The Lonely Legacy of a 60‑Million‑Won Frugality: When Saving Becomes a Curse

Financial Center/Reported by Wang Wencheng

An old man was extremely frugal. Although he managed to save 60 million yen, he was eventually cut off from contact by his son because he was unwilling to spend even half a penny for his family. (Schematic diagram/PIXABAY)

Many people live frugally throughout their lives, hoping to accumulate enough wealth to protect their retirement life, but ignore the feelings of their family members, leading to a gradual alienation from the relationship. A 73-year-old Japanese man was extremely frugal. Although he successfully saved 60 million yen (approximately NT$12 million), he was eventually cut off by his son because he was unwilling to spend even half a penny for his family. He now lives alone in regret.

The old man was extremely frugal and saved tens of millions because of one habit, which led to loneliness in his later years.

According to “THE GOLD ONLINE”, Mr. A (pseudonym) lost his wife many years ago and lives alone in an old house with a small garden. He has been accustomed to strict savings since he was young. He and his wife have accumulated approximately 60 million yen in assets, and his monthly pension of 170,000 yen (approximately NT$34,000) is enough to sustain his life, so his financial situation is quite stable.

Mr. A has a 39-year-old son who lives in Tokyo with his wife and two children. Although Mr. A loves his grandchildren very much and often urges his son to return home for reunions, “When will he come back?” However, the son always hesitates because of the high cost of returning home for his family.

Once, my son mustered up the courage to suggest, “Since you want us to come back so much, can you help subsidize some travel expenses?” Unexpectedly, Mr. A immediately reprimanded loudly: “Don’t rely on your parents’ money!” This made his son both embarrassed and hurt.

Not only that, Mr. A is also extremely frugal with his grandson. He only gives 1,000 yen (approximately NT$200) as New Year’s money every year. Even when his grandson asked if he could give more, he refused. There is a theme park 30 minutes’ drive from his residence, but even if his grandchildren begged him, he was unwilling to spend the ticket money. He always turned it down as “too wasteful” and only let the children play near his home.

Mr. A believes that his lifestyle of not spending money arbitrarily is for the sake of his family. He often said: “No one can predict the future. You have to save money to feel at ease. Anyway, after I leave, the money will be left to my sons. They will understand one day.”

However, such thoughts eventually become the fuse that destroys family relationships. One time, Mr. A took his grandchildren to play in the forest near his home, and his youngest grandson was bitten by a Japanese striped snake. That night, a huge spider fell from the ceiling at home, scaring the children to screams and collapse. After that, the two grandsons never wanted to step into their grandfather’s house again.

The son reluctantly confessed to his father: “The forest is dangerous and the house is old. The children are really scared. If you want to see your grandchildren, take them to a paradise, or at least renovate the house.”

However, Mr. A is still stubborn and believes that spending money is unnecessary. The long-term dissatisfaction finally broke out. He said sadly: “Dad… I’m sorry, I think we will never come back. You should live for money. Money is more important than family anyway.” After saying this, the son’s family never stepped into his father’s house again.

Mr. A realized the seriousness of the matter afterwards, but it was too late. His grandchildren continued to refuse to interact with him. In his later years, he was alone, full of regret, and could only think about the past in the empty old house.

Experts point out that retirement savings are important, but if you focus too much on money and ignore family and quality of life, you will not only be unable to enjoy assets, but may also lose more precious emotional connections. The core of financial management is not only to accumulate wealth, but also to plan “how to use it wisely” so as to protect the future while maintaining the integrity and warmth of life.

More reports from Sanli News Network
Opening/Taiwan stocks return to 28,000! TSMC leads the way in silicon photonics sales and is on full fire
“Sudden death in sleep” accounts for 19%! Doctors reveal the “optimal room temperature range”: Otherwise, it will damage the heart
When you are angry, which one is more effective: “vent or take a deep breath”? Study reveals: It makes people more angry
Legislative Yuan to review special law for delivery drivers! Basic salary figures released, food delivery union says this

## Summary & Analysis of the Text: The Pitfalls of Over-Frugality

Understanding the 60‑Million‑Won frugality Phenomenon

• Definition: accumulating roughly 60 million KRW (≈ US $48,000) through disciplined, ultra‑conservative spending.
• Popular Search Queries: “60 million won savings plan,” “Korean frugal lifestyle,” “how too save 60 million won,” “saving curse South Korea.”
• Cultural Context: South Korean households prioritize home ownership and long‑term security, frequently enough driving extreme budgeting habits (Korea Labor Institute, 2024).

