One of my friends called the feeling of getting a good deal on a purchase the “shopper rush”. I have no idea if that is something that she made up or is an actual phrase. What I do know is that I do feel good when getting a good deal.
But could the feeling of saving money on a purchase or saving too much money in the bank be a bad thing? Is it possible to have an addiction to saving money? Is it possible for this behavior to be bad? We’ll explore how some people obsess over saving money.
Saving Too Much?
Having a savings account is essential to living a financially independent lifestyle. But having severe restrictions of what to spend money on because you have that money already earmarked to your savings account sounds extreme to me. This type of person feels joy in taking all excess income and putting into their savings.
A negative to this approach is that the persons money is all tied up in a savings account and not readily available. They have no goal in sight and do not know what to do with the money. This does not make sense to me because there is no plan to use the money. And remember, you if you do not spend it while alive then when can you? Can’t take the money with you into the afterlife.
My mom clipped coupons when she went food shopping, but only bought what she needed. “Extreme Couponing” was a show on the TLC network. It featured people who went to extremes to save money on food and items that they didn’t even need. I never heard of this phenomenon until this show debuted back in 2011. This extreme way of saving money does not seem logical. The possibility of wasting food or buying unnecessary and nonessential items boggles my mind. To me this is similar to hoarding.
Extreme Couponers do sound like people who have an addiction. Why buy or stockpile free merchandise if you do not need them? “Where is the line between stockpiling and hoarding? One couponer notoriously stockpiled 60 free diabetes monitors — even though she didn’t have diabetes.”
A former co-worker of mine did not own a Metrocard and walked everywhere. This person earned enough money to afford a weekly or a monthly pass. She chose not buy the Metrocard because, in her words, “it costs money.” I felt bad for her because you can tell that paying for it, or anything for that matter, was painful for her.
“Tightwads find it very difficult to part with cash.” This type of cheap person declines invitations to socialize with friends or family because they feel uncomfortable spending money on activities or for lunch/dinner plans. It must be difficult to maintain relationships if you are fearful of departing with money.
I am a Costco member and go there monthly to score some deals on steak, salmon, eggs and pork. We buy other items too but not too much. Our shopping cart is normally the least filled while waiting on the checkout line.
There are numerous members who buy (stock up?) on household items that seem almost impossible to finish or find reasonable use for. Do you really need 50 rolls of toilet paper? Is having 15 jars of peanut butter necessary? It seems selfish to buy up all of something for the sole reason being that it was a “good deal”.
If you are this type of person I don’t mean to sound harsh, but I don’t find what you are doing is financially beneficial. Having large amounts of perishables or non-essential items do not add value to your net worth and can spoil and be wasteful.
Buy things in Moderation and what you can actually use in the near future
Save enough so that you can still do normal activities
Save for a reason (House, vacation, college tuition, projects)
“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” – Ferris Bueller
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