Here’s Why You Should Stop Saving Money

March 6, 2017 6:23 pm

Saving money has been something we’re taught to do since we were young. Perhaps you have a savings account, maybe your parents got you a piggy bank that you still haven’t opened, or maybe you just think it’s the logical decision to make because saving money means you’ll have money to spend when you most need it. But let’s think for a second; what makes you think you don’t need it right now?

There’s a common theme among frugal people that saving money means you’ll live a happy life in the future. Of course, some people can get by eating canned food every day and cooking the most basic of meals, but that doesn’t mean it’s a life that suits everyone.

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There are very few ways to actually waste money

You might feel bad for spending a ridiculous amount of money on some new entertainment system but face it; it does feel great when you use it, right? If it doesn’t, then perhaps it’s time for a refund, but the idea is that there are very few ways to actually “waste” money. If you threw all of your money into a burning flame then sure, that’s wasting money, but what most people consider “wasting” money isn’t wasting at all. It might be inefficient, but that doesn’t mean it’s a complete waste that should’ve been avoided.

Let’s take gambling as a classic example. Many people say it’s a bad thing because you’re essentially throwing money away, but if you speak to anyone that’s won big in the past or can manage their finances well enough to play it as a game then you’ll hear the same thing; it feels amazing when you win! It’s no different to spending money on other forms of entertainment such as a movie night, a video game or a cinema ticket, so why not grab some free football betting tips here and try it out yourself? You have to spend money in order to gain things. Yes, there are ways to get entertainment for free, but there’s always a difference and if you’re reducing your quality of life for the sake of saving money, then it’s a good idea to rethink that strategy and start using your hard-earned money to make yourself feel better instead of giving it to a bank and feeling terrible.

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Money does nothing sitting in a bank

Sure, you might get a few percent interest every now and then—but is that really any better than investing your money in stocks, a business or anything else that could make more money? Money doesn’t grow in savings accounts and you won’t get rich by sitting idly, so if you’re serious about putting your money somewhere to see it grow, then consider learning about investments. Your money might be “safe” inside of a bank, but what use is it sitting there doing nothing?

Stop saving money and start making a plan

Saving money without having an aim is a complete waste. Instead of saving money for the future, why not spend some of it to make your current life easier to live and more enjoyable? There’s nothing wrong with saving up money for a new computer, a new television or even a car. That’s a savings goal; a reason for you to save money in the first place. However, if you’re saving money and you don’t have any plan to use it, then why are you stressing over it?

The way to get around this cycle is to actually have a plan for the money you save, and it needs to be a realistic plan. For instance, if you’re around your 30s and you’re already saving up for your retirement in 30 years time, then take a moment to realise that you want to save money for a longer timespan than you’ve been alive—that’s a little ridiculous! You have plenty of time to save money in the future, so plan ahead and make sure that you’re not thinking too far ahead. You’re still fairly young compared to the majority of the world, so don’t waste your youth thinking about things that are far into the future.

Saving money isn’t bad, but it needs to have a reason

First, let’s get this out of the way; saving money isn’t a bad thing. However, it is completely misunderstood and far too many people reduce their quality of life for the sake of saving an unknown amount of money for an unknown purpose. It’s pointless to save money for the future if you don’t have a plan, so make sure you’re not falling into this trap.

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