Psychological Drivers Behind Extreme Saving

1. Loss Aversion – Fear of future financial instability pushes savers to over‑allocate income to cash reserves.
2. Social Comparison – Observing peers who own property or have large emergency funds creates a “saving race.”
3. Scarcity Mindset – Perceived lack of resources triggers compulsive frugality, even when basic needs are met.
4. Identity Attachment – The saver identifies personal worth with the amount saved, turning the balance into a status symbol.

LSI Keywords Integrated

• “financial anxiety in Korea,” “budgeting obsession,” “frugal mindset health impact,” “saving stress symptoms.”

Real‑World Case Study: The 60‑Million‑Won Saver

Subject: Kim H‑J (45 y, Seoul) – saved 62 million won over 15 years by limiting discretionary spending to < 5 % of monthly income.

Sources: Interview published in The korea Economic Daily (Sept 2024) and data from the Financial Consumer Agency (2024).

• Savings Strategy
• Automated transfer of 30 % of net salary to a high‑interest savings account.
• Strict “no‑spend” days: one weekend per month without any non‑essential purchase.
• Outcome
• Achieved financial “milestone” but reported social isolation and increased stress (self‑reported 7/10 on loneliness scale).
• Missed family events, leading to strained relationships (source: interview).

Key Takeaways

• Even meticulously planned frugality can erode social capital.
• The “curse” manifests as mental health decline despite financial security.

Consequences of Over‑Frugality

Area	Negative Impact	Supporting data
Mental Health	Higher rates of anxiety & depression among extreme savers (Korean Mental Health Survey, 2023)	28 % of respondents with > 55 M won saved reported depressive symptoms
Social Relationships	Decreased participation in communal activities, leading to loneliness	37 % of surveyed savers skipped family gatherings to stick to budget
Opportunity Cost	Missed investment growth (e.g.,stock market returns averaging 7 % YoY)	Potential earnings on 60 M won if invested: ≈ 4.2 M won over 5 years
Physical Health	Neglect of self‑care (e.g., skipping medical check‑ups)	15 % of extreme savers delayed routine health exams (National Health Service, 2024)

Practical Tips to Balance saving and Quality of Life

1. Adopt the 70‑20‑10 Rule

• 70 % of income for necessities, 20 % for savings, 10 % for discretionary fun.
• Prevents “all‑or‑nothing” budgeting.

2. Schedule “Financial Flex Days”

• Allocate one day per quarter for a guilt‑free purchase or experience.
• Reinforces a healthy money‑comfort relationship.

3. Diversify Savings into Growth Assets

• Shift 15 % of cash reserves into low‑risk ETFs or pension funds.
• Generates passive income while preserving capital safety.

4. Monitor Psychological Health

• Use apps (e.g., Mindful Money) to track stress linked to spending decisions.
• Seek counseling if saving triggers anxiety or isolation.

5. Leverage Community Savings Groups

• Join “co‑operative saving circles” (조합 저축) to combine financial goals with social interaction.

Quick Checklist

• Review monthly expenses using a budgeting app.
• Ensure at least 10 % of discretionary budget is earmarked for social activities.
• Rebalance savings portfolio every 6 months.
• Schedule a quarterly “well‑being review” with a financial therapist or coach.

Benefits of Sustainable Saving Strategies

• Improved Mental Well‑Being: Balanced budgeting reduces chronic stress (Harvard Health,2022).
• Enhanced Social Networks: Regular shared experiences strengthen relationships, leading to better overall life satisfaction.
• Higher Net Worth Over Time: Growth‑oriented investments outperform flat cash holdings, especially in a low‑interest habitat.
• Resilience During Economic Shocks: A diversified portfolio cushions against inflation and market volatility.

Frequently asked Questions (FAQ)

Q: Is saving 60 million won always a sign of financial prudence?

A: Not necessarily. When the goal overshadows personal health and relationships, the benefit becomes marginal.

Q: How can I transition from extreme frugality to a balanced approach?

A: Start by reallocating 5‑10 % of your “savings‑only” budget toward experiences that foster social connection, then gradually introduce low‑risk investments.

Q: what are safe investment options for someone with a large cash reserve in Korea?

A: Consider government‑backed securities, index‑linked ETFs, or the Korean “NPS” pension plan with flexible contribution levels.

Q: Does the Korean government provide resources for over‑saving individuals?

A: Yes-Financial Consumer Agency offers counseling and budgeting workshops aimed at holistic financial health.

---

Keywords integrated: 60 million won savings, frugality curse, Korean saver case study, psychological impact of saving, sustainable budgeting, financial well‑being, over‑saving consequences, balanced saving strategy, Korean personal finance, emergency fund pitfalls.