What are you saving for?

Own_My_Own

A weeks holiday next Easter in London. Will be camping at Lee Valley, (Where Olympic white water rafting is being held).
Am not only saving money every week but also clubcard points to exchange for attractions there.

markwilkinson

What do you think your priorities might be RoxRox?

House deposit?
Retirement?
Car?
Holiday?
All of the above?

Maybe if you posted your thoughts on what you think you should be doing, with a bit of discussion members could come up with a plan for you?

RoxRoxBling

markwilkinson wrote: »

What do you think your priorities might be RoxRox?

House deposit?
Retirement?
Car?
Holiday?
All of the above?

Maybe if you posted your thoughts on what you think you should be doing, with a bit of discussion members could come up with a plan for you?

Right, my first pot is for p/t uni, so that's about £600 on course fees for the next year. (For the following years I will keep that money aside)
Then either 2.A:
I'm thinking of maybe a used car, however, the car budget I'm looking at may leave me with too little left, so I may save a little longer for that.
Or 2.B: Renting my first flat, however, with my job being uncertain, I shall have to put that on hold too.
Oh, and I would like to save towards laser hair removal :rotfl:

Also I do think, if rather than renting, if I'd be better off saving for a deposit to buy my own first house (in about 3-4 years time) Although I'd need more advice on that!

Currently, I feel like I'm just going to keep saving and saving, until I decide something sensible to spend it on. But I don't know what that something sensible is!

michelle2008

I am saving to replenish the savings I have spent buying a house, furnishing a house and paying off all my debts (apart from mortgage).

Main savings are rainy day long term savings - but I have started putting a small amount each month in a separate account for a big holiday!! One day

markwilkinson

RoxRoxBling wrote: »

Currently, I feel like I'm just going to keep saving and saving, until I decide something sensible to spend it on. But I don't know what that something sensible is!

I would agree with this.

In my view, renting is a waste of money, unless you have no option. We rented when we finished Uni, we moved away from 'home' after Uni and couldn't afford to buy so needed to rent. It may be a bit soul destroying but if you can stay at home for 'cheap' then do so, as long as long as you can cope and still saving.

Car, do you need one? They are such a drain on your finances. Unfortunately my wife and I were born with an inbuilt love of cars lol, so it's an expense we are quite happy with. If you arnt that bothered and have other options then wait until you can really afford it.

I think saving towards a house deposit is a wise goal (no doubt others will disagree).

As boring and irrelevant as it might sound, think about starting a pension. If you can get one through your employer, to which they contribute, even better.

Well done though for starting saving at such a young age and being concerned enough to post on here about it!

john0

If you are really wanting to save then I would definitely try and carry on living rent free. I was able to save a hell of a lot more money before I moved out and started renting.

If you are looking at a car then you need to make sure you have budgeted for it properly, i.e. taken insurance, petrol, breakdown in to consideration. Also whether actually owning a car will be beneficial to you or is just a nice thing to want?

Hope that helps.

evenasus

What are you saving for?

Nothing really - I just like saving.

I'm just happy that my sons and their families will have a nice inheritance.

BritRael

RoxRoxBling wrote: »

For me, it's hard knowing where to spend the savings.. Really, knowing what my priorities are.

Congratulations on your saving mentality

Just one thing though; don't think in terms of 'what can I spend my savings on'. If you do, you'll be constantly thinking of ways to get rid of your money and then you'll have lots of 'things'... but no money. The longer that you can go as you are the more that you will accumulate and the better position that you will be in. It is very comforting to know that you have enough money in the bank to cover any eventuality, but you only get to that point over time Best of luck.

RobStaffs

Must admit I regulary ask myself this question.I have been saving via a pension since 85 and also S&S ISA'S for nearly 10 years or so.On top of this cash savings and cash ISA's for over 10 years.I am 47 and still not sure the motives for it. Probably the main driver is a negative one.As you get older the prospects for re employment on a comparable income should you lose you job is always on my mind.

50 is a key landmark for me.I will have to reassess and ask whether I missing out on enjoying the qualatative benefit of spending this money.

toni_

im saving for home improvements now, we bought our first house 3 years ago when i was 22 i had been saving ever since i started work and managed to save up £13,000 for our deposit. I just love saving money though im 8 months pregnant so saving money to help me stay off work to look after baby too