Singaporean saves 40% to 50% of his income but feels guilty spending S$2k on holiday: ‘I still find it hard to actually spend’

SINGAPORE: When does disciplined saving cross the line into something unhealthy?

A Singaporean in his early 30s recently sparked a lively discussion online after confessing that years of aggressive saving have left him feeling guilty every single time he spends money — even on things he can comfortably afford.

In a post on the r/singaporefi subreddit, the man shared that he typically saves and invests about 40 to 50% of his take-home pay most months, with much of his remaining spare cash also funnelled into investments, CPF, and savings accounts.

For a long time, he felt everything was going according to plan—until a short holiday with friends changed his perspective.

“Recently, I went on a short trip with some friends and spent maybe $2k+ in a week. Nothing crazy. Just flights, a hotel, eating nice food, doing some activities, etc. And I felt guilty about the spending for some reason,” he wrote.

That unexpected pang of guilt made him pause and question whether he had developed an unhealthy relationship with money.

“I'm not struggling financially. I have a decent emergency fund and investments. I'm just so used to seeing the number go up that spending money now feels like I'm doing something wrong,” he admitted.

“I know the whole point of FIRE is supposed to be having more freedom, not just watching your portfolio get bigger. But I still find it hard to actually spend.”

He ended his post by asking fellow Singaporeans: “Anyone else went through this? At what point did you guys decide that 'enough' was enough?”

Commenters relate: I feel guilty spending my money too

The response was overwhelming, with many netizens admitting they struggle with the exact same feelings of guilt.

One user recounted two decades of ultra-frugal living that ultimately backfired:

“I used to save 50-70% because I was just low maintenance. Didn't need much to be happy and truly content. Then I am also very good at delaying gratification. I thought once I reached a certain net worth, I would be able to spend freely, but now, 2 decades later, I just end up with guilt. Not worry that I will not save enough, but I end up questioning if the higher price tag is really worth it.”

Another commenter shared that his wife experiences similar emotions:

“My wife is like this too. She told me once you get used to saving and watching the numbers go up, it can make you feel safe/good/happy. Also, she didn't have much growing up, so spending for 'fun' feels wrong even when you can afford it.”

A third netizen said a particular book helped reframe his mindset:

"I almost always feel guilty spending money too. Like you, I save and invest a huge chunk of my income, 60% thereabouts. I think what helped me change my perspective was the book Die with Zero by Bill Perkins, and now I allow myself to spend more as long as it's intentional. At the end of the day, money is a medium of exchange."

Others urge him to live a little

Meanwhile, several netizens chimed in to encourage the original poster to loosen the purse strings now and then.

One reminded him of the unpredictability of life: “When you read about people dying in their sleep or suddenly getting a critical illness, it makes you ask yourself what is the point of saving so much and not enjoying life a bit when life can be so unpredictable. You don't wanna be in your 60s-70s with a lot of money but unable to do anything with it because of health/mobility problems."

Another added, “Did you have a great time? If yes, then it's worth it. The money you can always earn back and save again. The memories and experiences are something you gain/lose forever. Life is all about balance. You work hard and save well. It's okay to have some fun and spend it once in a while.”

The discussion comes as no surprise given local financial habits. According to a survey by Milieu Insight titled Personal Finance & Investment Habits in Southeast Asia, Singaporeans are far ahead of their regional peers when it comes to money management.

The research found that 36% of respondents in Singapore save more than a quarter of their income after deducting expenses and debt repayments. This is well above the 21% regional average, cementing Singaporeans' reputation as the biggest savers and most keen investors in Southeast Asia./TISG

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