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  • FIRST POST
    • appletree89
    • By appletree89 11th Aug 18, 7:21 AM
    • 1Posts
    • 2Thanks
    appletree89
    I have 5000 savings at 35. Is my life over?
    • #1
    • 11th Aug 18, 7:21 AM
    I have 5000 savings at 35. Is my life over? 11th Aug 18 at 7:21 AM
    I don't have much of a social circle so I'm going to try the internet. I have no debt or financial issues, I rent, I have a stable job, and have 5000 in savings (roughly the same for my pension).

    Recently my plan has to start saving aggressively, but on asking around tentatively and looking online, it almost sounds like this is the end of the world. Apparently I should have at 9 or 10 times that by now, plus the pension, plus a completed mortgage, plus alternative property, plus vehicles, plus children who should now be completing their university degrees and so on. This is devastating to me, because I have nothing at all like that.

    Yesterday I thought by planning ahead and budgeting, I can easily double my reserves in 12 months and start looking at higher interest savings accounts. But seeing as I'm not going to be a multi-millionaire in 15-20 years should I just cut to the chase and jump off a bridge? I'm only half serious of course, by the time I'm 45 I could be looking at 50k if I never take holidays or buy anything. So what do you think? Keep "at it" and explore my limited financial choices, or are my real choices really whether or not to jump in front of a train against jumping off a building?
Page 2
    • Puddylove
    • By Puddylove 12th Aug 18, 12:01 PM
    • 491 Posts
    • 816 Thanks
    Puddylove
    Life isn't about accumulating assets - it's about being happy or at least content.
    Just think about what you want now, and what you will want in 10, 20 years time and so on.
    If you want to own your own house, save a deposit. Think about when you want to retire, sort out pensions. Think about what you want to do (hobbies, travel) and save towards it.
    I've not got many assets, but I'm lucky to be healthy, happy and have had a great life so far. Sounds as if you have, too.
    • hoc
    • By hoc 12th Aug 18, 11:21 PM
    • 258 Posts
    • 148 Thanks
    hoc
    No, of course not to the question and my answer would have been the same if you were 45 and had 5000 credit card debt.There are already good replies and suggestions so far so I won't repeat.
    • datlex
    • By datlex 12th Aug 18, 11:25 PM
    • 1,719 Posts
    • 1,619 Thanks
    datlex
    At 35 I had no savings and debt. At 45 I bought my first property. So no your life is not over at 35 with 5000 savings far from it
    • aj23
    • By aj23 13th Aug 18, 11:26 AM
    • 673 Posts
    • 233 Thanks
    aj23
    Three years ago when I was 23 I had 3,000. It had taken me years to save that, but I also used to spend a lot.

    Three years later, I'm 26, and I have 31,000 in savings and pension. I still enjoy myself, but I curb it now. If I don't need it, I don't buy it. Dinner with friends? Drinks instead. You can absolutely turn it around. I save about 60-70% of my wage a month.
    • Sweetcake
    • By Sweetcake 13th Aug 18, 11:28 AM
    • 123 Posts
    • 57 Thanks
    Sweetcake
    Three years ago when I was 23 I had 3,000. It had taken me years to save that, but I also used to spend a lot.

    Three years later, I'm 26, and I have 31,000 in savings and pension. I still enjoy myself, but I curb it now. If I don't need it, I don't buy it. Dinner with friends? Drinks instead. You can absolutely turn it around. I save about 60-70% of my wage a month.
    Originally posted by aj23

    Hey, good for you! Could you share tips on how you managed to save that amount in a short amount of time? Or what worked for you to enable you to save that amount
    • somethingcorporate
    • By somethingcorporate 13th Aug 18, 11:32 AM
    • 8,896 Posts
    • 8,602 Thanks
    somethingcorporate
    Hey, good for you! Could you share tips on how you managed to save that amount in a short amount of time? Or what worked for you to enable you to save that amount
    Originally posted by Sweetcake

    Living with parents probably


    Enjoy your life OP, you cannot take it with you.
    Thinking critically since 1996....
    • Sweetcake
    • By Sweetcake 13th Aug 18, 12:54 PM
    • 123 Posts
    • 57 Thanks
    Sweetcake
    Living with parents probably


