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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 2
    • JohnnyJet
    • By JohnnyJet 15th Oct 16, 11:41 AM
    • 278 Posts
    • 438 Thanks
    JohnnyJet
    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.
    • robotrobo
    • By robotrobo 15th Oct 16, 2:01 PM
    • 755 Posts
    • 625 Thanks
    robotrobo
    not a wealthy person (but)
    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
    i have been retired since 1990 , so 26 years have passed so quickly, i try to make my money work for me , but with the recent interest rate cuts , im thinking now its not worth bothering about trying to achieve the best rates for your buck. I have no interest in holidays anymore, and while i look after my old cars, im not interested in a new one as i get a lot of pride keeping the !!!!!!s runnning & in A1 condition. I sold one of my 3 cars only this week gone , the reason being that i find it hard to run 3 , in my mind they need to be used , the one i sold i got the same money for it as when i purchased it some 5 years ago.
    Its 36 years ago that i gave up smokeing , & just 12 months since i had a drink of alcohol, i just wanted to see if i could achive my goal that i set, it was difficult the odd time or so, but i have enjoyed a drink all my life, will i start again?, i dont know yet, possibly.
    So i know i have slightly gone off the subject of what we are saving for!, i dont know really , because its not like i have got years to live, infact its now sounds more sensible to say "how many weeks have you left to live".
    I think the answer is to be content with the little bit that you have & not worry about what dosh anyone else as.
    Im haveing a stainless steel roof rack fitted to the top of my coffinas i am takeing all my money with me.
    But i made a few people happy this last week as i gave them 20k to be going on with, i wanted to see the excitement on the faces now, & not when im brown bread, so what am i saveing up for ?, i dont !!!!!!! know. The sun is now shining outside at the moment, i went a 25 mile bicycle ride this morning and got wet through.I dont think i have answered the original posting , but eh ho! its kept me amused for a bit.
    • katejo
    • By katejo 15th Oct 16, 4:26 PM
    • 2,810 Posts
    • 1,066 Thanks
    katejo
    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
    I already have an emergency cushion though I am still adding more to it. Apart from that I save for home improvement projects and holidays. I also do mortgage overpayments but there is no need to increase those further because I have a lifetime base rate tracker mortgage.
    • chanda
    • By chanda 15th Oct 16, 4:28 PM
    • 33 Posts
    • 26 Thanks
    chanda
    I'm saving just to save and future deposit for my own flat.
    Determined to live the best life! 😃 😍 🌏 🎉 🎆 🎈

    Paid off all my Debt! 07.10.16. Savings £300.00/£5000.00 £4700.00 left
    • Pincher
    • By Pincher 15th Oct 16, 4:52 PM
    • 5,852 Posts
    • 2,136 Thanks
    Pincher
    If you need to ask, then you don't really have a goal of your own.

    My mother used to take me to museums and castles and still try to feed me spinach: BECAUSE it's good for me. As it turns out, she has no interest whatsoever in art, architecture and vitamin C. She just read it somewhere, maybe Readers Digests.

    She use to take multi-vitamin pills, as well, but can't be bothered any more: actually a good thing, better than overdosing on the damned things.

    I far rather get my vitamin C from oranges and mangoes, thank you very much.

    Get a house and garden sorted, before you get old. By the way these builders and plumbers waste my time, it will take a lifetime to get right.
    What happens if you push this button?
    • HornetSaver
    • By HornetSaver 15th Oct 16, 5:24 PM
    • 822 Posts
    • 1,170 Thanks
    HornetSaver
    I'm in my mid-to-late 20s. And to be brutally honest, I'm working hard now and saving heavily so that by my early 40s I'm mortgage free in a decent-sized home and have no desperate need to work hard - that doing beyond the bare minimum will carry incentives, but on the other hand I have the option to start winding down early and enjoying the fruits of my labour.

    Given the way interest rates have gone and inflation is about to go, I have no option but to absolutely bust my guts over the next 18 months to accelerate the start of those plans if I want to maintain that schedule. If I time it right inflation might actually work to my advantage. Such is the likely situation in the medium term that saving for saving's sake no longer appears to make sense, beyond having an emergency fund.
    I'm standing by my pre-referendum prediction: "Brexit will lead to a recession"

    forums.moneysavingexpert.com/showthread.php?p=70662330
    • Sapphire
    • By Sapphire 15th Oct 16, 5:56 PM
    • 1,797 Posts
    • 3,131 Thanks
    Sapphire
    I save mainly to feel secure. I have been in the position a few times in my life when I've even actually had to make Christmas presents for lack of money, and I really didn't like the feeling of living on the edge. I would also hate to rely on the State (i.e. fellow taxpayers) for benefits for not working. It would make me feel bad about myself because I have a strong work ethic, and believe that being productive keeps you going and gives you a sense of achievement.

