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Ask the Expert: Is it Possible to Save Too Much?

Dear Ask the Expert, Can You Save Too Much Money? 

The short answer is yes.  If you have ample emergency and/or regular savings, no investments, and you are not paying down debt, then you are saving more than needed and missing out on good investment opportunities. People like to stash up for a rainy day, however, once you have six to nine months’ worth of expenses covered, the excess can be invested. 

If your preference is to have quick access to cash, excess money can be placed in investments that are easily converted to cash, for example, deposit placements at certain financial institutions, treasury bills, BOSS+. 

If you have no immediate needs for quick access to cash, longer-term investment like bonds or mutual funds can be considered. 

Lydia R. McCollin, FCCA, FCA, is the Managing Director of LRM Consulting Services Inc.

Do you have a question about saving, budgeting, investing, borrowing, planning for retirement, or anything related to personal finance? Pose it here. You can also visit our MoneySmart hub for more articles, videos, and tips on how to secure your finances.