    Enjoy your life OP, you cannot take it with you.
    Originally posted by somethingcorporate

    Hehe, I live with parents too.
    • t1redmonkey
    • By t1redmonkey 13th Aug 18, 1:13 PM
    • 75 Posts
    • 48 Thanks
    t1redmonkey
    I have no debt or financial issues, I rent, I have a stable job, and have 5000 in savings (roughly the same for my pension).
    Originally posted by appletree89
    These are all positives! You're looking at your situation like it's a bad thing, but it's the opposite

    Heck a lot of people I work with may have material things, like two cars, a big house etc. but then you talk to them about their debt, and they're paying for everything on credit cards, got loans, 30 years mortgages, and so on to try and maintain all of that.

    I don't know where you're getting your perceptions of most people your age from, but I definitely don't know many people in the type of position you've described.
    • aj23
    • By aj23 13th Aug 18, 2:39 PM
    • 673 Posts
    • 233 Thanks
    aj23
    Hey, good for you! Could you share tips on how you managed to save that amount in a short amount of time? Or what worked for you to enable you to save that amount
    Originally posted by Sweetcake
    Thanks. I do live with parents.

    I had a crisis about not having any money, and I wanted to do something about it.

    I really curbed dinners out, drinks out, buying clothes I didn't need, online shopping etc. It's just lifestyle choices.

    I opened two regular savers, and very quickly it started to build up. Then a HTB ISA. So three accounts to save in a month. Now a Lifetime ISA. I save about 60-70% of my monthly wage. Plus I contribute into a workplace pension above what I need to.

    Leaves me with about 500 to live on, which I use most on bills and petrol etc., and obviously socializing. But I'm saving about 900, so I don't mind that that money gets used. As you can see, I don't even have a high wage, yet I manage to save that much a month and have built it, yet still enjoy myself.

    I still go out with friends, but I just don't spend as much. Have one course, not two. Have courses, not three. Use promo vouchers. Don't leave tips. Don't get car washed so much. Don't get haircut every two weeks, go every three. Lots of choices in a short time can save a lot of money.

    Yes to the person above, can't take it with you, but that poster probably has a house, or a mortgage. You and I don't. And that's why I'm saving hard. I am happier as a result of being more secure financially.
    • Terry Towelling
    • By Terry Towelling 13th Aug 18, 4:58 PM
    • 348 Posts
    • 242 Thanks
    Terry Towelling
    Don't get haircut every two weeks, go every three.
    Originally posted by aj23
    Crikey @aj23 your hair must grow really quickly!

    BTW, do your parents make you pay any rent to stay there or are you one of the lucky ones? I think OP has to pay rent to stay where they are and it sounds like they can't easily cut down on socialising because they say they don't have much of a social circle.

    With our children, we charged them a nominal rent (after they'd started working) to live at home and then saved it without telling them. Then when they were ready to leave home we gave it all back to them as a gift. The only downside to that approach is that they may have to stay at home for longer. Thankfully they've all left now!
    • atush
    • By atush 13th Aug 18, 6:40 PM
    • 16,995 Posts
    • 10,610 Thanks
    atush
    Thanks. I do live with parents.

    I had a crisis about not having any money, and I wanted to do something about it.

    I really curbed dinners out, drinks out, buying clothes I didn't need, online shopping etc. It's just lifestyle choices.

    I opened two regular savers, and very quickly it started to build up. Then a HTB ISA. So three accounts to save in a month. Now a Lifetime ISA. I save about 60-70% of my monthly wage. Plus I contribute into a workplace pension above what I need to.

    Leaves me with about 500 to live on, which I use most on bills and petrol etc., and obviously socializing. But I'm saving about 900, so I don't mind that that money gets used. As you can see, I don't even have a high wage, yet I manage to save that much a month and have built it, yet still enjoy myself.

    I still go out with friends, but I just don't spend as much. Have one course, not two. Have courses, not three. Use promo vouchers. Don't leave tips. Don't get car washed so much. Don't get haircut every two weeks, go every three. Lots of choices in a short time can save a lot of money.

