what are you saving for?

yellow218

Hi all

Hubby and I want to save more. Savings rates seem very low, but we are hoping to be disciplined enough to put money aside each month.

There are loads of topics about being debt free or mortgage free, but what else are you all saving for.

Do you have particular goals, is it is just the point to save as much as you can for a rainy day?
I'm thinking that if we have particular goals then the choice of spending vs saving will become easier. (ie lots of small treats, or save them up and have one big treat!)

[Deleted User]

Doesn't it come down to what YOU want to save for?

TheShape

yellow218 wrote: »

Hi all

Hubby and I want to save more. Savings rates seem very low, but we are hoping to be disciplined enough to put money aside each month.

There are loads of topics about being debt free or mortgage free, but what else are you all saving for.

Do you have particular goals, is it is just the point to save as much as you can for a rainy day?
I'm thinking that if we have particular goals then the choice of spending vs saving will become easier. (ie lots of small treats, or save them up and have one big treat!)

My very first motivation to save is to avoid being like the people I meet all too regularly who lose their job one week, can't pay their rent/mortgage the week after, pawn their electrical goods the next week and end up at the food bank the week after that. This isn't just limited to those with low incomes either.

Beyond that I like to know that I can do things 'right now', that might otherwise require borrowing or an extended period of extra saving. If a cheap deal on a holiday etc appears next week, the money is already there to pay for it.

Joe_Bloggs

The savings interest that I got from ideas from this site were gifted to family members to spend in the economy.

If banks need to withdraw from paying interest and then charge their members more money for holding their accounts then there will be a lot of younger poorer people with these accounts.

The richer/ older/risk tolerant clients will have their money in other diversified platforms elsewhere. All this is based upon my interpretation of what I think/others may think given this situation..
J_B.

RandomGuy

Here's some motivation for you...

How To Become A Millionaire - Dave Ramsey
https://youtu.be/7wjuCgtL0yA

Dave Ramsey's 7 Baby steps
https://www.daveramsey.com/baby-steps
https://youtu.be/vwxw6oHSmR4

We're on baby step 3 and the plan is to "treat" ourselves to being millionaires (that is, a net worth of £1m) by the time we're 60 so we can retire comfortably and be in a position to help our grown-up children to-be financially when the time comes. We're currently 38.

I find the inspiration above (and on Dave Ramsey's YouTube channel) helps me with the "what" and "why" while the info on MSE helps me with the "how".

I'm a firm believer in doing my future self a favour and I haven't let me down yet.

Ray_Singh-Blue

- might want to help kids with university, or getting first property
- might want to retire before pension age, or work more flexibly
- might want to build a house to downsize to, without selling the family home first

I don't know if I will actually choose to do these things. But without a decent war chest they are not even on the menu,

ArmyDilllo

Becoming a millionaire is okay but not all it's cracked up to be.
I recently became one but still feel I need more to secure my future.
Although it has allowed me to retire early in order to work more on that.
lol
The word "Millionaire" has been devalued and will continue to be.
With the pound sinking and inflation around the corner a lot more people will become millionaires by default.

Saving for:-
1) Retirement (I retired 30th Sept 2016).
2) Move to the country in five to ten years.
3) New car.
4) More holidays [...wait.., I'm retired! ].
5) Second home abroad and/or a Med'-capable boat.
6) Grow my estate for my beneficiaries.

Good luck to everyone with your individual goals and choices.
(The saving in 2016 might help you out some)

{ 8-]

cisamcgu

We save for different reasons :

1) Early Retirement {both of us agree}
2) Narrowboat {I am alone in this }

jimjames

TheShape wrote: »

Beyond that I like to know that I can do things 'right now', that might otherwise require borrowing or an extended period of extra saving. If a cheap deal on a holiday etc appears next week, the money is already there to pay for it.

To me this is the key part, freedom. The freedom to do something without needing to worry about paying for it, the freedom to take advantage of a deal.


Friends can't do things "because it's too close to payday". With savings that's not a problem. I'd never want to be in the situation when I'm living from payday to payday without enough to get my through the month.

Ken68

Being an older pensioner,and with no dependants, I do sometimes wonder why I save. Maybe to fund a place in a nursing home, but with such poor rates and increasing care home fees, a years saving won't go far.

Dan83

We don't save, all our money goes on living.

I used to get paid travel allowances which was paid into a separate bank account to pay for servicing and repairs of my car. When I get up to about £10k I normally buy a new car. I got the opportunity to get a cheap company car so I don't get travel allowance.

The money I had for a new car and the money I sold my old car for is the money I have to shuffle around bank accounts and P2P.

I must admit tho, I took my eye off the ball for a few years and my money was in an account paying 0 interest, that's when I joined here.

I don't have a great deal (about £13k) so I'll never make much. It would be nice to earn more then £200 or £300 pound a year in interest, but I suppose something is better then nothing.