How much will you have saved by the end of the year?

tara747

mum70 wrote: »

For the last three years I've saved £25 per month in a Christmas club and I get my money every Christmas, but if I put £25 away in a pot at home or a saving account, I would dip into it and have no Christmas money. Funny how our mind works.

So you would steal from your future self...

tara747

ambitiouspanda wrote: »

I have just started my new job in the city (August) and quite sad I won't meet my target this year of £9000. If I am disciplined it might reach the £6000 mark. I am saving for a deposit and hope to jump on the London Help to Buy scheme!

Anyway, got me curious .. how much do you think you'll have stashed away?

I have over £107,000 in savings.


Oh and a generous final salary pension to look forward to as well (quite a few years away yet!).

chucknorris

Dird wrote: »

It depends what it was spent on & if you plan to house hop every few years as some people do (2 bed -> 3 bed -> another 3 bed -> bungalow of death).

If you buy a house then splurge on new bathroom/kitchen/wallpaper and then live in it for the next 30 years then it's money that was spent to improve your lifestyle/comfort. In 30 years time that stuff will have become outdated & provide no resale value as you'll need to refurb for sale or new buyers will like the original poster did.

You mean like the 4 investment properties that I bought in the 90's for a total of about £280k, that have in the meantime provided excellent rental profit, and that I am about to sell for £2m.

That was the early ones bought, the later ones have done equally well.

Dird

chucknorris wrote: »

bunch of unrelated text about BTL

https://forums.moneysavingexpert.com/discussion/5545667

chucknorris

Dird wrote: »

https://forums.moneysavingexpert.com/discussion/5545667

It is not unrelated, it is directly related to your factually incorrect response, which was:

In 30 years time that stuff will have become outdated & provide no resale value as you'll need to refurb for sale or new buyers will like the original poster did.

I intend to sell 4 properties over the next few years (one is going on the market next month), which I bought in the 90's, they are all in need of refurbishment. The estate agents that I have spoken to have confirmed that it probably isn't worth refurbishing them, but I knew that anyway (I'm a chartered quantity surveyor), but it doesn't hurt to confirm with agents. The fact that they happen to be investment properties doesn't change anything, their collective value has increased from £280k to approx £2m, and they are all in need of refurbishment.

Additionally my wife has just sold a house (subject to contract) for £1.1m, that needs total refurbishment, she only paid £110k for it back in the 90's, that wasn't a rental, it was originally her home, but after we were married she let her mother live in it rent free until she passed away earlier this year.

Also we are about to upsize our own home (we know the street that we want to move to, we are just waiting for a suitable house to be put on the market). When we had our home valued, the estate agent confirmed that it wasn't worth replacing the bathroom and kitchen just to sell, as you can see from my other post below, I just don't consider upsizing our home as 'spending':

chucknorris wrote: »

We are taking our first big step in January, I am dropping down to one day a week at work (I like my job) and my wife will probably retire. We are also going to get a new car and probably a caravan too next year, as well as upsizing our home, that is one thing that we have definitely decided to do, although I consider that more of an investment than actual spending.

bobobski

chucknorris wrote: »

(I'm a chartered quantity surveyor)

What *is* a quantity surveyor? I've tried to find this out many times but so far I've gathered that they're really good with Excel.... and I'm not even sure that's right...?

bigadaj

bobobski wrote: »

What *is* a quantity surveyor? I've tried to find this out many times but so far I've gathered that they're really good with Excel.... and I'm not even sure that's right...?

There's a very good fry and Laurie sketch from the eighties that might be enlightening for you.

Adamjeffs

There's many arguments about whether your main home is an investment or a liability. Ultimately it doesnt generate an income so you could argue both ways really

bowlhead99

bigadaj wrote: »

There's a very good fry and Laurie sketch from the eighties that might be enlightening for you.

Ah, the "Dancercise" one...

Hugh: Hello Dennis.

Stephen: Got any quantities for me to survey this morning?

Hugh: I've got a quantity that I'd love for you to survey if you're not too busy, Dennis.

:T

Adamjeffs wrote: »

There's many arguments about whether your main home is an investment or a liability. Ultimately it doesnt generate an income so you could argue both ways really

That sort of investment generates not an income, but the ability to not have to pay any rent or need to build a shelter to get a roof over your head. And has a tangible value that someone would pay you to take it off your hands.

It is clearly an asset, and can only be 'argued both ways' be redefining what assets and liabilities are.

For example, there is a requirement to pay money or exert effort to keep it in good condition. That pending maintenance is a future liability, outweighed by the future utility of the asset. The asset itself is clearly not a liability.

You may owe money on a mortgage that helped you buy the home, which needs to be paid off in due course. Hopefully that financial liability is outweighed by the value of the asset. Again, the asset itself is clearly not a liability.

If your main home is a liability rather than an investment, please give it to me for free. If it's a liability I would be doing you a favour, right?

bigadaj

Adamjeffs wrote: »

There's many arguments about whether your main home is an investment or a liability. Ultimately it doesnt generate an income so you could argue both ways really

It's an investment to the extent that it saves you money on renting and other costs, but a liability to any extent greater than that.

Jamesd's posts focus on this and other variabilities in his to achieve financial independence, I'm not sure to what extent he practices what he preaches but he has certainly proposed the purchase of a one bedroom flat in the cheaper parts of your local to allow investment of any income into more profitable ventures.

Life isn't of course simply about the numbers, people are aspirational in terms of where and how they live, once you have a family then their considerations will also play a part, from security and quality of life to schooling and proximity to friends and relatives.