Bangalore: Don’t you think saving money is one of the toughest things to do on a consistent basis? Yet we keep try in some say or the other to save a penny. You might be saving money to fulfill your financial goals. Do it, there is nothing wrong in it but don’t get addicted to saving. You may not realize it but sometimes your good habit i.e. saving money can also turn into dangerous addiction. What are those saving addiction, and how they can affect you? To know this, read below, as it is well explained by Jennifer Calonia, from GoBankingRates.com.

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Money Hoarders — Four Savings Addict Personalities

1. The Tightwad

Financial Philosophy: “It hurts to spend money.”

Your saving addiction can also make you a Tightwad. Well, a tightwad is a person who saves money to the extreme and feels pained or “disgusted” even at the thought of spending it. People with such personality completely turn into a misery and usually avoids all kinds of social gather because the idea to spending money haunts them at all time. It’s even more surprising to note that this kind of addiction can make spending on basic necessities seem difficult and unnecessary.

If you are suffering because of your stingy nature that does not allow you to enjoy social life, then you can do some experiment with your budget and bank account. For example, keep one account strictly for saving your emergency fund, while use the other as a discretionary account for putting money to fund your personal hygiene products, groceries, entertainment etc.

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