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  • FIRST POST
    • yellow218
    • By yellow218 13th Oct 16, 8:54 PM
    • 36Posts
    • 25Thanks
    yellow218
    what are you saving for?
    • #1
    • 13th Oct 16, 8:54 PM
    what are you saving for? 13th Oct 16 at 8:54 PM
    Hi all

    Hubby and I want to save more. Savings rates seem very low, but we are hoping to be disciplined enough to put money aside each month.

    There are loads of topics about being debt free or mortgage free, but what else are you all saving for.

    Do you have particular goals, is it is just the point to save as much as you can for a rainy day?
    I'm thinking that if we have particular goals then the choice of spending vs saving will become easier. (ie lots of small treats, or save them up and have one big treat!)
Page 1
    • zx81
    • By zx81 13th Oct 16, 8:57 PM
    • 9,361 Posts
    • 9,198 Thanks
    zx81
    • #2
    • 13th Oct 16, 8:57 PM
    • #2
    • 13th Oct 16, 8:57 PM
    Doesn't it come down to what YOU want to save for?
    • TheShape
    • By TheShape 13th Oct 16, 9:41 PM
    • 445 Posts
    • 222 Thanks
    TheShape
    • #3
    • 13th Oct 16, 9:41 PM
    • #3
    • 13th Oct 16, 9:41 PM
    Hi all

    Hubby and I want to save more. Savings rates seem very low, but we are hoping to be disciplined enough to put money aside each month.

    There are loads of topics about being debt free or mortgage free, but what else are you all saving for.

    Do you have particular goals, is it is just the point to save as much as you can for a rainy day?
    I'm thinking that if we have particular goals then the choice of spending vs saving will become easier. (ie lots of small treats, or save them up and have one big treat!)
    Originally posted by yellow218
    My very first motivation to save is to avoid being like the people I meet all too regularly who lose their job one week, can't pay their rent/mortgage the week after, pawn their electrical goods the next week and end up at the food bank the week after that. This isn't just limited to those with low incomes either.

    Beyond that I like to know that I can do things 'right now', that might otherwise require borrowing or an extended period of extra saving. If a cheap deal on a holiday etc appears next week, the money is already there to pay for it.
    • Joe_Bloggs
    • By Joe_Bloggs 13th Oct 16, 10:20 PM
    • 4,360 Posts
    • 1,542 Thanks
    Joe_Bloggs
    • #4
    • 13th Oct 16, 10:20 PM
    • #4
    • 13th Oct 16, 10:20 PM
    The savings interest that I got from ideas from this site were gifted to family members to spend in the economy.

    If banks need to withdraw from paying interest and then charge their members more money for holding their accounts then there will be a lot of younger poorer people with these accounts.

    The richer/ older/risk tolerant clients will have their money in other diversified platforms elsewhere. All this is based upon my interpretation of what I think/others may think given this situation..
    J_B.
    Last edited by Joe_Bloggs; 13-10-2016 at 10:25 PM. Reason: will replaces with I need more accurate glasses
    OFT work merger decisions 2012:- MSE too small to be worth financial consideration ?
    • RandomGuy
    • By RandomGuy 14th Oct 16, 9:09 AM
    • 28 Posts
    • 47 Thanks
    RandomGuy
    • #5
    • 14th Oct 16, 9:09 AM
    • #5
    • 14th Oct 16, 9:09 AM
    Here's some motivation for you...

    How To Become A Millionaire - Dave Ramsey
    https://youtu.be/7wjuCgtL0yA

    Dave Ramsey's 7 Baby steps
    https://www.daveramsey.com/baby-steps
    https://youtu.be/vwxw6oHSmR4

    We're on baby step 3 and the plan is to "treat" ourselves to being millionaires (that is, a net worth of £1m) by the time we're 60 so we can retire comfortably and be in a position to help our grown-up children to-be financially when the time comes. We're currently 38.

    I find the inspiration above (and on Dave Ramsey's YouTube channel) helps me with the "what" and "why" while the info on MSE helps me with the "how".

    I'm a firm believer in doing my future self a favour and I haven't let me down yet.
    • Ray Singh-Blue
    • By Ray Singh-Blue 14th Oct 16, 9:21 AM
    • 147 Posts
    • 174 Thanks
    Ray Singh-Blue
    • #6
    • 14th Oct 16, 9:21 AM
    • #6
    • 14th Oct 16, 9:21 AM
    - might want to help kids with university, or getting first property
    - might want to retire before pension age, or work more flexibly
    - 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,
    • ArmyDilllo
    • By ArmyDilllo 14th Oct 16, 10:34 AM
    • 76 Posts
    • 168 Thanks
    ArmyDilllo
    • #7
    • 14th Oct 16, 10:34 AM
    • #7
    • 14th Oct 16, 10:34 AM
    Becoming a millionaire is okay but not all it's cracked up to be.
    I recently became one but still feel I need more to secure my future.
    Although it has allowed me to retire early in order to work more on that.
    lol
    The word "Millionaire" has been devalued and will continue to be.
    With the pound sinking and inflation around the corner a lot more people will become millionaires by default.

