Making savings before it's too late

caronc

moneyistooshorttomention wrote: »

Shuddering at the thought of going through too much hassle re my finance planning. I just don't want to know - would rather spend my time on other things.

I'm a numbers person so have worked with a spreadsheet for years, just not as detailed as this one;). Apart from direct debits, I mainly pay everything by credit card and settle it monthly so what my bank balance says I have and what I actually have are two very different things. The spreadsheet keeps me on track (in theory anyway):)

moneyistooshorttomention

Each to their own on that one.

But I couldnt be doing with that personally.

I hate paperwork of all descriptions with a passion and if my time is going to be given up for something I don't want to do - then I'll minimise it (unless I'm being paid a reasonable hourly rate for it - I wish...).

If there's a financial benefit of £100's or £1,000s per hour for doing something - then I'll do it. I have done paperwork involved with things like opening loads of building society accounts back when (as I realised I'd be "paid" £hundreds per hour for that) - but for NMW or nothing = nope....

tori.k

I been brought up with a take care of the pennies the pounds take care of themselves mentality,
I guess it depends on what your end game is, due diligence now will put me into a position to retire earlier, so every penny I can shift towards that aim is more than worth it.
In your case you feel you would waste time, with me I will gain it.

maryb

Kittie, it's so annoying when you forget about the one-offs isn't it? I eventually made a list of them so I would remember January iswhen I need to pay xyz etc but I still got caught out occasionally because after the DDs left school, there weren't so many and I let the list get out of date. What helped was scrolling back through MS Money to see the entries for the relevant upcoming month in the previous year. It's also quite interesting - in an oh yes, I remember that sort of way

[Deleted User]

moneyistooshorttomention wrote: »

Shuddering at the thought of going through too much hassle re my finance planning. I just don't want to know - would rather spend my time on other things.

each to their own, money

Taking care of the pennies has enabled me to have a nice house, lots of hobbies, to buy what I want when I want. If I need care in the future then it will be platinum standard, if I need any operation eg hip replacement (touching wood) then I will be able to get it when I want. Not bad for a lass who slept with her 4 sisters in one bedroom in a small old liverpool terraced house, which was ready for demolition and married a man who slept in one bed with his brother in his family home. Me and my husband started life poor and skint but had aspirations and a money saving ethos. That continued when people were falling flat at the 15% mortgage rate. I very quickly learnt to keep tabs on every single penny

Blackcatsreturns

I!!!8217;m almost the opposite as I never really worried about money or taken care of the pennies. (Hangs head in shame). Although I have managed ok because I!!!8217;ve earned well and done ok with buying and selling houses. But I had accumulated a lot of debt in the past. I was brought up in a Council flat but we were actually quite comfortably off with money. So for me keeping track of my money is a good discipline and an eye opener. I!!!8217;m changing my approach to money with the aim of retiring early. This thread is a perfect place to learn and be inspired by others. Ps after password change fiasco Friday I!!!8217;ve had to change my user name from Blackcatsx2

caronc

Seems to have been a few folk sideswiped by the password change....
Shame there wasn't a warning so people could check their details were still current.

maddiemay

moneyistooshorttomention wrote: »

Shuddering at the thought of going through too much hassle re my finance planning. I just don't want to know - would rather spend my time on other things.

Nice and simple - at all bills are on direct debit except those that can't be/would be more expensive if they were basically.

So I know I have 3 months of the year where there is a "yearly" bill to pay out of that months income - the tv licence month (£145 duly going out extra), the yearly gas service month (£85 going out extra) and the insurance month (£256 going out extra). Christmas costs me less than £100 I reckon (cards/a few presents/I might have a more "special" meal or two out with friends).

So I'm okay for some "spending money" every month (it's just the case that 4 months of the year there will be a bit less than normal).

With a little bit of cash to one side "just in case" and a bit of "cashflow money" in the bank account not to go overdrawn accidentally or if some minor "must purchase" comes up. A bit of savings (though not very much at the moment - as the house took so much of them for renovation work:() and the system "works".

Also got a bit of health care insurance - so that I shouldnt have to pay a big bill myself at any point if an expensive health care need comes up and the NHS is awkward about paying for it (eg I've got to the agegroup where many start developing cataracts). Fingers crossed that will never happen to me obviously - but a friend of mine that moved here recently too was gobsmacked to be told recently that she would have to wait a year (!!!!:eek:!!!!) in between first eye and second eye being done (though the "proper wait" between eyes is 4-6 weeks and she'd been blithely assuming that that is what would happen...).

You know you've become very cynical about what money you might need to pay healthcare costs for the NHS when you know you could just whip out enough cash to pay for a long (ie expensive) taxi ride to a hospital if an ambulance was needed/called - just in case it took literally hours (rather than a few minutes) to get to the caller. Followed by - you've seen the hospital "restaurant" - so you've also got enough money to one side to pay take-aways to bring food to you...

It reads to me that you are very much aware of your income, your expenditure and when payments are due, a buffer in your working account and some savings. If a simple way of dealing with your finances suits you,that is great.

I can see that those with several income sources/investments might need something more detailed though.

[Deleted User]

moneyistooshorttomention wrote: »

(eg I've got to the agegroup where many start developing cataracts). but a friend of mine that moved here recently too was gobsmacked to be told recently that she would have to wait a year (!!!!:eek:!!!!) in between first eye and second eye being done .

worse than that money. A son in law in wales has been waiting over 12 months for his second eye to be done. My neighbour waited 11 months and hip replacement is being rationed as it is not seen as life threatening. Saving money enables choices

suki1964

I have to admit I've been very cavalier about money most of my life, earned it, spent it. It really has only been these past few years I've started to think about how I spend , and what I spend it on

I don't keep detailed records, I wouldn't know one end of a spreadsheet from the other, but I am "enjoying" my bank app

I'm now cash free so it's debit card all the way and it's eye opening to see where my money is really going - my car mostly . But no public transport, me and he working different directions and start/finish times, we need 2 cars

I can see how book keeping is important, but I need to keep it simple and pain free