no saving plan can be enough sometime


I am really worried about my saving rate.

Currently it is 15% after taxes, mostly in RRSP and a personal retirement plan. I also have an additional company retirement plan; since I started quite late in my life, there is not much accumulated in these accounts. So I feel poor and not doing well financially…

Here and there I see bloggers who say they save up to 50% of their income. There is at least one famous blog site that claims to save more than 70% by living super frugal.

I feel the stress of not being able to save such a huge part of my income; can I do better? Yes. Should I feel bad about myself? I do not know….

It is impossible to save a huge amount of my income; my fixed expenses (mortgage, insurance+tax, transportation, grocery and other expenses, not including the socials, family visits, donations, and house maintenance costs) is around 65% of my after tax income. I cannot think about not visiting my family or not taking care of my house. So the most I can save is 20-25% of my income each year.

Still not as good as some other bloggers’ savings, but this is the percentage I will aim for.

Before that though, I must fix my emergency fund and then my weekly budget. I anticipate around a year before I can start saving (and investing) 20-25% of my income.

A year!! What a long time to wait for a person like me who is very impatient. Arghhh.

Is something wrong with me and my life-style?

No. I am generally a frugal person. My mortgage is reasonable, I do not have a car, I do not have children or other dependents, I do not live in a big house (okay maybe it is big for a single person), I do not go to vacations (only family visits), I do not buy the latest technology (in contrast I use whatever I have till they get unusable), I do not dine out frequently, I am not interested in fashion, I do not have expensive hobbies (other than books that I am on shopping freeze now), I brew my own coffee at the office, I am not interested in fancy furniture, clothes, or shoes etc.

So what is it?

I guess for single people compared to married people with two incomes, saving is harder. I will remind myself not to compare my situation with Β others. I will also patiently or impatiently wait another year till I can start saving and investing more for my future.

That is my conclusion.

11 thoughts on “no saving plan can be enough sometime

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    1. this is sad indeed. Since I started saving for my retirement late in my life, I am feeling stressed and anxiety about it. I rather should congratulate myself for being conscious about it and doing the best I can do…. better days to come! πŸ™‚

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  1. I have a decent job but I’m still always broke. I was feeling really down about this like everyone else was doing better but then I realized that I have a lot less debt than a lot of those people. I have also often wondered how people save 25 or 50% of their income when I’m trying to figure out how to save 2%…. I have no idea why it’s so hard!

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    1. I have a decent job but I also feel broke. why is this feeling? sigh…. we cannot compare ourselves to others (that is what I understand lately). I support your savings; hope it will continue or get better in future. whatever we can do is good for us. I think you and I are on the right path; at least we know the importance of saving and we strive for it. there are so many people out there who would not even do these…. Your debt will also be paid sometime, so have hope. So let’s celebrate our efforts πŸ™‚

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  2. U r doing good. But since u said u started late u may feel savings aren’t enough.. Check if u have loans .. Clear it soon so that the emi cleared and same amount can be invested for some other goal. Since u said u don’t have children u don’t have to worry about child education and marriage goals . or if u have future plans of having child then u need to have some other plan..

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  3. I am also working on saving more than 15% of my income and I can totally relate to your post. I keep reading about other people who manage to save huge percentages of their income, but I find that they give up many conveniences that make life a little more challenging than I am willing to take on. In my opinion, there has to be a middle ground of frugality without it being too straining on your daily life. Hope that helps! 20-25% is still a huge accomplishment!

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    1. fully agreed with you – the total deprivation does not work with me. I must hope for the future when things will be better. I am assuming in 10 years I can pay off my mortgage, which should provide some relief. After that though the home maintenance will cost money….. Anyways, I should be positive and cherish what I can do at the moment. Years to come will come with their opportunities and hurdles. I will think about them then. have a great day πŸ™‚

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  4. You’re right, comparing yourself to others is sure to cause frustration! We all have different circumstances, and it sounds like you’re on top of how much is going to necessities, and the costs vs. benefits of trimming other things. (And wow do I feel you on the single income vs. double income household! Must be nice to have two incomes to work with!) Don’t be too hard on yourself, and recognize that you are on the right path!

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    1. you are so right – thank you for your support. It is good to know I am not the only one going thru this hurdle by myself. I get emotionally charged when I compare myself with others. All I can do is to do my best – that is what I must strive for. best wishes and thanks again for your support πŸ™‚

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  5. I agree it is harder for a single person. I earn a good salary and stress about whether I am saving enough. But it’s also hard to find the balance. After my daughter died, i realised I also had to use some money to have a life and experiences today, because tomorrow is not promised. So I also try to fit in some travel, dance classes, things I love like movies, making sure I socialise with friends.

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    1. these are all so important in one’s life. like yourself, I am not interested in extreme saving while missing life today. The future is so blank and sometime I think the investments I have are losing value anyhow, so what is this rush for? πŸ™‚

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