Individuals are developing an addiction to this "intelligent" financial practice, raising concerns among experts.

      During my teenage years, nothing brought me more joy than seeing my bank account balance rise. I took pride in the fact that my part-time hostessing job could help me save money and pay for gas for my car. It’s no surprise that I've carried this inclination to save and avoid overspending into my adult life. And according to TikTok, I’m not alone in this sentiment. Recently, my For You Page has been filled with users declaring they’re “addicted to saving money,” claiming that this behavior provides them with just as much of a dopamine rush as spending does.

      As someone who naturally saves, I initially supported this idea, as it seemed to promote healthy financial habits. However, after further investigation, I've discovered that experts believe this addiction can be as detrimental as overspending. But what makes prioritizing substantial savings potentially harmful? And can one truly strike the right balance between saving and spending? I consulted experts for clarification.

      Below, you'll find everything you need to understand about what it means to be addicted to saving money, including important signs of this addiction, its potential pitfalls, and advice on achieving a balance between saving and spending.

      **MEET THE EXPERT**

      **Robinson Torres**

      Robinson Torres is the Lead Financial Expert at Cleo. With more than ten years of experience working with individuals and couples, Rob specializes in enhancing financial habits, building confidence, and developing the skills necessary to achieve financial goals. He holds the titles of Accredited Financial Counselor (AFC®) and Certified Financial Education Instructor (CFEI®).

      **MEET THE EXPERT**

      **Ben Markley**

      Ben Markley is a personal finance educator and host of “Sketchy Advice” by YNAB. A recognized authority on financial trends, he has been featured in Fast Company and CBS. He uses his teaching background to simplify complex financial topics in an engaging and comprehensible manner.

      **What does it mean to be addicted to saving money?**

      Being addicted to saving money doesn’t equate to being budget-savvy. Instead, it signifies that opting to save rather than spend provides a significant dopamine boost, similar to the joy experienced after exercising, achieving intimacy, or making a significant purchase. This addiction makes seeing your account balance grow and credit card debts decrease an exhilarating experience.

      **What are the key signs of this addiction?**

      Naturally, someone addicted to saving money will be frugal, but this behavior can often lack logic. Their spending habits may appear irrational as they focus exclusively on saving as much as possible. Ben Markley describes someone with this addiction as someone who might go to great lengths to save on gas, spend hours comparing prices, or attempt to handle plumbing issues personally instead of hiring a professional to maintain their savings.

      Moreover, Robinson Torres notes that this addiction also has emotional implications. Much like the post-purchase regret shown in a TikTok video, those affected often experience guilt or anxiety after purchasing necessities they can afford. They link their self-esteem to their financial standing, and even minor fluctuations in their bank balance can trigger a cycle of negative emotions. Other indicators include declining social invitations to save money and obsessively monitoring their bank account, as mentioned by Torres.

      **Why being addicted to saving money can do more harm than good**

      To clarify, it’s perfectly normal to desire a substantial bank balance, and there’s nothing wrong with saving strategically. However, being addicted to saving won’t facilitate this; it keeps you trapped in a mindset of scarcity, where no amount of money feels sufficient. Markley explains that this fixation makes it almost impossible to spend on anything, including purchases that could enhance your life.

      “When addicted to saving, enjoying a hot dog at a baseball game or purchasing a concert t-shirt becomes challenging because the cost overshadows the experience.”

      As a result, this addiction often prevents you from appreciating the rewards of your hard work or anything else enjoyable in life. Individuals addicted to saving struggle even with receiving gifts, as their instinct is often to regift them as a way to save money. According to Torres, when one's life revolves around financial decisions to this extent, it can undermine overall quality of life, making it hard to relax or have fun.

      **How to achieve more balance between spending and saving**

      Whether you lean toward being a natural saver or have a tendency to spend, achieving a more balanced approach to money is beneficial for everyone. There exists a sweet spot for responsible spending and saving. Here’s how to find it:

      1. **Don’t base every decision solely on cost.**

      Contrary to common belief, making strategic spending decisions doesn’t always mean prioritizing the lowest price. It involves considering factors like quality, experiences, and personal affordability. A trip abroad with friends may not yield substantial monetary returns, but the memories created are invaluable. If you can afford the trip without risking your financial stability, it’s completely reasonable to take it. “An expense doesn’t need to add up on paper to be a worthwhile investment