Mindset over finances - am I the only one

markyyyyyy

Hi
A bit of background
I’m 36 yrs old, single
own a small home worth £120k - mortgage of £65k
savings/investments of £55k


I always feel like I don’t have enough money, and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

i stick to budgets and feel as though I’m ruled by these, even though I do budget for hobbies I like, the odd holiday etc.

i feel surrounded by people splashing left, right and centre, numerous holidays a year, and feel like I’m doing it wrong? Or maybe I just have a skewed perception and people rack up debts doing these things

What I’m getting at, is this a common feeling amongst people, or should I just accept it and approach the “fu** it, what will be will be” approach? 

Just here for a discussion l, am I the only one that feels like this?

DiamondLil

You're in very good company on here; I'd imagine most of us here are of the same mindset. All my liife I've been a collector - marbles, stamps and cigarette cards as a child, other stuff as an adult.

I've come to realise that I treat money in the same way.

I've also come to realise that it's not a bad thing given the need for more costly dental treatment in later life.

fuzzzzy

Just don't get too carried away with the saving. 

You may find yourself at some time in life wishing you had lived a little more.

Pay into a pension, pay your mortgage off, have an emergency fund to see you through bad times, save/invest a bit, and try to enjoy the rest. Don't deprive yourself of stuff you really want if you can afford it.

Albermarle

AS you have asked the question on a Savings & Investments forum, it is likely many of the contributors think in a similar way to you. 
You will not find too many big spenders, YOLO types.

and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

Hopefully you ( and your employer if you have one) are contributing to a pension, as normally this is the best way to save for retirement due to the tax advantages.

MEM62

A budget is for you to control your money and not the other way round.  Most do not pay it sufficient attention.  Many of your friends that are having all the extra holidays and nice cars, unless they are high earners, will be paying for it in later life.  (The piper always needs paying)  You, having been prudent will face a far brighter retirement.  And don't feel guilty about the odd splurge - you are being prudent for the very reason that you can do that!     

markyyyyyy

Albermarle said:

AS you have asked the question on a Savings & Investments forum, it is likely many of the contributors think in a similar way to you. 
You will not find too many big spenders, YOLO types.

and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

Hopefully you ( and your employer if you have one) are contributing to a pension, as normally this is the best way to save for retirement due to the tax advantages.

I am self employed and I put £450 a month into my stocks and shares ISA

i don’t put any money into a pension

is it better to put into a private pension?

trickydicky14

DiamondLil said:

You're in very good company on here; I'd imagine most of us here are of the same mindset. All my liife I've been a collector - marbles, stamps and cigarette cards as a child, other stuff as an adult.

I've come to realise that I treat money in the same way.

I've also come to realise that it's not a bad thing given the need for more costly dental treatment in later life.

You should come and see my collection of marbles and I'm 70.

Rich1976

You are definitely not on your own. I think most of us feel like we don’t have enough. In my case I’m not sure what ‘enough’ would be. We have a savings account of about 10 months living expenses but when we replace our car in a couple of years that will take a massive chunk out of that, plus we are saving up for home improvements, weekends away and holidays on top of that.

of our combined take home pay, about 45% is on essentials, 20% is fun stuff and the rest is savings and extra pension contributions but all that can vary month to month depending on what comes up.

As for the future none of us know what that holds and whether we will have enough to retire on but can only do the best we can now with what we have and without living on beans of toast all week to make the pot bigger whilst keeping an eye on how it is progressing.

we stay out of debt which helps us but seeing what other people spend as soon as they get paid or listening talking about a big holiday next year or replacing the kitchen, knowing they earn about the same or less than me plus have cars on finance etc, I consolidate myself that maybe we are not doing too badly after all.

FlorayG

Happy now or happy later is the decision. I spent 25 years in a career I absolutely loved, pitiful pay and no pension ( I worked with horses) and now still working well after usual retirement age in a boring admin job because I can't afford to retire.
One of my friends retired with a great company pension after spending 25 years in a well paid job she absolutely hated
I'm happy with my life; you can't have it both ways unless you are really lucky

jimjames

markyyyyyy said:

Albermarle said:

AS you have asked the question on a Savings & Investments forum, it is likely many of the contributors think in a similar way to you. 
You will not find too many big spenders, YOLO types.

and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

Hopefully you ( and your employer if you have one) are contributing to a pension, as normally this is the best way to save for retirement due to the tax advantages.

I am self employed and I put £450 a month into my stocks and shares ISA

i don’t put any money into a pension

is it better to put into a private pension?

A pension would definitely be a good idea as you'll benefit from tax relief and potentially other tax benefits depending on your self employed status

Albermarle

markyyyyyy said:

Albermarle said:

AS you have asked the question on a Savings & Investments forum, it is likely many of the contributors think in a similar way to you. 
You will not find too many big spenders, YOLO types.

and have a bit of a ‘fear’ of not having enough to live on in retirement, even though it’s a long way off

Hopefully you ( and your employer if you have one) are contributing to a pension, as normally this is the best way to save for retirement due to the tax advantages.

I am self employed and I put £450 a month into my stocks and shares ISA

i don’t put any money into a pension

is it better to put into a private pension?

In simple terms.
Pension has better  tax benefits, but you can not touch the money until your late 50's.