The cons of saving money

[baselle]

Re: The cons of saving money

If everybody started to save money, ie not spend money, business would grind to a halt.

In your obituary, you become the weird cheap person who the neighbors don't like but who leaves a few million dollars to something. Like this guy: http://tinyurl.com/8p82u

Your spendthrift heirs (like me and my sister ) bleed you dry after the funeral.

[elcheapo]

Re: The cons of saving money

the cons of saving money all your relatives beg you when they need money

[lrjohnson]

Re: The cons of saving money

If you save money that would bring better returns being spent. For example, keeping an old, high maintenance, low gas mileage car, and not calculating whether you could actually save by getting a newer better used car. Buying an old super cheap appliance that is very, very costly to run. Buying a cheap suit thats lasts a quarter as long as one that costs twice as much. Saving on dentist/doctor bills by not going. You get the picture.

[TwoNickles]

Re: The cons of saving money

If you save money that would bring better returns being spent. For example, keeping an old, high maintenance, low gas mileage car, and not calculating whether you could actually save by getting a newer better used car. Buying an old super cheap appliance that is very, very costly to run. Buying a cheap suit thats lasts a quarter as long as one that costs twice as much. Saving on dentist/doctor bills by not going. You get the picture.

That's right, I was actually thinking of this as I was reding down through the thread. You have to maintain a balance. You have to *manage* your money. Some is to be used for necessary expenses, some for maintenance, some for savings, etc., etc. If you ignore the maintenance on your car so you can put more into savings, that will turn into a huge expense when you have to replace the engine due to neglect.

[PRICEPLUS]

Re: The cons of saving money

You become obsessed with it!

[CasaHova]

Re: The cons of saving money

You become obsessed with it!

^^^I had an older friend who was so obsessed that all he did was look up newer was to save money and then after a while he relized that he was spending alot of money on books on how to save money (he got better )

[Snoopy2645]

Re: The cons of saving money

I like to read the books but I get them at the library I figure if I am reading to save money why would I buy a book & spend money KWIM.

I never buy books & my kids somehow have tons of books I only have a few any books we own were gifts I only check out books at the library.

[rob62521]

Re: The cons of saving money

A big con is the fact that regular savings accounts pay next to nothing! Plus, the feds seem to punish you if you have money in savings come tax time by having to declare interest as income, although the money you receive interest for has been in the bank for years.

I agree with those of you who say you have to strike a balance. Why be a penny pinching miser who doesn't enjoy what he/she owns. I'm not saying go out and go wild, but spending wisely and enjoying what you have makes more sense.

[StevenM]

Re: The cons of saving money

Unless you need the liquidity, it would be far better to wisely invest in real estate, in most areas of the US, than invest it in the bank, earning a paltry 4%.