I'm 23 and not yet married, making decent money. This is the time, before I have huge obligations, to be saving well, but also taking time to splurge on myself a little.
It's tough to do both--I'm conflicted, and I've become a tightwad. What do I do?
2007-02-02 13:52:18 · 6 answers · asked by TheAllKnowingFizz 2 in Business & Finance ➔ Personal Finance
Keep being a tightwad - seriously. Sock away as much as you can - at your age, the interest you can make from proper investments over the next 30-40 years could make you a millionaire many times over. Not saving or starting to save too late are the biggest mistakes people of today make. I don't think you're doing anything wrong.
2007-02-02 13:57:35 · answer #1 · answered by Anonymous · 1⤊ 0⤋
you are on the correct path
do not splurge on your self now
save and invest
it's your fool idiot contemporaries who want to have it all and have it now that end up in dead end jobs with a knocked up girlfriend for ever renting driving a 10 year old bucket since they never saw for the future
only 3% of the americans plan for the future
consequently that 3% hold all the power
personallu if you really play it smart
you get and education
get a career
delay marriage until 35 or so
by then
your well establish career wise
and can swing the house payments by yourself
in fact consider NEVER getting married
and NEVER promising anything to anyone lest you get sued for palimony
you'r better off anyways
2007-02-02 22:02:33 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Decide on a budget for yourself that balances saving with spending. For example, you might decide on saving 15% of your money toward retirement, and using 10% for fun. I had a friend who had a budget for dating, and he decided that spending $100 a week on dating worked well for him. Then, he could divide up the money: if he was going to spend $30 on a date, that might be dinner out at an ethnic restaurant, or making dinner at home and renting a movie. Setting a budget gave him choices but still helped him feel comfortable.
2007-02-03 03:55:56 · answer #3 · answered by Katherine W 7 · 1⤊ 0⤋
You need to be generous. Decide on a percentage that you can afford to give to good causes, and on a percentage that you can spend on yourself. You might want to make them match. But you should be generous to yourself as well as others, even if you set the money aside in a "mad money" or vacation account. Just having it there may make you feel better. And if it doesn't, I'll be glad to take it off your hands.
2007-02-02 22:04:15 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Set aside some blow money in your budget. You can do whatever you like with that money. This way you're still saving, but you're allowing yourself to spend some too.
2007-02-03 22:04:12 · answer #5 · answered by Jen G 5 · 0⤊ 0⤋
A more flattering term would be "Frugal", and there is far more virtue in being that than a recklessly spending fool.
Take pride in your self restraint as a sign of maturity and responsibility.
2007-02-02 22:02:23 · answer #6 · answered by Bad Samaritan 4 · 1⤊ 0⤋