Every Day

Why Do We Save So Much Money?

So many people have asked us why we save so much money especially since we retired. There are many reasons. Inflation is one of them. We don’t ever want to worry about going without as our money depreciates. If we need a new furnace, car, roof repair, appliance, etc., we want to never have to worry about paying for it.

If our car dies tomorrow, we want to be able to walk into the dealership the same day and plunk down the cash for a new one. The same with anything else that needs replacing. 

If we need dental work, we want to know that we can afford it. We want to be able to pay our medical insurance and bills.

We have moved twice since we retired. We want to be able to move again to a condo or townhouse when the time is right. Right now, we pay someone to maintain our outside property. So we will buy something where everything is done for us for monthly maintenance fees. When we get tired of the big house and want to downsize to a condo, we want to have the cash to do that. 

We want to be able to give nice gifts to our children and our grandchildren. We definitely want to leave them a nice inheritance.

We wanted to do things like join the YMCA to be able to use the machines and go to the Aqua Fit classes. We did that even though the cost was more than I was told. When the old Y closed in the city, the new YMCA in our town costs us $48. per month instead of the $37. I was quoted when I called the old place. We are loving it but I have to admit it takes a lot of time out of our week. However we are doing it to get fit and we are worth it.  

When I went to Dick’s for a new gym bag and swim shoes this week, I didn’t have to worry about where the money would come from to pay for them.

If we want to go out to dinner or a night out on the town like last night, we know that we have the money to afford it.

You see when we first got married, we saved for a nice life for our family just like you do.  But we also saved for the future because we knew that life is short and the future and retirement would happen rapidly. It did in a flash. 

I am always amazed at people who say that they are going to spend all of their money before they die. How do they know when they will die? No one does.

So if they spend all of their money by the time they are 80 and live to 100, what do they do? Live in poverty? That is not my idea of living a good life.

So I think I have answered that question that I get asked over and over again.

The moral here is that you should save and save. Not only for the things you want now but for the future. You can live a good life while married, while raising your families, and then when you are retired. It’s all in the planning. If you fail to plan, your retirement either won’t happen or you will run out of money before you run out of life. 

With that said, I am trying to juggle life this past week and this one. We had so many appointments last week and we do this and then tried to fit in days at the Y that something had to suffer and this blog was it. Hopefully as I get better at doing it all, things will get better.

How do you do it all?    


6 replies on “Why Do We Save So Much Money?”

When you earn and save, you are really earning for 2 separate lives, your present life and your life after retirement. It is obvious, but when you frame it as earning for 2 lives, it really hits home. By the way, I have noticed that here in Western NY, some of these new patio homes cost more than similar sized regular homes. As a matter of fact, we would probably have to spend about $100,000 more than our current home is worth to buy a patio home that is smaller! Spend more for less! The condo status would lower our real estate taxes by several thousand dollars a year, but still… crazy.

Hi Liz, this is Chris. I sent you an email at the first of the month about our mortgage progress. Guessing it went to your spam again.

I don't get it all done, but try not to stress about it. My energy level is definitely not what it was, but I try to give myself grace.

So glad you are enjoying the Y. You are still paying less than we do. I LOVE your gym bag. I have never tried the water aerobics at our Y. I go 3 days a week and so does hubby. It is what we can manage, not sure we could go every day. It has really helped with my stamina and balance. I can't imagine how I would be if I wasn't going regularly.

Last week I was able to keep to my $60 budget for groceries, and was happy about that. We also do what you do as far as cutting way back on things that don't matter as much so we have $$ for things that need to be done, like the new garage door and opener we are getting later in the week. We also save for fun things, too.

Hi Liz,

I will have to check my spam folder again.

I am glad that I am not the only one that can't get it all done. My energy level is so much higher since going to the Y. The water classes are terrific. Especially the
AquaFit classes. It is so easy to exercise in the water. But I have to admit that the first time I went, the next day I was so sore. I like your 3 day plan. The problem we have is our October is so loaded with appointments that we barely have time to breathe. Then trying to get the exercise in around them is stressful.

I love your plan.

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