Save to leave or save to quit?

bambilegs

Do you put money away in case you lose your job? OR do you put money away in case you decide to leave your job because you hate it?

bambilegs

Title meant to say ‘Save in case of loss or save to quit ‘haha . Can’t change as I’m using my phone

Alexland

We invest a large proportion of our income as I figure that we are onto a good thing and the party might end eventually. I would rather get the accumulation phase done as soon as possible so we can get into being relaxed and financially independent. I want to retire at 58 and with a younger wife, helping children with university and house deposits that requires shedloads of money.

[Deleted User]

bambilegs wrote: »

Do you put money away in case you lose your job? OR do you put money away in case you decide to leave your job because you hate it?

Now retired but, when working, it was both. Could have retired earlier than I did.

Mrs_Z

I think your goals change as you get older. In the early years I was putting money aside for a house deposit, now I'm saving like mad with an early retirement in mind.

binaryuniverse

You put money away so that you have a cushion to live on, should anything unexpected happen. It doesn't have to be as binary as your initial question.

Indeed, having money put aside to live on, should you really decide you want out of your current job, gives you a lot of freedom in what you can do. You can quit and give yourself some time out before looking for something else. Not having to deal with the job centre is also a plus.
If you do like your job, then you have money together for holidays, treats, or to put away for retirement.

I'm currently saving for a mortgage deposit. Once I do own my place I'll be looking at investment options, to help me in later life. With a bit of balance on enjoying present day, too.

Nobody can predict the future. But knowing you're secure and prepared, regardless of what happens, can only be a good thing.

MovingForwards

I am saving for a deposit and the deposit was also a back up in case my job went, turned out I quit my job but have been temping so haven't had to touch the money and am still adding to it.

Nothing like being stuck in a job because you are financially tied due to having no money.

I know I am one of the lucky ones.

Anonymous101

Not quite so clear cut for me. Ultimately I have a figure I'm aiming for which will enable me to choose whether I want to work or not. If along the way there are a few bumps in the road then I'll be able to use that money as a safety net.

If I "hated" my job at any point I'd look for a new one. I things would have to be pretty bad for me to quit my job prior to having an alternative sorted.

bowlhead99

Alexland wrote: »

I want to retire at 58 and with a younger wife,

Don't tell the current wife :rotfl:

Spidernick

I try and save for a rainy day. My wife just spends it!

achiddas

I feel having money put aside " in case" you lose your job is essential. It is also preferable to have money set aside in case you "want" to leave your job....no better feeling than knowing you can leave if you want and that potentially your employer needs you more than you need them.:)