Different type of money problem

LegacyUser

im a 24 yo guy with a decent well paying job and ive just become obsessed with money and saving it.

i find myslef constantly checking my balances in my diffent accounts and trying to save money all the time on different things.
Today i had to pay an unexpected 50euro for something and it put me in a massive pisser all day, its not like i dont have it, i have about 12k saved up 9which im sure is loads for a 24yo) and a car worth 2k paid for as well as a laptop, mp3 players, ps3 etc and a good paying job.

Ever since i got the well paying job ive become worse, i scab on everything now that i have money, but when i was a poor student i'd throw the cash around. im afraid of people seeing me as a miser as well. i've just become obsessed with seeing the balance in my account grow and the great feeling of security it gives me, but its stressing me out and it makes me anxious or something to.

i don't really know what im looking for here in posting this, but just thought i'd like to hear some comments on my situation as its really affecting me1

445279.ie

Someone close to me was always saving for a rainy day. She died before it rained and left the lot behind

I'm not saying to go and blow it all, but let you're hair down and enjoy yourself. Money isn't everything

omb0wyn5ehpij9

DCC160 wrote:

Someone close to me was always saving for a rainy day. She died before it rained and left the lot behind

I'm not saying to go and blow it all, but let you're hair down and enjoy yourself. Money isn't everything

Agreed. It's great having loads of money, but you can't take it with you so don't be afraid to splash out a bit

democrates

Can't argue against financial wisdom, but make sure you apply holistic accounting.

This means taking everything into account, including your general sense of wellbeing, you're not a waster which is great but you have to get it into your head that what you do spend is legitimate and as it should be, choose to feel good about it. Obsessing about money is a wellbeing expense, cut that cost.

BrandonBlock

Exactly what has been said already are all good points. You will only ever have your twenties once. What good is a big bank balance when you're 60 and can't enjoy it properly? Me personally, I'm 2 years younger than you OP, have a decent paying job too but I am absolutely hopeless with money.

I spend it on everything, cars, games, clothes, going out drinking, gigs, festivals, holidays, cinema, dinner, etc. But it doesn't even bother me because I'm enjoying myself and will never get to live these years again. I aim to start "financially" settling down when I'm around 30. And probably due to having no choice because of relationship/children/mortgage etc.

Anyway I'm not encouraging you to live like me, it's probably the other end of the extreme scale of [spending------saving] but maybe edge a little more towards the side of enjoying yourself more. If you are already doing that and saving money at the same time, then fair play to you , you have a good skill

biko

Like Biggie said "Mo money, mo problems" brother.
When you have nothing, you have nothing to loose.

It's common for people with sudden money to become tight and stingy, I've seen it before. You don't want to loose what you managed to scrape together. However, constantly worrying and checking your balance is not healthy for a twenty-something.

First of all: make sure you put in the same money as your friends. People hate to pay for someone who is just looking to get away with a few euro over and over. Always chip in what you owe!

Secondly: Plan. What do you need the money for? Investment? House? Don't save for savings sake. Save for a reason. This way you'll know when you have enough.

OLP

You can't take it with you buddy

tbh

let the universe decide. Put it all on black. No, red. No wait, Black.

jester77

Just chill out with it or life will flow by and before you realise it you'll be too old to do things that you wished you had done when you were younger but were too tight with the cash to do it!

Have a look at your salary and decide that you will save away x% of it every month to savings/shares/etc. Then enjoy the rest. You don't have to blow it all every month though and maybe after a few months you might have enough for a nice holiday and still have your savings! That's exactly what I do!

StormWarrior

Sounds like slightly OCD behaviour.

Enjoy money now, you'll have to it on unimportant stuff later on that will no fun
I earn great wages but also have debt and spend money like its water
If you are good with money it will stand to later in life without having to save all the time

LegacyUser

Travel man! Thats what I'm planning on doing. Few months going across the states! I have a lot less but if I need money bad enough I'll get it. And I don't mean get a loan of anyone.



I would have been quicker posting this if I just signed-in.

r3nu4l

Well I'll congratulate you on saving but there is some ambiguity about what you are saying.

You say that you are obsessed with seeing the balance grow yet you've bought a PS3? Doesn't sound like you've gone completely miserly to me!

I would say that this is a psychological issue. You seem to be associating your bank balance with your self-worth (esteem, rather than financial) yet you know it's not the way to be thinking. Anyway, enough keyboard psychology from me.

