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{"id":3151,"date":"2018-03-02T14:06:21","date_gmt":"2018-03-02T19:06:21","guid":{"rendered":"http:\/\/www.decisionfish.com\/?p=3151"},"modified":"2022-08-01T10:28:38","modified_gmt":"2022-08-01T14:28:38","slug":"seven-good-reasons-not-to-save","status":"publish","type":"post","link":"https:\/\/www.decisionfish.com\/seven-good-reasons-not-to-save\/","title":{"rendered":"Seven Good Reasons NOT to Save"},"content":{"rendered":"<p><b>You&#8217;re saving too much\u2026said no financial expert ever.<\/b><span style=\"font-weight: 400;\"> It&#8217;s<\/span><a href=\"https:\/\/americasavesweek.org\"> <span style=\"font-weight: 400;\">America Saves Week<\/span><\/a><span style=\"font-weight: 400;\">, which is all about saving more. If you&#8217;re in your twenties, you\u2019ll be told to <\/span><a href=\"http:\/\/money.cnn.com\/retirement\/guide\/basics_basics.moneymag\/index7.htm\"><span style=\"font-weight: 400;\">save ten to 15 percent<\/span><\/a><span style=\"font-weight: 400;\"> of your income. &nbsp;Older? You\u2019ll be advised to save 20-30 percent or more! At the same time, <\/span><a href=\"https:\/\/www.gobankingrates.com\/investing\/surprising-reasons-people-arent-saving-retirement\/\"><span style=\"font-weight: 400;\">one-third of Americans have saved precisely zero<\/span><\/a><span style=\"font-weight: 400;\"> for retirement and the the average savings rate in the US has declined to an <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/u-consumer-spending-rises-savings-134046394.html\"><span style=\"font-weight: 400;\">10 year lows of just 2.4 percent<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bear with me while I address that elephant in the room: <\/span><b>could the experts be wrong?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If only for a moment, let&#8217;s consider some<\/span><b> arguments for saving less<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><b>Preference reasons:<\/b><span style=\"font-weight: 400;\"> Some people will prefer to spend $1 today even it could turn into $2 or $3 of consumption in the far future. Financial professionals call this a high (or hyperbolic) discount rate. But it could be a legitimate preference that I would rather enjoy my dollars when young even if it meant lean times later on. <\/span><a href=\"https:\/\/www.cnbc.com\/2017\/05\/07\/get-ready-for-dramatically-lower-stock-market-returns-over-the-next-decade.html\"><span style=\"font-weight: 400;\">Low expected returns<\/span><\/a><span style=\"font-weight: 400;\"> on investment make the trade-off less expensive.<\/span><\/li>\n<li><b>Empathy reasons:<\/b><span style=\"font-weight: 400;\"> It&#8217;s hard to care about my future self because I might consider him to be an entirely different person&#8211;a stranger, even. While we may share some memories, beliefs, preferences and a few cells, who can say how much of these we will share? In addition, American culture fetishizes youth; imagining myself as old is just unpleasant.<\/span><\/li>\n<li><b>It&#8217;s hard work:<\/b><span style=\"font-weight: 400;\"> Saving requires self-control to resist the pressures of marketing messages, peer pressure and desire for immediate gratification. It requires time and education to know how to save right. Many businesses don&#8217;t have a retirement plan, which makes it even less convenient to save.<\/span><\/li>\n<li><b>Practical reasons:<\/b><span style=\"font-weight: 400;\"> For many, saving seems like an <\/span><a href=\"https:\/\/www.gobankingrates.com\/investing\/surprising-reasons-people-arent-saving-retirement\/\"><span style=\"font-weight: 400;\">unaffordable<\/span><\/a><span style=\"font-weight: 400;\"> luxury. Even when they do make an effort to save, emergencies come up that thwart those efforts. <\/span><\/li>\n<li><b>I can rely on others to help: <\/b><span style=\"font-weight: 400;\">I like to joke with my son, Jay, that part of my retirement strategy is to rely on my 401(J) plan. Perhaps I will be able to count on the government and my family to ensure that my basic needs are met when I can no longer work.<\/span><\/li>\n<li><b>I&#8217;ll just keep working: <span style=\"font-weight: 400;\">(as long as I can\u2026)<\/span><\/b><\/li>\n<li><b>Moral reasons:<\/b> One way to make <a href=\"https:\/\/www.decisionfish.com\/how-to-be-ethical-in-under-four-minutes\/\">moral decisions<\/a> is to compare the costs and benefits, as they affect myself and others. I may reasonably find that there are just better consequences to spending more and saving less.