    Having never had an inheritance dropping conveniently out of the sky, as some have had, I've had to rely on my own resourcefulness, and have done so since leaving school at 17 (I did a degree a few decades later, while still working, for pleasure, which I paid for myself).

    I have various interests, and it is great to be able to splash out on them occasionally without having to worry about money! I don't spend money wantonly, though, on fripperies – and if I'm making an expensive purchase of anything, I tend to think about whether I really want to make it for a while. That way I also get more pleasure from it if I do actually buy it, than I would if I were to make it an impulse purchase…
    • Sapphire
    • By Sapphire 15th Oct 16, 6:26 PM
    • 1,797 Posts
    • 3,131 Thanks
    Sapphire
    I save mainly to feel secure. I have been in the position a few times in my life when I've even actually had to make Christmas presents for lack of money, and I really didn't like the feeling of living on the edge. I would also hate to rely on the State (i.e. fellow taxpayers) for benefits for not working. It would make me feel bad about myself because I have a strong work ethic, and believe that being productive keeps you going and gives you a sense of achievement.

    Having never had an inheritance dropping conveniently out of the sky, as some have had, I've had to rely on my own resourcefulness, and have done so since leaving school at 17 (I did a degree a few decades later, while still working, for pleasure, which I paid for myself).

    I have various interests, and it is great to be able to splash out on them occasionally without having to worry about money! I don't spend money wantonly, though, on fripperies – and if I'm making an expensive purchase of anything, I tend to think about whether I really want to make it for a while. That way I also get more pleasure from it if I do actually buy it, than I would if I were to make it an impulse purchase…
    Originally posted by Sapphire
    I'd like to add that if you start off with nothing (and we were really poor when I was a child, like some others at the time in Britain), it makes you appreciate what you achieve yourself. My parents lost everything material during the war, as well as family in the case of my mother, and their country. They were broken by the war, and did not have the ability or capacity to 'make money', except for basic living (though we were brought up as decent and high-achieving, if slightly eccentric human beings by my mother and grandparents). My sense of insecurity if I do not have money saved and feel 'close to the edge' probably stems from the fact that I know what it is like to lose everything
    • Joe_Bloggs
    • By Joe_Bloggs 15th Oct 16, 6:38 PM
    • 4,360 Posts
    • 1,542 Thanks
    Joe_Bloggs
    I allege The concept of money is just a hypothetical means of temporary storage of value available at the time of exchange. Let us make the most of it for mutual benefit rather than try to profit from it as individuals.
    J_B.
    OFT work merger decisions 2012:- MSE too small to be worth financial consideration ?
    • DigForVictory
    • By DigForVictory 15th Oct 16, 6:49 PM
    • 5,944 Posts
    • 14,925 Thanks
    DigForVictory
    I was saving for a passport & a holiday in Italy.
    Now, I'm saving for them, next year...

    Suggestions on how to stop raiding the stash over Christmas & birthday season appreciated!
    • eskbanker
    • By eskbanker 15th Oct 16, 7:28 PM
    • 3,633 Posts
    • 3,254 Thanks
    eskbanker
    I allege The concept of money is just a hypothetical means of temporary storage of value available at the time of exchange. Let us make the most of it for mutual benefit rather than try to profit from it as individuals.
    J_B.
    Originally posted by Joe_Bloggs
    ....or even J_C[orbyn]
    • Joe_Bloggs
    • By Joe_Bloggs 15th Oct 16, 7:47 PM
    • 4,360 Posts
    • 1,542 Thanks
    Joe_Bloggs
    Dear eskbanker, Please elaborate as your comment is too cryptic for my understanding.
    On a separate matter:-
    If a nation wishes to alienate itself then surely some plans should have been put in place for the aftermath. It is at this time that they should be read.
    J_B.
    OFT work merger decisions 2012:- MSE too small to be worth financial consideration ?
    • HornetSaver
    • By HornetSaver 15th Oct 16, 8:29 PM
    • 822 Posts
    • 1,170 Thanks
    HornetSaver
    Suggestions on how to stop raiding the stash over Christmas & birthday season appreciated!
    Originally posted by DigForVictory
    Stop buying calendars.
    I'm standing by my pre-referendum prediction: "Brexit will lead to a recession"

    forums.moneysavingexpert.com/showthread.php?p=70662330
    • darkidoe
    • By darkidoe 15th Oct 16, 8:39 PM
    • 646 Posts
    • 706 Thanks
    darkidoe
    Saving for 'F- You Money'

    What you plan, say, do in your life after that is from you yourself. It's a way of life! lol
    Save 12K in 2016 # 8 £16 253.55/12 000 (135.45%) Achieved!
    • Snakey
    • By Snakey 15th Oct 16, 10:11 PM
    • 884 Posts
    • 1,085 Thanks
    Snakey
    I'm saving to give myself options. Within that and in no particular order: pension, pay off mortgage, ISA investments, refurbish/furnish the flat (with stuff that will last), cash savings.

