Spender or Saver

Batchy

In the current economic climate what category would you put yourself in:-

Im a saver, virtually 50% of my annual earning will be savings... Including capital part of the repayment mortgage.

On top of this my employer pays 15% into a pension for me! :-)

wastedtalent

I'm a saver until I spend a chunk of it on a deposit for a mortgage.

I don't know if that's technically 'saved' as it's in capital?

dave4545454

definitely a saver, the majority of my benefits go into my savings.

dtsazza

wastedtalent wrote: »

I'm a saver until I spend a chunk of it on a deposit for a mortgage.

I don't know if that's technically 'saved' as it's in capital?

I'd say it counts as saving - you're planning your purchases in advance, and accruing the money until you have enough - rather than going out and using credit to buy things on impulse.

(Granted, a mortgage is technically credit, but you're saving up the "qualifying price" for that credit, so I don't think it undermines my point.)

Really2

Both, but more disposable goes in to savings than is spent by a long way.

DervProf

I`ve always been a saver, although that has been a little more difficult in recent times. I`ve always tried to spend less than I earn, in an effort to make sure that in latter years, or in times of decreased income, I can support myself financially.

Brallaqueen

Bit of this, bit of that. Props to those above who are putting half or more of their income into savings, you're all inspirational!

nearlynew

DervProf wrote: »

I`ve always tried to spend less than I earn....

That is the first step towards financial security, whether you earn £100 a week or £10,000 a week.

The non-adherence to this first principle is the main reason why we* are in this financial mess.



* "we" being everyone, generally, not any group in particular.

michaels

All you savers are despicable, it is you who caused the credit crunch as the banks were forced to lend your savings out to unsuitable borrowers in order to pay you the return you wanted for your savings.

I have been helping the economy, saving approx 30% of my gross income for the last 5 year and then spending 5x my gross income this year on building works that are directly benefiting the UK economy. Can't get much more counter-cyclical than that.

shortchanged_2

I'd love to save more but seeing as the government taxes me at 50% on most of my earnings I don't have a lot left over after the tri annual Carribean holidays and the petrol that goes in the Ferrari and Bentley. Plus the golf membership never seems to get any cheaper and don't get me started on the missus.

Graham_Devon

michaels wrote: »

All you savers are despicable, it is you who caused the credit crunch as the banks were forced to lend your savings out to unsuitable borrowers in order to pay you the return you wanted for your savings.

Absolutely.

Parasites, selfishly feeding off others.