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Savers should be rewarded.
DervProf
Posts: 4,035 Forumite
There have been a few people on this forum that have shown some disrespect for those of us who have savings. They have very little sympathy for those of us who had the discipline and sense to not spend every penny we earn, and now find that the returns on our savings isn't keeping up with inflation. Unless we spend a large proportion of our income on servicing mortgage debt, we are to be dismissed as "parasites".
Well here we are today, post credit crunch, and our economy isn't looking exactly rosey. What our retailers need are some customers, and that's where savers suddenly become more valued. Lending is restricted, so slapping the holiday on the plastic isn't so high on the agenda.
Now is the time for the saver to take revenge. It's time to wave our wad in the face of the retailer and say "if you want some of this, you're gonna have to work for it". The BoE think they can smoke us out by allowing inflation to exceed returns on savings. Well, they have another thing coming, because as CPI had gone up, my spending has gone down. I aim to make my prudence pay, and I'm eyeing up a nice new TV. I can't believe I can get a 40" flatscreen for less than £400, but that's what I intend to do. Inflation ? Pah !!! VAT increase ? I can't say I've noticed - the TV I'm looking to buy has tumbled in price. Food, fuel etc has gone up, but I simply change my buying habits to suit. As far as earnings are concerned, I simply increase my charges to cover any increase in my outgoings (which are fairly low anyway). If I suffer any loss of income due to higher charges, I don't have to worry because of the savings that I stashed when times were good.
For any younger FTBers who may be reading this, I suggest you be nice to your parents, and stay at "home" for as long as possible. You too can "smoke out" those who seek to take your money.
Well here we are today, post credit crunch, and our economy isn't looking exactly rosey. What our retailers need are some customers, and that's where savers suddenly become more valued. Lending is restricted, so slapping the holiday on the plastic isn't so high on the agenda.
Now is the time for the saver to take revenge. It's time to wave our wad in the face of the retailer and say "if you want some of this, you're gonna have to work for it". The BoE think they can smoke us out by allowing inflation to exceed returns on savings. Well, they have another thing coming, because as CPI had gone up, my spending has gone down. I aim to make my prudence pay, and I'm eyeing up a nice new TV. I can't believe I can get a 40" flatscreen for less than £400, but that's what I intend to do. Inflation ? Pah !!! VAT increase ? I can't say I've noticed - the TV I'm looking to buy has tumbled in price. Food, fuel etc has gone up, but I simply change my buying habits to suit. As far as earnings are concerned, I simply increase my charges to cover any increase in my outgoings (which are fairly low anyway). If I suffer any loss of income due to higher charges, I don't have to worry because of the savings that I stashed when times were good.
For any younger FTBers who may be reading this, I suggest you be nice to your parents, and stay at "home" for as long as possible. You too can "smoke out" those who seek to take your money.
30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.
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Comments
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There have been a few people on this forum that have shown some disrespect for those of us who have savings. They have very little sympathy for those of us who had the discipline and sense to not spend every penny we earn, and now find that the returns on our savings isn't keeping up with inflation. Unless we spend a large proportion of our income on servicing mortgage debt, we are to be dismissed as "parasites".
Well here we are today, post credit crunch, and our economy isn't looking exactly rosey. What our retailers need are some customers, and that's where savers suddenly become more valued. Lending is restricted, so slapping the holiday on the plastic isn't so high on the agenda.
Now is the time for the saver to take revenge. It's time to wave our wad in the face of the retailer and say "if you want some of this, you're gonna have to work for it". The BoE think they can smoke us out by allowing inflation to exceed returns on savings. Well, they have another thing coming, because as CPI had gone up, my spending has gone down. I aim to make my prudence pay, and I'm eyeing up a nice new TV. I can't believe I can get a 40" flatscreen for less than £400, but that's what I intend to do. Inflation ? Pah !!! VAT increase ? I can't say I've noticed - the TV I'm looking to buy has tumbled in price. Food, fuel etc has gone up, but I simply change my buying habits to suit. As far as earnings are concerned, I simply increase my charges to cover any increase in my outgoings (which are fairly low anyway). If I suffer any loss of income due to higher charges, I don't have to worry because of the savings that I stashed when times were good.