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Before we cash out our retirement savings and go on a fabulous vacation, let&#8217;s revisit these arguments critically:<\/span><\/p>\n<ul>\n<li><b>Practical reasons:<\/b><span style=\"font-weight: 400;\"> Unexpected expenses will happen for everybody at some point. Without an emergency fund, many will have to pay higher fees and interest costs, and experience greater uncertainty and anxiety. <\/span><a href=\"https:\/\/www.decisionfish.com\/saving\/\"><span style=\"font-weight: 400;\">Saving to build a rainy day fund <\/span><\/a><span style=\"font-weight: 400;\">can prevent all that. And, once the fund is full, it will be easier to continue saving for retirement and other goals.<\/span><\/li>\n<li><b>Preference reasons:<\/b><span style=\"font-weight: 400;\"> While it can be a legitimate choice to accept poverty late in life in return for more fun today, our busy lives and marketing messages may make it hard to mindfully select this trade-off with a full appreciation of the consequences. For many, objective and thoughtful consideration will reveal a preference for more sustainable spending and savings behaviors.<\/span><\/li>\n<li><b>Empathy reasons:<\/b><span style=\"font-weight: 400;\"> We naturally feel more empathy for people we are closely related to than to strangers. Of course, there&#8217;s no one we are more closely related to than our <\/span><a href=\"https:\/\/www.npr.org\/programs\/invisibilia\/533660783\/future-self\"><span style=\"font-weight: 400;\">future self<\/span><\/a><span style=\"font-weight: 400;\">! Both the Decision Fish <\/span><a href=\"https:\/\/www.decisionfish.com\/app\/\"><span style=\"font-weight: 400;\">app<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.decisionfish.com\/workshop\"><span style=\"font-weight: 400;\">workshop<\/span><\/a><span style=\"font-weight: 400;\"> get people to visualize their future selves to build empathy and understanding, so they can make a more mindful saving decision. (More than 90 percent increase their savings intentions as a result.)<\/span><\/li>\n<li><b>It\u2019s hard work:<\/b><span style=\"font-weight: 400;\"> True, but technology and building good habits can help with saving. Online tools like ours can make it easier to think about and plan for the future, get control of our spending and build financial resilience.<\/span><\/li>\n<li><b>Relying on others:<\/b><span style=\"font-weight: 400;\"> Relying on Social Security alone is a guarantee of poverty: the average benefit is only <\/span><a href=\"https:\/\/www.fool.com\/retirement\/2017\/08\/30\/how-big-is-the-average-persons-social-security-che.aspx\"><span style=\"font-weight: 400;\">$1,413 per month<\/span><\/a><span style=\"font-weight: 400;\">, just a shade above the <\/span><a href=\"https:\/\/www.healthcare.gov\/glossary\/federal-poverty-level-FPL\/\"><span style=\"font-weight: 400;\">federal poverty line<\/span><\/a><span style=\"font-weight: 400;\">. In addition, the program is forecast to <\/span><a href=\"http:\/\/money.cnn.com\/2017\/07\/13\/news\/economy\/social-security-trust-fund-projection\/index.html\"><span style=\"font-weight: 400;\">run out by 2034<\/span><\/a><span style=\"font-weight: 400;\">, which could lead to cuts in even these meager benefits. One has to choose whether to plan to rely on family or start saving now, so that rather than being a burden, you may even be able to provide support for children and grandchildren.<\/span><\/li>\n<li><b>I&#8217;ll just keep working: <\/b><span style=\"font-weight: 400;\">This is risky. Most Americans actually <\/span><a href=\"https:\/\/smartasset.com\/retirement\/average-retirement-age-in-every-state-2016\"><span style=\"font-weight: 400;\">retire by age 63<\/span><\/a><span style=\"font-weight: 400;\">. Poor health of the worker or the spouse and lack of employment opportunities can force some people to retire before they&#8217;re ready.<\/span><\/li>\n<li><b>Moral reasons:<\/b><span style=\"font-weight: 400;\"> Some may consider it a moral obligation to save. <\/span><a href=\"http:\/\/www.thirteenvirtues.com\/\"><span style=\"font-weight: 400;\">Frugality, moderation<\/span><\/a><span style=\"font-weight: 400;\"> and self-reliance are classic American virtues. In addition, saving and taking care of one&#8217;s future self would be an <\/span><a href=\"https:\/\/plato.stanford.edu\/entries\/kant-moral\/\"><span style=\"font-weight: 400;\">excellent universal law<\/span><\/a><span style=\"font-weight: 400;\"> while respecting the rights and dignity of our future selves.