What are long term savings for?

horsewithnoname

Linton said:

daveyjp said:

If you want to travel and are able to, do it while you are fit and healthy,  I'm so glad I did so when I was in my 20s and early 30s as whilst my wanderlust is still there and I do want to see more I know I've banked lots of travel memories.

I've known too many people wait to do the dream trips when they are older, but then find for all sorts of reasons they can't and regret it.

Because we saved throughout our lives we can afford to travel whenever and wherever we want whilst we are fit and healthy in our 70's and have the time to do it.  We want to enjoy life now, not live on banked memories.

I’m thankful that I travelled when I was fit enough to do it. I’m now quite restricted by arthritis (since my late 40s) and now wouldn’t be able to do half the things that I have done. There are a lot of things to bear in mind, but life is short and sometimes the time to do things is when you are able. 

Mark_d

enthusiasticsaver said:

OP you do not say what your circumstances are in terms of whether you have a wife/husband/children or how old you are.  Maybe do as I did and allocated percentages of your disposable income to different goals.  So I used to split our spare money into 3 and put one third into short term instant access savings usually for holidays, christmas, the odd treat or meal out or a new gadget if DH wanted or needed one and maybe replacement phones etc.  One third would go to medium term savings usually via regular savers for new cars or home improvements/long haul holidays or gifts to the adult children etc.  One third would go to long term investments/overpaying pensions or overpaying the mortgage.  

I am married.  We have no children and no plans for children. 

Yes I do short-term savings for occasional expenses, such as holidays and replacing items as they fail or need upgrading.

In terms of medium/long term savings, I sold my car a few years back because it doesn't make sense for me to have a car based on how often I'd use it.  Upgrading from a flat to a house would be painful given how much it would cost in stamp duty.  If interest rates are still high when the fixed rate on my mortgage finishes (July 2025)...then perhaps paying off the mortgage might be a good move in terms of our cashflow....

Mark_d

Frequentlyhere said:

I saved hard to retire very early, worth every penny. 

I am 5 years older than my spouse.  So if we're to retire at the same time, I think I'll have to be 65.  I do love my job though so I'm not exactly looking to retire very early

Mark_d

daveyjp said:

If you want to travel and are able to, do it while you are fit and healthy,  I'm so glad I did so when I was in my 20s and early 30s as whilst my wanderlust is still there and I do want to see more I know I've banked lots of travel memories.

I've known too many people wait to do the dream trips when they are older, but then find for all sorts of reasons they can't and regret it.

I like the sound of this advice though I may have already left it too late.  Due to a medical condition I was diagnosed earlier this year, I'm reluctant to travel to less developed countries in case I do need urgent hospital treatment.  But there are some countries in Europe I have yet to explore.

Frequentlyhere

Mark_d said:

Frequentlyhere said:

I saved hard to retire very early, worth every penny. 

I am 5 years older than my spouse.  So if we're to retire at the same time, I think I'll have to be 65.  I do love my job though so I'm not exactly looking to retire very early

If you love your job, that's arguably even better. 

Albermarle

I am not 'virtue signalling' in the current jargon, but nobody has mentioned one way of spending money usefully ( not on gadgets etc) is to give money to charity.
This does not have to be just on line donations to large well known charities, but most will be aware of some local organisations that would benefit.

Frequentlyhere

horsewithnoname said:

I’m thankful that I travelled when I was fit enough to do it. I’m now quite restricted by arthritis (since my late 40s) and now wouldn’t be able to do half the things that I have done. There are a lot of things to bear in mind, but life is short and sometimes the time to do things is when you are able. 

The other thing also is that even if you dodge the bullets of health and needing to look after others, then what you yourself want changes so you only have so much time to scratch that itch.

e.g. backpacking through Colombia might sound amazing in your twenties, but a bit too uncomfortable/risky in your fifties.

For me, I loved the pure heat, exotic nature and interesting creatures of SE Asia in my twenties, and now at 40 I'm bit like " Hmm, way too hot/humid over there for my taste, and I don't fancy watching my step for scorpions every day".

I'm fully expecting when I'm 70 I'll consider fish and chips parked up in the car at Whitby to be the height of travel luxury ;-)

brucefan_2

Frequentlyhere said:

horsewithnoname said:

I’m thankful that I travelled when I was fit enough to do it. I’m now quite restricted by arthritis (since my late 40s) and now wouldn’t be able to do half the things that I have done. There are a lot of things to bear in mind, but life is short and sometimes the time to do things is when you are able. 

I'm fully expecting when I'm 70 I'll consider fish and chips parked up in the car at Whitby to be the height of travel luxury ;-)

You'll do well to park your car anywhere near a fish and chip shop in Whitby.

Mobility Scooter maybe.

  

ircE

I'd just like to say this thread has been fascinating and thought-provoking for me (a mid-20s moneysaver). Thank you all for your contributions!

poppystar

I’m so pleased it’s not just me. I’ve never heard of others struggling to spend. 

We weren’t particularly poor growing up but there were no treats other than the annual holiday which was more a done thing rather than a choice. So I never saw or experienced spending on anything but the essentials in life. If I wanted to buy something as a child (and beyond!) I was quickly talked out of it with questions on whether I really needed it? would use it? maybe I should think on it? what’s wrong with what I have? did I really want it? etc. - which after those questions I wasn’t ever sure I did! 

Fast forward many years and that programming is still there as others have said. Yes, working back from a goal is good but it’s getting a goal I don’t talk myself out of that’s part of the difficulty. Just being frivolous or going for something because I might enjoy it is definitely a work in progress. I can’t believe others are in the same boat 🙂