The fact that you know your behaviour is a bit odd is a good sign. Try to measure your self-worth in different ways. Do something else that makes you feel good about yourself. Anything really, as long as it makes you less money obsessed. How about a donation to charity, something like St. Vincent de Paul (SVP)? That way you are reducing your balance for no personal gain (unlike the PS3 purchase ). SVP will ensure that your donation is used effectively.

spurious

Well done on your savings.
To be honest, I'd be fairly pissed if I had to spend 50 euro on something unexpected, or something over-priced - not because I don't have it, but on principle.

The reason why you have been able to save is precisely because of how you felt about that 50 euro - you don't throw money around - I can't see the problem with that.

Perhaps you need more of a focus for your savings - save towards buying something you would like for yourself, or possibly an investment of some sort.

Personally, I don't spend Christmas (as they say), but yet I might fly business class on a long-haul flight. Some people might say that's throwing money away, but if I have it and that is what I choose to spend it on, so what?

Keano

To a certain degree I was like the OP. It would kill me to spend money on anything! Keeping my bank balance above a certain level was always my priority. I would have plenty in the bank and would want something but would hold as my bank account would be affected! I never said it to anyone but after a while I stopped this and went and bought all round me, now I own a car, hoping to buy a house! You cant take it with you OP. By all means save some but start living!

stefansteven

stefansteven wrote:

i don't really know what im looking for here in posting this, but just thought i'd like to hear some comments on my situation as its really affecting me1

It's just an obsession-the checking the accounts bit.
€12k isn't a whole lot really if you consider it would be gone on a house deposit just like that.
Theres absolutely nothing wrong with being mad at having to spend an unnecessary €50.

What you need to do is to actually buy a house or an apartment-problem solved as most of what you now save will go into that and you will feel normal again.
Set that purchase as your goal and the reason for the thriftiness.
Give it as your reason to anyone that asks.
Visit estate agents and a mortgage broker now and get working on this.

silvine

Remember though everybody hates a miser. No matter how much money you have it will never be enough. You will always want more.

Fair play on the savings and the financial know how but you like everyone else said you have to enjoy your cash too. There's nothing wrong with watching your money.

I see you bought a PS3, which costs over €600. It doesn't sound to me like you don't have a problem doing that.

Maybe make a financial plan for what exactly you are saving for - a house, pension scheme etc, instead of saving for savings sake.

Caliden

Fear not, I'm 22 and have twice as much as that.

You shouldn't just let it sit there though, invest it and watch it grow. There's nothing wrong with planning ahead but try to enjoy some of it a bit more.

Try not saving as much and go out a bit more.

mastermind2005

Thank god im not a boaster.. im 24 too

bugler

Theres absolutely nothing wrong with being mad at having to spend an unnecessary €50

He didn't say it was unneccessary, he said it was unexpected. And €50 isn't much, if that is enough to put you in a bad mood for the day then the OP is right to be concerned about it.

I also think the idea that going and buying an apartment is going to solve everything is mildly absurd. Why will it? And what if the apartment drops in value (and the payments go up) over the next few years? The OP might have a bloody breakdown!

The OP really just needs to follow the advice of most here and relax. It's only money. It won't make you laugh, and to quote Homer, "Does your money tell you it loves you?" Use your money as a aide to a good quality of life, don't dedicate your life to making money.

muppetkiller

Get a girlfriend and it'll soon disappear lol
Seriously though you have a nice nest egg there. Keep it there but from now on go nuts and start going to Europe at the weekends and things like that.
your young enjoy it.

6th

I bought my house at 25, married at 26, first child at 27 and now at 30 baby number 2 just arrived. What I'm saying is the next few years can be expensive so you were right to save. As Biko says though you should look at what you might be saving for as opposed to saving for the sake of it.

Of course you could always become a scientologist and you're money will be taken care of

Demonique

According to Eddie Hobbs you should have about 3 months of living expenses saved in case you lose your job.

It's said you should save 10% of your salary.

You should still let your hair down a bit. If you live in Dublin and like going to the cinema on a regular basis you should join the Cine World deal. €20 a month and you get to see as many movies as you want.

Or go for a weekend away with the lads (or lads and ladettes) to Prague or Amsterdam.


But keep on saving and soon you will have enough to put a deposit on a house