Are you saving for a reason?

[Like2Plan]

Do you guys think that we are driven to save out of fear? Does that cause us to avoid spending on things we enjoy?

n_vizion,
I am driven by the sweet nectar of a successful savings program!
For example: it took several years to get the Christmas savings fine tuned so that we didn't have a balloon payment that we had to make up in Jan (and go without the normal treats we enjoyed in Jan).

[txex86]

People save for different reasons: some for vacations, some for hobbies, some so they can enjoy eating out, some just for a rainy day. I doubt the vast majority who read this forum save just for frugalities sake, but rather have a goal(s) in mind. The specific goal(s), however, are more than likely just as unique as the individuals themselves.

[InDebtInDC]

I save to pay off debt, hence, the name.

Otherwise it's good to retire early and really do what I want to do instead of working for someone else.

[disneysteve]

Do you guys think that we are driven to save out of fear? Does that cause us to avoid spending on things we enjoy?

Absolutely not. I'm not saving out of fear at all. I'm saving to plan for my future and to give me, and us, as a family, the opportunities to do what we want to do.

[Schadenfreude]

Multiple accounts for multiple reasons:

401k: Duh.

E*Trade: For super crazy skyrocketing number fun. But always tabbing the lowest price options for quick profit if absolutely needed.

ING Savings: Liquid emergency fund. This is the not-so-romantic side of me . I own the house. The boyfriend lives with me and pays 50% of house bills. If we were to break up, I honestly would struggle to pay the bills each month - especially with the addtion of the evil home equity loan. Thus, a large cushion is needed to live alone for at least 6 months while I make plans to sell and downgrade if necessary.

Checking: Yes, I like to have at least a $1,000 cushion in my checking account at all times. Yes, it could be used to pay off the equity loan, or add to my EF...but then I get months like this, where I need to squeeze $1300 extra to pay my auto insurance (paid annually). And that's not an "emergency", so I don't want to dip into the above.

[Ima saver]

No, I am not saving out of fear. I enjoy many things, like travel and eating out. I save so I can enjoy the things I like, but I don't burden myself with "stuff" just to spend money.

[dreamweaver]

Saving gives me options. When you are broke and in dept you "have" to do a lot of things. Right now....I could take 6 mths off. I could travel. I could eat whatever I wanted. I could drive a new car. Just because I don't do those things doesn't mean I can't. That is what I save for...the options.

[moneymatters]

I just opened up my first savings account with FNBO Direct today and am willing to commit at least $5 per week into savings. Right now, I'm more focused on reducing my debt but thought it would still be beneficial to put a little something up until I get my debts paid off. Then I could increase my savings and start investing for my retirement.

I'd like to save up for a personal allowance fund, cash emergency fund, charity fund, and invest some extra so I can retire early and live comfortable since social security may not exist by the time I reach 65.

[Dave Rowtree]

I'm saving up for some nice monitor speakers for my other interest apart from work; music. Hopefully they'll last 10 years and be an investment I can use to make mixes sound perfect

[nanamom]

A few years ago my DH and I were in debt (major type) and his company went bankrupt. I supported us while we lived in his parents basement until we had the savings to start being a local candidate for the jobs he found online. I save in case we have to start from scratch again, especially since I can't get another job since we have two little ones now. It isn't fear as much as preplanning.

[terri77]

I'm saving for my retirement, to pay for things that I will need in the future like a new car, and to maybe makes things a little more comfortable for the next generation of my family.

[Snodog]

I'm saving so I can be financially independent in my 50's.

[herm4]

My husband was laid off for a while about 7years ago. He spent that time working on his Masters degree and now has a very stable job. But you never know.....So, I save what I can.


learning to live well without spending alot of money

[Seacoast_01]

More Financial Independence and for retirement are the 2 key reasons for us.

[InDebtInDC]

I need to squeeze $1300 extra to pay my auto insurance (paid annually).

May I ask why you pay your insurance premium in a lump sum?