MSE Poll: How did you fare financially in 2018?

Poll started 27 December 2018
With the year drawing to a close, we wanted to find out if you're financially better off now than you were at the start of January 2018.

Whether you saved money, paid off debt, overspent, borrowed or had a pay rise, tell us how your household finances fared over the past year.

Please select ONE option under the relevant category.
Did you vote? Are you surprised at the results so far? Have your say below. To see the results from last time, click here.

If you haven't already, join the forum to reply.

Thanks! :)


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Comments

  • I think the votes on here might get somewhat skewed. As the very virtue of being on here means we are more financially aware.
  • My finances were improving significantly year-on-year until the Brexit devaluation of the Pound.

    A lot of my expenditure is in foreign currencies, many of which follow the USD/GBP trend, so I am considerably worse off now than I was pre-Brexit.
  • My husband is a public sector employee and has had no pay rise for 8 years, not even a cost of living rise. We are considerably worse off every year, and with no pay increase there has also been no increase in pension contributions as well so when my husband retires in 2 years his pension will be much lower than we anticipated. Our income has been so depleted that we now have no savings, and at the age of 63 and in poor health I have been forced to take a zero hours contract for occasional work as and when required - there aren't many job opportunities for people in my situation living in a rural area with poor public transport.

    To cap it all, my pension age has risen to 66 since taking early retirement due to health problems. I am exactly 1 year younger than my husband so we will have one very lean year surviving on his occupational and state pensions before I can claim my state pension. We had thought our savings would tide us over this year, but as I said previously we have had to use them for every day living expenses.

    I feel that both having worked all of our lives, paid taxes and with full NI contributions for our pensions we shouldn't have bothered - we would have been better off on benefits.
  • macloud
    macloud Posts: 13 Forumite
    Most of my savings are tied up in a Stocks and Shares ISA. On the whole, over time, this tends to far exceed returns from any fixed rate interest savings account. Until the Carillion debacle, that is, where a sizeable amount of my cash was invested :eek:.

    But for this investment slip-up on my part I would have been able to say that I was actually better off now than at the beginning of the year. I don't expect any sympathy; risk goes with the territory. Still annoying though.
  • We've bought our first house a few weeks ago, so whilst (long term) we'll end up in a better position than we currently are, at the moment our net worth has plummeted due to the massive mortgage we now have and the fees and stamp duty we've paid out for the house purchase won't be recouped for a quite a while yet!

    That said, I'm very happy to be in this financial position and certainly feel more secure to be in a position of having a mortgage to pay off than living in a rental property at the whim of landlords....
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • One-Eye
    One-Eye Posts: 66,257
    First Anniversary Photogenic Name Dropper First Post
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    John747 wrote: »
    My finances were improving significantly year-on-year until the Brexit devaluation of the Pound.

    A lot of my expenditure is in foreign currencies, many of which follow the USD/GBP trend, so I am considerably worse off now than I was pre-Brexit.

    You seem to be discounting the 8 rises in US interest rates since June 2016 from 0.5% to 2.5% now.

    2019 is likely to see further increases in US interest rates until it becomes politically difficult, at which time the dollar will tank.
  • Mnd
    Mnd Posts: 1,699
    First Anniversary Name Dropper First Post
    Forumite
    We broke even this year in monetary terms, but we invested a decent amount of money in the fabric of our house. Now to concentrate on building the bridge so my wife can retire at 61.5 in 2 years
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
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