Young People Having Anxiety About Saving

[Redraidernurse]

Thank you for all of your wonderful advice and insight. I appreciate it and read everyone's responses. I agree with one of the PP's that a lot of the problem may be due to the fact that A_ My husband pays the bills and B) There is no true budget - whatever is left at the end of each month goes into the savings account and as long as I see it "growing" I remain somewhat satisfied. I think I would take comfort in knowing exactly how much we should save each month by budgeting.

[doxie]

It sounds like you may have a touch of anxiety, or mild OCD. I came across this on CNN.com today, and thought it might be of interest:

15 Ways to Stop Obsessing- Beliefnet.com

Particularly slide 3 which talks about distorted thinking. These are really good techniques to deal with the anxieties you talk about. I'm not familiar with the book mentioned in the article ("Feeling Good" by Dr. David Burns), but it sounds like it would be pertinent.

I can relate to what you are feeling. I spend a lot of time thinking about what I'm saving, what I'm spending. When I'm feeling anxious in general (not even necessarily related to money), I log into my bank account and just look over everything. I realized that I have a bit of anxiety, and this is where it happens to be coming out right now. At other times in my life it has been jobs, houses, cars. The key is to recognize it and find techniques to deal with it.

[Scanner]

Yes enjoy life.

We do need some spenders in the economy now to help us recover so take that vacation.

[disneysteve]

whatever is left at the end of each month goes into the savings account

This is what you need to fix. In our house, we do not have a budget for our spending but we DO have a budget for our savings. 50% of my wife's income goes into her 401k. 22% of my gross income goes to savings. That all comes out first, before anything else is spent or any bills are paid. We live on what is left AFTER the savings are taken care of. That way, we know that no matter how we decide to spend our money from month to month, the savings piece is taken care of. As long as our savings are on track, I don't really care how the rest of the money gets spent. Some months, more goes for food. Other months, we might spend more on the house or the cars or travel. But the savings gets funded fully each and every month.

[Mr Nice Guy]

This is what you need to fix. In our house, we do not have a budget for our spending but we DO have a budget for our savings. 50% of my wife's income goes into her 401k. 22% of my gross income goes to savings. That all comes out first, before anything else is spent or any bills are paid. We live on what is left AFTER the savings are taken care of. That way, we know that no matter how we decide to spend our money from month to month, the savings piece is taken care of. As long as our savings are on track, I don't really care how the rest of the money gets spent. Some months, more goes for food. Other months, we might spend more on the house or the cars or travel. But the savings gets funded fully each and every month.

Pay yourself first!

The thing I have finally realized about PYF, is how simple it really is. When I first heard about it in my personal finance class, and reading one of Kiyosaki's books, I used to over-complicate the concept. Saying things like, "What if I dont have enough for car insurance, or what if I can't pay rent?"

What I didnt realize was there was an action element to it. If I pay myself first into savings, and find that I come up short for rent or whatever, that just makes me get creative in finding ways to supplement my regular work wages.

[disneysteve]

When I first heard about it in my personal finance class, and reading one of Kiyosaki's books, I used to over-complicate the concept. Saying things like, "What if I dont have enough for car insurance, or what if I can't pay rent?"

That's the beauty of it. Planning the savings first lets you know how much money you have to work with. You should never be short for car insurance or rent because you should have based how much rent you can afford on your income AFTER savings. You need to take the savings out first and live on what remains.

[Redraidernurse]

This is what you need to fix. In our house, we do not have a budget for our spending but we DO have a budget for our savings. 50% of my wife's income goes into her 401k. 22% of my gross income goes to savings. That all comes out first, before anything else is spent or any bills are paid. We live on what is left AFTER the savings are taken care of. That way, we know that no matter how we decide to spend our money from month to month, the savings piece is taken care of. As long as our savings are on track, I don't really care how the rest of the money gets spent. Some months, more goes for food. Other months, we might spend more on the house or the cars or travel. But the savings gets funded fully each and every month.

I like this idea and I can see this working for us. And woo-hoo for your wife being able to deposit 50% of her income into her 401k!

[disneysteve]

I like this idea and I can see this working for us. And woo-hoo for your wife being able to deposit 50% of her income into her 401k!

My wife was a SAHM for 10 years. We lived just fine on my income during those years so any money she earns really isn't needed to run the household. When she took her current job, we wanted to have 100% go to the 401k but 50% was the limit. She doesn't have a high-end job and is not full time so it doesn't amount to a ton of money but between her contribution and the company match, it is about $6,000/year going into the account. Every dollar counts. I keep telling her that every dollar she puts away is one less dollar I have to earn before we can both retire.

[hassell]

This discussion is much effective for mind freshness. But I think when we are confused or Having Anxiety About something, then we need some break from work. Vacation is the right way for this. I think just clear your mind & having faith in GOD, you will be happy forever.............

[tripods68]

MILD OCD would be my diagnosis and there is drug to solve your anxiety. Get a referral.

[Mr Nice Guy]

MILD OCD would be my diagnosis and there is drug to solve your anxiety. Get a referral.

Surely there is a better way to deal with this than shoving pills down your throat.

[hassell]

Young People Having Anxiety About Saving

MILD OCD would be my diagnosis and Young People Having Anxiety About Saving. Get a referral.

Actually I'm unable to understand this "Young People Having Anxiety About Saving". What you mean by that?

[jpg7n16]

Hassell,

That's not even what the post says. Did you edit the quote for some reason?



As far as the OCD diagnosis, I would tust the diagnosis of a doctor or psychologist - not an internet finance forum.