Does Anyone Not have Savings?

moneyfoolish

Dird wrote: »

A pension is only good if you live long enough to receive it. My current 2 years in public sector (2 year minimum to receive pension) have probably knocked 5 years off my life; they slowly kill you through boredom

My experience was different as my the first 9 of my 12 IT years in the public sector was pretty similar to my previous 32 years in the private sector although the last 3 years when we were outsourced to a company in the private sector was chaotic. My salary in the public sector was nowhere near my salary in the private sector particularly the years I was contracting but my public sector pension was pretty similar to my private sector pension in relative terms. Both my pensions were final salary pensions.

bigadaj

Dird wrote: »

A pension is only good if you live long enough to receive it. My current 2 years in public sector (2 year minimum to receive pension) have probably knocked 5 years off my life; they slowly kill you through boredom

So get off your backside and find a job that is better suited, sitting there and moaning is a pretty poor approach.

katejo

bigfreddiel wrote: »

Absolutely correct, best move I ever made to the public sector.

Salary was half my private sector to start with, but after five or six years I was almost back to a reasonable salary. Then factor in the final salary pension. 3 times lump sum you need to add at least £2k to your salary. Then add on the 70 days leave you can get each year, and all on a 37 hr week, for work thst can be as easy or as hard as you want to make it, stress free in my case. Fantastic.

Cheers fj

That's partly why i have stayed in the public sector but surely 70 days leave is an exaggeration? Are you including every single bank holiday in that?

markwilkinson

bigadaj wrote: »

So get off your backside and find a job that is better suited, sitting there and moaning is a pretty poor approach.

Can't agree more with this. It's a pretty robust response but quite a few years ago my (now wife) was as blunt with me over my work life. Going through it again, 15 years on. Really isn't any progress in moaning about it, crack on and change the circumstances.

Dird

bigadaj wrote: »

So get off your backside and find a job that is better suited, sitting there and moaning is a pretty poor approach.

I wasn't particularly moaning, I'm only at work 1/3 of the year ("working" from home + lots of official holidays) but get significantly more than 1/3 a private salary. Job hunting in process anyway now the 2 year minimum is approaching this month

RyanEzio

I run my own business and save 10% of my profits into a rainy day fund.
There really is no point saving more than that because of the current awful interest rates. IF the banks aren't going to reward you for having your money, why should they have it?
I also have some of my money in investments and made between 20%-25% on my money in 2015, so that's something worth looking into.
I wouldn't worry about having any savings. Saving money isn't as rewarding as it used to be.

All the best,

Ryan

bellaboo86

I bought my house just under 2 years ago and I have saved in the short-term to pay for decorating. It does concern me that I don't really have savings. I am aiming to sort this out from January.

jaydeeuk1

I was about 32 before I had a penny I could call my own, low salary for 10 years combined with over £20k of debt from student times. 3 years on I'm fortunate to earn enough to let wife stay at home with youngest and not have to worry about money as much. Now I'm addicted to saving, have funds in ISAs, regular savers, several peer to peer sites, higher interest accounts, matched betting and pensions. Must have read every page of this site more than once.

Herzlos

I have to admit to having essentially no savings; we're putting some money aside in a child ISA and overpaying the mortgage slightly, but have no cash on hand as such. With the awful interest rates and high debt, it's always seemed wiser to pay down the debt instead of putting it into savings. As the debt level comes down, I'm expecting to start a decent savings account again.

Dird

Herzlos wrote: »

I have to admit to having essentially no savings; we're putting some money aside in a child ISA and overpaying the mortgage slightly, but have no cash on hand as such.

What if your car breaks down? Can you take your mortgage overpayments back out from your provider?