I came across a person on one of the social media platforms who was having an issue with his frugal lifestyle. He said they (his wife and him) earned decent wages and put away $3300 monthly. However, they felt as if they were missing out too much since most of their friends in the same earning bracket also had all the latest toys and electronics this couple desired.
They drove old cars and did not buy the latest gadgets. He said that he was concerned that if they stopped their lifestyle, they may struggle in the future as they were planning on having a child – which would turn their household into a single-income household for some time. He wanted to know what other people thought about people who spent money without worry.
Keep Saving and Investing
One retiree urged the man to keep saving and investing. He said that he knows how his non-frugal friends are struggling after retirement because they did not save money when they were younger.
Stop Comparing Yourself With Other
Another person urges people to stop comparing themselves with others because we all live under very different dynamics. What is valuable to one person may not be valuable to the other.
Prioritize
Another said that living a frugal lifestyle was all about prioritizing. Save for tomorrow while living for today. Do not deny yourself treats because you are saving too much. It will seem like a punishment.
Find Balance in Life
One person says that when we are 80 with 4 million dollars in the bank without memories, we will not see much value in the money. They urge us to create memories when we can.
Do Not Be Trapped in a Consumerist Lifestyle
According to another social media user, chances are that we get stressed out for having what we have now and keep stressing about the future because we are not certain how things will be. He urges people to look for simple ways of having fun without having to spend a fortune – like picnics, going to the beach, or playing soccer.
Choose Your Battles
Buy whatever you feel you are missing out. People will try to pressure you to buy things that make you look ‘cool.’ Spend money on what works for you. You do not need to buy a Tesla just because your friends have one. Make your own plans, and do not worry about how other people spend their money.
Weigh Cost vs. Value
One person urges us to be deliberate on how we spend our money by figuring out how it will improve our quality of life, the kind of memories we will make, and whether it will deepen our relationships.
Life Is for the Living
There is no end to what we spend money on as long as we live, as one person notes. We spend money on health, stuff, pets, kids, ourselves, sports, and other things as we try to make life worth living. Strike a balance; save and invest, but do not forget to live a little
Money Insecurity Is Real
If you grew up poor, you will always have a lingering feeling that something may happen that would take away all you have earned. This haunts you and stays with you no matter how much money you make or save.
It Is Not Late To Start Saving
Many people worry that they are too old to start saving. One person says there is never a better time to start saving than today. Start now. Start where you are. And you might accomplish your goals before retirement.
Going Into Retirement With Nothing Is Not Comfortable
One person says that his friends never saved anything, and now they are forced to rent homes in their 60s. If they had saved money as this friend did, they would be living better and more comfortable lives in their old age.
Do Not Reduce to a Single Income
Unless it is inevitable, one person urges us not to reduce to a single-income household. We can hire nannies and do whatever needs to be done to ensure we keep earning two incomes to save money faster and accomplish our goals faster.
Debt Is a Huge Drag
One person says lavish spending without a proportionate income will lead to debts. And with the economy going downhill, this can be a stressful thing. Shop less and find hobbies that will not eat much into your savings.
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This article was produced and syndicated by A Dime Saved.
