Wednesday, December 21, 2011

Why I Hoard Money

I have a tendency to hoard money, both in my savings accounts and at home.  I will usually have a few hundred in cash at home just in case we need it.  I keep quite a bit in our savings accounts.  We don't want to go below $30,000 and have $37,000 right now.

Since I grew up poor, we had to do without some things that others would consider basics.  One time we didn't even have a working toilet indoors.  We had to use the outhouse for a winter.  That sucked.  I hated it.  When I was 17, I asked my mom for $5 to buy tampons.  I did have a job but was making minimum wage and had probably spent my money.  My mom told me that it wasn't her responsibility to buy me tampons because I had a job.  At that point, I knew that it was up to me to provide the basic necessities for myself.  (As I type this, I cringe as a mother.  I can't imagine ever telling my daughter that I wouldn't buy her the basics like tampons.) 

I hoard money because I don't want to be without.  At 19, I moved out of my parents house.  I had to have money in savings or rely on my credit card for anything that would come up like car repairs, new tires, or an apartment deposit.  My parents wouldn't help me out, even if I would have asked.  They wouldn't even cosign a student loan for me.  I knew that if I didn't have the money, I might have to move back home which wasn't an option. 

I still worry that something will break down and I can't afford to fix it.  I think that I will always have that fear.  That fear can be a good thing as it has pushed me to make good money.  I have a high work ethic and an inner drive because I want to break the chain of poverty. 

Savings can be a good thing but it doesn't always stem from a good thing.  I just want myself and my family to have a better life.  (Side note:  I don't necessarily think that money means a better life but it oftens opens up doors through education that will also break the chain of violence.) 

Why do you save money?  Just to have it?  Just for fun?  To be responsible? 

10 comments:

  1. I think mine stems from a similar feeling, though not as extreme. My parents weren't good with money, and now my mom barely makes ends meet. She rents her place, and while she is happy I know that there is stress that comes from not having a savings and being more responsible when she was younger. I not only don't want to be there, but also know I will need to help take care of her eventually, and want to be prepared for that.

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  2. I save for the same reason... I grew up poor, with a struggling single mother. I'll never have even close to what you have saved up, but I'm thankful to have some $$ set aside "just in case". It gives me security, and peace that my kids will never "go without".

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  3. Carla, never say that. We didn't have that much in savings until we sold our other house a year ago. The money is security.
    LBC, props to you for wanting to be prepared to take care of your mom.

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  4. I "like" having money around me. I will stash it or hide it around the house. My savings is about 1200.00, but I do need more in my savings. Then I will feel more comfortable.

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  5. I think you save money for great reasons. I save money for pretty much the same reason as you. My mom always made me pay for things such as basics and other things around the house ever since I was a preteen, and now I just want to save save save.

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  6. I save (or attempt to save) because I sent too many nights worrying about money... as a child. I am sure that forever burnt on my brain, and that stress probably cut off a few years of my life. I also save because I want to help others. I want to be able to afford random acts of kindness, treat friends who are struggling, lead by example. And yeah... steer clear from my mother's ways of spending WAY beyond her means. I'll forever be an under-spender and it makes me cringe to buy something for myself other than groceries and necessities. I will rather give out my money than buy things for myself.

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  7. I need to start hoarding money --- I am getting there...

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  8. My need to save comes from a similar place. When I was at the end of elementary school my family almost went bankrupt and I spent the first few years of high school buying most of my stuff from second hand stores and being aware of every penny. It wasn't fun to live through but it sure gave me a great savings ethic as I never want to put my family through the same ordeal.

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  9. I save because I want a comfortable life for me and my family. I save because I want to retire early. I save because I want to have the choice to afford my wants. I want the freedom to travel and see the world if I so choose. I also want to help the less fortunate. I save because I don't want to live in fear of losing my job.

    I save for the freedom financial security brings even though sometimes it is hard.

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  10. My dad and mom were extremely frugal. I remember needing shampoo and they asked where my allowance money was. I had spent it on other things and they wouldn't even buy me the 79 cent bottles of VO5 that were on sale. I can't remember what I did in order to get shampoo but as a mom I could never imagine doing that to my kids. (On a side note, our allowance wasn't supposed to even cover shampoo, pads, tampons or anything else- they were supposed to and then they suddenly decided to change that because they were just plain cheap.) As a result, I am extremely frugal but typically a total hoarder when I come into any extra money at all because I am terrified of having to go without. It is sad.

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