Preparedness for when

GreyQueen

I detest the zero hours contracts. It's as retrograde as having people line up outside a factory or dock and see who gets picked to work that day and who goes home with no money for food. I haven't set foot in Sports Direct since I realised that's what they do to their people.

Trouble is, the whip hand has been with the hirers of labour rather than the sellers of same for about 35 years now. My parents are in their early seventies, I will be 50 this autumn, and they and their peers never had to worry about getting work.

Availability of work was a given and if you didn't like what you were doing, you went straight into another job. Pay wasn't brilliant for most youngsters, but you never had the soul-destroying experience of being superflous to requirements.

This was the norm in the 1950s, 1960s and the early 1970s. By the time my cohort were joining the labour force in the early 1980s, it was a very different kettle of fish and you could barely find anyone to give you the time of day, no matter how keen you were.

jk0, I find I have to keep moving or I start to seize up if I stay in one place too long. I probably look anything from 10-15 years younger than my chronological age but, bygorry, I don't feel it.

Now, where's a time machine? I wanna go back to the 1970s and tell the school PE teacher that I must stop this running malarkey immediately as I will have early osteo-arthritus behind my kneecaps by 30 and being made to do cross-country running probably contributing to the damage.

And I need to spend more time on my times tables and less listening to T.Rex when I'm back there as it will prove more important in the long run.:rotfl:

[Deleted User]

I guess we're really lucky health wise, we have our creaks and He Who Knows has an arthritic knee but we just plod along and don't let it stop us from doing all the things we've always done. Yes, they take a little longer these days and yes I can't carry the heavy loads of shopping so easily but I go more often and carry less each time. He Who Knows has learned to dig left footed and that stops his gammy knee being a problem. There will come a time I know when we'll have to draw in our activities and have to give up the allotment but I hope we'll always be able to cope with the garden and we're currently walking the Lurcha some 9 - 10 miles a day between us which is very good for us too. We're lucky to live in a place that isn't very hilly so I envisage being able to cope with a dog for the forseeable future too. All in all we're not doing too badly for a couple of old codgers, I think for us, being positive people in the main is a big part of keeping us both active and relatively fit. Long may it continue, Lyn xxx.

[Deleted User]

I know I sound a bit selfish, but having spent years paying huge amounts of interest on repaying my debts, it's rather galling to find I'm now getting a pathetic interest rate on my savings. :mad:

GreyQueen

Bedsit_Bob wrote: »

I know I sound a bit selfish, but having spent years paying huge amounts of interest on repaying my debts, it's rather galling to find I'm now getting a pathetic interest rate on my savings. :mad:

There are reckoned to be 9 savers getting scr*wed over interest rates for every 1 borrower benefitting from low rates.

If your savings don't get an interest rate at least equal to the real rate of inflation on the things you personally buy, you are bleeding your wealth and security constantly.

When interest rates were in double digits, or even 5%+, I had squat. Now I have a little, I get squat. So I took it out of the bank for spite so that they wouldn't get the benefit of renting my money out to borrowers whilst not even preserving my wealth at a static level.

Frugalsod

fuddle wrote: »

Zero Hours are appropriate for many a setting - a lot of people, myself included, rely on them for fitting work around childcare etc. My company couldnt work without zero hours - the work isnt guaranteed and can be pulled at any time... but its work that suits. The difficulty comes when we dont get the same rights as someone on a fixed salary and risk being penalised due to the amount we earn, or do not earn, further down the line.

Yes but for those with kids part time work is suitable, there can even be some flexibility. Though you would be entitled to holiday pay and sick leave. Zero hour contracts do not have those rights.

[Deleted User]

GreyQueen wrote: »

If your savings don't get an interest rate at least equal to the real rate of inflation on the things you personally buy, you are bleeding your wealth and security constantly.

Trouble is, I have to save for things like Car Insurance, House Insurance etc. because, if I don't, I end up paying a fortune in interest, by paying monthly.

At least by saving, I avoid the interest charges, and earn a little (read TINY ) bit of interest.

Perplexed_Pineapple

I don't know that the world divides neatly into savers and borrowers. I'm a net borrower at the moment (mortgage) but was a net saver for many years previously and hope to be a saver again when the mortgage is paid off. So I'm very grateful for the low rates at the moment but will hopefully be able to "take it on the chin" when rates go up, continued employment allowing (which is something nobody can rely on). I don't really undertand economics, but it seems obvious to me that if you place little value on money, by allowing banks to create large debts on the security of small deposits, and central banks print new money like it's going out of fashion, there is small incentive for anyone with access to that money (ie banks) to offer decent interest rates to savers of any stripe.

GreyQueen

Know what you mean, Bob. I don't have a car (too skint) but fronted up a year's worth of telephone line rental which saved me £42 as opposed to paying for the same on a monthly DD.

For the previous 2 years I fronted the entire council tax bill (just shy of £900) at the start of the financial year. From savings. Because it was earning beggar-all and that way I had more of my salary to keep each month. Can't do that now and have set up a 12 monthly DD for it. Pay more on the blinking c.t. than I do food or income tax, it's my biggest outgoing after the rent.

We're presently on the 12th of the month and apart from food I have spent less than £20 (1.5 archery lessons). And millions of people making similar decisions may just have something to do with businesses in my city flickering in and out of existance like fireflies.

From where I sit, the only businesses doing well are the chazzers, the log book loans/ cash converters type outfits and the fixed price shops and other businesses selling stuff cheap-cheap.

But I have had some good news today in the form of a phone call from my insurer and I will shortly receive a cheque for the stuff which was damaged/ stolen early last month when my bike shed was done over. Phew!

maryb

I developed ME in my 30s. That decade is when most people have their first real health problem. The feeling that you are definitely not exempt from health issues comes like a real thunderbolt and you don't look at things the same way again.

I was lucky and my ME went into remission after DD1 was born - that can happen because it gives your entire endocrine system such a shakeup. But ever since I've been one of those women who used to be described a century ago as 'not very strong'. Knocked sideways by any bug I get though I have learned to avoid careless exposure to infectious diseases - lots of handwashing and not touching my face.

I retired early - after 40 years working in the City I was totally burned out even though I was never a high flyer. Fortunately that job enabled me to save enough to do so and I knew I would have to - I can remember sitting on the edge of the bed early one morning and thinking I had to get out or I would die young. (I actually still think I'm young so at least mentally I haven't yet grown up LOL). Once you get to the stage of being that depleted I'm not sure I could have carried on working even in a less angst inducing job

Frugalsod

MrsLurcherwalker wrote: »

The predicted rise for interest rates is for the bank rate to be up to 3% in three years and mortgage rates of 6% and more in the same period. Good for you BOB as you are lucky enough to have accrued some savings but for many many people it will be devastating and disasterous, and heaven only knows where it will leave the UK population financially.

While I have immense sympathy for everyone who will be impacted by a return to normal interest rates they could only do it for so long. It was primarily used as a way for the banks to recapitalise themselves at the publics expense. They would have a much tougher time trying to raise the billions from investors. What people need to learn is that until you have paid off the mortgage you are only renting. I have a close friend who has an interest only mortgage and has been suckered into buying his home at an inflated price. So if interest rates rise fast then he is at risk of falling into negative equity. So all those mortgage payments are no better than if he had paid rent.