--- title: 'Dollar Scholar Asks: Why Do I Feel Guilty About Spending My Savings?' description: Emptying the savings account you worked so hard to fill can feel strange. But experts say it's not irresponsible to spend those funds. authors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Personal Finance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-05-05T16:30:44.000Z' modified: '2024-05-17T04:54:21.000Z' section: Personal Finance tags: - dollar scholar - Guides word_count: 870 canonical: https://money.com/dollar-scholar-guilt-spending-savings/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Dollar Scholar banner featuring multiple Cash Bags Surrounded By Couns](https://img.money.com/2023/04/DollarScholar-Should-I-Feel-Guilty-Spending-Savings.jpg) *This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at **[money.com/subscribe](https://money.com/subscribe/dollar-scholar/?ref=/dollar-scholar-emotional-with-money/)** and join our community of 160,000+ Scholars.* * * * Summer is so close I can taste it, and I'm ridiculously excited. I’m planning a trip to Italy, and the Jonas Brothers are going on tour. Both are exciting! And both are expensive. Luckily, I’m prepared; I’ve been saving money for months in my “vacation” and “[concerts](https://money.com/find-cheap-concert-tickets/)” buckets on Ally. The only problem? When I think about depleting those funds — and watching my balance go down — my stomach starts to hurt. Is this normal? First of all, Cullen Rogers — chief investment officer at savings app Qapital — says I should know that this reaction is extremely common. It's difficult for most people, he says, to get their finances to a place where they feel comfortable splurging. But beyond that, he encourages me to consider what’s driving my guilt. Do I feel awkward about spending my savings because I don’t have an [emergency fund](https://money.com/emergency-fund-how-big/), and I think I might need that money in case of a crisis? Is it because I’m buying concert tickets instead of contributing to my 401(k)? Am I racking up credit card debt that I can’t afford to pay off just for the chance to see Nick Jonas’ newly grown-out curls in person? For me, the answer to all of those questions is no, so he recommends I take this as an opportunity to revisit my [financial plan](https://money.com/dollar-scholar-money-goals-by-30/). That involves thinking about what my priorities are — and not overcorrecting out of some imagined duty that I quote-unquote should. “If you’re just throwing money into a retirement account and not spending anything, that’s not necessarily the most healthy, either,” Rogers says. If I love [traveling](https://money.com/best-places-to-travel/) and going to shows, as I clearly do, there’s nothing irresponsible about spending my hard-earned cash on them. Especially if I set very defined goals for my income. That includes recreation. Fun is a crucial category in any budget, says Cindy Scott, a certified financial planner with Schwab Intelligent Portfolios Premium. “Putting thoughtful plans together to go enjoy yourself with whatever — travel, concerts, throwing dinner parties, clubs you want to join — that should be part of \[it\]," she says. “Give yourself permission to enjoy the things that light you up.” Reviewing my plan can give me confidence. Scott says that when I can check all the boxes — bills, emergency fund, [retirement accounts](https://money.com/ira-vs-401k-both-benefits/), etc. — it may help me feel better about spending my savings. “You can have a conversation with yourself and remind yourself, ‘I’ve planned for this. I’m taking care of everything else. Nothing in my financial plan is suffering because I’m going to take this vacation,’” she says. My guilt could be tied to my upbringing; I’m likely dealing with a [money script or scarcity mindset](https://money.com/how-often-should-you-check-your-bank-account-app/) that’s influencing my adult behavior. With this in mind, Scott says, I have to reframe that moment where I see that savings balance fall off a cliff. “That is the purpose of it,” she adds. “It’s going to get high, and then it's going to drop to zero — but it's not really zero, because the experience you enjoyed by taking that trip and \[going to those\] concerts… you’re going to bask in the joy of that for years to come.” Hopefully, Scott says, then I can use that as motivation to plan for my next trip or concert. When I get home, my savings may be depleted, but I can refocus and start planning for future events. That brings me to the experts’ final point: When I’m getting cold feet, I should remember that I can always earn those savings back. Rogers says [the 50-30-20 rule](https://money.com/how-much-you-should-save-every-paycheck/), where I put 50% of each paycheck towards needs, 30% towards wants and 20% towards [savings](https://www.discover.com/online-banking/savings-lng-01/?cmpgnid=affl-bk-CJ&src=S00000LIK&van=Dbank&dclid=CPilkc2PmP0CFXoOaAgdOaEPkg), is a good place to start. Then I can tweak it to my individual situation. No freaking out necessary. “Most people should trust-fall into the fact that it's not going to be perfect. Don’t stress out over having to do everything right,” he says. “There isn't a person in the world who hasn't made some financial goof — that's unfortunately how you learn.” It’s common to have anxiety around spending my savings because they provide security. But at the same time, they’re meant to be spent. 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