Am I the only person who doesn't have any savings?

19lottie82

I have my own flat, car and have a decent ish job (£22k pa), but as I live alone, and hence pay all the bills myself, I have nothing in the bank! I have a credit card for emergencies, but no savings..... It's something I worry about quite a bit, but I'm not really in the position to change it at the moment.

Please assure me I'm not alone!

daisiegg

I have no savings whatsoever. It's slightly different though as my fianc! earns much more than I do and he does have savings. However I do worry about the position I'd be in if we split up...so I know I need to try very hard to pay off my credit card and build up some savings because although I hope and pray and believe we will be together forever, I'm not naive enough to think that bad things won't happen to me!

So no, you're not alone...

Pollycat

Are you sure that there is nothing you can do to cut back on your expenses so that you can save a bit (assuming that you do actually want to save, that is)?

Why not try doing a SOA (Statement of Affairs) and popping it on the DFW board (it doesn't matter if you're not actually in debt) for advice on where you might be able to cut back?

Link to SOA templete:
http://www.makesenseofcards.com/soacalc.html

j.e.j.

19lottie82 wrote: »

Please assure me I'm not alone!

You're not alone

I find it impossible to save. Sometimes I think it's because I am on a very low income, but I think to be honest it's more to do with my mindset. I have no money because.. i spend it I do feel a bit vulnerable having no savings, but money seems to just burn a hole in my pocket. It's bad.

Even having a relatively high income wouldn't necessarily make it easier to save, because I think the higher your income, the more credit gets thrown at you, and the more temptations there are. The basic principle is the same, regardless of what you've got coming in: your outgoings need to be less than your earnings.

There_Goes_Trouble

I'm the same. Similar income, mortgage, bills, no savings, single.

I try not to worry too much, only because worrying doesn't change things and it's not worth the stress. In reality I know full well that if anything goes wrong with my house e.g heating breaks down etc, I can't afford to get it fixed.

Bluemeanie_2

Hello, just be glad you are not in debt! I only have £1k in savings for emergencies, other than I spend all my money on clothes, partying, holidays etc. Life's for living hun. I do overpay my mortgage though a little bit. I like to have fun and burn the candle at both ends. Mortgage is my only debt and I spend within my means.

You're definitely not alone, most people I know have huge debts!

FatVonD

I have no savings either and a tax bill looming in January. I put money in my savings account on payday and then it comes back out again the week before payday :eek: I am however still owed 10 days money from when I was still freelancing and that is earmarked for going towards the tax bill.

I'm not extravagant generally though I have bought a few dresses on ebay this month after even my son remarked that I needed some new clothes and I've just picked up some bits and pieces from the John Lewis clearance sale today (pastry brush, cookie cutter and 2 lamp shades though one is going back.)

I earn a reasonable salary, (it is still only two thirds of what I used to earn though but I'm aware how lucky I am to have got another job) but DH doesn't earn a great deal so I pay for everything house related.

SnowyOwl_2

It's a mindset thing. If you count savings as a regular outgoing then it can be easier to save. Eg you obviously pay electricity, phone, tv licence, council tax etc etc etc and you find enough for those. So add in another necessary outgoing from your current account, ie for savings, so that it's gone from your current account before it you get the chance to spend it.

You say you have a car and a flat....surely you had to save up to get those in the first place? If you want to change your car, then it's possible you'll need a bit of dosh available to do so and avoid taking out a loan.

As you have a credit card for emergencies, perhaps think of savings as paying for an emergency before it happens....thus avoiding paying interest on a credit card. If there was an emergency and you paid for it on your credit card then you would have to find the money to pay it back. You may as well save for it now and not pay the interest, IYSWIM.

Your financial stability is more important than clothes, going out etc etc, so give your savings priority over the more transient pleasures in life.

emerald_starcat

I don't have any savings at all. I work part time and my money is spent on daily living.
I don't go out much and never buy new clothes but at the end of the day I am happy.

I have my family and my saying is 'why save for a rainy day when jumping in puddles is free?'

Bluemeanie_2

SnowyOwl wrote: »

It's a mindset thing. If you count savings as a regular outgoing then it can be easier to save. Eg you obviously pay electricity, phone, tv licence, council tax etc etc etc and you find enough for those. So add in another necessary outgoing from your current account, ie for savings, so that it's gone from your current account before it you get the chance to spend it.

You say you have a car and a flat....surely you had to save up to get those in the first place? If you want to change your car, then it's possible you'll need a bit of dosh available to do so and avoid taking out a loan.

As you have a credit card for emergencies, perhaps think of savings as paying for an emergency before it happens....thus avoiding paying interest on a credit card. If there was an emergency and you paid for it on your credit card then you would have to find the money to pay it back. You may as well save for it now and not pay the interest, IYSWIM.

Your financial stability is more important than clothes, going out etc etc, so give your savings priority over the more transient pleasures in life.

I know what you mean with this phase, and in theory I agree, but I feel it all about balance. I never forget a dear friend of the family, he built up a business from scratch, worked and saved like a trooper so he could enojy retirement and visit all the countries he wanted etc. He dropped dead at 66 a year after.

I used to overpay loads, to the point I got obsessive. then decided to relax and now do half and half.

NewKittenHelp

Bluemeanie wrote: »

I know what you mean with this phase, and in theory I agree, but I feel it all about balance. I never forget a dear friend of the family, he built up a business from scratch, worked and saved like a trooper so he could enojy retirement and visit all the countries he wanted etc. He dropped dead at 66 a year after.

I used to overpay loads, to the point I got obsessive. then decided to relax and now do half and half.

For everyone like him there are hundreds of pensioners struggling to survive because they didn't adequately plan for their retirement. It's only going to get worse for the rest of us.