    Once all those boxes are ticked, I can think about what I really want to do. This won't involve "a proper job", but will ideally have a component which will make enough to cover my living costs while being a small enough part of my overall life not to feel like a chore. Working towards being able to do this is one of my key non-financial goals.

    I have no descendents, so the whole lot can go on residential care if I need it - apparently five in six people don't, but if I'm one of the unlucky ones I don't want to be stuck sharing a room with a stranger in some dismal institutional block without a garden or a proper cook because that's all the Council will pay for.

    So yeah, a mixture of hope and fear.

    I'm nearly twenty years in to my plans, since I was a late starter, and the "early (partial) retirement" part is perhaps only five years away. Plenty of time for everything to go wrong, of course, but right now I couldn't be more proud of Young Snakey for making the effort for us all, despite how far away it all seemed in the early days.
    • eskbanker
    • By eskbanker 15th Oct 16, 11:48 PM
    • 3,633 Posts
    • 3,254 Thanks
    eskbanker
    I allege The concept of money is just a hypothetical means of temporary storage of value available at the time of exchange. Let us make the most of it for mutual benefit rather than try to profit from it as individuals.
    J_B.
    Originally posted by Joe_Bloggs
    ....or even J_C[orbyn]
    Originally posted by eskbanker
    Dear eskbanker, Please elaborate as your comment is too cryptic for my understanding.
    Originally posted by Joe_Bloggs
    Your ramblings seem (a) inspired by Marxist dogma and (b) somewhat detached from reality, does this ring any bells at all?
    • george4064
    • By george4064 16th Oct 16, 12:43 AM
    • 580 Posts
    • 614 Thanks
    george4064
    In general everyone is saving for their future, and in everyone's future they have particular goals or objectives in mind. This can range from buying a first home, going on that holiday you've always wanted to, saving for your children costs/fees, going mortgage free/debt free..

    For me, I am primarily saving to buy my first house. However Im increasingly thinking of not using literally all my wealth to go buy a house, as that would be putting all my eggs in one basket (the property). This change in tactic will take me a while longer to get there (buy a house) but I think its for the best, and maybe house prices might actually fall if I wait a bit longer and hard Brexit happens!
    Last edited by george4064; 16-10-2016 at 8:44 AM.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2016 - #045
    • Joe_Bloggs
    • By Joe_Bloggs 16th Oct 16, 10:03 PM
    • 4,360 Posts
    • 1,542 Thanks
    Joe_Bloggs
    @eskbanker
    From where in the Marxist dogma does it say what I said?
    What are your savings goals? Have you diversified your portfolio sufficiently to avoid the next crash.
    J_B.
    OFT work merger decisions 2012:- MSE too small to be worth financial consideration ?
    • principa
    • By principa 17th Oct 16, 6:19 AM
    • 58 Posts
    • 16 Thanks
    principa
    I save for securty.

    or rather, to combat my acute insecurity.

    being out of debt also is a great confidence booster.

    so saving is my drug of choice to alter my brain's biochemistry...
    • Bazofts Revenge
    • By Bazofts Revenge 17th Oct 16, 9:32 PM
    • 220 Posts
    • 105 Thanks
    Bazofts Revenge
    I am saving to be able to retire comfortably ASAP. I used to enjoy my job, I was given my own department and the Directors let me grow it (500% growth in personnel and turnover in 4 years) and tell everyone the way it works is best practice but now they are micro managing and criticizing everything. I've 90k in my isa giving me £3k+ income, I expect I can make that last 8 years to 55. After Christmas my current aim is to put the £300 a month ISA income plus £700 new money into my pension and get £250 back in tax to build up my Pension (only £15k) so I have enough to get through 55 to 65 and claim my deferred Final salary pension. Once my Directors annoys me enough I will walkout.
    £66000 Cash invested in 36 companies since Feb 13
    Income to date £11999.75 Mortgage interest paid £2883.98
    Capital Growth £39000 (£7000 withdrawn)
    Solar PV cost £5760 (15/03/13)
    FIT inc + Electricity saved £3026 (53% Paid back) Tax free
    Last update 01/10/16
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