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  • FIRST POST
    • yellow218
    • By yellow218 13th Oct 16, 8:54 PM
    • 32Posts
    • 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 3
    • guitarman001
    • By guitarman001 18th Oct 16, 12:00 AM
    • 984 Posts
    • 517 Thanks
    guitarman001
    Financial security, largely in the form of having a home paid off. I've held off buying for years, though. After that, pension. Also, my partner is older and I'd like the money for us to do things while we both still can (the odd holiday, for example).

    Just my luck, though... They're saying inflation is going up due to brexit and I cashed in all my index linked certs!
    • reeac
    • By reeac 18th Oct 16, 9:52 AM
    • 952 Posts
    • 384 Thanks
    reeac
    - 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,
    Originally posted by Ray Singh-Blue
    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.
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 18th Oct 16, 11:43 AM
    • 4,410 Posts
    • 5,710 Thanks
    Mimi Arc en ciel
    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 worry
    Very proud mummy of 2!
    • Mogley
    • By Mogley 18th Oct 16, 4:37 PM
    • 62 Posts
    • 47 Thanks
    Mogley
    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.
    • Spreadsheetman
    • By Spreadsheetman 18th Oct 16, 10:28 PM
    • 12 Posts
    • 5 Thanks
    Spreadsheetman
    To be Financially Independent as soon as possible. Zero debts (done) and to choose whether to work or not (soon).
    • BBH123
    • By BBH123 19th Oct 16, 10:32 AM
    • 92 Posts
    • 100 Thanks
    BBH123
    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.
    • Ray Singh-Blue
    • By Ray Singh-Blue 19th Oct 16, 10:43 AM
    • 145 Posts
    • 169 Thanks
    Ray Singh-Blue
    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!!
    Originally posted by Mogley
    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...
    • Mogley
    • By Mogley 19th Oct 16, 1:30 PM
    • 62 Posts
    • 47 Thanks
    Mogley
    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...
    Originally posted by Ray Singh-Blue

    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.
    • bowlhead99
    • By bowlhead99 19th Oct 16, 2:01 PM
    • 5,091 Posts
    • 8,996 Thanks
    bowlhead99
    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!
    Originally posted by Mogley
    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".
    • Mogley
    • By Mogley 19th Oct 16, 2:28 PM
    • 62 Posts
    • 47 Thanks
    Mogley
    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.
    • Jonzo
    • By Jonzo 19th Oct 16, 4:21 PM
    • 3 Posts
    • 4 Thanks
    Jonzo
    For me I saved whilst employed full time so that when I retired I could spend!
    • Domayne
    • By Domayne 20th Oct 16, 7:59 AM
    • 571 Posts
    • 1,257 Thanks
    Domayne
    I honestly have no idea what I'm saving for. But I figure it's better to save and have money there 'just in case' rather than just blow everything every month on rubbish just because I can
    ~I'm not crazy - My reality is just different to yours~
    ~Selfish is the name that the jealous give to the free~
    *I move the stars for no-one*
    Saved so far - £
    16700.00
    Save 12k in 2016 #127 £8400.00/£8000.00
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