what is a rational percentage to save

de1amo

she has just taken me to a gym to see if i will splash out on membership for the family-i am not enthusiastic so it isnt a good portent for the stamina to stay the course! why do the gym instructors pass negative comment-if i was in my 20s and fit i wouldnt be in a gym!im sure there should be an age ceiling to these places before you become a balding old sad git!!- he also suggested we need to diet which went down like a lead balloon with her in doors lol-i am 83kgs and 5 10 so not gross so he must mean mrs de lol

jollyme

I wonder if this obsession with saving might be more related to the fact that you are retired quite young. Is there some other direction you might focus your attention. Perhaps in a volunteering capacity. Forgive me , if you think I'm getting it wrong. But I do speak from personal experience - the more available time I have the more I find I obssess about getting that bargain or saving that extra penny, when it really is not important - living life is what is important and having fun!

drink-stella

Sandrock wrote: »

In our case, we save for a number of different things - in the short term we save as a cushion against redundancy. In the medium term we save to offset our mortgage and then pay it off completely and in the long term we save in order that we can both take early retirement and live comfortably until our pensions kick in.

That sounds like a plan to me, you've definatley got me thinking about saving more, especially the bit about a comfortable early retirement

de1amo

i do think idle hands lead to obsession--my wife is building a business and i am left rattling around the homestead-i help her how i can but it isnt very time consuming--i have done charity work but due to health concerns i am limited--its stress related---i am not a hobby person--my mind spends great periods focussed on finances--i am negotiating with the wife and gym about membership at the moment naturally i am going to wring the best deal with the 'right gym for me!-my wife isnt as thorough because she is too busy!!-thanks jollyme

take note those who plan to retire early!

ljaneyr

As you say yourself you are obsessed with figures instaed of cutting your saving dramatically why not do it gradually. Save maybe 5% less next month and talk to your wife and daughter about what to spend it on, i'm sure they have some ideas! Maybe some things that you can share or things to do together. See how you feel when saving this new amount and spending a little more but I think you might worry about it however much you save/spend. I really think you should look in to occupying more of your time to distract you from obsessing about money, try things that wouldn't normally appeal to you and you might surprise yourself! Some hobbies might seem expensive (golf or photography for example) but you could save seperately for the things you need and enjoy yourself looking for the cheapest/best equipment!

Well done for seeing your problem, now try to focus on a positive solution that allows you to save enough but letting you and your family enjoy life.

de1amo

Golf is one thing i used to really love--but the back isnt quite up to it these days--i am obsessing now on getting a bit more healthy -maybe in time i will get back into golf if i build some muscle to cover an existing problem--i do a lot of living abroad and facilities like golf courses and sports facilities are almost non existant-you'' are really blessed in the uk!!--my parents are hobby mad and always trying to involve me to no avail--when i was younger it was all sport with me and i wish i had more aptitude towards hobbies because with ageing sport becomes 'painful'--i need to compete to feel content!
Thanks for your comments--i am gradually routing around in my unatural lifestyle--being put on the scrap-heap early in life is not as good as it sounds--its a thing you dont plan for and have time to prepare psychologically for--my old friends are still nose to the grindstone and as a man i have lost my purpose and place!-even the wife is out there being successful!

Primrose

If you wife is content with your saving lifestyle (apart from the argument about your daughter's trip abroad) then I don't think you should allow yourself to be ruled by what people here suggest, although you could loosen the pursestrings a little for a few indulgences. If you're content with the way you live and don't need to let the need for material acquisitions to rule your life, continue in your current mode. Sooner or later a need will come for your savings and you'll be glad they are there. To manage on far less than you earn is no bad thing. If the politicians had done that for the past 13 years we wouldn't be in the mess we are now.

de1amo

i plan to get gym membership for all the family--something we can all enjoy and i can stop coming here so much lol--i will never change my nature of being a saver and a careful spender--its too ingrained!--my mortgage is well covered but during the silly days i was offered about 3 times my 55k 'if i needed anything new' from the building society--i knew i had to pay it back one day plus a great amount of painful interest! i have seen a time when mortgage rates were ranging between 12 to 15 pc for a long time and a lot of people lost their homes to over extendding themselves--i watched and sucked it all in--i had a 25k mortgage then but inevitably you have to extend for that second home but i have always saved as a natural instinct--very unfashionable i know

butterfly72

I must admit in recent times I've decided to save less and do more! I pay 16% of my wages into my pension, have regular savers paying in £500 and £250, always use up my ISA allowance half S&S and half cash and then put the left overs into another savings account - all split into different pots ie emergency fund, holidays, etc. I woke up one day and thought... I'm not having too much fun here! Life's too short.

So I now go horse riding once a week at £40 at time and put a little of the spare money into my 'horse' fund. Horses are my passion and I won't be able to enjoy them too much when I'm retired in my 60s and 70s. At least now I can actually buy a couple of horses and compete and have the energy to care for them!

Go on spend away!!

LeeSouthEast

Anything can become an obsession or addiction. Saving is no exception.

I freely admit I have an addictive personality. I skirted very close to an alcoholic for a short period in my early teens (kicked by mid, fortunately), I still smoke (that's the next one!), and I love to save money. It gives me a kick. An adrenaline rush. A sense of achievement and accomplishment. It's also easy to 'keep score', and try to beat it every month. Even if just by 1p.

The downside of course is: what's the point? Winning that game alone does not bring true contentment. Being with and having fun with my girlfriend really makes me happy. But this is only for part of the month as we live 60 miles apart and have (particularly this month) really crappy shifts to contend with. I fall back into the saving comfort zone when I'm away from her.

However, all said, saving isn't bad if it's for a goal or a set of goals, and then a bit more. I'm debt free, and comfortably save at least 50% of my monthly net income. Some months that can be 80% if I don't get to see her much. But it's all for a reason: to enable me to move out of my parent's house (where I ended up again during a bitter divorce), and into the same town as her together. After that, I'll mellow. I will throw 10% into my emergency fund each month, 10% into my new car fund, 3% into a holiday pot, 2% for 'spontaneous fun' and 10% for 'our future' (long-term investment).

I'm taking the 'short term pain long term gain' view right now. But I cannot go on like that forever. It is emotionally draining, and a real bind. Putting by 45% of my income for future goals seems reasonable to me, and will enable me to live a life without debt beyond a possible mortgage, and still enjoy living. Saving 60-80% is just silly. You might be hit by a bus tomorrow.

Re-evaluate your goals, and live a little.