The cons of saving money

[CasaHova]

Originally Posted by PRICEPLUS

You become obsessed with it!

^^^I had an older friend who was so obsessed that all he did was look up newer was to save money and then after a while he relized that he was spending alot of money on books on how to save money (he got better )

[Snoopy2645]

I like to read the books but I get them at the library I figure if I am reading to save money why would I buy a book & spend money KWIM.

I never buy books & my kids somehow have tons of books I only have a few any books we own were gifts I only check out books at the library.

[rob62521]

A big con is the fact that regular savings accounts pay next to nothing! Plus, the feds seem to punish you if you have money in savings come tax time by having to declare interest as income, although the money you receive interest for has been in the bank for years.

I agree with those of you who say you have to strike a balance. Why be a penny pinching miser who doesn't enjoy what he/she owns. I'm not saying go out and go wild, but spending wisely and enjoying what you have makes more sense.

[StevenM]

Unless you need the liquidity, it would be far better to wisely invest in real estate, in most areas of the US, than invest it in the bank, earning a paltry 4%.