How much can you save?

mega123man123

Paying for savings first is my way to save productively!

my salary pops into my savings account and i pull out the a portion to spend on what i like. Luckily i can be quite careful but if i go over i have an interest free o/d as a graduate (naughty i know - but rather handy)

im usually happy to speak 2 colleagues about my salary/spending. I should stop that incase it gets me into trouble one day!

LucyTheDwarf

I don't tell anyone in real life what I earn or what I save, except for my bf and my mum (though she doesn't know how much I save, because she wouldn't approve (she gets upset, thinks I'll move out soon)).

The few occasions where people at work have found out what others are paid, there have been huge upsets. A colleague was told by a new employee on his first day what he was earning (£5000 more than her, and she was training him), and was understandably very upset. He was 2 years older than her, and male, and she was furious at how much more he was earning. She went straight to our boss, complained, and he was sacked later that day. None of us ever found out the true story, but she didn't get the pay rise she demanded! She was 19 - proving it's not just the older generations who won't/shouldn't talk about money.

Lokolo

Yes indeed, I got shouted at when I went to work for John Lewis for discussing how much we got paid! Didn't bother me one bit to be fair, was only a part time job, as long as I got some money I was happy!

Obviously a lot of people can get understandably furious so sometimes its not wise to mention how much you get paid!

And awwwww poor mummy!

LucyTheDwarf

Haha! We all spoke openly about what we earned when I worked for Primark... Everyone of the same age got the same, so it didn't matter one jot!

But my present employer is pretty bad at salary equality. I've seen adverts for vacancies which I am 99.9999% sure is for my employer, giving the job description of one rung of the ladder below me, but with a salary in the region of £4000 to £9000 more than what I'm on.

Having said that, I do know what some of my colleagues earn, and I'm not getting a raw deal in comparison - it just winds me up that new staff can come in on so much more.

Wantosave

Hi Bendix

I am 44 yrs old too. It's a good age to be, I reckon. Coincidentally I did a one-year law course - you say you work in a law firm. I work in the financial sector. Read some of my threads, if you get time, on this forum. I am impressed with your saving aspirations.

Best regards

Money Angel

:A

gelato_cat

Why not apply? Or ask for a pay rise?

Suze

LucyTheDwarf wrote: »

But my present employer is pretty bad at salary equality. I've seen adverts for vacancies which I am 99.9999% sure is for my employer, giving the job description of one rung of the ladder below me, but with a salary in the region of £4000 to £9000 more than what I'm on.

gelato_cat

Wow, he got sacked on the same day!!! That's hilarious!

I remember when I was offered my last job, the MD told me that I wasn't to discuss the terms of my contract with anyone else in the company(I can't remember whether or not this was actually in the contract), but we all did it anyway...

Suze

LucyTheDwarf wrote: »

I don't tell anyone in real life what I earn or what I save, except for my bf and my mum (though she doesn't know how much I save, because she wouldn't approve (she gets upset, thinks I'll move out soon)).

The few occasions where people at work have found out what others are paid, there have been huge upsets. A colleague was told by a new employee on his first day what he was earning (£5000 more than her, and she was training him), and was understandably very upset. He was 2 years older than her, and male, and she was furious at how much more he was earning. She went straight to our boss, complained, and he was sacked later that day. None of us ever found out the true story, but she didn't get the pay rise she demanded! She was 19 - proving it's not just the older generations who won't/shouldn't talk about money.

Masomnia

So glad I got my 6.3% fixed for a year with Egg!

Lokolo, my tracker I got from Legal and General, I'm thinking over a few years it should give a pretty good return.

LucyTheDwarf

Suzey wrote: »

Why not apply? Or ask for a pay rise?

Suze

I thought about applying - but they'd have made my working life hell if they thought I'd looked on a jobs website. Asking for a pay rise generally means you're forced out within a few months. Another colleague wanted a pay rise, a few years back. They promised her she could have one, in 6 months, and talked her into moving departments to a more advanced role, telling her how wonderful it'd be for her career... knowing full well that she'd never fit in with the employees in that department. She was a strong willed girl, but 5 months of constant bullying and loneliness later she left. It's well known that she was engineered out - we all knew when she first told us about her department move, all excited and enthusiastic about it, that they were forcing her out.

My employers would rather go bankrupt, than give in to an employee. There have been people who apply for other jobs, get offered, and ask them to beat it. They generally refuse, and find a way to get that person out within the week, jeopardising their new job with bad references, if they can. I know you're not allowed to give a bad reference, but they've given two in recent months that lost former colleagues their new positions, so they get away with these things! (and the departments the colleagues worked in go really down the pan, because they lose these experienced, competent people, and replace them with cheap 16 year olds who have no knowledge/training/qualifications etc!!! (and no-one left to train them))

Sorry for ranting - I love my job but hate the people I work for, and it's so frustrating that they don't seem to ever learn that they make things harder for themselves by not treating their staff fairly!!!


Anyway - base rate cut - OUCH!!!!!!!!!!!!!!!!!!!!!!!! I can reduce my predicted net income figures now Just a few weeks ago I was keeping my eyes peeled for a nice instant access account for at least 6%... I should be so lucky

Masomnia

On the plus side, rates falling so sharply suggest that price rises don't seem to be a worry any more. Hopefully our living costs will fall and that should affect our savings positively