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Of course, the decision of how much to save and when is personal. It&#8217;s not necessarily bad to save less than what experts recommend. However, it&#8217;s a decision that can have grave consequences for oneself and society at large. So, it requires careful, mindful and honest consideration of practicalities, preferences, empathy and obligations to one&#8217;s self and others. We think that such considerations motivate people to save more rather than less. However, advisers, bloggers (and fintech entrepreneurs!) need to respect the savings decisions that people make!<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Note: this is the first in of a three-part series of financial wellness articles that describe the philosophy behind the <\/span><\/i><a href=\"https:\/\/www.decisionfish.com\/app\/\"><i><span style=\"font-weight: 400;\">Decision Fish App <\/span><\/i><\/a><i><span style=\"font-weight: 400;\">and <\/span><\/i><a href=\"https:\/\/www.decisionfish.com\/workshop\"><i><span style=\"font-weight: 400;\">Workshops<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. Next up: <\/span><\/i><a href=\"https:\/\/www.decisionfish.com\/budgeting\/\"><i><span style=\"font-weight: 400;\">Beat the Budgeting Blues<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and <\/span><\/i><a href=\"https:\/\/www.decisionfish.com\/saving\/\"><i><span style=\"font-weight: 400;\">Make Your Money Make More Money<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">.<\/span><\/i><\/p>\n<hr>\n<p><a href=\"http:\/\/decisionfish.com\">Decision Fish<\/a> is building a fun,&nbsp;<a href=\"https:\/\/www.decisionfish.com\/app\/\">online financial wellness program<\/a>.&nbsp;<b>We are looking for people willing to&nbsp;<a href=\"https:\/\/www.decisionfish.com\/engage\/\">try it out early<\/a><\/b>, even before it\u2019s available to the public. Do you want some informal financial coaching yourself or work at a company that still doesn\u2019t offer a financial wellness benefit?&nbsp;<a href=\"https:\/\/www.decisionfish.com\/contact-us\/\">Let us know!<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1993 aligncenter\" src=\"https:\/\/i0.wp.com\/www.decisionfish.com\/wp-content\/uploads\/2017\/03\/Thumbs-Up-e1496681700768.gif?resize=101%2C131&#038;ssl=1\" alt=\"\" width=\"101\" height=\"131\"  data-recalc-dims=\"1\"><\/p>\n<p><a href=\"https:\/\/www.decisionfish.com\/engage\/\">Sign up<\/a>&nbsp;for email updates and follow us&nbsp;<a href=\"http:\/\/www.twitter.com\/decisionfish\">@decisionfish<\/a>.&nbsp;You can forward this to a friend using these share buttons:<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You&#8217;re saving too much\u2026said no financial expert ever. It&#8217;s America Saves Week, which is all about saving more. If you&#8217;re in your twenties, you\u2019ll be told to save ten to 15 percent of your income. &nbsp;Older? You\u2019ll be advised to save 20-30 percent or more! At the same time, one-third of Americans have saved precisely &#8230; <a title=\"Seven Good Reasons NOT to Save\" class=\"read-more\" href=\"https:\/\/www.decisionfish.com\/seven-good-reasons-not-to-save\/\" aria-label=\"More on Seven Good Reasons NOT to Save\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":3152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[102],"tags":[53,122,19,123,124,116,121],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Seven Good Reasons NOT to Save &#8211; Decision Fish: Decide For Yourself<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.decisionfish.com\/seven-good-reasons-not-to-save\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seven Good Reasons NOT to Save &#8211; Decision Fish: Decide For Yourself\" \/>\n<meta property=\"og:description\" content=\"You&#8217;re saving too much\u2026said no financial expert ever. It&#8217;s America Saves Week, which is all about saving more. If you&#8217;re in your twenties, you\u2019ll be told to save ten to 15 percent of your income. &nbsp;Older? You\u2019ll be advised to save 20-30 percent or more! At the same time, one-third of Americans have saved precisely ... 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