How do I maintain a healthy balance between being a spender and being a saver at the same time?
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How do I maintain a healthy balance between being a spender and being a saver at the same time?
Being a saver or a spender isn’t good or bad on its own, but either personality can cause problems if it’s not managed properly. You probably won’t need to look too closely at your own habits to determine whether you’re a saver or a spender. There are no guarantees in this life, and unfortunately, some of us won’t even make it to retirement age. It would be tragic to deny yourself everything you want in order to save money for a day that never comes. It’s important to strike a balance between extreme frugality in the name of saving money and a devil-may-care spending spree that compromises your financial future.
That is a personal decision, but the balancing point is where one person can feel happy with their life, while saving the maximum amount of money that isn’t interfering with that happiness. So, you have to look at your income, and your necessary spending. Then look at any money left over for non-necessaries. The more of this you can save, the better, but then think about things like eating out, vacations, weekend trips, and other activities. How many of those can you afford to go on while still saving?