Make Me Rich 15: Skating on thin ice Blog Discussion

This is a Chat Forum discussion on Martin's 'Skating on thin ice' blog discussion that you can read here.
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Comments

  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    The problem is Jo is on maternity leave and isn’t keen to go back to work, yet they’re eating into their savings at too quick a rate. Today’s challenge was to stem the flow and also get Jo the laser eye surgery she wants.

    My first reaction is that the laser surgery has come at the wrong time. She needs to do it when they can financially afford it, maybe when she is back at work. They are spending their savings at an alarming rate anyway. If they dont put the spending on hold now, Jo will have to go to work quicker than she planned to.

    Some people just want it all - and they want it now!!
  • Not sure I understand what Martin is saying here... "Then some interesting pain-full stuff; putting the child benefit away for the children, when they need the money. This is a classic example of guilt finances. The money is there to provide a home and life for children. If squirreling it away causes financial problems for you - then you’re not helping them."

    There must be plenty of people who need the child benefit to help pay for the nappies, food, clothes, school dinners or whatever - that's what its for isn't it?
  • As someone who has to fork out upwards of £300 for a decent pair of glasses I would think that laser eye surgery is a money saving exercise and not a luxury icon7.gif

    I look forward to seeing that particular show and if Jo gets her laser eye treatment cos I am far too much of a coward to go down that route, besides my problems are just "old age" icon11.gif
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
    Not sure I understand what Martin is saying here... "Then some interesting pain-full stuff; putting the child benefit away for the children, when they need the money. This is a classic example of guilt finances. The money is there to provide a home and life for children. If squirreling it away causes financial problems for you - then you’re not helping them."

    There must be plenty of people who need the child benefit to help pay for the nappies, food, clothes, school dinners or whatever - that's what its for isn't it?

    I think i mightn't have made myself clear enough when firing off the blog.

    Yes I agree

    What Im trying to say is many people feel 'guilt' spending the child benefit on things their kids need. It seems to have become traditional to "save it for their future'. So much so that families piling up debts and crippling themselves are still saving it. My point to this family was "don't be afraid to spend it on making life liveable now!"

    martin
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • It seems to have become traditional to "save it for their future'.

    In fact this is what I did and set up a savings plan for £30 a month, I think at the time the child benefit was about £35 a month and is now around £68.

    Fortunately I haven't "needed" to use this money on a monthly basis but I certainly wouldn't have thought about stopping it until reading this but it makes sense.

    I wonder how many people do "save" money in this way when they really can't afford to?
  • It seems to have become traditional to "save it for their future'.

    In fact this is what I did and set up a savings plan for £30 a month, I think at the time the child benefit was about £35 a month and is now around £68.

    Fortunately I haven't "needed" to use this money on a monthly basis but I certainly wouldn't have thought about stopping it until reading this but it makes sense.

    I wonder how many people do "save" money in this way when they really can't afford to?
    I spent it-weekly-then monthly,as it came to me on necessities as I had no choice. That is what I feel it is for. Later on, i was lucky not to "need it" in the same way and I tried my best to leave it in an account until I wanted to take the kids on a day trip or needed to find money for school trips, school uniforn etc. Rarely anything left over to save. I have now reached a time when I can actualy plan what it goes on. Eldest has it as bus fares for college and I manage to save the money for the youngest.
    Annual Grocery budget 2018 is £1500 pa £125 calendar month £28.84 pw for 3 adults
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