Why are some people so obsessed with saving and hoarding money? Isn't the point of having more money to also be able to live comfortably? - Seedly

Savings

Asked by Anonymous

Asked on 27 Nov 2018

Why are some people so obsessed with saving and hoarding money? Isn't the point of having more money to also be able to live comfortably?

I'm not saying that you shouldn't save, but sometimes it comes to a point where is is so extreme

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 05 Jun 2019

It really depends on what the individual definition of living comfortably is, and what is considered extreme.

Consider the following infographic:

Source: https://www.ellevatenetwork.com/articles/7570-how-to-redefine-your-relationship-with-money_ _

Everyone would fall on different parts of the curve.

Understand for yourself what is enough, because beyond a certain point, it is after all, overconsumption.

Consider the hordes of shoppers buying clothes they don't wear and shoes they don't need, but only bought because it's on sale, or to fulfil 'shopping therapy' pangs. It might give an initial rush of excitement, but ultimately does not lead to fulfilment, but rather more doodads at home, and a further impact on environmental resources.

On the flip side, we could have a situation where a dad is not able to provide fully for the family, but still buys his pack of cigarettes at $10, because it's one of his comforts in life. That is a situation where they are on survival mode, but still not spending on the things that matter for the collective family unit.

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Serene Toh
Serene Toh
Level 5. Genius
Updated on 12 Jun 2019

Agree, in general. Hence there should always be a target for savings. You shouldn't be saving just for the sake of saving.

Some people prefer to suffer now, enjoy later, some people prefer to enjoy now, suffer later. Or some people prefer to be in the middle all the way. It is just a matter of preferance. There's actually no right and no wrong, just as long as you are aware of your own choice, the implications and don't regret it.

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Lee Chun Kiat
Lee Chun Kiat
Level 2. Rookie
Updated on 12 Jan 2019

Save at your comfort level, however I always believe if one feels too comfortable then probably he/she is not saving enough, which is totally fine if you don't mind extending your retirement...

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 27 Nov 2018

It really depends on one's family background/upbringing as well as how much income one is earning. If one comes from a very poor background and has suffered from poverty at a very young age, he/she has the tendency to want to save more because he/she is not willing to go through poverty again. Moreover, if one is earning only $1000+, naturally he/she would want to save more so that he/she has money during contingencies. Don't judge. Do understand everyone is different. Some have to make difficult decision because of their circumstances.

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Updated on 27 Nov 2018

Yes, but if you keep spending on small stuff, you'll never be able to afford the big stuff (better furniture, better home, etc)

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