what are you saving for?

Dan83 · 14 October 2016 at 12:42PM

We don't save, all our money goes on living.

I used to get paid travel allowances which was paid into a separate bank account to pay for servicing and repairs of my car. When I get up to about £10k I normally buy a new car. I got the opportunity to get a cheap company car so I don't get travel allowance.

The money I had for a new car and the money I sold my old car for is the money I have to shuffle around bank accounts and P2P.

I must admit tho, I took my eye off the ball for a few years and my money was in an account paying 0 interest, that's when I joined here.

I don't have a great deal (about £13k) so I'll never make much. It would be nice to earn more then £200 or £300 pound a year in interest, but I suppose something is better then nothing.

jimjames · 14 October 2016 at 1:10PM

Dan83 wrote: »

I don't have a great deal (about £13k) so I'll never make much. It would be nice to earn more then £200 or £300 pound a year in interest, but I suppose something is better then nothing.

It's actually easier to get a good rate with smaller amounts although some might say £13k isn't small

You could have achieved 5% on most if not all of that but rates are now dropping. That would have been £650 per year

enjoyyourshoes · 14 October 2016 at 1:17PM

to live.............?

adonis10 · 15 October 2016 at 8:35AM

Freedom, that's it.

To achieve that I need to accumulate as much money as possible to a) help on rainy days, b) give myself the best possible chance to retire earlier than the average and c) to have a relatively ok standard of living when I'm old.

enthusiasticsaver · 15 October 2016 at 9:34AM

We have been saving for early retirement alongside our pensions since we paid our mortgage off early. We save for holidays (annual and big ones every few years), replacement car, home improvements, to help out our family with house deposits, childcare etc and just to have a security net should we have an emergency. I like the security having a savings buffer gives us so we know we are not reliant on the state which all too often fails people in need.

Thrugelmir · 15 October 2016 at 10:04AM

Over the years have had a passion for sports cars. When I retire intend purchasing a Morgan Plus8. Been a lifetime time dream to own one. Had the option some years ago but was sucked in the awesome power of a TVR.

Ray_Singh-Blue · 15 October 2016 at 10:45AM

Thrugelmir's signature says:

"A man is rich who lives upon what he has. A man is poor who lives upon what is coming."

I suppose, at the end of the day, that's my reason. I'd like to have enough, that I can live the lifestyle I want, without any hassle. Influenced particularly by the writing of MrMoneyMustache. If you have 20 minutes spare, the video of a talk he gave on his recent blog post is worth a watch.

Currently I'm tied to some legacy lifestyle choices made before the financial crash of 2008/9 which is when I started taking notice. I guess sometimes it takes a wake up call like that to prompt introspection and change behaviour. In all new decisions we have shrunk spending footprint and been quite happy with the outcome. Maintaining the same income has meant we have had some money to invest these last few years.

bowlhead99 · 15 October 2016 at 10:55AM

Thrugelmir wrote: »

Over the years have had a passion for sports cars. When I retire intend purchasing a Morgan Plus8. Been a lifetime time dream to own one. Had the option some years ago but was sucked in the awesome power of a TVR.

I had a go in the current version of the Aero8 (as a passenger) and it seemed easily in TVR-bothering territory. I think the new Plus8 has the same engine but keeping the more 'retirement' look about it, while still having niceties like aircon which are absent from a real 'classic' car.

Still, with the prices of a new one these days if you have the requisite £70-80k it probably makes sense to get a 20-yr old one and keep tens of thousands back for fixing it, rather than speccing a new one. I've generally been a 'don't spend more than half of list price' person when it comes to cars and expect I'd probably be the same even if I had a big wodge of cash available somewhere down the line - rather have a practical car and a fun car rather than a brand new just one of them.

I have all sorts of goals for my savings and investments, but it's important to keep on plugging away at the vaguer long term ones like 'get a better house at some point' or 'grow total wealth so I feel happier about my available options in life' as well as the medium term ones (big holiday in x months/years, new car in y years) and the more immediate specific ones (Christmas presents in 3 months, car insurance due in 2 months, new telly next summer).

As Jimjames suggests, if you have a good long term savings plan then actually all the immediate ones just disappear because there's no way you will be unable to afford Christmas presents or car insurance or the new telly. But some people do need those little carrots along the way to keep them focused and motivated.

Thrugelmir · 15 October 2016 at 11:31AM

bowlhead99 wrote: »

I had a go in the current version of the Aero8 (as a passenger) and it seemed easily in TVR-bothering territory. I think the new Plus8 has the same engine but keeping the more 'retirement' look about it, while still having niceties like aircon which are absent from a real 'classic' car.

My old TVR was a 400se. One of 39 built. 4 litre engine modified in factory to half racing specification. A brute to drive. None of the modern black boxes making driving easy. Driving a car with 18 inch rims with no power steering kept one fit. The sheer grunt in the engine was shown by the fact that one could pull away from a standing start in third gear and not change up until 110mph. Biggest hassle was the servicing though. As the car was built on a tubular space frame. Half a day alone was spent on checking on the geometric alignment of the chassis.

JohnnyJet · 15 October 2016 at 11:41AM

Financial independence is my overall goal, I don't want to spend my time having to work for people that are less qualified to do the job than me. I used to want to retire early but now I've had a few more years to think about it I now favour FI for the social side of things. Want to be able to choose what I want to do, when I want.

Also save to pay the mortgage off early and so I don't have to worry about the next pay cheque like most people I work with.

what are you saving for?

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