Long term savings diary of a soon to be 22 year old

A_Flock_Of_Sheep

bigadaj wrote: »

Yes but the OP does bang on about this on numerous threads if you care to review, does seem a bit like attention seeking to me, good luck to him. But why the need for the me me approach?

Sorry it's the first time I have seen his entries on here!

grizzly1911

YoungBusinessman wrote: »

Thanks mrs sweep, more the kind of reply I was looking for than the first few. I would like to think a very comfortable life is achievable before that. Obviously life is for living in the here and now but planning makes perfect.

Good luck to you.

Stuff happens in life.

Priorities change.

You may find that 50 something starts to drift, somewhat, along the way

markwilkinson

A_Flock_Of_Sheep wrote: »

There is an "ignore" feature on here ya know! If you find yourself in a "savings and investing" section you are bound to hear about people's plans for saving in the future. It's not boasting it's discussing the matter at hand.

Maybe you would be best retuning your set to "Debt Free Wannabe".

I don't have any debt.

DunPin

YoungBusinessman wrote: »

<Snip>

While I wish you all the success in the world for reaching your target, I'd much rather see you having a good time spending money (Ibiza with the LADs would be a good start ) while you're young, yes save here and there but overall at 21/22 you should be out living life not saving like Scrooge

mrsweep wrote: »

You are already rich.

With £5,500 and an aim of £15,000 by years end, he is not rich or has the definition changed?

I will concede that he is well off compared to his average peer but rich? you're having a laugh :rotfl:

R_P_W

Op - you obviously can't win on this forum.

People either seem to be in lots of debt built up when they were younger that has now come back to bite them, either because they lose their jobs or they just borrowed way beyond their means. The common response to these people is that they have made mistakes spending what they didn't have and should have been saving etc.

So now you come along, following that advice, trying to avoid mistakes that others have made, planning a stable financial future and you get criticised firstly for doing it and secondly for telling us about it.

The op doesn't say he is not living life! Peeing money up the wall in Ibiza isn't for everyone. It's not like he is posting on the DFW board bragging about the fact he has no debt and is saving money is it.

Op - I think your right to plan like this as long as you keep it balanced and have a mix of sensible saving and living!

mrsweep

DunPin wrote: »

While I wish you all the success in the world for reaching your target, I'd much rather see you having a good time spending money (Ibiza with the LADs would be a good start ) while you're young, yes save here and there but overall at 21/22 you should be out living life not saving like Scrooge

With £5,500 and an aim of £15,000 by years end, he is not rich or has the definition changed?

I will concede that he is well off compared to his average peer but rich? you're having a laugh :rotfl:

You missed my point. Hopefully the OP got it. My point was that he is rich, he just doesn't have the money yet. It is the fact he is young and starting to invest now, so the compound returns he can expect will do the business because time is on his side.

lawriejones1

I'm trying to imagine the fun I would have had at 21 with £5,500...!

lawriejones1

Perhaps back to topic, whilst saving that money is great it's perhaps less of an achievement if you are doing it whilst living with your patents... If I did I would now have a room stacked full of cash but a hugely less interesting life!

Saving money is fine but it's not a great way to bring returns. At 22, consider investing or starting up your own business.

And finally, a gentle piece of advice - money in itself is entirely meaningless and, quite honestly, when you get a bit older the act of having money isn't that exciting.

Money buys security and opportunity - for you, your loved ones and family. You will also be a much richer person with some life experience too...

YoungBusinessman

Well this went....different to how I expected. Of course savings amounts will be discussed its a savings board? Having a weeks holiday is hardly "living life to the full" is it? I'm away for 2 weeks in August with OH. We have just bought our first place the end of last year I just don't want to be stuck living payday to payday and having to pay a mortgage all my years. Work is good we work about 5 weeks in advance, meaning could be off 5 weeks and still get paid. I'm trying to make the most of that. I just want to try and better my financial position and get some money tucked away before marrage and kids. What's so wrong about that?

N1AK

DunPin wrote: »

While I wish you all the success in the world for reaching your target, I'd much rather see you having a good time spending money

I will concede that he is well off compared to his average peer but rich? you're having a laugh :rotfl:

It's a difficult balance but don't assume that someone who is thinking a bit more conservatively about money in their early 20s is giving up enjoying life.

My partner and I are both pretty spending 'averse'. We're now in our late 20's having driven cars a little older than our friends etc so far; however we now own two thirds of our house, have no credit agreements for anything and have decent savings. We're off to Borneo for a month and getting married this year and don't have to worry about the money to do it.

You're right that no one gets rich by saving £10k a year for a couple of years but if that gets them a deposit, allows them to pay for things without needing credit and avoid debt then they can work out considerably better off in the end than they would have been.