Is it really that humorous?

margaretclare

Hi all

I also lurk on the Age Concern Discussion Boards and occasionally contribute. Recently someone posted a humorous poem all about how his ISA had matured but he didn't know what to do with it and eventually it would have to go to pay the council tax. A lot of bitter laughter.

I posted saying I had recently moved all my little bits and pieces of savings into one spot (following Martin's advice about using a cash ISA first) and have opened a Yorkshire BS E-ISA @ 5.20%. Someone comes back saying they appreciated the original jokey poem, they rarely think about money, too busy listening to the birds, and if you're rich today you'll be rich tomorrow, if you're skint you'll be skint tomorrow. Which was the way my late first husband thought, and the reason for all the financial disasters we were in over the years!!!

Is it really such a joke, to be money-savvy? I also listen to the birds, but I like the feeling of knowing that all my affairs are in order and I don't have to worry. I've also heard it said 'why do you need to save, what are you saving FOR, at your age?' Well, for one thing we have a little car which will fall over sooner or later and will need replacing.

But do a lot of other people think it's not worth saving or being money-savvy in one's later years? Martin says 50+ - well, I'm nearer 70. But I think I'm right, and I don't like the feeling of being laughed at.

Margaret

libra10

I think you're very sensible to save Margaret. If you have money in the bank it gives a sense of security.
We have always saved but now and again splash out. It's great to know you can get the best deals when spending cash, and there are no worries regarding repayments.
Good luck

margaretclare

Hi

Yes, that's exactly my way of thinking. We do use credit cards, but only what we can pay back comfortably in the short-term. We recently got an excellent deal on a new washing-machine - it was a discontinued colour but it matches the fridge-freezer we bought a year ago, so when we spotted it we were able to pounce on it without worry about how to pay for it, and we got it about £50 cheaper than we expected.

I find that a lot of older people, if they talk about money at all, use that half-jokey half-bitter whingeing tone, or they think money shouldn't be discussed at all - bad form or something. Whereas as Martin has shown, exchanging info, tips and wrinkles is of help to all of us.

Best wishes

Margaret

jaybee

I agree. Don't you just wish that we'd had access to the internet and especially this site when we were younger? It has taught me so much and I'm all in favour of exchanging helpful tips.
Never too old to learn

margaretclare

Oh yes, I do agree. If I'd had access to this sort of info years ago it would have avoided many hassles and traumas, and I would be one heck of a lot better off today.

Margaret

jaybee

Lucky for the savvy younger ones then.

Bogof_Babe

I always saved when I was working, and budgeted for everything we needed, bought all the bargains I could etc. A colleague once asked me what I was saving for, and I said to pay off the mortgage - she looked at me as if I'd sprung a second head.

Anyway we achieved that aim several years ago, and I started saving again, having very little left after clearing the mortgage. It soon built up, and consequently when I had the chance of redundancy with a pretty good pay-off after very long service, I was able to take it without anxiety about finding another job immediately.

This coincided with my parents becoming increasingly decrepit, so I am now free to look after them, rather than them be a burden on state provision, or me being stressed out trying to be all things to all people.

There is nothing funny about having financial savvy - it is becoming more and more crucial in these days of haemorrhaging pensions and under-performing investments. I might have sacrificed a few holidays and expensive cars etc. but the peace of mind counts for so much more than those things.

margaretclare

Hi

I do agree with you. It's about peace of mind and security. I wish I'd made better choices years ago - on the other hand, I did make a few which were good and which I've benefited from.

One thing I'm glad about - I didn't fall into the trap of paying the reduced NI contribution for married women. So many women did, and in many cases they're the ones that are facing years of poverty now. I also didn't fall into the trap of working a few less hours so that I didn't have to pay into the NHS pension scheme. So many women did because they'd rather have money in their hand now than in the future. 'Someone was always going to be around to support them...' well, in so many cases that's proving not to be true.

I think that being 'financially savvy' has always been essential, and will continue to be so for the younger generations.

Margaret

Spendless

Margaret
It's not just 50+ ers with this attitude. I'm in my 30s and find this.
I got a lot of mickey taken out of me by becoming obsessed with this website. Then I pointed out that within a couple of weeks I'd saved £120 (£60 off sky for 3 months - £60 off talk-talk over year),and a free clinique lipstick all by dabbling on this site and guess what THEN they were interested ::)

Bogof_Babe

(I seem to have lost the beginning of this post, and can't remember what it said. Will carry on anyway and hope it still makes sense) I think it is partly down to the easy-come easy-go attitude that has been instilled into people over more recent years.  After all, no-one starves in this country, and a lot of people who don't appear to contribute very much to the economy seem quite happy to let the state take over their financial security.

A short sharp shock is needed, to the population as a whole.  I also disagree with the borrowing culture that is being promoted by the current government, by way of student loans with indefinite terms of repayment.  Surely if 18-year-olds are being indoctrinated that multi-thousands of debt is inevitable, they are going to carry this outlook through life.

I hope you all caught the MoneyBox Pensions special on R4, which was repeated this evening, and is available on Listen Again on the BBC website.  It is scary, and should be compulsory listening to everyone over the age of 16.  

Right, I will get off my soapbox now, and I do appreciate it is easy to be smug when one's own circumstances have allowed a fair bit of financial security to be built up, but I still feel some people have no idea and no inclination or intention of even attempting to save for their future.

margaretclare

Hi Bogof Babe

I agree with you. And yes, I caught the R4 programme on pensions. Very thought-provoking.

My youngest granddaughter has just started Sixth Form, and she has also just got her first interview for a part-time job, a few hours a week. I think it's a great idea to give these young people some exposure to the 'real world', and some idea of working for a living.

Your comments about paying off your mortgage and then your redundancy rang a bell with me. I was left in just the opposite position when redundancy coincided with widowhood back in 1992. I had a mortgage and, because my first husband 'didn't believe in' life assurance when he was younger there was only just enough to pay for his funeral. And because I'd only worked in that job for 2 years, the pay-out I got wasn't that substantial. I had a few unpleasant years doing very menial jobs way below my qualifications, really scratching to keep the roof above my head.

Things are different now, when I qualified for retirement pension it was in my own right so I did slightly better, and of course, it still carries on even though I'm in a second marriage. I also have some annuity payments based on past earnings. My second husband and I are 'comfortable', he's always been very 'money-savvy' due to his years in business, and things are a lot different than they were 10 years ago. In a way I've gone back to the values of my grandparents, who were poor as church mice but always paid their way and never in debt!

Yes, I think the 'gotta have it now' culture has a lot to answer for. The sums that some people are prepared to spend on a wedding, for instance, horrify me. And often, not even on the wedding itself which should be the central event! I heard of one couple who economised on everything, dress, flowers, venue but splashed out on photographs and video and also on the honeymoon - they wanted to go to Cuba, they'd never been and might not get the opportunity again!! The fact that people have been living together for ages doesn't stop them wanting a costly honeymoon - they've forgotten what the point of the honeymoon really is!

Yes, I too will get off my soapbox.

Margaret