Author Topic: Thinking about the benefits of saving a large portion of our income  (Read 8427 times)

Gin1984

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1) If either my husband or I get laid off, we can still pay the bills.
2) We have money in the budget to have/support a second child.
3) If we need to cut back our savings, we still will be able to retire.


Can anyone think of others?

LibrarIan

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #1 on: October 21, 2014, 11:51:47 AM »
- You can consider yourself more badass than before when you were saving less.
- You will learn to live on less.
- Presumably you will be less materialistic.
- Your future is more secure.
- You are freeing yourself from enslavement to a job.

fb132

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #2 on: October 21, 2014, 11:52:13 AM »
-When something needs to be fixed wether it is car or house, you have the money to cover for that instead of going into debt.
-You get so used to savings that everytime you check out a flyer, you don't even want to buy all that junk they sell.

Gin1984

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #3 on: October 21, 2014, 11:57:43 AM »
-When something needs to be fixed wether it is car or house, you have the money to cover for that instead of going into debt.
-You get so used to savings that everytime you check out a flyer, you don't even want to buy all that junk they sell.
Ironically, because we are trying to stay in the 10% bracket, we don't have much spare cash around for when things break, most of it is in the retirement accounts.

2ndTimer

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #4 on: October 21, 2014, 12:00:26 PM »
It provides a reason to learn to do new things which is not only delightful but may provide a long term benefit in preventing senility.

Gone Fishing

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #5 on: October 21, 2014, 12:04:15 PM »
You'll probably be in better shape for not eating out and utilizing your feet for transportation/recreation.

Gin1984

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #6 on: October 21, 2014, 12:05:51 PM »
You'll probably be in better shape for not eating out and utilizing your feet for transportation/recreation.
I really do have to work on this.  I suck at making health, cheap food that tastes good.  We only eat out about once a month, but still I often want to.  Still a work in progress.

GardenFun

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #7 on: October 21, 2014, 12:08:06 PM »
- You have proof people CAN live on median income, or even less.
- Your kids won't have to financially take care of you when you are old.
- Your house won't get robbed because everyone is old, fixed with duct tape, or doesn't exist.  :-)

Thegoblinchief

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #8 on: October 21, 2014, 12:27:29 PM »
You enjoy the blank stares people give when you say you live under the federal poverty line.

dragoncar

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #9 on: October 21, 2014, 12:28:10 PM »
mo money

gimp

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #10 on: October 21, 2014, 12:30:58 PM »
mo money

fewer problems, despite what some people say

GardenFun

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #11 on: October 21, 2014, 12:32:52 PM »
You enjoy the blank stares people give when you say you live under the federal poverty line.

Wow, you need to record some of those faces and post them!

trailrated

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #12 on: October 21, 2014, 12:40:41 PM »
-Confidence that you can handle whatever curve balls life tries to throw your way

VirginiaBob

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #13 on: October 21, 2014, 12:46:07 PM »
Gives you the ability of not having to save much later, even if you do decide to continue working.

Seņora Savings

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #14 on: October 22, 2014, 11:58:45 AM »
-Instead of "retail therapy" you learn to do things that actually make you happy
-You aren't trapped by high pay in a job
-Your job feels like high pay
-The world is less scary when you live in a neighborhood with graffiti and unmowed lawns, because those things no longer signal that someone is about to murder you.

AgileTurtle

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #15 on: October 22, 2014, 12:20:59 PM »
-Instead of "retail therapy" you learn to do things that actually make you happy

-The world is less scary when you live in a neighborhood with graffiti and unmowed lawns, because those things no longer signal that someone is about to murder you.

Its not murder I dont like about those places it is the attitude of the people.


Higher savings means less stress to me. You know you can survive on less if everything goes bad and if it goes right all the better.

samburger

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #16 on: October 22, 2014, 12:40:57 PM »
-Instead of "retail therapy" you learn to do things that actually make you happy

-The world is less scary when you live in a neighborhood with graffiti and unmowed lawns, because those things no longer signal that someone is about to murder you.

Its not murder I dont like about those places it is the attitude of the people.

lol oh

sheepstache

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #17 on: October 22, 2014, 01:21:55 PM »
Nobody has mentioned the feeling of gloating superiority.

Cheddar Stacker

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #18 on: October 22, 2014, 01:40:12 PM »
Self-reliance.

Less dependency is a very good thing. We will all still have to depend/rely on a steady cash inflow of some sort, but that shouldn't be too difficult to accomplish.

frugalnacho

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #19 on: October 22, 2014, 02:07:14 PM »
mo money

fewer problems, despite what some people say

lol, you guys crack me up

GardenFun

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #20 on: October 22, 2014, 03:21:55 PM »
Nobody has mentioned the feeling of gloating superiority.

Shhhh, we are trying to be tactful and not hurt their feelings.

Jellyfish

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #21 on: October 22, 2014, 03:38:55 PM »
Freedom, flexibility and choice. 

If my job is miserable, I have the freedom to quit.  I have options and choices that I would not have if I didn't have a 'stache. 

shelivesthedream

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #22 on: October 23, 2014, 03:56:10 AM »
- Your house won't get robbed because everyone is old, fixed with duct tape, or doesn't exist.  :-)

*giggles*

GardenFun

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #23 on: October 23, 2014, 06:58:44 AM »
- Your house won't get robbed because everyone is old, fixed with duct tape, or doesn't exist.  :-)

*giggles*

Whoops, my bad. 

Adventine

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #24 on: October 23, 2014, 07:46:35 AM »
Nobody has mentioned the feeling of gloating superiority.

Shhhh, we are trying to be tactful and not hurt their feelings.

But but but I like feeling superior!

Kansas Beachbum

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #25 on: October 23, 2014, 12:17:32 PM »
1 - You will be able to retire.  Comfortably, and much younger than most people.
2 - When you do retire you won't see much impact to your standard of living since you've been living below your means all along.

Double edged benefit...once retired, your income requirement immediately drops by whatever percent of your pre-retirement income you were saving...in our case, about 35%.  Win/Win.

Blue girl

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Re: Thinking about the benefits of saving a large portion of our income
« Reply #26 on: October 24, 2014, 01:22:36 AM »
Take advantage of any investment opportunity that comes along....