Is putting away 40% of your salary for savings and investments wise? I'm feeling like I'm not enjoying my income as much as I should but really want to feel responsible and stable as we have a family now. What are you saving?

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I've maintained a vestige of frugal mindset through both mine and my husband's income growth and when we would make a big purchase like a fancy vacation I would feel "bad" about it. In a totally non-specific, non-intellectually consistent way. Just like I shouldn't need to spend that money and therefore should save it, or pick a less nice hotel or whatever. I also struggled with still being in the mindset of "spend salary and save bonus"-- which worked early in our careers, but bonuses are now almost 80% of our total income.

The thing that helped me was to actually put my professional skills into our personal lives-- what did good retirement mean? What was our monthly and annual cashflow like? This helped me clarify that things that felt big (that vacation) literally didn't move the needle on my longer term goals. Also helped with annual smoothing given how bonus-driven our family income now is.

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Wow. That's amazing that you can save that much of it! I guess it all depends on your goals. Are you trying to retire early? If you can do it, great! But you also only live once and nothing is guaranteed in life. So make sure you do a little to enjoy yourself as well!

Do you have kids and have bought home and car and are saving this much? Then that is fantastic. I am DINK and no home/car and I save 60%

We save closer to 30%, but that includes longer term investments (like retirement) plus shorter term savings that can then be used for other things, like the down payment on a second home.

What do you feel you’re missing out on? How would you spend your money if you didn’t have to be concerned about stability or caring for your family?

Slashing your spending by 40% can feel drastic. You might have to cut back on dining out, vacations, hobbies, or even some necessities. Not possible for me since I have mouths to feed and a house to pay for.

I think it is wise but also unrealistic. If you are saving that much then you're right, you are not getting to enjoy your salary and its like I always say "you don't get to take it with you when you die."

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