Do you sacrafice things you might enjoy to save for retirement?

Discussion in Retirement Plans started by novasparker • Oct 4, 2012.

  1. novasparker

    novasparkerActive Member

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    I was wondering how many people do this? If you are saving for retirement and you find yourself in a situation where you can put money away, or go do or get something you believe you will enjoy. I know some people aim to put away 15% of their income to retirement. Do you do this if it means giving up something else?
     
  2. Guardian

    GuardianNew Member

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    I save wherever I can. I have multiple accounts set up for various funds, and 1/3 of all extra money goes into each of the three accounts. One of them is a retirement account. I have a long way to go but I love seeing the numbers go up. In some situations, I think, will I really need this down the road and will the cost outweigh the benefit? What could I save if I bought a cheaper product or I didn't buy his at all? In the end the decisions are 50/50, but I do save SOME money. I do wish it were more though.
     
  3. Sandra Piddock

    Sandra PiddockExpert

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    The thing to remember is that not everyone actually makes it to retirement, so while it makes financial sense to put money away for retirement, you also need to enjoy the life you're living now. Yes, save as much as you can, but don't deprive yourself of all life's pleasures just to build up a bigger retirement pot. There's more to life than working and saving - you need some down time now, not in 20, 30 or 40 year's time.
     
  4. dashboardc33

    dashboardc33Active Member

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    Although retirement is a ways away for me, I already do this. Perhaps I actually do not save for retirement, but I definitely save for something that I may want. I try to save as much as possible now for the future. Whenever I am about to buy something I ask myself if I need it or want it. If I want it, then I will try to think of a Holiday coming up where I can put it on my list; such as Christmas or my birthday. This seems to work pretty well for me.
     
  5. Bolt

    BoltWell-Known Member

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    No I don't. I am 25-years old and I am not planning for my retirement. I know I should be preparing for the future but that is the least of my worries at this point in time. I do save money but not in a specialist retirement scheme.
     
  6. Nabowness

    NabownessNew Member

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    i have been saving for awhile, but i find it hard and not enough.





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  7. etc

    etcActive Member

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    I don't actually do this because I'm thinking whether I like it or not, I will be paying social security. I normally save whenever I wanted to buy things like nexus 7 :D
     
  8. AlexMcLeod01

    AlexMcLeod01New Member

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    It really depends upon what the thing I'm "giving up" is. I've pretty much already given up my video gaming, which was my biggest money drain, aside from required expenses. However, my retirement plan is a little unconventional, and is probably not something you'd say is a "retirement" plan.
     
  9. trishgl

    trishglActive Member

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    I also agree with Sandra that although you should save money you should not do so at the risk of not enjoying the present. Living in a frugal manner can be stressful as you need to monitor your expenditures daily. You however need to be able to judge when it becomes too much for you as well as your family. Give yourself a break every now and then so you can recharge and keep you and your family motivated to save and plan for the future.
     
  10. Linky

    LinkyExpert

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    I would weigh up my options. As I am saving for retirement and there are lots of invites from friends to do exciting things, I had to find the middle ground where I can do exciting things but still build up a retirement fund. So, what works for me is sometimes saying 'yes' and sometimes saying 'no' to things I might enjoy.