To think saving beyond essentials is mostly a personal choice?

[ForKhakiLurker]

If someone isn’t struggling to cover their basic needs, does saving mostly come down to personal choice and priorities? I know there are always different circumstances and commitments but it sometimes feels like beyond a certain point it’s more about how people choose to allocate their money.

AIBU?

Everything is a personal choice, cereal or toast for breakfast? Personal choice.

Save or spend all your wages, personal choice.

Pointless thread.

Saving your own money is always a personal choice, surely?

That about sums it up.
Personally, I save because although I'm alright today, I might not be tomorrow. I might fall down a hole and have to take time off work.

It is mainly a personal choice, but it would be naïve to think that the social safety net of wherever you live doesn't make a difference, so in some ways it is a societal decision too.

If it feels pointless to you, fair enough but you still chose to comment. My point was specifically about saving priorities beyond essentials.

Everyone’s list of priorities should be

1. essentials
2. savings

anything else is bad financial attitude/management

A large part of "saving" is preparing for the future, so isn't really a "personal choice" unless you expect to be looked after by other taxpayers if you lose your job, get ill or when you come to retire.

Not saving (when you can) is a bit like the idiotic holidaymakers who don't get travel insurance and then expect a "gofundme" to pay for their medical costs, longer accommodation stays and air ambulance home.

Very different for low earners who don't have enough money to save, but for those who can, it's pretty stupid not to, as they'll have no "buffer" for when things go wrong and the shit hits the fan. Completely unacceptable to expect others to bail them out because they couldn't be arsed to provide for themselves.

I’d think this is quite obvious answer really? Obviously saving is about personal choices and priorities, everybody has the choice to either spend all their wages or save some (assuming obviously they actually have any left over after paying bills). I would say not saving at all is a really stupid choice though.

Yes, and people have different definitions of essential. I cut my own hair, never get my nails done, don't have botox, buy second hand, don't get takeaway coffee etc. I'm 36, and own my London home outright (with no parental or other help). I also earn a lot but I don't think i would have achieved this if it wasn't for saving hard.

I don’t really understand. What do you mean savings are a personal choice?

even if you have savings, you often need to spend them when those rainy days arise, then they need to be replenished. It isn’t one decision

I think it's definitely a good choice to prioritise saving, but yes, it's up to you as an individual.

People save for various reasons don't they . It's all about priorities in your life. Some people feel holidays are essential, not a big deal for me . I like nice cars and home improvements. Anyone who does not save for unexpected things like expensive repairs when they have the ability to do so is foolish . But other people have no extra to save and are just happy to pay their bills.

It depends, once you have a bit of a safety net saved other things might come into the equation be that extra curriculars for the kids, house decor etc. Life would be very sad if we only had essentials and savings.

It's an inadvisable personal choice. What you gonna do if you lose your job? I live every day as if I could lose my job tomorrow. I don't mind it.

I would say that savings are essential.

There are also different expectations of back up from family whether it be financial, childcare or diy/household stuff.
I have also been truly shocked a few times at the entitlement shown from a couple of friends who refuse to move/downsize/future proof and are expecting their young ones to facilitate this.
I would never wish to impinge on my familie's time and goodwill to do this so savings and downsizing are going to be key.
When a young mum I would never book a holiday for example,
without knowing that everything else was covered rather than assume that I could always borrow from family if things became tight!
Saving has been a way of getting ahead of the game and that feeling of security was better for me than any pricey holiday. I find kiddies have fun where ever they are if you are relaxed and happy!
So savings at every stage of life are removing the burden from other people.

It's fine to prioritize actually enjoying your life in the moment sometimes.

I'm very fortunate to be financially secure. I could save a lot more than I do, but I have a lifetime of incredible memories and a lifestyle that I enjoy thanks to prioritizing various experiences and luxuries, many of which won't be available to me in the future no matter how much I've saved.

What is YOUR definition of essential OP?

Saving for an emergency fund, old age, to buy a new car outright (rather than taking a loan), saving for home improvements or to move house????

It’s not really an answerable question though OP - you’re saying ‘essentials’, when some people think it’s essential to have 6 months+ of living expenses saved, while that’s an impossible dream to others.

So it depends on both your circumstances and your approach to risk analysis.

But what are essentials?
Food is an essential, but most people will plan to pay more on food that "just enough to sustain basic life".
Somewhere to live is also an essential, but you might decide to spend more on a place that is bigger, or in a nicer area or has a garden.
Getting to work is an essential, but you can choose to walk, or bike, or get the bus or have a car.

Many people choose to prioritise a lifestyle that's a bit nicer than essentials (and what exactly it is, will depend on the individual) over saving beyond a rainy day fund.
Very few people, unless they have a specific aim, will cut their spending really down to the bare essentials so that they can all out save.

I think anyone who can afford to save something after covering the essentials yet chooses to spend it all instead, month after month, is selfish and rather stupid or at least lacking in common sense. Many things that are down to 'personal choice' can still be categorised as wise or unwise, selfish or not, etc. Making the personal choice not to at least try to take care of your own (potential future) needs is one of them.

Totally. I think its a lot down to what you choose to spend your money on. Before I had to stop working, my husband and i were both full time on minimum wage, people asked us how we could afford to make regular trips to the theatre. Neither of us smoke or drink much, rarely ate out or bought pricey gadgets. So advertising food tebt and bills when we had the funds, we chose to have a night at the theatre. Other people may choose to save their money, when jobs/benefits are uncertain its best to put some away just in case you need it.

well, if you’re poor. If you’re affluent i suppose it doesn’t really matter, but you’re still not bad at financial management/ have a poor attitude

Sorry there’s been a couple of threads like this lately, creating AIBU topics out of questions that are just everyday choices that people make that aren’t really AIBU discussion.

yes…but I would consider the extra curricular essential then to a point I suppose.