Money Saver Personality: Is There a Downside?

Friday, October 13, 2017, 6:00 AM | Leave Comment

While almost a decade has passed since the last economic recession gripped the country, many people clearly recall the financial lessons that the recession taught them.

Because of financial stress experienced during the recession, many people have eagerly embraced their “saver” personality and regularly try to find new ways to save money in many ways.

Certainly, most people can see the financial benefits associated with being a saver rather than a “spender” or a “risk taker” personality type with regards to money.

A positive alternative to a saver is a “security saver,” who always plans ahead financially to prepare for the future.

As beneficial as it may sound to adopt a saver’s mentality with regards to money, is everything as rosy as it sounds? A closer look will reveal that saving money, while a good habit in itself, can be taken to an unhealthy extreme.

  • Does the Name Say It All?

    The clear benefit associated with being a saver is seeing your bank account balance regularly increasing over time.

    Rainy days will inevitably come, and it is not realistic to think that you would live the rest of your days without a few financial issues or expensive crises.

    When your savings account balance is built up, you can enjoy peace of mind that you are financially prepared for what the future may hold.

    More than that, you never have to worry about how you will manage to pay bills from month to month. Living paycheck to paycheck is not necessary when you save money regularly, and you may enjoy living without this financial strain in your life.

    Plus, you can take advantage of great sales at stores when you are presented with money-saving opportunities.

    You will also have money to travel, splurge on a day at the spa or enjoy life in other ways from time to time without guilt or stress.

  • However…

    If you are a true saver, you understand that you never do any of those things you could be doing with your money.

    You bring your account balance up at a steady pace, but you rarely even splurge on even a cheap candy bar when you are waiting in line at the gas station.

    Buying yourself nice vacation may be financially possible, you simply do not have the mindset to buy anything that is not a true necessity. You may even come across as cheap.

    In some cases, savers may even feel extreme guilt when buying unnecessary items, or they may not get joy or pleasure out of treating themselves to something special from time to time.

    Because you are not inclined to spend money, you also may not be inclined to take a financial risk associated with investments. This means that you may miss out on great opportunities to expand your portfolio and net worth. In this way, your saver mentality may actually be costing you money.

    In addition, you may feel stress if you must make a purchase at full price. You may not actually have financial stress associated with an inability to pay, but the thought of paying full price for an item can make you unhappy.

  • The Middle Ground

    Clearly, being a saver is ideal in many ways, but you should not take your saving efforts to an unhealthy extreme.

    To reach a middle ground with your savings efforts, consider allocating a set amount of money to your savings account each month.

    However, leave yourself some extra money to take advantage of rational spending needs, such as great sales or the need to buy a new pair of shoes. This way, you can make purchases from time to time without feeling guilty, and you can continue to enjoy the benefit of saving money regularly.

As with all things in life, you can certainly have too much of a good thing when it comes to saving. Saving money is advantageous, but it can be detrimental when taken to an extreme. Try to establish a middle ground with regards to spending to achieve financial peace in your life.

Author Bio

Michelle Laurey is a freelance writer who enjoys fitness, relaxing in the fresh air, trying to live a healthy life and daydreaming about visiting new places (and actually visiting them). Her best ideas and problem solutions appear while she’s riding her bicycle. You can reach her via Twitter: @michelle_laurey.

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