- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Saving Obsession
### Are You Saving Too Much?
As the title suggests, the author expresses a concern about being overly obsessed with saving money. They mention that half of their income goes towards savings and investing, leaving them with only $30 to spend every two weeks. This raises a question of whether this behavior is healthy, considering they hardly spend any of the money they earn. The other half of their income is allocated towards bills. The author is also about to enter college after high school and is concerned about how much they are saving.
### How AI Legalese Decoder Can Help
The AI Legalese Decoder can help by analyzing the author’s financial situation and providing tailored advice on budgeting and saving for college expenses. By inputting their income, expenses, and savings goals into the AI decoder, the author can receive personalized recommendations on how much to save, spend, and invest. This can help alleviate any concerns about saving too much and ensure that they are financially prepared for college.
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Make sure you’re putting all your money into a high yield savings account and pay off any credit card debt that you may be in. I’m in the same position where I save more than 80% of my paycheck and the rest goes to necessary expenses. Keep doing what you’re doing and in the next decade or so You’ll have a peace of mind
I feel this exact same way! I LOVE saving and investing and paying my mortgage off early. I associate spending money with some negative feelings. I’m constantly scheming to get more money from making some passive decision like putting money in a CD or something like that. This gets me really excited
Me and my spouse have a savings projection spreadsheet. Once in a while we compare it to actuals I get such a rush from exceeding our savings goals!
Keep doing what you’re doing. Don’t torture yourself though. You have a near term cash need. Your life is entering a new phase. The best thing to do is save money in a low risk account. There are plenty of options paying around 5%. What are you getting now?
It’s reasonable to save that aggressively, but I think there’s a couple of things you should assess. What are you saving for? Is it towards vacation, wedding emergency, or just because? It’s okay to save in advance if he money has a purpose, but also make sure you’re taking some time to enjoy your money.
Saving just because can be unhealthy, but if it has a purpose in future it can be very healthy.
I did the same thing for about a year and was able to buy a brand new car at 18. I paid it off in under 2 years, have no debt and now Im saving for a home with my fiancé. I was raised in a family that had no financial education and was lucky(?) enough to learn from their mistakes. Im probably biased, but I don’t think it’s a bad thing. Just remember to live your life while you can!
keep doing what your doing. that money you are saving and investing will put you in a better spot then most people. It is a good obsession to have really. If your not feeling like your missing out on anything then its not a problem. But if you feel like your missing on major life even which at that age you really are not in the long run. I am happy I am the same as you I can leave my job 2row if i wanted and be ok for a good while and even see the world not many can do that it a super power you have.
I am sorry $30 in two weeks? And you are saving half? Meaning you make $120/mo? Are you in the United States?
I am not sure this qualifies as something to worry about. If you find this is what you do when you have actual income and actual expenses then okay come back and we can talk about it.
Financial planner here.
Great stuff and you should really be proud of yourself!
Here’s some general advice:
I’d encourage you to look into investing some of what you’re saving in a long term strategy and reserving a portion for immediate short to term needs. A little money invested for the long term goes a LONG way when you’re young.
You’ve already done the hard thing. You’ve saved. Next you should put together a plan to make the most of your savings while ensuring you have what you need for college.
Also, it’s okay to give yourself a little more money to spend from time to time. $30 is a very small amount of money over two weeks. If you genuinely find you don’t want to spend it, fine. But please know that it’s okay to enjoy a good experience or thing from time to time.
The best thing about money is that, unlike time, you can always make more of it.
Hope this is helpful!
A saving obsession would be saving for no reason. You have a reason. You are actively saving towards the goal of spending for college next year. You’re doing great.
Since you’re so good at it, add another saving category (could even be a whole separate bank account or virtual “bucket”), which is fun or adventure, so you can feel relaxed about spending on stuff like a concert or night out with friends because you have planned for it. In college, making new friends sometimes means spending more money to get together but it is worth it because friends add value to your life.
Based on what you’ve described, I’d say yes probably haha but I feel that way a lot too. If you feel comfortable having just $30 every two weeks, then it’s not a bad thing to focus a lot on saving. But I think we need to not let it consume us so much that it affects our mental health (mine has suffered a lot because of this). It’s important to save for the future, but also important to enjoy the present ☺️
Ur fine doing that for now. Once you start making more money after college then enjoy it a bit!
Since you are going to college from high school this is a fantastic habit to have. I would say put all the money you are saving into a high yield savings account. Usually these accounts are online banks only, so there will usually not be a physical location. I would research and browse on brankrate to see accurate and mostly up to date information. Then I would recommend starting the habit of budgeting your expenses. There are plenty of app that can assist you, one I personally found that works well is an app called “wallet”. I like this since there is also an web version to input data as and there is not monthly subscription. Otherwise you are on the right track towards a successful future.
Nah dude you about to be broke as hell in college. Sacrificing now will make the sacrifice later easier. I think it’s a positive. Learning how to deny yourself convenience and pleasure at an early stage will make your life easier. There will be difficult times in the future, you will know how to buckle down and make it happen.
Wow same I usually don’t even wanna spend $10 of $5 just save save save
Worse habits out there tbh
Life is about balance tho
$30 every two weeks lmao I blow that the first day by like 10 am. I must spend 2gs every 2 weeks on random stuff