Going from a Saving to a Spending Mindset: How to Stop Worrying, Retire, and Enjoy It

We hear it all the time. You believe you have adequate savings, but are struggling to shift from a savings mindset to a spending mindset. You’ve worked hard and saved diligently, but now that it might be time to enjoy your money, you find yourself hesitating.

The truth is, spending in retirement should be intentional, not stressful. By creating a structured plan, running projections, and re framing how you view money, you can start enjoying the wealth you’ve built—without fear or guilt.

Here’s how to make the transition from saver to spender and truly enjoy your retirement savings.

1. Create a Detailed Financial Plan and Keep It Updated

One of the biggest fears retirees face is not knowing how much they can safely spend without running out of money. The best way to overcome this fear is with a clear, numbers-based financial plan that can be updated as your life evolves.

Action Step:

• Use retirement planning tools (like the Boldin Financial Planner) or work with a financial advisor to create and adjust your plan as needed.
• Explore concrete financial planning steps to help you overcome your terror of spending your nest egg.
• Evaluate if you are over saving:
  • Advice for people who over save
  • How to know if you are saving too much

2. Remind Yourself that Money Is a Tool, Not a Goal

Bill Perkins, in his book Die With Zero, argues that money is meant to be used to enhance life experiences, not just accumulated indefinitely. Many retirees make the mistake of over-saving, only to pass away with large, unspent fortunes—missing out on the joy their money could have provided.

Key Lessons from Die With Zero:

• Experiences are more valuable than possessions. Travel, family gatherings, and personal growth provide lasting happiness.
• Time matters. Spending on experiences when you’re younger and healthier provides more value than hoarding money for later years.
• Give money while you’re alive. Your loved ones will benefit more from financial gifts in their 30s and 40s rather than receiving an inheritance at 65.

Action Step: Shift your mindset from saving money to maximize wealth to spending money to maximize life experiences.

3. Start Small: Increase Spending on a Meaningful Habit

If spending still feels uncomfortable, ease into it with small, meaningful changes.

Start by picking one area of life that brings you joy and increase spending gradually. Some ideas:

• Weekly fine dining at a favorite restaurant
• Buying the expensive bottle of wine instead of the cheap stuff
• Signing up for a painting class or joining the golf club
• Gifting to family—Maybe you’d like to send a $20 bill to grandchildren or treating your adult children to a weekly meal delivery

Action Step: Identify one spending category that excites you and increase spending there without guilt.

• Still nervous? Add the expense to your projected budget and confirm that it is affordable.
• Want to know what spending to the max looks like? Assess by how much you can really increase your monthly spending? Log into the Boldin Planner and opt for the Maximum Spending option under Withdrawal Strategies. (Navigate to: My Plan > Money Flows > Withdrawals Strategies.)

4. Or, Jump into the Deep End with a Major Splurge

For some, gradual spending increases aren’t enough to break old habits. Instead, consider a big, intentional splurge—something that truly makes you feel like you’re enjoying your retirement.

This could be:

• A dream vacation—An African safari, a multi-generational cruise to Alaska, or two years traveling the country in an RV
• A second home or a major home renovation
• A new car (that shiny red one you’ve always wanted) or fishing boat
• A life-changing gift—such as paying off a loved one’s student loans

Making a big, joyful purchase can re frame your mindset, helping you see that spending doesn’t have to be reckless—it can be empowering and fulfilling.

Action Step: Pick one “big splurge” that excites you, model it in your financial plans using the Boldin Retirement Planner (My Plan > Expenses > One-time Expenses), confirm you can afford it, and make it happen!

5. Do a Regret Exercise: What Would You Regret Not Spending On?

A powerful exercise to get you spending is to imagine you were diagnosed with a terminal illness next month. Ask yourself:

• What would I regret not spending money on?
• What experiences would I wish I had prioritized?
• Who would I have wanted to give to while I was alive?

This exercise can provide clarity on what truly matters—helping you shift spending towards the things that bring meaning and joy.

Action Steps:

• Write down three things you’d regret not spending on and commit to making them happen.
• Take a look at your Life Opportunity metric in Boldin’s Financial Wellness Assessment. It can be a powerful motivator to review how much time you are projected to have left.

6. Understand the Perils of a Scarcity Mindset

When you have a scarcity mindset, you are focused on what you don’t have. This can impact how you process information and cloud your decision making. And, paradoxically, a scarcity mindset can result in more of whatever it is that worries you instead of helping you achieve your goals.

So, if you are always worried about not having enough money, you will continue to find things that could possibly go wrong in retirement and find excuses to curtail your spending.

Action Step: Identify one way in which the scarcity mindset is affecting your spending habits and actively work to change it. Or, learn more about how scarcity might be impacting you.

7. Evaluate Spending Curves

Another key concept from Die With Zero is spending curves—the idea that spending will decline naturally as you age.

Why this matters:

• People tend to spend the most in early retirement, when they are active.
• Spending typically declines in later years, as travel and leisure activities slow down.
• The biggest expenses in later life are often healthcare-related, but these costs can be planned for separately.

Rather than worrying about running out of money, plan for a gradual decline in discretionary spending, allowing you to enjoy more in your early, healthier years.

Action Step: Adjust your spending to reflect your active years, rather than saving too much for a future when you might not fully enjoy it. The Boldin Planner makes this easy. Check out Coach Nancy’s video demonstrating setting different phases of spending. Then, log into the Boldin Retirement Planner and adjust spending.

Spend with Purpose, Not Fear

Making the shift from saving to spending takes time, but with a structured approach, you can embrace retirement without guilt or anxiety.

By following these steps—building a financial plan, running projections, overcoming fear, and prioritizing meaningful experiences—you’ll be able to enjoy the retirement you’ve worked so hard for.

Your money is a tool for a fulfilling life—so start using it wisely and without regret.