Will You Regret Being Too Frugal?
Recently, after my 25th birthday, I started reflecting on the things I’ve spent money on and the things I’d still like to buy. That reflection led me to an interesting question: Will I one day regret being too frugal?
Frugality
To me, frugality is the conscious decision not to spend money even when you could. It goes back to my post What Do You Value? it’s about choosing not to spend on things that don’t matter to you.
Frugality, in my opinion, has nothing to do with being cheap. Being frugal means trying to maximize the value of a purchase while minimizing the cost. Being cheap, on the other hand, is only about minimizing the cost.
For example, when shopping for T-shirts, I could buy a $100 shirt if I really wanted to. But the shirts I like usually cost about $6. They’re affordable, good-quality, and comfortable. A cheap person might instead buy a $2 shirt simply because it’s the lowest price, without caring about comfort or quality.
People who know me often joke that I’m “cheap.” That’s not true—I’m frugal. I try to buy affordable but quality items. I’m not offended when people call me cheap, but it’s important to define what those words really mean.
Video Games
Here’s something I bet you’ve never heard before. Since we’re talking about frugality, I want to share a discovery I made: the way you play video games might reflect how you handle money in real life.
Think about it. If you’ve ever played a game that involved saving items or money, like Minecraft, Far Cry, or GTA—how did you treat those resources?
I’ve noticed that people play the same way they live. I’m a saver, and I hoard resources in games. One of my friends is the opposite: in real life he spends freely and often feels broke, and in games he blows through all his money too.
Over time, I realized this pattern was almost always true. My friends’ playstyles in games nearly always matched how they managed resources in real life.
For me, this raised a big question. In many games, I hoarded resources, saving them “for later” only to reach the end without ever using them. I’d then move on to a new game, realizing I had missed out on experiences because I refused to spend what I’d earned.
I don’t want that to happen in real life. Unlike video games, we only get one playthrough. If I keep hoarding resources forever, someone else, who didn’t work for them, may end up enjoying them after I’m gone.
Where I’m At
Right now, I earn about the median salary for a single person in my state. Between savings and investments, I’m only about $10k short of having 10 times my annual gross income set aside. If I keep contributing as I do now, I expect to have around 18 - 20 times my annual gross income saved by the time I’m 30.
Conventional wisdom says you should have at least 1 times your salary saved by 30. I’m on track to have 20x that amount. But does that make me too frugal? Should I be living a little more?
It’s hard to say. Part of this comes down to my FIRE goals, which are unusual and require much more saving than average.
I don’t say this to brag. It’s an honest question I ask myself. I don’t feel like I’m living a life of sacrifice. Sure, I could buy a nicer car, eat out more, or splurge on luxury items but I don’t have much desire to. (Okay, maybe I’d like a Corvette for a summer.)
What I do worry about is reaching age 60 or 65, sitting on millions of dollars, and looking back wishing I had enjoyed life more in my 20s, 30s, and 40s. But then again, I can’t think of many things on my bucket list right now, other than that Corvette.
Can You Even Be Too Frugal?
That brings me back to my original question: Will I one day regret being too frugal?
If you’re not living a life of sacrifice, how much are you really missing out on? Spending money just for the sake of it doesn’t seem fulfilling either.
I go back and forth. Living the most fulfilling life possible is the goal—but does saving and investing more bring me closer to that, or push me farther away? Only time will tell.
For what it’s worth, I do spend money. I’ve bought cars purely for enjoyment, which isn’t exactly the “frugal” choice. But aside from that, I don’t have much desire for large or extravagant purchases.
At the end of the day, my goal is simple: maximize my overall enjoyment and fulfillment in life. Because when it comes down to it, that’s what life is really about.
Summer 2025 with my Mustangs and Miata