what are you saving for?

jimjames

Dan83 wrote: »

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.

It's actually easier to get a good rate with smaller amounts although some might say £13k isn't small


You could have achieved 5% on most if not all of that but rates are now dropping. That would have been £650 per year

enjoyyourshoes

to live.............?

adonis10

Freedom, that's it.

To achieve that I need to accumulate as much money as possible to a) help on rainy days, b) give myself the best possible chance to retire earlier than the average and c) to have a relatively ok standard of living when I'm old.

enthusiasticsaver

We have been saving for early retirement alongside our pensions since we paid our mortgage off early. We save for holidays (annual and big ones every few years), replacement car, home improvements, to help out our family with house deposits, childcare etc and just to have a security net should we have an emergency. I like the security having a savings buffer gives us so we know we are not reliant on the state which all too often fails people in need.

Thrugelmir

Over the years have had a passion for sports cars. When I retire intend purchasing a Morgan Plus8. Been a lifetime time dream to own one. Had the option some years ago but was sucked in the awesome power of a TVR.

Ray_Singh-Blue

Thrugelmir's signature says:

"A man is rich who lives upon what he has. A man is poor who lives upon what is coming."

I suppose, at the end of the day, that's my reason. I'd like to have enough, that I can live the lifestyle I want, without any hassle. Influenced particularly by the writing of MrMoneyMustache. If you have 20 minutes spare, the video of a talk he gave on his recent blog post is worth a watch.

Currently I'm tied to some legacy lifestyle choices made before the financial crash of 2008/9 which is when I started taking notice. I guess sometimes it takes a wake up call like that to prompt introspection and change behaviour. In all new decisions we have shrunk spending footprint and been quite happy with the outcome. Maintaining the same income has meant we have had some money to invest these last few years.

bowlhead99

Thrugelmir wrote: »

Over the years have had a passion for sports cars. When I retire intend purchasing a Morgan Plus8. Been a lifetime time dream to own one. Had the option some years ago but was sucked in the awesome power of a TVR.

I had a go in the current version of the Aero8 (as a passenger) and it seemed easily in TVR-bothering territory. I think the new Plus8 has the same engine but keeping the more 'retirement' look about it, while still having niceties like aircon which are absent from a real 'classic' car.

Still, with the prices of a new one these days if you have the requisite £70-80k it probably makes sense to get a 20-yr old one and keep tens of thousands back for fixing it, rather than speccing a new one. I've generally been a 'don't spend more than half of list price' person when it comes to cars and expect I'd probably be the same even if I had a big wodge of cash available somewhere down the line - rather have a practical car and a fun car rather than a brand new just one of them.

I have all sorts of goals for my savings and investments, but it's important to keep on plugging away at the vaguer long term ones like 'get a better house at some point' or 'grow total wealth so I feel happier about my available options in life' as well as the medium term ones (big holiday in x months/years, new car in y years) and the more immediate specific ones (Christmas presents in 3 months, car insurance due in 2 months, new telly next summer).

As Jimjames suggests, if you have a good long term savings plan then actually all the immediate ones just disappear because there's no way you will be unable to afford Christmas presents or car insurance or the new telly. But some people do need those little carrots along the way to keep them focused and motivated.

Thrugelmir

bowlhead99 wrote: »

I had a go in the current version of the Aero8 (as a passenger) and it seemed easily in TVR-bothering territory. I think the new Plus8 has the same engine but keeping the more 'retirement' look about it, while still having niceties like aircon which are absent from a real 'classic' car.

My old TVR was a 400se. One of 39 built. 4 litre engine modified in factory to half racing specification. A brute to drive. None of the modern black boxes making driving easy. Driving a car with 18 inch rims with no power steering kept one fit. The sheer grunt in the engine was shown by the fact that one could pull away from a standing start in third gear and not change up until 110mph. Biggest hassle was the servicing though. As the car was built on a tubular space frame. Half a day alone was spent on checking on the geometric alignment of the chassis.

JohnnyJet

Financial independence is my overall goal, I don't want to spend my time having to work for people that are less qualified to do the job than me. I used to want to retire early but now I've had a few more years to think about it I now favour FI for the social side of things. Want to be able to choose what I want to do, when I want.

Also save to pay the mortgage off early and so I don't have to worry about the next pay cheque like most people I work with.

robotrobo

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!)

i have been retired since 1990 , so 26 years have passed so quickly, i try to make my money work for me , but with the recent interest rate cuts , im thinking now its not worth bothering about trying to achieve the best rates for your buck. I have no interest in holidays anymore, and while i look after my old cars, im not interested in a new one as i get a lot of pride keeping the !!!!!!s runnning & in A1 condition. I sold one of my 3 cars only this week gone , the reason being that i find it hard to run 3 , in my mind they need to be used , the one i sold i got the same money for it as when i purchased it some 5 years ago.
Its 36 years ago that i gave up smokeing , & just 12 months since i had a drink of alcohol, i just wanted to see if i could achive my goal that i set, it was difficult the odd time or so, but i have enjoyed a drink all my life, will i start again?, i dont know yet, possibly.
So i know i have slightly gone off the subject of what we are saving for!, i dont know really , because its not like i have got years to live, infact its now sounds more sensible to say "how many weeks have you left to live".
I think the answer is to be content with the little bit that you have & not worry about what dosh anyone else as.
Im haveing a stainless steel roof rack fitted to the top of my coffin:)as i am takeing all my money with me.
But i made a few people happy this last week as i gave them 20k to be going on with, i wanted to see the excitement on the faces now, & not when im brown bread, so what am i saveing up for ?, i dont !!!!!!! know. The sun is now shining outside at the moment, i went a 25 mile bicycle ride this morning and got wet through.I dont think i have answered the original posting , but eh ho! its kept me amused for a bit.