Does saving equal self-deprivation? If you try to save too much today, are you depriving yourself for an uncertain tomorrow? And really, does saving money mean you can’t have as much fun now?
These are some of the questions I have after I read the comment responses to an post featuring Kimberly Palmer of Generation Earn on Bucks Blog (New York Times). In that post, Kim talked about how she was able to save 1/3 of her income during her 20s.
Kim managed to save so much because she had a decent income, kept her expenses down, and was knowledgeable about money. Some comments noted that her lifestyle sounds pretty depressing, or that it was based on self-deprivation.
I am lucky enough to have a decent income, a reasonable debt load and otherwise manageable expenses. So like Kim, I am also able to save a third of my income right now. 99% of the time, my lifestyle doesn’t make me feel deprived. After all, I have all the necessities met and enjoy many luxuries (small and large).
But if I am really honest, I will admit that on those few days when I am in an ungrateful mood, I have lamented why I can’t go on all my trips around the world, right now, or why I couldn’t frequent my favorite sushi restaurant as often as I want. (Or, why can’t I just win the mega millions lottery and render all these worries moot!).