Why would you want to save?

Pssst

Simple question really...

Reasons not to save..

(a) life is short and finite. Why save? spend now

(b) If you save then you might not enjoy life to the full

(c) When you retire,the state will give you no or little aid whilst others who have squandered or have no money saved will be assisted

(d)Saved money decreases in value over time

(e) family members and even friends sometimes try to covet your savings!

(f) spend spend spend now,life is for living. Always make sure youve lived it to the max and that you have plenty of outstanding loans/finance. Then when youve had your fill,just pay £480,apply for insolvency and kiss it all goodbye in a few minutes.

(g) An additional bonus of (f) is that you may get a nil rate tax code. That way the taxpayers can help to pay your debts.

Is saving really for insecure,thrifty types who think they will live forever?

Aegis

Pssst wrote: »

Simple question really...

Reasons not to save..

(a) life is short and finite. Why save? spend now

Because savings gives you more spending power, whether in an emergency or for a really nice holiday.

(b) If you save then you might not enjoy life to the full

If you don't save, it's altogether possible you'll find yourself in a situation where you badly need cash and can't get it, or can only get it at crippling interest rates.

(c) When you retire,the state will give you no or little aid whilst others who have squandered or have no money saved will be assisted

£80 a week from the state as a basic pension, and not much more than that for the various benefits you can get. Excuse me if I'd like to be able to live a little better than that and have the choice of retiring before I turn 68!

(d)Saved money decreases in value over time

Only if you leave it in below-inflation interest accounts.

(e) family members and even friends sometimes try to covet your savings!

Then don't tell them about your savings.

(f) spend spend spend now,life is for living. Always make sure youve lived it to the max and that you have plenty of outstanding loans/finance. Then when youve had your fill,just pay £480,apply for insolvency and kiss it all goodbye in a few minutes.

That's a really awful way to think. Not to mention that it would likely leave you without property, without any savings, with a bankruptcy attached to your name (i.e. no more credit for a long time, very little chance of ever owning your own home, etc), plus it's deliberately ripping the companies supplying you with credit off, which is pretty criminal in intent. I wouldn't even consider that one.

(g) An additional bonus of (f) is that you may get a nil rate tax code. That way the taxpayers can help to pay your debts.

As if ripping off the credit companies wasn't bad enough, you now want to rip off everyone else in the country...

Is saving really for insecure,thrifty types who think they will live forever?

No

sdooley

The boom was that way

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Lavendyr

My reasons for saving:

- To buy something that I want to increase your enjoyment of life - such as a car, or a house, or a holiday (i.e. saving for a specific short-term goal)
- To have the ability to be self-reliant rather than relying on the state or credit to get by
- To have money for an early retirement, rather than working until I'm 70 and then having no money with which to enjoy my retirement
- To be able to give my children and grandchildren something to help them in life at the end of it

However, while I save quite a large proportion of my salary, I by no means leave myself tight for money. I can afford to save and to give myself a good quality of life, and I honestly don't think that spending more money on myself right now could make me happier than I am.

Moreover, saving actually makes me happier than spending everything I earn, because worry less about my day-to-day life in the knowledge that if something goes wrong, I have savings that I can fall back on until I get myself back on my feet. To me, it is worth living a little more frugally (while still enjoying a good quality of life) most of the time, to ensure that I don't have to worry about what happens if I lose my job, or fall ill, and can no longer support myself from day to day because I have no steady income. Perhaps that makes me 'insecure' but that's my choice.

a7man

Saving doesnt mean you cant live a good life, you just need a good balance between saving and spending. I'd rather save and then risk it to make a lot more money then just blow it all. That way you can live well and hopefully get the life you want without the debt.

Lokolo

Also, I for one, like saving. Makes me happy to save up for that special thing.

I hate having a low amount in my bank or savings and since veery young I have always wanted to have more than £1000 in savings, now I have. Now I am aiming for £10,000.

steadysaver

Interesting post.

It does seem unfair that those who "play the system" seem to get all the help. However state assistance might not exist in the future. You have no idea what will happen to benefits and pensions.

Maybe saving is more to do with self respect/self reliance than counting on being bailed out.

Its those people whos attitude is spend spend spend and think well I can just go bust, I have no respect for, as clearly they have no respect for themselves or other people

trashcan_2

After having a Stroke and the company sacking me as I was no longer any use to them, I'm glad I had savings as I would now probably been homeless on top as that as well. So I for one am glad I had saving.
I would have got more from DHSS I know, but what they give you is not enough to keep a house going.

Milarky

I agree with the OP in parts. But saving can be seen as 'insurance' in its most general sense. If we lived in a more equal society than we do I'm sure the saving habit would be diminished ('more equal' can also equate to 'less ripped off' too) but not altogether, as spending 100 (110?) percent of what you earn is wasteful of the world's resources and cannot be sustained.

I would prefer a more equal and paternal set up than the one we have today - but that isn't going to happen overnight.

Perhaps the OP's premise could be adjusted therefore to ask: 'Who should we be 'saving' for - ourselves or our community - and what should we use as a measure how much we save - money in the bank or small bills because we choose to use less of and fewer things?')

Pssst

Some people have put up moral counter arguements to my OP.

Again i say,if we have a system that

(a) allows you to live the high life then go bankrupt
(b) shifts the burden to the taxpayer via nil rate codes
(c) pays people who dont save/dont have a pension etc more on retirement

then morals dont come into it. Its just business. Its not a matter of envy either. I just watch and learn. I see myself working all hours,living in a very modest house,driving an old car,saving for everything,having very little debt -even being worried to death about any debt and yet others,especially younger peeps,get loans,mortgages and finance up to the hilt,have bigger-better homes,bigger-better cars etc etc and i say again,when many of them have lived the highlife,the system and the state bails them out and passes the burden onto other people in the form of;
bankruptcy
income tax assistance
benefits
bailouts of finincial institutions with taxpayers cash (egt Northern Rock this week being allocated another £3 billion of OUR money!

I could go on and on and on...

Walletwatch

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