Is it worth saving £500 per month?

iris

woodbine wrote: »

if you had £15,999 in savings the CT benefit would still be reduced by £40 a week,due to the savings tarriff of £1 per £250 of savings over £6000

I think you are wrong and the following applies to over 65s:

Savings - The savings limits that apply are more generous.

• Up to £10,000 of your savings are ignored.
• We add £1 for every £500 above £10,000 to your income as assumed income from capital (£1 for every £250 for working age). The capital limit is £16,000.

Hope this helps.

NAR

Well I'm going to post a very different view. OP you say you are over 65's but not by how much, so I'll assume not a lot. Realistically how long do you think you will want to do a lot of adventuring worldwide, or to enjoy a variety of luxuries pampering etc? I reckon most people will want to slow down by the time they become 80 - and before anybody jumps on me I said slow down, not stop!

So I say blow as much money as you want spoiling yourselves in the intervening years when you can get the most out of it - happy memories. :beer:

In your latter years your savings will build again as you will not have the desire to galavant about just quite as much. Enjoy!

zygurat789

NAR wrote: »

Well I'm going to post a very different view. OP you say you are over 65's but not by how much, so I'll assume not a lot. Realistically how long do you think you will want to do a lot of adventuring worldwide, or to enjoy a variety of luxuries pampering etc? I reckon most people will want to slow down by the time they become 80 - and before anybody jumps on me I said slow down, not stop!

So I say blow as much money as you want spoiling yourselves in the intervening years when you can get the most out of it - happy memories. :beer:

In your latter years your savings will build again as you will not have the desire to galavant about just quite as much. Enjoy!

Spend in haste repent at leisure

margaretclare

NAR, my experience is different. We - that's DH and me - like more luxury in later life, not less! Example: our recent overnight ferry crossing to Ireland on the m.v. 'Julia' - we booked a first-class cabin. A few years ago in my 60s I made an overnight crossing from Plymouth to Roscoff, Brittany and I didn't even book a cabin, I made do with a couchette.

If we ever cross the Atlantic again it won't be by cattle-class - if we can't afford something a bit better than that we don't go. Luxury is one thing that you appreciate more as you get older - it's the comfort that's worth paying for! We still have a lot of places we haven't yet seen and we shan't be seeing them economy-class, that's for sure!

In addition, as others have mentioned, there are the unexpected repairs, renovations, improvements that do cost money. A few years ago DH would have climbed ladders to paint the outside of this bungalow - now we're looking at paying someone to do it.

NAR

zygurat789 wrote: »

Spend in haste repent at leisure

They have enough already in savings to not have to repent!

margaretclare wrote:

NAR, my experience is different. We - that's DH and me - like more luxury in later life, not less! Example: our recent overnight ferry crossing to Ireland on the m.v. 'Julia' - we booked a first-class cabin. A few years ago in my 60s I made an overnight crossing from Plymouth to Roscoff, Brittany and I didn't even book a cabin, I made do with a couchette.

Which is why I am suggesting to OP to avoid your experience and enjoy the luxuries in life now! They can afford it, so they should take advantage. And more often than they may wish to when they reach your age - not everyone stays healthy, or even lives to their 80's and beyond!

Why let someone else inherit the money and do with it what you should have done in the first place? That's a no-brainer in my book.

roy_harper

http://news.bbc.co.uk/1/hi/scotland/7878670.stm

You can email questions to [EMAIL="fergus@bbc.co.uk"]fergus@bbc.co.uk[/EMAIL]

The only reason I'm putting in my tuppence-worth is that Scots Law is unique.
I know your question is more general, but it's just a heads-up in case you need more specific answers to financial questions in Scotland.

roy_harper

roy_harper wrote: »

[QUOTE

So I say blow as much money as you want spoiling yourselves in the intervening years when you can get the most out of it - happy memories. :beer:

In your latter years your savings will build again as you will not have the desire to galavant about just quite as much. Enjoy!

I'm 52 and I can't remember what I had for dinner last night, never mind memories :rotfl:
Mind you it makes for less expense, because I can watch a film as if I've never seen it.

Marcusp

Thanks all, the reducing the savings to get CT benefit was a bit tongue in cheek

As I said no mortgage and I have just finished decorating and doing up my house which should do for a few years. The house is 20 years old, we moved in it when it was new built so not envisaging any massive spending on roofs or anything like that. Windows seem OK as well.

The CH is 20 years old but shows no sign of packing up, it is gas warm air heating.

We bought new furniture recently so no need to spend any money on things like that, in fact we are set up for our retirement and the savings are for things like CH and windows if needed.

So all we need to spend money on is ourselves and we don’t intend to leave a fortune to our children, the plan is when we go there is no money in the bank and only thing left is the house and contents.

So it is spend spend spend then.

zarazara

I'd save £100 a month for emergencies and spend the rest. One I'd got £3,000 saved for emergencies I'd spend the rest anyway.

lilac_lady

Spend, spend, spend normally leads to worry, worry, worry.