicted #money #saving

  • Profile picture of the author traces2757
    traces2757
    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.
  • Profile picture of the author cowboyrob
    cowboyrob
    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.
  • Profile picture of the author Mary Gallivan
    Mary Gallivan
    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

    Mary
  • Profile picture of the author maxyip84
    maxyip84
    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.
  • Profile picture of the author studygm
    studygm
    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.
  • Profile picture of the author poppyday
    poppyday
    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
  • Profile picture of the author Asher
    Asher
    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
    behalf?

    Asher
  • Profile picture of the author Steve Sanchez
    Steve Sanchez
    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.
  • Profile picture of the author patJ
    patJ
    Same here. I love spending money, but hate it at the same time.. It feels great to see those numbers add up.
  • Profile picture of the author Kelly Verge
    Kelly Verge
    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.
  • Profile picture of the author RyanLeisure
    RyanLeisure
    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.
  • Profile picture of the author RyanLeisure
    RyanLeisure
    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)
  • Profile picture of the author n7 Studios
    n7 Studios
    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
  • Profile picture of the author Kathy48
    Kathy48
    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. ;-)
  • Profile picture of the author NikkiG
    NikkiG
    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.
  • Profile picture of the author RossVegas
    RossVegas
    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.
  • Profile picture of the author FloridaRay
    FloridaRay
    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.
  • Profile picture of the author Nicky Papers
    Nicky Papers
    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!
  • Profile picture of the author Jeremy James
    Jeremy James
    Just out of curiousity...

    How do you do with giving money away?
  • Profile picture of the author Chris Manetzke
    Chris Manetzke
    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.

    Chris

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