Is it ever to late to save ?

george4064

Short answer, no its never too late.

Long answer; reserved for Bowlhead99

Apodemus

Definitely never too late. Even if it is just to build up a small emergency fund.

I think, though, that many people face a number of life changes around their mid-forties to mid-fifties which help focus on getting their finances under control and enable a saving mind-set.

[Deleted User]

Thankyou all for your thoughts, perhaps my reasoning would be better in that clearly its better to start the pattern of saving earlier rather than wake up to it at my age lol.

I am hopefully spreading my pension strategy and I do have assets, property, land and a final salary pension but still feel short of accessible cash. I have an emergency fund but dont seem to have the amount or spending power of my friends.

I think hindsite would have been a wonderful thing,

ps the spelling of the above is just for bobobski lol

darkidoe

Never too late to save. Beware the middle class trap most people find themselves in nowadays. I am hopefully avoiding it as much as possible, which is near impossible.

Dird

darkidoe wrote: »

Beware the middle clash trap

???

jimjames wrote: »

Scary that someone the same age as me thinks they're past saving!

You're coming up to your later years, accept it

margaretclare

I'm 81 and I'm still saving. Why? Because we simply don't know what we may need in the time still left to us.

We had the bathroom completely re-done to 'mobility' standards back in April - that would have been impossible without savings. It cost a lot but, following surgery and with DH's upcoming surgery, has been worth every penny.

I was taught to save as a 5-year old taking a few pennies to the school savings bank while the Battle of Britain still raged. They thought it was worth it then. I've saved more since I stopped working than ever in the intervening years.

bigadaj

margaretclare wrote: »

I'm 81 and I'm still saving. Why? Because we simply don't know what we may need in the time still left to us.

We had the bathroom completely re-done to 'mobility' standards back in April - that would have been impossible without savings. It cost a lot but, following surgery and with DH's upcoming surgery, has been worth every penny.

I was taught to save as a 5-year old taking a few pennies to the school savings bank while the Battle of Britain still raged. They thought it was worth it then. I've saved more since I stopped working than ever in the intervening years.

My father is the same age as you, and is still saving.

We've assumed he's found a loophole around the adage that you can't take it with you.....

darkidoe

Dird wrote: »

???

Sorry typo 'middle class trap'.

Dird

darkidoe wrote: »

Sorry typo 'middle class trap'.

Adds no clarity

Rolandtheroadie

In my early 40's, I've just opened a S&S ISA.
I opened it after reading a couple of threads on here and realising I need to do something more than I'm currently doing for the future, and should be able to afford to.
Already overpay the mortgage by 50%, will be MF by 50 now. Also put extra money into our pensions every month.
We've still 3 kids under 12, which can make it a bit harder.
I've cancelled the rarely used leisure centre membership (£130 a month for us all) and our fourth kids dig money (around the same) will put in as a minimum each month.
In 8 years, the mortgage money will go the same way.
I want to be in the position to retire at 55 if I want to, this is another way to make that possible.