what are you saving for?
Comments
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Ray_Singh-Blue wrote: »- might want to build a house to downsize to, without selling the family home first
I don't know if I will actually choose to do these things. But without a decent war chest they are not even on the menu,
We saved up and built a retirement home a couple of years before moving there. Being able to move out of our original house at any time was a big advantage when it came to selling. Mind you , we should have kept it and rented it out. Instead we were conned by all the newspaper talk of "the cult of equitiy" as they did so well throughout the 90's and put our money in the stock market instead.0 -
I'm saving for:
A; My children - so that they can go to Uni / Go on a gap year / deposit for a house / do what they want with a bit of help
B; Stability. So that I know if anything happens I have funds available and I don't need to worry0 -
I'm 36 and at the start of my savings journey but have some objectives.
1) Emergency fund of 6 months essential outgoings.
2) Invest in JISAs (previously CTFs) to be able to give the children a gift at 18 years old to go on hol/buy car/re-invest.
3) Have a fund available to be able to pay for children to go to university.
4) Have a fund available to help with a deposit to the children's first house.
5) To have enough in S&S ISAs or mortgage overpayments to be motgage free at age 55.
6) Have a pension pot able to provide me with £17,000/year in today's money at the age of 60.
All are subject to review an change in 5 years time but it's a start for me!!You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.0 -
To be Financially Independent as soon as possible. Zero debts (done) and to choose whether to work or not (soon).0
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My very favourite quote to saving and being sensible with money is ' every pound you spend is a pound you no longer have'
This has helped me many times not buy things I dont need or even particularly want, I only wished I'd heard it years ago.0 -
I'm 36 and at the start of my savings journey but have some objectives.
1) Emergency fund of 6 months essential outgoings.
2) Invest in JISAs (previously CTFs) to be able to give the children a gift at 18 years old to go on hol/buy car/re-invest.
3) Have a fund available to be able to pay for children to go to university.
4) Have a fund available to help with a deposit to the children's first house.
5) To have enough in S&S ISAs or mortgage overpayments to be motgage free at age 55.
6) Have a pension pot able to provide me with £17,000/year in today's money at the age of 60.
All are subject to review an change in 5 years time but it's a start for me!!
Mogley your post really resonates with me - you could be me actually, except I'm 42- how did you define these goals so precisely? Did you sit down with someone or just pen them yourself?
By the way, I have added a little bit of emphasis which you might wish to use in discussions with your children. Unless they are teenagers, in which case suggest they do the opposite of what you actually want them to do... :cool:0 -
Ray_Singh-Blue wrote: »Mogley your post really resonates with me - you could be me actually, except I'm 42- how did you define these goals so precisely? Did you sit down with someone or just pen them yourself?
By the way, I have added a little bit of emphasis which you might wish to use in discussions with your children. Unless they are teenagers, in which case suggest they do the opposite of what you actually want them to do... :cool:
Thanks Ray Singh-Blue. Me and the OH worked out what's important to us in life and I penned the objectives myself to which we both agreed. OH doesn't get involved in the "how", and just leaves it to me.
Eldest is 10 and youngest is 3 months. Financial education is difficult with the eldest at the moment, he just likes to spend his pocket money as there is nothing he really wants to save for! I'll have to change tactics as they each get older to show them the value of compounding. But it also wouldn't bother me if they wanted to spend it in whatever way they like. I'm not too old to remember being young!!You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.0 -
Eldest is 10 and youngest is 3 months. Financial education is difficult with the eldest at the moment, he just likes to spend his pocket money as there is nothing he really wants to save for!
That will change after a couple of months when there's something he wants that costs more than a weeks pocket money and you say "OK, let's buy it with your savings". And then say oh look he can't afford it because when you suggested he put away a bit of pocket money each week to buy something cool, he said there was nothing he wanted so he wasn't going to bother with having savings. So now he has to wait 'til a birthday. You can do that trick more than once...
Also what you could do is just casually note down things he likes and what they cost, over a period of a few months, maybe some things you buy and some you refuse. And then you can sit down with the list at some point and say OK, this was £x (a month of saving all nearly all your pocket money or two months of saving only half of it), this was £y (two weeks pocket money / four weeks half pocket money / two months saving only a bit each week).
The advantage of a "list" is that it's a bit backwards looking, and young kids tastes and fashions change at quite a pace, so it can highlight things like "wasn't it good you didn't save up for five weeks to buy ABCXYZ, you think that stuff is lame now" as well as, "if you had some savings sitting around just in case there's something you want, you could have had that football at the beginning of the season instead of having to wait all the way to Christmas".0 -
I like the idea of this approach, bowlhead and it's something I haven't tried. He doesn't get gifts during the year from us and Christmas and Birthday are both on the horizon where he has a small list of things he desires. That list will be a good for me to use as an example, especially at the beginning of next year once the novelty of presents has worn off. He will probably also have birthday money that he'll fritter away on things he doesn't need. To be fair to him, he does keep a book of IN/OUT and Balance so knows where and what he spends his pocket money on. He'll learn soon enough as he's a bright kid!You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.0
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For me I saved whilst employed full time so that when I retired I could spend!0
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