    Saving for:-
    1) Retirement (I retired 30th Sept 2016).
    2) Move to the country in five to ten years.
    3) New car.
    4) More holidays [...wait.., I'm retired! ].
    5) Second home abroad and/or a Med'-capable boat.
    6) Grow my estate for my beneficiaries.

    Good luck to everyone with your individual goals and choices.
    (The saving in 2016 might help you out some)

    { 8-]
    Last edited by ArmyDilllo; 14-10-2016 at 11:01 AM.
    Save 20k in 2016 #143: achieved £23,762.38 of £20,000 target
    Retired 17:30, Friday 30Sep16 (aged 56).
    • cisamcgu
    • By cisamcgu 14th Oct 16, 11:16 AM
    • 64 Posts
    • 37 Thanks
    cisamcgu
    • #8
    • 14th Oct 16, 11:16 AM
    • #8
    • 14th Oct 16, 11:16 AM
    We save for different reasons :

    1) Early Retirement {both of us agree}
    2) Narrowboat {I am alone in this }
    • jimjames
    • By jimjames 14th Oct 16, 12:22 PM
    • 10,841 Posts
    • 8,911 Thanks
    jimjames
    • #9
    • 14th Oct 16, 12:22 PM
    • #9
    • 14th Oct 16, 12:22 PM
    Beyond that I like to know that I can do things 'right now', that might otherwise require borrowing or an extended period of extra saving. If a cheap deal on a holiday etc appears next week, the money is already there to pay for it.
    Originally posted by TheShape
    To me this is the key part, freedom. The freedom to do something without needing to worry about paying for it, the freedom to take advantage of a deal.


    Friends can't do things "because it's too close to payday". With savings that's not a problem. I'd never want to be in the situation when I'm living from payday to payday without enough to get my through the month.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • SA96
    • By SA96 14th Oct 16, 12:27 PM
    • 17 Posts
    • 17 Thanks
    SA96
    Freedom.


    The feeling of walking into work and not caring If you were dismissed because you've got 12 months worth of income in your savings account.
    • Ken68
    • By Ken68 14th Oct 16, 12:35 PM
    • 6,129 Posts
    • 3,860 Thanks
    Ken68
    Being an older pensioner,and with no dependants, I do sometimes wonder why I save. Maybe to fund a place in a nursing home, but with such poor rates and increasing care home fees, a years saving won't go far.
    • Dan83
    • By Dan83 14th Oct 16, 12:42 PM
    • 635 Posts
    • 256 Thanks
    Dan83
    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
    • By jimjames 14th Oct 16, 1:10 PM
    • 10,841 Posts
    • 8,911 Thanks
    jimjames
    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.
    Originally posted by Dan83
    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
    Remember the saying: if it looks too good to be true it almost certainly is.
    • enjoyyourshoes
    • By enjoyyourshoes 14th Oct 16, 1:17 PM
    • 642 Posts
    • 808 Thanks
    enjoyyourshoes
    to live.............?
    Debt is a symptom, solve the problem.
    • adonis10
    • By adonis10 15th Oct 16, 8:35 AM
    • 1,119 Posts
    • 123 Thanks
    adonis10
    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
    • By enthusiasticsaver 15th Oct 16, 9:34 AM
    • 2,556 Posts
    • 4,373 Thanks
    enthusiasticsaver
    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.
    Debt and mortgage free and saving for early retirement
    • Thrugelmir
    • By Thrugelmir 15th Oct 16, 10:04 AM
    • 51,268 Posts
    • 43,067 Thanks
    Thrugelmir
    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.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • Ray Singh-Blue
    • By Ray Singh-Blue 15th Oct 16, 10:45 AM
    • 147 Posts
    • 174 Thanks
    Ray Singh-Blue
    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
    • By bowlhead99 15th Oct 16, 10:55 AM
    • 5,121 Posts
    • 9,045 Thanks
    bowlhead99
    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.
    Originally posted by Thrugelmir
    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
    • By Thrugelmir 15th Oct 16, 11:31 AM
    • 51,268 Posts
    • 43,067 Thanks
    Thrugelmir
    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.
    Originally posted by bowlhead99
    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.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
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