Finding a balance between
spending and saving

July 29th, 2024

When it comes to spending versus saving, there is no exact balance that’s right for everyone. Each of us has our own money personality, perhaps one we’re born with, acquired by following – or rejecting – our parents’ habits, or developed on our own over the years.

Two danger zones

While there’s no exact balance, there are two potential danger zones. If someone is primarily a spender, they risk missing out on their long-term savings goals or taking on too much debt by living beyond their means. Someone who’s a diehard saver may suffer a different kind of missing out – saving for the future at the expense of enjoying life now.

Anyone close to either danger zone needs to recognize and acknowledge their situation. Awareness is key. You can always change your habits to arrive at a balance to provide for the future while living for today.

Finding the balance for couples

Anyone might think that a spender and saver living under the same roof spells trouble. But such a couple has the potential to find a healthy balance between spending and saving. It just requires understanding, communication and compromise.

Interestingly, two spouses who are both savers or both spenders could have the greater challenge. Although their money personalities match, the savers need to make sure they won’t one day regret missing out on life’s pleasures. The spenders must be watchful that they don’t sacrifice their lifestyle in retirement for the lifestyle they enjoy now.

When we can help

Sometimes you may face a situation where you wonder whether spending a large sum will affect your financial situation. Will a long trip to Europe mean you need to start budgeting? Will purchasing a vacation property force you to retire later? You can contact us when these situations arise. We can help you determine whether spending now will affect your current financial life or long-term goals.


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