Slave to saving

Eco_Miser

ManofLeisure wrote: »

I have always believed that life is for living and at the end of the day ''we're a long time dead''.

We're also a long time retired, if we're lucky, and that's when it is really nice to have some spare cash - especially those years between ending employment and being able to draw a pension.

I saved for decades, largely by habit, then, aged 58, I was told my employer was going out of business, so my services were no longer required. I looked at my savings and my spending rate and decided I could comfortably last to over 100 - ignoring pensions. That was the day I stopped saving and started spending, although my nominal wealth has in fact continued to grow.

OP - Ask yourself how much of the wedding costs are necessary, and how much just splashing out. Then just spend the former.

atush

mgarl10024 wrote: »

Once you get beyond an emergency fund, saving for savings sake, just to see the numbers get higher, doesn't hold much interest to me.

So I save aiming for financial independence and the hope of one day being able to reduce or remove working altogether, freeing myself up to enjoy the time. Doing what, I've no idea - that's the fun.

Savings beyond emergencies isn't always wise- in cash.

After that invest instead. For retirement in a pension, for spending before that in S&S isas.

kangoora

Catie_the_Investor wrote: »

I rather share your same philosophy . However, I realise (as I'm sure you do) that no-one knows what is round the corner and so plan accordingly. Choosing the ''right'' investment, isn't easy though

My own feeling is that it isn't healthy to become ''a slave to saving''. There always in my mind should be a balance between spending and saving .

We've got a balance, I save and my wife spends


Perfect balance

Primrose

Perhaps the answer is to have separate savings funds for special projects, ie holiday fund , car replacement fund etc so that you don' t have to feel so gullty about raiding your main savings or investment funds.
But I'm not necessarily a good practicer of what I preach because I won't spend money just for the sake of it. My car replacement fund is looking very healthy and I could go out tomorrow and buy a new car for cash but I'm am perfectly happy driving around in my reliable twelve year old banger (which probably nobody would have the slightest interest in stealing whereas a new car they might be!

I like a generous savings pot for the peace of mind it gives me. It won!t buy me health but it means that if a sudden unexpected bill arrives through the letter box I won' t have to lie awake fretting how on earth I'm going to pay it.

xylophone

Get a pilot's licence.

They've refused permission for a hangar in place of the garage and a helipad on the roof, the mean blighters....:rotfl:

money_maker_2

Great reading through the replies

Primrose- You make a great point. I'm thinking of moving my emergency fund (£10k) into a seperate account maybe with another bank so I don't see it everytime I log online. Then when it comes to spending for the wedding, I hopefully won't feel too guilty, knowing my emergency fund it still sitting elsewhere waiting for me.

It's stupid. I know I shouldn't feel this way but it doesn't stop the guilt

money_maker_2

PenguinJim wrote: »

I know what everyone means about not wanting to spend savings, but there shouldn't be a problem if you demand the most possible value from everything you buy. Squeeze every penny! Research every purchase to make sure it's an excellent, cost-effective solution to your needs.

And, of course, don't forget that the habit of frugality is hard to break - which is a bonus. You'll not only save more quickly, but your financial independence target will lower as you develop a more efficient lifestyle.

Which would Mrs money_maker prefer? An expensive wedding? Or retirement at 45? I am MRS Money_maker lol. My original budget was £10k for the wedding so I am working hard to bring it down to £7k. Would love to retire at 45. Have slowly been OPing the mortgage over the last 2 years or so to try and help achieve this.

Try to get the wedding cost down to £6K and revel in the £1,000 you've just earned! No idea how to do that. It's just not doable with our list

(I just hope you didn't buy an expensive engagement ring..!)I hope he didn't as well

.

I always shop around and haggle where possible, so will see how much I can save when booking things.

Eco_Miser

money_maker wrote: »

. Try to get the wedding cost down to £6K and revel in the £1,000 you've just earned!

No idea how to do that. It's just not doable with our list

ELOPE! :rotfl:

anoncol

Eco_Miser wrote: »

We're also a long time retired, if we're lucky, and that's when it is really nice to have some spare cash - especially those years between ending employment and being able to draw a pension.

I saved for decades, largely by habit, then, aged 58, I was told my employer was going out of business, so my services were no longer required. I looked at my savings and my spending rate and decided I could comfortably last to over 100 - ignoring pensions. That was the day I stopped saving and started spending, although my nominal wealth has in fact continued to grow.

OP - Ask yourself how much of the wedding costs are necessary, and how much just splashing out. Then just spend the former.

I agree till the end. A wedding day is when to splash out if there were any.

lalman

Can I just say something completely different to what everyone else is saying... spend what you want on your wedding. 7k isn't to much - its your big day, its a day you will remember till you become senile and by that point you will have forgotten that you spent all that money and won't feel any guilt! ;-)