Savings Log of a 26yr old on low pay

UnderPressure

curlygirl1971 wrote: »

Every once in a while I read this........and it gives me a bit of a lift. Yeah it's a bit cheesy and old-fashioned, but I like the sentiment and I think it helps to have whatever motivation you can get sometimes


Saving for Greatness
by Luke Setzer
A fellow freethinker who works for World Financial Group shared this document with me.

"Your savings, believe it or not, affect the way you stand, the way you walk, the tone of your voice - in short, your physical well-being and self-confidence. A man without savings is always running. He must. He must take the first job offered, or nearly so. He sits nervously on life’s chairs because any small emergency throws him into the hands of others.

Without savings, a man must be too grateful. Gratitude is a fine thing in its place. But a constant state of gratitude is a horrible place in which to live. A man with savings can walk tall. He may appraise opportunities in a relaxed way, have time for judicious estimates and not be rushed by economic necessity.

A man with savings can afford to resign from his job if his principles so dictate - and for this reason he will never need to do so. A man who can afford to quit is much more useful to his company and therefore more readily promoted. He can afford to give his company the benefit of his most candid judgments.

A man with savings can afford the wonderful privilege of being generous in family or neighborhood emergencies. He can take the level stare of any man ... friend, stranger or enemy. That ability shapes his personality and character.

The ability to save has nothing to do with the size of income. Many high-income people spend it all. They are on a treadmill, darting through life like minnows.

The dean of American bankers, J.P. Morgan, once advised a young broker: "Take waste out of your spending; you’ll drive the haste out of your life."

If you do not need money for college, a home or retirement, then save for self-confidence. The state of your savings does have a lot to do with how tall you walk. "

That is one of the best pieces of writing regarding savings I have ever read!

Very very very relevant in todays financial climate and really spurred me on to start saving!

MoneyWaster2007

Wow, some great replies there guys...especially curlygirl1971. Not meaning to minimise the greatness of the other replies, but I can see that this one in particular must have taken some time to do.

It does definitely help me to stay motivated with the kind replies I get on here. I guess I am proud of what I've done so far. It does feel like I am constantly scrambling up a slippery slope and falling down/ climbing back up again in terms of the balance of my ISA. But now I have the car and have got myself set up in my own place, I should now be able to power upwards and not look back

I have a job interview on Friday afternoon aswell which I forgot to mention, which will be more money if I get it (hope so - touch wood).

I like how you also pay yourself first edinburgher and I didn't realise that this principle is also contained in 'the richest man in babylon'. So it must be a good technique if lots of people use it.

Loving the savings mantra aswell UnderPressure, I think that is something I will read over and again when in need of a boost :cool:

linz - do you know how long it takes for the ISA to transfer over to Halifax from the stage of signing the doc's and Halifax then sending off the request? I was told roughly 2 weeks?

linz

Hi MW,

Sorry I don't know how long it takes to open as I wasn't transferring money in so I was able to open it instantly online.

curlygirl1971

MoneyWaster2007 wrote: »

Wow, some great replies there guys...especially curlygirl1971. Not meaning to minimise the greatness of the other replies, but I can see that this one in particular must have taken some time to do.

linz - do you know how long it takes for the ISA to transfer over to Halifax from the stage of signing the doc's and Halifax then sending off the request? I was told roughly 2 weeks?

I just like the sound of my own voice too much

I've also recently transferred an ISA to the Halifax. I applied in branch on 30/04 and I received a letter dated 18/05 telling me the transfer was complete. They pay interest on the account from the day they receive the completed transfer request. I suppose some of the time taken to transfer is also down to the old ISA provider.

Best of luck with the job interview!

ampersand

Bonjour mw - just back from v.quick flit in France, before next week's long stay till September.

My journeys fund themselves[brocantes/vide-greniers/salons d'antiquaires]. I have a Bank a/c there, which is a great boost: just seeing that card, knowing it is real and represents my real/another Life. It's the boost I use to carry on here. I do this on State Pension only, having lost e'th through a.n.other's suicide, legal incompetence and criminal abuse of trust.

The 10 year path from hideous, numbed, disbelieving limbo >existence >survival >'thrival'[my silly but suitable term] is not one I'd ever wish upon others, but it can be done and you have made your own special way out of the mire to head onwards and upwards.

