Saving is good. Everyone knows this. However, it is important to not get so caught up in cash hoarding that you forget to live life.
Our savings goal is $1m in revenue/interest bearing assets, excluding the house we actually live in, by the time we're 40 (the better part of a decade out). We've been stuck in savings mode for a long time, which is good, but I am wondering if there is a rule of thumb on when it is safe to dial back on savings and reorient towards a quality of life focus. We can all save money until the day we die but it seems a waste to only live to save. There must be a point where you can step back and use some kind of quantifiable metric to determine what is "good enough."
I know it depends heavily upon personal savings goals and whatnot, I'm just curious to know if there is a rule of thumb to determine when a family can start thinking about using income to live life rather than saving every dollar.
Question: how can one determine when to dial it back? Not stop completely, not by a long shot, but go from 20% to 10%, for example.