What's Your Savings Goal?

matt4504

Hey,

Just wondering but what is everyone on here saving for? Personally I'm just finishing off paying off my debts but I'm going to save up to move to Ireland and begin a new life. Things are a bit stale lets just say lol.

Matt

Stonk

Just wondering but what is everyone on here saving for?

Well, let's start with a biggun! I'm saving to buy my next home in cash.

Having paid off my first mortgage quickly, I've become very attached to the idea of having no debt whatsoever. It is immensely liberating. Taking on a mortgage again would really hurt.

save-a-lot

Hi

We are saving to pay our mortgage off quickly and are on track at reducing the term significantly. Currently not overpaying, but getting our money into accounts that pay more than our mortgage rate.

noyk

Stonk wrote:

Well, let's start with a biggun! I'm saving to buy my next home in cash.

Having paid off my first mortgage quickly, I've become very attached to the idea of having no debt whatsoever. It is immensely liberating. Taking on a mortgage again would really hurt.

Do you live some where cheap, or do you earn a lot or even better both! Or perhaps you bought some time ago - when you say quickly how long is that 5,10 years? I'd love to be able to do this and thats why i'm saving to pay for somewhere to live primarily. Once i've got that to fall back on i'd like to take few more risks in business etc
What annoys me about this country is that everyone is forced to pay so much for bloody housing! I'd love to spend some money investing in some of my ideas but what choice do i have - i need somewhere to live.

Madiba_2

I'm not saving for anything really. Other than retirement I guess.

I have some premium bonds, some money in Zopa, some in the bank, and some in an ISA. I dont have a mortgage and I own my car. I still have a student loan, but not in a hurry to pay that beauty off!

Current considerations are:

Thinking of buying to let, but no real rush, I will wait for the next market crash.

1 yr and 3 yr bonds in case the base rate drops

Fund investment via S&S ISA

:xmassign:

Stonk

noyk wrote:

Do you live some where cheap, or do you earn a lot or even better both!

London. I earn decent money, but not astronomical. The difference with me is that I live a reasonably normal lifestyle; as my income has increased over the years, I have kept my outgoings fairly stable. From the outside, to somebody looking at how I live and what I own (e.g., gadgets, car, etc), I imagine that I would look like a pretty average earner. I know people on £20K who live a more "wealthy-looking" life than me, only they live on loans and credit cards ...

noyk wrote:

Or perhaps you bought some time ago - when you say quickly how long is that 5,10 years?

I bought 7 years ago, and, critically, did not stretch myself with the lending, at just under 2 times salary. I could have bought a place at double the price (and in hindsight it may have been a good choice). What this meant was that it was easy to find money to overpay. It is very addictive once you start overpaying and seeing the term reduce, so every time I had £5K or so spare it went towards the mortgage and knocked another few years off. The mortgage was gone in 2 years and 8 months.

These days, most people buying on the limit are never going to have a chance to overpay any significant amount, and are essentially locked in for the full 25 years. I hate the thought of *having* to go to work every day for 25 years to a job I might hate, just to keep a roof over my head. One of the great freedoms I have now is that if I get fed up with where I work, I will have no qualms about leaving. Additionally, being able to just walk away helps my negotiating position if I ask for more pay, so it's a kind of vicious circle, only not so vicious.

Redbedhead

We are saving for a bigger house as we are bursting out of the seams of our current one, which is technically my house as I bought it before I knew my husband.

I am also saving so we can afford to have kids as currently I am the higher earner so things will be difficult when our income drops when I take maternity leave.

We are also overpaying on our mortgage, so when we do get a bigger house we will have more equity and therefore can take a smaller mortgage.

Benny21

This thing will differ from one another...According to me, upto the satisfaction of my heart

jimbow25

I started my first full-time job about 8 months ago and am trying to save regularly while living within what seems like a reasonable budget, which is why I first came across this site. I'm living with my parents which means living is a lot more affordable than it would otherwise be, the money may come in handy a few years down the line. I'm also in a training placement with exams to revise for so that's another incentive not to be going out and spending loads of money. I was partly inspired to start saving my a friend who saved a huge amount of his monthly pay during a similar training position, I don't think I can save as much as he did but it's something to aim for!

Not sure about a specific long-term goal, it totally depends how the job/pay rises etc go.

moneysavingwannabe

I'm saving for lots of things!!!

1) An extension starting in February
2) A new kitchen for the new extension
3) My wedding - soon as we can
4) Overpayments on the mortgage

It seems much harder to do in December!!

save-a-lot

Benny21 your signiture is a bit spamy with your links to your own site in, put a link in your profile only.

remove the sig before the moderators get you