Author Topic: "Confessions of an Over-Saver: Why I hate Spending Money"  (Read 9701 times)

NumberCruncher

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"Confessions of an Over-Saver: Why I hate Spending Money"
« on: June 06, 2013, 11:45:55 AM »
http://www.thejanedough.com/confessions-of-an-over-saver-why-i-hate-spending-money/

Not sure if this is "mustachianism around the web" or "antimustachian wall of shame."

The author saved a lot, but seems like just for the purpose of having money? Like, not taking vacation days and the like. After getting four degrees and starting work full time:

Quote
$1,600 (half of my take-home pay) toward my student loans each month – more than four times the minimum payment. My mom put $600 toward paying them off as well. The rest of my paycheck went toward roughly $700 for maintenance on my dad’s apartment, $100 for cable, $50 for utilities, $100 for groceries (vegetarianism and home cooking for the win!), $100 to charity, and a little bit to occasionally go out. I also tried to put money in my savings account, but inevitably took it out to put toward my loans anyway.

Spending as much on cable as you do on food just seems insane to me O.o 

But good on her for saving -- doesn't sound like she's "over-saving," maybe just not saving towards a definite goal yet.

Insanity

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #1 on: June 06, 2013, 12:04:11 PM »
Her view of dating combined with how she feels about money from her parents separation makes me think she needs to talk to someone.  I don't think she ever got over that.

She also doesn't have the cable anymore from what it sounded like (she stated she went to an online streaming service after the introductory period ended).

As far as the time off, I used to do that same calculation.  I hated taking days off of work.  Until I had a family.

anastrophe

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #2 on: June 06, 2013, 02:07:58 PM »
I am like that. Fundamentally, it's a problem of risk-aversion. Something to get over, not to be proud of.

marty998

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #3 on: June 07, 2013, 01:58:33 AM »
I think she's done pretty well, sounds like she's a bit neurotic, checking everything aspect of her financial life every single day.

She's paid off $34k in student loans in a year which is a pretty decent effort.

Adventine

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #4 on: June 07, 2013, 02:15:13 AM »
She's coming from a place of fear.

I sympathize. It's something I'm also working to get over.

limeandpepper

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #5 on: June 07, 2013, 03:27:33 AM »
I don't think she's necessarily over-saving by MMM standards... but she probably should take some vacation days.

nktokyo

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #6 on: June 07, 2013, 04:28:27 AM »
Better to save too much than too little. Once she's in a place where she feels "safe" I'm sure she'll relax a bit.

aj_yooper

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #7 on: June 07, 2013, 05:56:19 AM »
I think she should join the MMM blog.  She could inspire and help a lot of people and might learn more about investments too.

Insanity

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #8 on: June 07, 2013, 01:22:50 PM »
Better to save too much than too little. Once she's in a place where she feels "safe" I'm sure she'll relax a bit.

She has shown a little bit of that, but the whole view on dating is what makes me think true "relaxation" would never happen.

MrsPete

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #9 on: June 07, 2013, 02:14:43 PM »
Hmmm . . . I can't put a finger on exactly what it is, but I see some of "Past Me" in her post, and Past Me had some unhealthy hang-ups about money. 

She says she grew up thinking she was poor.  I grew up KNOWING we were poor.  When I got out on my own, I had trouble spending money -- I was always afraid to spend.  The example that stands out in my mind is shoes.  When I was in college I always wore those little flat white Keds (still do), and I'd go through about two pair a year.  I mean literally go through as in wear holes in the bottoms.  I'd have a couple hundred dollars in the bank (which wasn't half-bad for a minimum-wage college student with few resources), yet I'd still be frozen with terror at the idea of needing a new pair of shoes; I'd tell myself that if the shoes were good enough for today, they were good enough for another month, and I'd tell myself that if I spent $20 on shoes today, I was SURE to get sick and need some medicine next week.  I'd put cardboard in the bottoms (which was not comfortable) to make them last another week.  Before I'd break down and buy shoes, I'd become frantic about it almost to the point of making myself sick.  It was a by-product of growing up without financial security. 

