Jessica Wong
4 min read
Picture this: You own a home, along with $130,000 in cash savings and $40,000 in your 401(k), and you’re not even 30 years old yet.
On paper, this is a great financial situation. But after years of pinching pennies, turning down dinner invites and putting fun on layaway, was the sacrifice worth it?
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Welcome to the emotional hangover of hyper-saving, a side effect of the FIRE (Financial Independence, Retire Early) movement.
If this sounds like you, we’ve got some strategies for how to be fiscally responsible and still enjoy your life.
The FIRE movement is a financial movement that is made up of intense saving and budgeting to support an early retirement.
Saving 50% to 70% of your income sounds glamorous on paper, and for the ultra-disciplined, it’s a path to fast-track financial goals. But when social life takes a back seat to spreadsheet life, the returns may not always be what they seem.
According to the Federal Reserve data, as of 2022, the median net worth for American households under 35 years old is just $39,000. So, if you’re in your late twenties with six figures saved and real estate in your name, you’ve already lapped this figure several times over.
But while your bank account may be full, what can you do if your social calendar is blank?
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Once you’ve nailed the basics, like establishing an emergency fund, bolstering your retirement savings and acquiring some equity, it could be time to rebalance. Financial stability should be your launch pad to life, not the finish line.
Here are some ways to reclaim your social life:
The “Yes Month”: Say yes (within reason) to social invites for a month. Go to that concert. Grab rooftop drinks. RSVP “yes” to life. Giving yourself permission to live a little can revitalize your emotional well-being.
Create a “Fun Fund”: Set aside a guilt-free allowance for everything you used to say “no” to, such as weekend getaways, dinners out, shopping or even grabbing a coffee.
