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Why You Shouldn't Save Too Much Money

Updated: Nov 8, 2023

Not all money is created equal!

Most of us have been taught to save money all our lives. It's important to have a safety net, but did you know that over-saving can actually harm us? Let’s see why saving too much money can be a bad thing.

Harder to Enjoy Life as You Age

Money loses its value as we grow older. If I gave my 90-year-old grandma 1 million rupiahs there’s nothing she could do with it. As you get older, your ability to “buy experiences” goes to zero. In my case, to get the same level of experience that I have on my holiday 10 years ago, requires more than 10x the cost from that time, just from the economic perspective.

But we still tend to measure our experiences with money. This can limit our ability to enjoy life! As we age, our physical and mental capabilities decline. So it's really important to enjoy life while we still can. Over-saving can prevent us from experiencing life and making memories.

Insurance Can Help

It's natural to want to prepare for the worst. But we don't have to do it alone. There are many types of insurance that can help us mitigate risks. Life insurance, old-age insurance, and other types of insurance are available to help us prepare for the future. So, we don't have to over-save to be prepared.

Work Less, Enjoy More

If we save less, we can work less, too. This means we can focus on doing what we love, rather than working for money. Over-saving can make us work more than we need to. But if we prioritize enjoying life now, we can work less and enjoy more.

Conclusion and Suggestion

What we have is now.

This era is paralyzed by the future and forgets how to live here and now. This is not just limited to how we approach the economy of our lives (see a lot of people who are stuck on work because they have instalments for their stuff). It also comes into the culture represented by this hustle culture with the promise of a better future, when in fact what they do is confined

So, remember, over-saving can prevent us from enjoying life and making memories. It's important to find a balance between saving for the future and enjoying life now. Insurance can help us mitigate risks, and saving less can help us work less and enjoy more.

One alternative perspective on doing things, count how many times will you actually spend time with someone for the rest of your life. That's where you will find that it is actually a small number. It will help you to quantify the "social aspect" and then appreciate it more.

Let's enjoy life now, without sacrificing our future security.

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