I have £5000 savings at 35. Is my life over?

atush

aj23 wrote: »

My parents don't charge me rent. They disagree with the principle of charging the creation you bought into the world then they chose to have me As you see, I don't actually earn that much. And they don't need the money (their words, not mine). Nor do they think it will help me in life to take money off of me, it's hard times for people my age what with property prices.

I think it's a bit odd that you should say that you hope I do just because you asked yours to. But, each to their own

I HOPE you do because you cost money to keep. And are earing a living wage. I dont 'need' the money either, but it gets them into the idea of paying for their keep and they both already have many thousands int he bank. And they will get it all back and more when I die.

If you are on min wage or some other very low income that is different.

I charge mine becuse they were put thru University at my expense and have no loans to pay back (incl one who went to Law school after) and they all have jobs paying 25K-40K. So they can afford to pay for their food (and beer and wine) etc. I dont stint on the shopping, they eat steak, seafood etc. I even took one on Holiday to France this summer at my expense.

They also are provided with BB internet, Sky, BT and Netflix.

I paid my parents once I was earning too way back in the day. It was the least I could do.

atush

Alexland wrote: »

If our son wants to stay at home after full time education then I would charge him at prevailing rent-a-room rate and put the money aside to help with his house deposit, etc. My wife has an unwarranted affection for him so might disagree with this policy...

In effect that is what I am doing. All 3 will get a cash present should they come to buy a place.

In the meantime, it is a matter of principal.

atush

chelseablue wrote: »

I'm 35 and have £8,000 in savings (plus around £80,000 in my pension pot)

I did have £47,000 saved but I used it on a house deposit.
Was a lot more relaxed when I had the 47 grand in the bank, I dream of having it again sometime!

You will do I am sure.

Terry_Towelling

chelseablue wrote: »

I'm 35 and have £8,000 in savings (plus around £80,000 in my pension pot)

I did have £47,000 saved but I used it on a house deposit.
Was a lot more relaxed when I had the 47 grand in the bank, I dream of having it again sometime!

Ah yes, but think how much that £47K has grown in asset-value - and you have your own place to live - and you have £8K saved - and £80K in your pension pot. I think you should relax again and dream about something else.

aj23_2

atush wrote: »

I HOPE you do because you cost money to keep. And are earing a living wage. I dont 'need' the money either, but it gets them into the idea of paying for their keep and they both already have many thousands int he bank. And they will get it all back and more when I die.

If you are on min wage or some other very low income that is different.

I charge mine becuse they were put thru University at my expense and have no loans to pay back (incl one who went to Law school after) and they all have jobs paying 25K-40K. So they can afford to pay for their food (and beer and wine) etc. I dont stint on the shopping, they eat steak, seafood etc. I even took one on Holiday to France this summer at my expense.

They also are provided with BB internet, Sky, BT and Netflix.

I paid my parents once I was earning too way back in the day. It was the least I could do.

But if I have offered and they refused, what do you have to say about that? Like I said, each to their own. They said they don't want or need my money. They said I have a greater need of it because times are harder for people in my age group. Whenever we go out, I usually drive, at my petrol expense because they did for long enough when I was under 17. I often pay for other things too. They've actually said they think it's wrong to take off people's children. Perhaps because my Granddad took my Dad's pay packets off him in the late 60s/early 70s, like his other four siblings, and only given back enough for a bus ticket to get to work, my Dad thinks the opposite of his treatment with me.

My parents put me through two degrees and paid for it. They told me not to get a loan, and that they wanted to pay for it so I wouldn't have debt.

I have my own bills to pay, I don't need to give my parents money to learn how to 'pay my keep'. I repay my credit in full every month and always have done. I know how to handle money and bills.

atush wrote: »

I even took one on Holiday to France this summer at my expense.

I've taken my parents away at my expense. I wouldn't phrase it so begrudgingly though.

Terry_Towelling

atush wrote: »

I charge mine becuse they were put thru University at my expense and have no loans to pay back (incl one who went to Law school after) and they all have jobs paying 25K-40K.

Slight diversion from the thread but student loans are an interesting point. Because of the way they are paid back (i.e. only after reaching a certain salary level and only at a certain percentage rate - like a tax - and only for a certain length of time) there is just a possibility that paying up front may cost more than repaying the loan.

I haven't done the sums and the interest rate/salary levels will make a difference but it could be more cost effective to let the kids take out student loans and then help with the repayments (if they ever get to the required income level) instead of giving them the money up front.

Alexland

Terry_Towelling wrote: »

I haven't done the sums and the interest rate/salary levels will make a difference but it could be more cost effective to let the kids take out student loans and then help with the repayments (if they ever get to the required income level) instead of giving them the money up front.

I agree although we are aiming to have a big enough sum to pay my son's university costs we will assess the landscape at the time as it might be better for him to have a loan for part of it and a bigger house deposit to get a better interest rate.


Alex.

Terry_Towelling

aj23 wrote: »

But if I have offered and they refused, what do you have to say about that?

I don't think you are under attack here @aj23.

aj23 wrote: »

My parents put me through two degrees and paid for it. They told me not to get a loan, and that they wanted to pay for it so I wouldn't have debt.

You are most fortunate to have such generous parents. I hope the degrees have been useful in your career path so far but am still not convinced it's a good idea for parents to pay for education when there is a possibility that this could cost more than repaying the student loans.

My parents were always broke - not quite sure why. We were always the ones who had to 'suck on a piece of damp cloth' because we had no milk, nor sugar, nor tea, nor a cracked filthy cup

Terry_Towelling

Alexland wrote: »

I agree although we are aiming to have a big enough sum to pay my son's university costs we will assess the landscape at the time as it might be better for him to have a loan for part of it and a bigger house deposit to get a better interest rate.

Alex.

Depending how old the little chap is - things might look completely different by the time he goes to uni.

That said, planning for every eventuality is obviously a good idea.

aj23_2

Terry_Towelling wrote: »

I don't think you are under attack here @aj23.



You are most fortunate to have such generous parents. I hope the degrees have been useful in your career path so far but am still not convinced it's a good idea for parents to pay for education when there is a possibility that this could cost more than repaying the student loans.

My parents were always broke - not quite sure why. We were always the ones who had to 'suck on a piece of damp cloth' because we had no milk, nor sugar, nor tea, nor a cracked filthy cup

No, but insisting that she hopes I do even after saying they won't take it did feel a bit judgmental. Like I said, each to their own. If she wants to charge her children, she can. Equally, other parents do not, in order to help their children.

As I said, I didn't have any student loans. I was self-funded. Getting on to people my age think they should get their uni tuition, which they chose to do, for free by taking out a loan in the hope they only have to repay 2/3's back is a different subject altogether, and I fundamentally think that mentality is wrong. If you choose to do something, you should pay, like uni. They've had the tuition, they should pay it in full.