I am too big of a saver?!
Question: I thought I was smart for saving my money, but I recently got a lot of money for my 18th bday from various people, and I havent spent any of it! I always feel so guilty for buying anything just for fun/pleasure. Its a vicious cycle. I plan to spend, but then I just walk out of the store not buying anything, I always think that its a waste of money
Answers: I thought I was smart for saving my money, but I recently got a lot of money for my 18th bday from various people, and I havent spent any of it! I always feel so guilty for buying anything just for fun/pleasure. Its a vicious cycle. I plan to spend, but then I just walk out of the store not buying anything, I always think that its a waste of money
Let me address a couple things you said... 1) You ARE smart to save your money. 2) You should NOT feel guilty for not buying yourself stuff for fun (more later). 3) I feel the same way you do, walking into a store and not leaving with anything. On that last point, I had those feelings about 20 yrs too late.
I highly suggest you leave your money in the bank until you can figure out what to do with it, and probably the best thing is to use it to get IRAs (Traditional or Roth).
Here is what you should check on... www.finishrich.com
It is a website of David Bach, an author who has great advice about money. You sound like just the person that has the discipline to succeed with your money, and sounds like you think of the future. One thing you ought to do is go to a bookstore and get his book, "The Automatic Millionaire". It has a lot of great advice and it is very easy to read, not a lot of techical mumbo-jumbo about stocks or schemes. Just straightforward ideas about how to manaqge your money.
One thing to tell you, do NOT get a credit card and keep a balance!!! Only get one for emergencies and keep a zero balance. Get a card that has NO annual fee, NO startup fee, and a LOW APR (like 12% or lower).
One thing that will help with your guilt is if you do some of the things in Bach's book, you will learn that there is a certain percentage of money you get/earn that automatically gets saved (if you work), and after your savings and bills are paid, the remainder is yours to "play with"... you can choose to put it in your IRAs, or some other retirement fund, spend it on yourself, or in bank savings "for a rainy day".
Believe me, get the book and thumb through it at the bookstore. Look at his website. QAt the least, you will have a different perspective of what to to do with your money. Do not blow this money like millions of us did in our younger years, and be in perpetual debt. You sound like a person with the right mindset to do this pretty easily, and let your money grow to astronomical amounts. Check out David Bach, site and get his book (paperback, if possible... less expensive!)...
Good luck and keep looking forward. Remember when it comes to your money and the disposition of it, you (and your reputable financial advisor) are your only true friends.
yep.. my friend has the same feeling.. and its good because he has money but he will save it for emergencies and thats about it. its a good thing though because then you wouldn't be wasting any of your money.
Yeah - you're like me, probably get slightly paranoid about spending money.
My cure was to find a friend who needed serious help and spend a huge chunk of what I had on her which made me feel less guilty and did a lot of good. However in your case I would just keep saving it as you'll need quite a bit for mortgages etc. lateron.
Thing is, if you've got it then you can chose what to do with it later - that's what I found.
Well, saving money is important and its a great habit to develop at a young age. But you shouldn't feel guilty for getting yourself something to enjoy. Why not go buy a couple DVDs, go out for a nice meal, get yourself some new clothes. You can save the vast majority of it and still have fun spending a little. One of the best things we can do on this planet is have fun...so might as well while we are still here right?
it's your money and you can choose to do whatever you want with it. don't feel guilty for not being an over consuming person like so many others.