Save or spend… what’s your advice?

[chatterbug22]

Title says it all!

Early 20s, not yet bought but renting cheaply to enable us to save for a house deposit.

We have well paying jobs and do not have any children yet.

I am contemplating making a crazy savings plan and seeing how we get by living on one wage, spending the other (and alternating this) for a few years with the agreement drawn out that if anything goes wrong we split the savings 50/50.

I have received very mixed feedback, with some people thinking it is an amazing idea (as doing it over four years would enable us to have a house deposit, two new cars, a pot of money for holidays and a baby fund for when we want to use it). Others are saying it’s way too overprepared and that I should try and be more present and enjoy zero responsibilities as a young adult rather than worrying about the future. People always have an opinion whatever you do, don’t they!!

I don’t know how to strike the balance between the two. I am of the mind that you can never have enough savings and that future me/us would be extremely thankful we did it, but I also don’t want to dwindle away my 20s being boring and not recklessly going for night outs just for the fun of it.

thoughts?

There is nothing wrong with your idea, as you have a goal you are working towards.

I think you should sit down and agree a budget that works for your lifestyle, rather than just a blanket statement of living off one salary. Work out a budget that includes some fun money, so you don't get to feel deprived. Put your fun money in a separate account, so it's there when you want it.

Both.

Find the balance between spending and saving.

I agree with PP, you need to strike a balance between saving for the future you want, without letting the life you have pass you by......tomorrow may never come