To sum it up I started working a new job 2 months ago, and my lack of bills allow me to save roughly 50% to 60% of my check weekly into savings. But I still feel guilty when I buy things for my hobby every week. Maybe im asking for reassurance or condemnation for my spending habits. I just want to know if what im doing is normal or not. Example Paycheck is 955$ after taxes, I save 500$ pay a bill for 150, then spend 150 on hobby. Rest goes into gas or food for week. What ever is left by next pay period goes into savings as well. Rinse repeat
I feel guilty spending when I save 50% ofmy check weekly
byu/Consistent-Piccolo16 inpersonalfinance
Posted by Consistent-Piccolo16
3 Comments
50% saving rate is a crap ton more than the majority of people
Having money is not the goal. Money is a tool. Maybe that tool is early retirement; buying a house; fully upgrading your hobby items; visiting places…….dont just have money to have money
Many high savers are unhappy……living like a monk for 20+ years isn’t fun (go figure)
Decide a reasonable list of “fun” expenditures; and a reasonable “bill” for these items and go enjoy
Also – “save”….like a bank account? Or investments.
Some cash in the bank is a good thing; too much cash is bad. Inflation eats away the value of dollars. Long term investments is the key to future wealth
Bank = emergency fund; known future purchase money
Investments = cash you can set aside for 20+ years so future you is better off
If you’re living with parents, try to max out your Roth and 401k match at the minimum