this post was submitted on 26 Jul 2024
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Countering on a 20's side:
On the other hand, would you be at the same point in life if you would save every penny?
Having savings could greatly help you now, but what if you'd never experience whatever you spent your extra on? Maybe it was something new, or simply something that helped you deal with a compounding stress, or maybe you can simply remember your carefree times with warmth in your heart.
It might not be visible at the first glance, but it is important and it might have changed a lot more that you think in retrospect.
You are in 20's and haven't got into a habit of saving already? Maybe sue your parents, teachers, etc for failing to give a sound education.
Yeah, I earn so much more now in my 40s then in did my 20s. What I'd saved then in a year I can save now in a month. But I still cannot have the fun now that I had back then.
Restraint is good. Having some reserves for troubled times is extremely important. But living is also important.
If I hadn't saved, I probably would be dead right now. The US doesn't really do healthcare or mental care, and I no longer can sustain myself. Long COVID is a bitch and doctors usually ignore it.
But if you're banking on never having an emergency, go for it. There's a balance to hit, at least in less developed countries like the US.
The thing is, saving is, in large parts, a habit thing. you stop thinking/planning about/with that money you put away. especially if you put it in something you don't have immediately access to. And the earlier you start the smaller the amount you "have" to put aside.
Not in percentage terms. Yes, you have to put smaller amounts, but they also make a bigger dent in your overall finances because you earn much less, too.
Everything you said i have lived. I say this because of what to have said. 100 a year if that's all you can plan for, 10 dollars when. But keep adding too it. I've had to show out my entire savings before. Which granted weren't much worth mentioning to be honest, but i do regret not having had something put aside
What iearned for myself is to put together a rainy day fund, and when you fill that up then put the rest into an untouchable(but not really. Invest or just save, however you want to do it, but there are times you will wish you had started thinking long term a lot earlier
Nobody’s suggesting to save every penny. Just save enough to make sure you’re not homeless or hungry when your body and mind aren’t capable of earning an income beyond that of a Walmart greeter.