You have some great new supporters here, too - Fanzine time soon:-)

Wishing you great success and positive vibes for Friday afternoon. You must see that the man you will be in 2 days' time is a likely and likeable, promising candidate, who'll carry himself in confidently, smile and set the tone by his straight up and down presence.

What a difference from the person who first wrote here!

Have you made sure that your new physical activities are part of your c.v.?

I hope you have copied and printed out the Luke Setzer piece many times over.

Put it around your flat, in the car, in a work locker if you have one.
Definitely keep one in your wallet always and in your pocket on Friday. That tall walk as you enter the room will be full of natural ease and you will feel confident knowing that it's with you.

You are making your own Good Luck!
.

edinburgher

do you know how long it takes for the ISA to transfer over to Halifax from the stage of signing the doc's and Halifax then sending off the request? I was told roughly 2 weeks?

Took about 3 weeks for my OH to transfer last year's ISA in to the Halifax. But as curlygirl says, they pay interest from the day they receive the transfer request, so all is good

Best of luck for the interview - is it the same line of work as you currently do?

MoneyWaster2007

Thanks ampersand - how was your trip to France? Very tired this evening so I apologise in advance if this post is fairly short.

The job I am being interviewed for is a sales/measuring and estimating job at a carpet company - something completely different to anything I've done previously, but a challange to get stuck into. The only drawback I can see is I will have to do 6 day weeks. And get up earlier in the mornings as it is a longer commute...

I will be more detailed in my next post but must shower and sleep now...zzzzz.....

jimjames

curlygirl1971 wrote: »

The ability to save has nothing to do with the size of income. Many high-income people spend it all. They are on a treadmill, darting through life like minnows.

This is the best bit of advice and one that needs to be drilled into everyone! It is so easy to spend what you earn but Living Below Your Means is a far better route long term.

ampersand

The prospective job change sounds interesting, mw.

Presumably it will mean that no 2 days will be the same if you go out to different sites/private homes - and we all know that change is as good as a rest. It may mean avenues to other work open up too, if e.g.you go to quote for Exhibitions, hotels etc.

Do you know whether or not the Sales element would involve meeting sales targets? I would not like to think of you being under this sort of pressure in times like these. Incentives, OK. Some treadmill Performance Prison, no.

Weather around Flanders was cack! - even Bastille Day was a washout, but it did not matter and I bought rather well here and there from sellers who may have been disheartened by it and just wanted to pack up and go indoors.

I listened to the Tour de France on RMC and France Inter, also the golf on R5[just across the Channel, after all], read, walked[huge wide coast]and generally pleased myself. Give me a boulangerie baguette, simple markets, brocantes, vide-greniers, French as ma langue quotidienne and I can be v.v.happy.

Interview points-
Clean shoes and tidy fingernails.
What is company policy on body jewellery? - observe it.
Make sure you've done some research on the new company[history?/family firm?/takeovers?/is your job expansion? or has someone left? If so, why?]
-and have a good question or 2 for them at interview. Sometimes employers offer this opening. If not, simply say you have a couple of questions too.

Show that you're keen - 'I read that you blah blah blah...'/'I saw that your year-on-year profits have grown by x since y....'/'I see that you opened x new outlets since y....'.

Make it clear that you can be flexible, want to advance and add to your skills base. Don't highlight any lack of Previous:-) You need to make them see you as worth their investment over someone who may have relevant experience.

DON'T FORGET TO THANK THEM FOR THEIR ATTENTION AND TIME AS YOU LEAVE.

If you really want to work for them, wait a week then ask, by letter, for feedback and to be considered for any future opening. This way, your name springs up again and stays on file.

Cherryprint

Hi,

I've been reading MSE for years and have always thought of signing up but have never really felt inspired to do so until today. I've just finished reading this epic saving diary you have written and I wanted to sign up to say "well done!" and to let you know that I've found what you've written really inspiring and I hope to be able to follow in your footsteps.

I know you've made some amazing changes in your life over the course of this log, but I just want to underline a few points that other people have made. I'm your age and met my husband through friends, and I have to admit I wouldn't really go for a guy I met in a nightclub (not that there is anything wrong with this, I'm just underlining what other people are saying about cheaper ways to meet the girl of your dreams . It can be hard to make a connection with someone when you're surrounded by people who are totally hammered, etc. I think it's really cool you're trying new places and new things because you never know who you might meet and what new skills/interests/loves you might find

Ooh and massive congratulations for quitting smoking...and good luck with the interview :T I'll keep following your progress now I'm all signed up.