Is Saving Money too Overwhelming?

Posted by Mrs Money on June 22nd, 2010

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Sometimes I sit and think about how much money I’m going to need for the future, and it freaks me out. I think about how much it’s going to cost to have kids, replace one of our vehicles, and even how much money we’ll need for retirement. I feel like I’ll never be able to save enough money!  I can save and save and save, but who knows how much is enough?  What if I don’t plan for ___?  I realized that I can’t prepare for everything, so I really need to calm down and think of constructive ways to ensure we are as financially fit as we can be.

PalmTreeHammock1
Creative Commons License photo credit: robmercier

6 Month Emergency Fund

I think it’s so important to have some type of emergency fund, even if it’s $100.  That’s still better than nothing.  I’d like to have a years’ worth of expenses saved up, in the event that we decided that we are actually going to move or one of us loses our job.

Be able to live on less

I think this is one of my greatest goals.  I think that by being able to live on less money each year, we’ll have more flexibility and be able to do more things we love.  If we can afford to live on a small amount of money, then we can pretty much live anywhere we choose and be happy.  We won’t have to worry about the economy; we’ll be set.

Keep saving for retirement

We’ll keep plugging along saving money for retirement.  Even though it may not seem like a lot of money now, in 25 years or so, hopefully it will be a lot!  Every little bit helps.

Does saving money ever get overwhelming?  What do you do when you feel overwhelmed?

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11 Responses to “Is Saving Money too Overwhelming?”


  1. I like the idea of diversifying savings in order to make it seem less daunting. Rather than saying you need “X” amount of money to retire, break it down into a yearly, monthly or weekly amount.

    Personally, I don’t set goals; rather, I just SAVE in general. We’re always adding to our emergency and retirement funds, and we try to be frugal where we can (and where we want to).

    [Reply]

    Mrs Money Reply:

    RainyDaySaver- I pretty much do the same thing and save in general. Sometimes I see people that have their goals broken down and feel like that’s what I should do too. I think I shouldn’t compare my finances to others. ;)

    [Reply]

  2. I have accepted that there are some things I just can’t save enough for, such as college for my 3 kids. I will save as much as I can, but I won’t overly stress about it. They just may have to take on some student loans. I am ok with that since I totally paid for all my education.

    Regarding retirement, we save the max allowed. My biggest challenge is saving money outside retirement funds so we can retire early.

    [Reply]

    Mrs Money Reply:

    Everyday Tips- It just seems like there are so many things to save for and I’ll never have enough money! I’m glad I’m not the only one that feels this way.

    I’m pretty sure when we do have kids we won’t be able to fund their education 100%. I am becoming more okay with it. They should take some responsibility too!

    I always wonder how much we “should” have saved for retirement.

    [Reply]

  3. Yes, it gets overwhelming sometimes. Hubby and I are aiming for at least $2 million in our retirement accounts by age 52 (25 years from now), but it is way overwhelming to think about when we only see about $35,000 in them right now. My trick is to get really excited about consistently hitting our monthly goals and trying not to think 25 years ahead…

    [Reply]

    Mrs Money Reply:

    Budgeting in the Fun Stuff- HOLY CRAP! That is a lot of money. I think it’s great you are shooting high like that. It gives you something to strive for!

    [Reply]

  4. Its difficult to save money, especially when you don’t make much. Everything is so expensive. Money does not go far. It does get overwhelming at times.. .

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  5. I am trying to just plug on each day and save in both the money that is coming in and on the money that is going back out by being very mindful of things I use and buy

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