As Maat said above, it makes a difference whether 5% of your pay is $5, $500, etc. I think that if I were personally starting to feel really deprived then I might ease up a bit on the savings. Everyone needs to enjoy themselves in the present to some extent as well as saving for the future.
PS - I just realised I really don't know exactly what percent of my gross I spend on fun stuff!! I think it is between 6-7% on an average month. Sometimes I don't really spend that much - but I make up for it big time other months, lol.
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