Another example I remember clearly is clothes for myself.  I remember a time back when I was a young mother when I suddenly realized, "Every item of clothing I own is fit for the rag bag."  I had a light bulb moment when I realized that it was smarter to buy 1-2 new outfits every spring and every fall rather than letting my whole wardrobe fall into a state of disrepute so that I needed A BUNCH of stuff all at once.  And I realized that it was a personal hang-up:  It was partially about self-esteem, and it was about taking a good thing too far.  In trying to save every penny, I put myself into a bad situation.

I got over it, and today I'm still saver . . . but I'm also able to buy things without hysterics.  I suspect Karen, the girl whose story is told in the article, is an awful lot like Past Me. 


DocCyane

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #10 on: June 07, 2013, 05:33:16 PM »
Hmmm . . . I can't put a finger on exactly what it is, but I see some of "Past Me" in her post, and Past Me had some unhealthy hang-ups about money. 

She says she grew up thinking she was poor.  I grew up KNOWING we were poor.  When I got out on my own, I had trouble spending money -- I was always afraid to spend.  The example that stands out in my mind is shoes.  When I was in college I always wore those little flat white Keds (still do), and I'd go through about two pair a year.  I mean literally go through as in wear holes in the bottoms.  I'd have a couple hundred dollars in the bank (which wasn't half-bad for a minimum-wage college student with few resources), yet I'd still be frozen with terror at the idea of needing a new pair of shoes; I'd tell myself that if the shoes were good enough for today, they were good enough for another month, and I'd tell myself that if I spent $20 on shoes today, I was SURE to get sick and need some medicine next week.  I'd put cardboard in the bottoms (which was not comfortable) to make them last another week.  Before I'd break down and buy shoes, I'd become frantic about it almost to the point of making myself sick.  It was a by-product of growing up without financial security. 

Another example I remember clearly is clothes for myself.  I remember a time back when I was a young mother when I suddenly realized, "Every item of clothing I own is fit for the rag bag."  I had a light bulb moment when I realized that it was smarter to buy 1-2 new outfits every spring and every fall rather than letting my whole wardrobe fall into a state of disrepute so that I needed A BUNCH of stuff all at once.  And I realized that it was a personal hang-up:  It was partially about self-esteem, and it was about taking a good thing too far.  In trying to save every penny, I put myself into a bad situation.

I got over it, and today I'm still saver . . . but I'm also able to buy things without hysterics.  I suspect Karen, the girl whose story is told in the article, is an awful lot like Past Me.

Thank you for sharing your story. This was a really good post.

Adventine

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #11 on: June 07, 2013, 07:20:18 PM »
^Seconded. MrsPete, I hope you've found some measure of contentedness now.

nktokyo

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #12 on: June 08, 2013, 02:33:01 AM »
It sounds like she has.

Of course, it helps that after a while you start buying things with the profit from your investments. That's always easier than eating the seed money ;)

Jamesqf

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #13 on: June 08, 2013, 11:11:23 AM »
...yet I'd still be frozen with terror at the idea of needing a new pair of shoes; I'd tell myself that if the shoes were good enough for today, they were good enough for another month, and I'd tell myself that if I spent $20 on shoes today, I was SURE to get sick and need some medicine next week.  I'd put cardboard in the bottoms (which was not comfortable) to make them last another week.

I think you need the Vimes' Boots Theory: http://www.goodreads.com/quotes/72745-the-reason-that-the-rich-were-so-rich-vimes-reasoned

nktokyo

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #14 on: June 08, 2013, 10:25:08 PM »
TCO is generally a good way to think about your purchases. I put $300 into a pair of leather shoes about 3 years ago and have resoled them a couple of times since then (you'll walk a lot in Tokyo). Great purchase.

and

Discworld is awesome.
« Last Edit: June 09, 2013, 06:25:02 PM by nktokyo »

MrsPete

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #15 on: June 09, 2013, 05:01:49 PM »
^Seconded. MrsPete, I hope you've found some measure of contentedness now.
Thanks, but I promise I'm a very different person now.  It took time and a great deal of self-education.  I'm a dedicated saver, but I'm also able to spend appropriately.  I have a good sense of balance when it comes to spending.  That's not something I could say when I was a just-out-of-college girl like the girl in the article.

Adventine

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Re: "Confessions of an Over-Saver: Why I hate Spending Money"
« Reply #16 on: June 09, 2013, 07:38:50 PM »
^That's great! Good for you.