I am a natural ‘money-saver’.
I get a bigger kick from chucking £100 in an ISA, than I do from spending £100 on a coat from Zara.
I know this sounds like a god-gifted attitude to have but it is not all sunshine and rainbows like you might think.
Some of you, who are like me and love saving, may also face similar issues that whilst you love to save, it becomes a struggle to actually enjoy spending the money you have worked so hard to save… and if you cant actually enjoy yo’ hard-earned cash from time to time, then what is the point of having savings?!
- You can actually save money (an obvious but good one) which means you may be more likely to reach your financial goals
- You always have a financial buffer for emergencies (meaning you don’t rely on a credit card)
- You feel like a proper adult who has their shit together (most of the time…)
- You can earn interest on your savings so the more you save, the more you earn (the DREAM)
- You get scared of making big purchases (they may not happen often, but when they do, it is scary)
- You feel guilty for making small purchases (like you spend too much on a food shop… buying food… to survive)
- You forever regret not spending money that one time (sometimes losing sleep over it lol)
- You can miss out on things when you choose to save over spending (hard when like me you get major FOMO)
My advice you all:
To those that love spending and struggle to curb the addiction – don’t beat yourself up for finding it hard to save. Simply find a way that works for you and take it step by step.
To those like me that love saving and have issues spending – make sure you still enjoy your life and don’t deprive yourself of things you really want or need because life really is short (I mean this in a inspirational, non-morbid way).
It is easy to feel guilty spending money (regardless of whether you can afford it or not). When you start making conscious choices to save your money, you can end up shaming yourself for occasions you do choose to spend money. You can begin to question yourself:
“Did I really need to spend that money?”
“What was so special about that purchase?”
“Should I just get a refund on this?”
Whilst those thoughts have your best interests at heart and want to help, (like a 4 year old toddler sweeping the floor but just making a bigger mess), they are not always helpful and it takes a lot of training to know when to take notice.
Your thoughts have a purpose – they help you save, make conscious purchases and good financial choices. But you must learn when to listen to them.
Over time you will learn how to make all your purchase fit within your monthly budget and align with your financial goals.