The Compulsive Saver

Signs you might be a Compulsive Saver:

• You have a habit of saving all of your earnings indefinitely, sometimes with no end goal in mind.
• You believe that the best way to feel secure in life is to save money.
• You live a very frugal lifestyle and want to spend your money only on the necessities, which can be the result of growing up in poverty.
• You are a deal hunter or a bargain hunter. You know like the back of your hand where to get the best deals on food, clothes, and plane tickets. Friends will frequently seek your advice on which phone company is the most affordable or which point cards are worthwhile.

Pitfalls:

Some compulsive savers are so afraid of losing money that they live their entire lives without spending any of the money they have worked so hard to accumulate. For example, you may reduce your spending on hobbies or activities that could bring you happiness and purpose. You are more likely to experience stress as a result of your constant fear of losing money and a lack of dopamine-producing activities.

Money advice:

It's all about moderation; try to strike a balance between saving money and having fun. Investing is a great way to make money with your savings. Consider where you want to be in the future and how you can use your savings to get there. However, remember to set aside some money each month for your hobbies or recreational activities.