Saver or Spender? 50/50 Approach & How to Balance Enjoyment & Savings

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Discussion Overview

The discussion centers around personal finance philosophies, specifically the balance between saving for the future and spending for enjoyment. Participants share their approaches to managing money, including their experiences with debt, savings, and expenditures related to hobbies and lifestyle choices.

Discussion Character

  • Exploratory
  • Debate/contested
  • Conceptual clarification

Main Points Raised

  • Some participants advocate for a 50/50 approach to spending and saving, expressing a desire to enjoy life while also preparing for the future.
  • Others reflect on how their spending habits have changed with age, with some now prioritizing saving over spending.
  • A few participants mention the impact of debt on their financial decisions, cautioning against excessive spending that could lead to financial control by debt.
  • Some express frustration with unexpected expenses that hinder their ability to save, such as emergencies or necessary repairs.
  • Several participants discuss the importance of hobbies and how they justify spending on them, viewing them as worthwhile investments in personal fulfillment.
  • One participant emphasizes the importance of living within means while acknowledging a lack of significant savings.
  • Another shares a perspective of saving for specific goals, such as a down payment on a house, while also allowing for occasional splurges.
  • Some express guilt over spending on hobbies but also recognize the value they bring to their lives.
  • One participant humorously states their philosophy is to earn so much money that saving becomes effortless.
  • A student mentions the cyclical nature of saving during summer and spending during the academic year, highlighting the challenges of managing finances as a student.

Areas of Agreement / Disagreement

Participants express a range of views on saving versus spending, with no clear consensus on the best approach. Some prioritize saving, while others focus on enjoying their earnings, leading to a variety of perspectives on financial management.

Contextual Notes

Some participants mention specific financial situations, such as student loans and living arrangements, which may influence their perspectives on saving and spending. There are also references to personal experiences that shape their financial philosophies, indicating a diversity of circumstances and priorities.

wolram
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Is your philosophy to put money away for retirement or spend it and enjoy it while you can, i seem to take a 50/50 approach, just can not resit buying
but know i should save.
 
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My philosophy has definitely changed with age. When I was just starting out, I spent, but I'd like to think it was for good things, like working on my first house, etc...Still, there was a lot of spending to do. I think now that I am established, I don't have the need to spend a lot other than pay the bills. Every once in a while the mood hits when a cool toy comes along, but that's not very often. Now a days, it's definitely save time. I try to sock away as much as possible into ye olde 401k.
 
My approach right now is just to get the debt paid off first and then start saving.

I'm not a big spender really. Not a big saver either.

I do plan on saving and investing once I'm done school though.
 
Neither, poor me.
 
Spender. My life philosophy is that I'm only here for a good time -- not a long time.
 
Beeza said:
Spender. My life philosophy is that I'm only here for a good time -- not a long time.

Becareful though. If debt gets out of hand, the debt will control your life and ruin it, so that good time won't exist and a couple years because you have to make up for that last 2 years.
 
I try to save, particularly now that I'm getting old, but whenever there's a surplus something uncontrollable happens to make it go away. For instance, my entire paycheque that I got last Friday was gone by Monday night due to a funeral in another town along with our rent coming due. Then there are vehicle repairs and whatnot that can't be avoided.
 
jimmysnyder said:
Neither, poor me.

Money will come your way some time
:smile:
 
JasonRox said:
Becareful though. If debt gets out of hand, the debt will control your life and ruin it, so that good time won't exist and a couple years because you have to make up for that last 2 years.

:cool: I don't have any debt except for the inevitable student loans, which I take sparingly. I just don't save much of my money, but do live within my means.
 
  • #10
wolram said:
Money will come your way some time
Not if my wife and kids have any say.
 
  • #11
My natural inclination has always been to save. Whenever someone gave me money as a present when I was a kid, I'd want to go straight to the bank to put it in my savings account. My one grandmother used to try to insist I was supposed to spend some of it on something fun, but that never stopped me from squirreling it all away.

As I've gotten older, I've learned to spend some. I still lean toward saving...I have my retirement account that gets a fixed amount every paycheck (and every few years, I adjust that amount up a bit as I earn more and have a little extra to set aside), and then I have other accounts for goal-oriented saving toward things that are more like investments (i.e., toward a downpayment for my next house), and some for rainy day funds for emergencies, but I also don't want to be such a penny-pincher that I never do anything enjoyable with my life, so I do spend on things like vacations, nice furniture to make my home a pleasant place to live, the ocassional splurge on a gadget or clothes or dinner out. I just don't do it often, and always have in mind a portion of the budget that is available for little splurges that won't cut into my long-term savings so I don't have to worry about going into debt should some emergency come up (i.e., hospitalization, major home repairs, etc.)
 
  • #12
I live at home, so I don’t really have any expenses and it allows me to save a Ton of money from work. My parents pay for school, but I try to help out by buying my own books (which end up being around $600 bucks each semester, ouch!).

That’s the reason why I’m flying and bought a new bike. I saved that money from working throughout college. There are things I don’t mind paying top dollar for though (bikes, motorcycles, airplanes, RC airplanes) because I learn how they work, how to operate them, get to use them all the time.

But there are some things I don’t like buying and complain about. I don’t care for jewelry (other than buying a class ring, as an accomplishment). I don't wear a watch unless I have to dress up and use the one my grandfather gave me (a simple black band swiss watch). I don’t buy CD's that often. I have about as many movies or DVDs as fingers. ( I don’t download them off the net, if I want a song Ill buy it from I-tunes for $0.99). I don’t supped-up my car and put rims on it, or other obnoxious stuff people do around here.

I don’t believe in putting money in a bank and letting it sit there. It’s useless. The interest is peanuts. Hopefully if I get into grad school they will pay me $30k a year, so when I graduate I will come out with around $50k. Either I can use that as a down payment on a house or I can buy a used Cessna or something. But I don’t want to buy something like a new car with it. Honestly, buying a house with it would be the smartest move.

My school is only about $4,500 a semester, so its not that bad considering that you can put that on your taxes. I am glad I don't go to a private school that would have cost me almost $20-30k a year. Not worth it IMO.

Im not married, don't have kids, don't have cost of living, and I don't give people expensive gifts or any gifts (and I don't want gifts in return, just give me a card at *most*). I think I spend my money in a smart way.
 
Last edited:
  • #13
I think i feel guilty for spending a large amount on my (hobby) i could
have put it to better uses, when i reckon up how much i have spent
the figures seem to scream out IDIOT, but then i think i have done
my spending for now and can start saving again.
 
  • #14
Hobbies are expensive. If you spent it on motorbikes, money well spent. You got to take apart your bike, fix it, learn about it, and put it back together.

I think hobbies are the best way to blow your money. Many people don’t have a hobby. I find those people are the ones obsessed with having a nice car or clothes, because they have nothing else to do.
 
  • #15
You guessed :smile
 
  • #16
My philosophy is to make so much money I can't help but save :smile: easier to say than implement..
 
  • #17
right now I have a net total of.. 300 dollars. Canadian. Hey, I'm a student. I tend to save a lot during the summer, and then lose it all somehow during the semester.
 

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