I have an addiction to saving money, I mean down to the last penny literally? Please Help?

Question

I save every penny I pick up pennys from everywhere and if I spend something as small as $10 I feel guilty all day? Please give me advice?

Answer 1

This is clearly a good problem to have.

I am like this as well.

However, I will take some money and treat myself once in awhile!

Answer 2

Hi Cam,

Any situation where the pendulum goes too far one way or another is not a good thing. I have often heard that Obsessive Compulsive Disorder starts out as a perfectionist or neat freak and ends up being unbelievably messy. It's always best to be more balanced in everything we do. Even the Bible says "to do all things in moderation", " it also says there is a time to save and a time spend", "a time to laugh and a time to cry", etc.

Guilt, in my opinion, is an extremely damaging emotion and should be dealt with before the roots get too deep. I believe the best way to quiet the voices of those little demons that silently speak guilt or condemnation into your mind is to find out exactly what you should be doing. I strongly recommend a financial counselor. No matter how much money anyone has, there needs to be fore-thought and wisdom in all aspects of saving and spending. To me that is like a budget, the only difference in whether you have a lot or small amount of money, is the amount you can budget. United Way has wonderful financial counselors and Suze Orman on TV is very good...(So are her books.) My favorite financial adviser happens to be Pat Robertson who is President of the 700 Club. He, also, has a wonderful DVD on finances. Once you get the basics of what you should be saving and what you should be spending, I believe you will be more able to make a decision when you do seek guidance. An educated decision is always the best kind.

I will be praying for God to give you wisdom and set you free from a spirit of guilt and fear.

Answer 3

hmm.. yeah i wish that was my problem for a while.. sounds like what the shrinks call "obsessive-compulsive". you know what? don't get a cure for a few years and then make sure it's just a small adjustment. don't become a spendthrift as an antidote is what i mean.

if i were you I'd convert it into gold. gold will always be money, paper won't.

when you get older and you really want to be able to allow yourself to spend a little each day just read the obituaries and see all the people who should have bought themselves a snocone. no joke. you know you can't take it with ya but it sure makes life better if you always have some.

Answer 4

I think you're searching for a problem where there is none. Saving your money is a noble thing and nothing you should feel alarmed about. If, however, you find yourself in a position where you are required to spend money for others depending on you (including creditors) and having difficulty parting with yoru money, that would be a problem. Saving meticulously is in and of itself not a an issue, If anything you may be struggling to justify your behavior in a culture bomarding you with messages to spend spend spend. That is why most people are in debt. Count yourself as fortunate.

Answer 5

You don't indicate your age but I'll assume you're at least in your 20's. If so, do a bit of research (easy to find on the web) to see if you're saving enough to establish a fund for short-term emergencies, any short/medium-term needs (car/home down payment, for example), and retirement. If you find that you're on the right track, you may be able to suppress your stress about spending. Remember that your hard-earned money isn't just for 'retirement' but also to enjoy the road to that time, too.

Answer 6

You may look at it as a curse but really it's a gift. Put the money in a savings account until you collect a thousand or so, and then start a Roth IRA. Millions of people out there wish they have your "problem."

Answer 7

There are certainly worse addictions to have. I wouldn't worry about it to much. Just know the difference between wants and needs (groceries) and try not to feel guilty about spending on needs. You have to spend on your needs. That is why you work to earn money.

Answer 8

ok saving money is a good thing because when you become 65 you will be able to retire and not have to worry about working a part time job, dont get so down on yourself keep saving its ok to spend a little bit of money especially if its on yourself keep saving

im 21 but dont have to worry about saving

Answer 9

I think you need a girlfriend who is a shopaholic. She will give you all the reasons why you should spend your money and some. Two things may happen...........you let loose a bit and start spending without feeling guilty or..........You start hording more money. Remember that when you die........you can't take it with you. Whoever you leave it too, will have a ball of a time. Spend some of it while you can and enjoy doing it as well.

Answer 10

great job, here's a chinese proveb from my dad "filthy rich were chose by god" "regular rich is through frugal living" congrats! you're 50% more likely to become a millionaire than people around you.