Live for today or Save for the future??

Gadfium

As others have said, it's not a binary choice and attempts to make the debate into a binary choice is a logical fallacy (the False Dilemma fallacy). You can do elements of both approaches.

Live each day like it's your last, but plan like you will live for ever.

lisyloo

Who plans their finances around dying tomorrow ?

No-one wants to die tomorrow but if you have dependents who rely on your income e.g. kids, then you have a moral obligation to plan for death, redundancy, sickness, accident etc. unless of course you are happy with the lifestyle you'd have on state benefits or in some cases the lifestyle they would have.

Personally I think you need to have a balance between enjoying yourself now, contingency in case bad things happen and savings for the future.
You may die young or be in poor health so there is certainly some value in enjoying today. But some sensible planning for the the future is a good idea too.
You have to split it in whatever proportions you feel are reasonable and don't forget you won't always have kids so don't be too hard on yourself whilst they are young. It's not an easy time to save.

I simply try to find the best balance and keep it under review, but there is no simple answer.

robatwork

counting_down_the_days... wrote: »

I don't know what the point in this post was!!

The point was for you to get agreement from people who you believe are good at money saving (ie. this particular forum).

And for what it's worth, you're right.

I also waited until the kids were actually old enough to 1) be reasoned with on a plane/long journey and 2) really appreciate going abroad

atush

I was thinking this post was pointless, as we are all here because we believe in saving.

But you are married to a former spendthrift who is chomping at the bit and needs a bit of fun to see his saving paying off. Don't give in totally as I agree with the above comment he could go overboard again and take you and the kids with him.

for a start:

And yes, savings rates are atrocious. I actually had my childrens money in a savings account in my name, as even after paying tax it was getting a better interest rate Hardly encourages children to save Even ISA's are pretty poor at the moment.

Open a halifax isa for yourself, and your kids can get 6% on their accts in their Jisa.

Second, decide what is mroe important, cutting your hours, or giving the OH a treat.

If you decide on treat, what would he prefer, a newer car (not new) or a foreign holiday (while the kids are young enough they don't cost as much and you don't need permission to take them out of school and you can go when it is cheap? Not far, Spain. the canaries etc. Maybe someplace a bit nicer like southern france or italy.

Budget for it, plan it, save for it and go. Maybe that will give him a boost? Make him feel all the scrimping is worth it? 30 quid a month on a take out and movie or a trip down the pub obv isn't doing it for him.

Or maybe he would prefer as a special present Sky Sports tv, bought during a special offer (ie a bundle etc), and thru topcashback?

racing_blue

Gadfium wrote: »

Live each day like it's your last, but plan like you will live for ever.

*LOVE* that so much. Hope you don't mind if I steal it for my sig?

Gadfium

racing_blue wrote: »

*LOVE* that so much. Hope you don't mind if I steal it for my sig?

Be my guest. I'm sure that I will have heard it somewhere else

racing_blue

It's a done deal then!

Biggles

Gadfium wrote: »

Be my guest. I'm sure that I will have heard it somewhere else

Just one of many variations on a theme, probably beginning with Mahatma Gandhi's 'Live as if you were to die tomorrow. Learn as if you were to live forever'.

jimjames

counting_down_the_days... wrote: »

His argument is, if we die tomorrow, we will have all that money and not used it! However, what if we live til we're 100 and have no pension and no quality of life, cos we blew all our money in our 30's.

Yet unless all 4 of you die in an accident together your children will still need money to be able to see them through life?

davenport151

Lisyloo had the best reply I think. You need a middle way between the two.
My son is 14. The years to spend with them go by so fast. I love the times we spend together now as he is gaining more independance and I know it wont be long until we don't share our days out together. I also loved the times we spent together when he was younger and totally dependant on me.
Pay some off the mortgage, put some by. But remember to live today.