For any younger FTBers who may be reading this, I suggest you be nice to your parents, and stay at "home" for as long as possible. You too can "smoke out" those who seek to take your money.
:T
revenge is sweet.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
There have been a few people on this forum that have shown some disrespect for those of us who have savings. They have very little sympathy for those of us who had the discipline and sense to not spend every penny we earn, and now find that the returns on our savings isn't keeping up with inflation. Unless we spend a large proportion of our income on servicing mortgage debt, we are to be dismissed as "parasites".
If you're not satisfied with the rate of return on your savings, then why don't you change your investment strategies or consult a financial advisor rather than ranting?Now is the time for the saver to take revenge. It's time to wave our wad in the face of the retailer and say "if you want some of this, you're gonna have to work for it". The BoE think they can smoke us out by allowing inflation to exceed returns on savings. Well, they have another thing coming...
So you would like to see another recession?0 -
If you're not satisfied with the rate of return on your savings, then why don't you change your investment strategies or consult a financial advisor rather than ranting?
:rotfl::rotfl::rotfl: The IFA,s I know were either sewage workers,car salesmen or painters who suddenly became IFA,s .....bought a suit and a laptop and away they went.
About as qualified to give financial advice as an Ice cream van driver........
Many of the people who slate savers haven't got a pot to p1ss in or are in debt up to their eyes......0 -
if you want a risk free return then the banks are paying a very reasonable rate. if you grow some B******* and invest in a good tracker
or stock market instrument you will get a great return well above inflation, my pension pot has done very nicely in the last few years as has my mortgage LTV.
I got a mortgage 2 years ago and we have managed to get it down 15-20% do
"There have been a few people on this forum that have shown some disrespect for those of us who have savings. They have very little sympathy for those of us who had the discipline and sense to not spend every penny we earn"
why would i want savings when pretty much i'm doubling my money for every extra pound i overpay on my mortgage.
finally DERVPROF i guess you aint a derivatives professor if you can't earn above inflation returns..
do you eat food.. have you been to a supermarket recently0 -
The liars and thieves have convinced people that saving is bad and spending is good.
Deflation is bad and inflation is our saviour.
Idiots and debt-junkies (who make up a large proportion of people) have fallen for the lie and that's why we are in the !!!!!!."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
whatyadoinsucka wrote: »why would i want savings when pretty much i'm doubling my money for every extra pound i overpay on my mortgage.
Wow. That's the best line I have ever read.0 -
leveller2911 wrote: »About as qualified to give financial advice as an Ice cream van driver........
Fair enough, point taken.leveller2911 wrote: »Many of the people who slate savers haven't got a pot to p1ss in or are in debt up to their eyes......
You mean the people that pay for the "rewards" that the OP is demanding?0 -
I now rates are bad now but has there ever been a time when banks paid more than inflation.0
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Fair enough, point taken.
You mean the people that pay for the "rewards" that the OP is demanding?
Take Nationwide for instance, if I have a cash ISA with them they are paying 0.5% interest , when at the same time if I had a credit card with them they would charge me 19.9%....... Its just plain wrong...
I don't want 15% interest rates back as I can see the bigger picture of the harm those rates did to borrowers, however currently we have the exact opposite of the spectrum, artificially cheap borrowing and next to no savings rates......
You seem to be implying borrowers should expect low interest rates.
If you go back 24 months that same ISA was paying 5% and their credit card was charging 13.9%...0 -
Graham_Devon wrote: »Wow. That's the best line I have ever read.Im glad someone understands it,I havn't got a clue what the muppets on about.
ok. am i being stupid now, i bought a reasonably priced house for the current market.
my mortgage paperwork clearly states for each £1 borrowed i will repay £1.82 over the mortgage term.
Therefore in the short term i am doubling my money (ignoring the inflation aspect) therefore for the short term we are overpaying to get our LTV to the best possible Rates Offered, so that we can afford on one salary and then come later this year I will be investing in the stock markets (60% into trackers / unit trusts etc & a few FTSE 100s and 40% into Emerging Markets)
I am still living very comfortably got 3 holidays already booked and paid for..
and the car is 2 months from being paid for :0)0
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