Is saving worth it?

edited 30 November -1 at 1:00AM in How much have you saved?
2 replies 1.6K views
sy2piesy2pie Forumite
5 Posts
edited 30 November -1 at 1:00AM in How much have you saved?
From what i have been hearing, saving money doesnt seem to be worth it anymore. We are heading towards more quantative easing (they can tell me it isnt all they want, but it is), higher inflation and banks being able to default at any moment...is saving worth it?

Wouldnt it be better to invest the money in something to help save me from this dark future coming? (solar pannels, tools to grow food or an economical car, etc etc).

I have been doing a lot of reading on gold and silver too and i am starting to think it might be better to just take all my money out of my bank account and buy into that.

I have also thought about buying my property (as i currently live in social housing) and puttig my money in to that. Would this protect my money more? or put me in a better position during the economic collapse (or economic shitstorm anyway!)

What are everyones thoughts? Would spending my savings be a better idea?

Thanks

Replies

  • pineapplepineapple Forumite
    6.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper
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    I retired this year and used much of my lump sum to pay off the remaining mortgage and do some house repairs/improvements.
    I chose to do that rather than have the cash floating around in an unstable banking system.
    I also built up some stocks of food with a long shelf life - stuff I would normally buy anyway. Having seen the prices of some items rocket in the past year, it has proved to be a good 'investment'.
    I have a bit in the bank for emergencies if only because I wouldn't feel safe with it at home.
    But I do keep some cash at home.
    For me it's about spreading risk.
    Of course a lot depends on individual finances. If I had a lot more capital I might be looking at gold and silver. I certainly wish I had done that a few years back. Though not sure if that particular bubble is about to burst.
  • I do think your moneys much better in something these days, interest is so terrible in the banks. Investing is the way forward! Even if it's in your own business. Maybe try selling something on eBay?
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