save

webbit

Save for a pension they say......how?
its just no physically possible, council tax gas electric water rent/mortgage, and insurance, then food, how are we supposed to save anything without going without today.

jamesd

The essence of all planning for the financial future is deciding to forgo some benefit today to provide a benefit in the future.

You mentioned a number of things that can be adjusted to do that:

1. Council tax: depends on the property and the part of the country you're in. Both can be modified.
2. Gas: depends on usage and efficiency of appliances and insulation of the property, as well as its size and the desired temperature and to a lesser degree on location.
3. Electricity: depends on usage and appliance efficiency and to a lesser degree on location.
4. Rent/mortgage depends on the property and is very highly variable based on property size, region and location within a region.
5. Insurance: shopping around and not buying unnecessary insurance - like for a property rebuilding cost greater than the actual cost. Having possessions that are cheaper to insure can also help.
6. Food: costs of this are highly variable and highly controllable if you're not already living on under a Pound a day per person.

There are also things like optional TV channel purchases, going out more than required, more costly holidays than needed and a whole range of other optional spending types.

dunstonh

The harsh reality of it is that if you cannot afford to put money aside for your pension then you are living beyond your means. Maybe the house you have is too big. Maybe you buy things you shouldnt.

It is not uncommon in today's consumer society to be in that position.

CharlieRabbit01

OP have you looked at your outgoings and reduced any you can?

I agree that sometimes it really isnt possible to save any more than you currently do.

FatherAbraham

webbit wrote: »

Save for a pension they say......how?
its just no physically possible, council tax gas electric water rent/mortgage, and insurance, then food, how are we supposed to save anything without going without today.

If you're earning enough to pay National Insurance contributions, then you're already "saving" towards a basic state pension -- that's worth remembering.

Warmest regards,
FA

Batchy

Two ways of doing it, either live within your means and pay the excess over, or discuss with employer and make the direct "salary sacrafice.

If you can't afford to, two options, do nothing, or do something.

doing something could be, training education, looking for better job, better company or better benefits, salary renegotiation.

At the end of the day nothing comes for free, and whether you are sacraficing time, energy or money, it all comes down to a sacrafice of somekind.

If you have kids already then things becomes harder.

xylophone

Does your employer offer a pension scheme?

atush

dunstonh wrote: »

The harsh reality of it is that if you cannot afford to put money aside for your pension then you are living beyond your means. Maybe the house you have is too big. Maybe you buy things you shouldnt.

It is not uncommon in today's consumer society to be in that position.

No other way around, spend less than you earn. It is the only way you can save anything.

If you aren't, you have a problem you have to fix yourself- either get paid more or spend less. It could mean living in a less desirable area/home, or eating everything you cook from scratch and not eating takeouts/ready meals.

lvader

Yet I bet they can afford to pay huge interest on loans.

mgdavid

always an option to get a second job evenings and/or weekends.

lawriejones1

mgdavid wrote: »

always an option to get a second job evenings and/or weekends.

That's what I do. All freelance work goes into either a pension or savings. It's not much but it's a start and as it's extra, it helps!