    Yes to the person above, can't take it with you, but that poster probably has a house, or a mortgage. You and I don't. And that's why I'm saving hard. I am happier as a result of being more secure financially.
    Originally posted by aj23
    I hope you pay your parents some rent. I charge the two of mine still with me.
    • darkidoe
    • By darkidoe 14th Aug 18, 12:35 AM
    • 949 Posts
    • 1,099 Thanks
    darkidoe
    Don't get haircut every two weeks, go every three.
    Originally posted by aj23
    Or even better, buy a hair clipper and learn to clipper cut your hair. I do it once in a while and it has more than paid back the cost of the clipper with the number of times I cut my hair myself. Best example of investment return.

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 15,848.84/15 000 (105.65%) Achieved!
    Save 12K in 2016 # 8 19 721.58/12 000 (164.35%) Achieved!
    • darkidoe
    • By darkidoe 14th Aug 18, 12:40 AM
    • 949 Posts
    • 1,099 Thanks
    darkidoe
    Hey, good for you! Could you share tips on how you managed to save that amount in a short amount of time? Or what worked for you to enable you to save that amount
    Originally posted by Sweetcake
    Join the The "Save 12k in 2018" Thread!.

    Be accountable and responsible for your spending.
    Learn about regular savers.
    Try to increase income.

    Save 12K in 2018 #31 0/15 000
    Save 12K in 2017 # 9 15,848.84/15 000 (105.65%) Achieved!
    Save 12K in 2016 # 8 19 721.58/12 000 (164.35%) Achieved!
    • thenewcomer
    • By thenewcomer 14th Aug 18, 12:42 AM
    • 96 Posts
    • 21 Thanks
    thenewcomer
    i am 34 and have not got my driving license yet. is my life over?
    • aj23
    • By aj23 14th Aug 18, 9:22 AM
    • 673 Posts
    • 233 Thanks
    aj23
    Crikey @aj23 your hair must grow really quickly!

    BTW, do your parents make you pay any rent to stay there or are you one of the lucky ones? I think OP has to pay rent to stay where they are and it sounds like they can't easily cut down on socialising because they say they don't have much of a social circle.

    With our children, we charged them a nominal rent (after they'd started working) to live at home and then saved it without telling them. Then when they were ready to leave home we gave it all back to them as a gift. The only downside to that approach is that they may have to stay at home for longer. Thankfully they've all left now!
    Originally posted by Terry Towelling
    I do go every two weeks, but they do me a deal as a go regularly.

    I don't pay rent. My parents won't take it, they disagree with taking money off of their own children. However, your method is a good idea.
    • aj23
    • By aj23 14th Aug 18, 9:26 AM
    • 673 Posts
    • 233 Thanks
    aj23
    I hope you pay your parents some rent. I charge the two of mine still with me.
    Originally posted by atush
    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
    • Terry Towelling
    • By Terry Towelling 14th Aug 18, 1:02 PM
    • 348 Posts
    • 242 Thanks
    Terry Towelling
    The rent-to-live-at-home issue is an interesting one.

    I have a niece who was aghast at the proposal to pay rent. Her attitude was ' You mean you'd charge me to live in my own home?!' To which the response is, 'Well we have to pay to live in our own home, so why shouldn't you?'

    Personally, I'd insist on paying rent to my parents and, if they wouldn't take it, I'd feel obliged to contribute to the household in some other way.

    Now, you may say that makes me an idiot.......dramatic pause for the shouting to die down.... but I guess I'm just old fashioned.

    I do accept, of course, that trying to save up enough to move out is harder these days and, as long as the youngster is obviously saving with a view to moving on in life and not squandering their cash it sounds quite reasonable not to take rent from them.
    • Terry Towelling
    • By Terry Towelling 14th Aug 18, 1:08 PM
    • 348 Posts
    • 242 Thanks
    Terry Towelling
    i am 34 and have not got my driving license yet. is my life over?
    Originally posted by thenewcomer

    Only if you've taken out an expensive car loan!
    • Alexland
    • By Alexland 14th Aug 18, 1:15 PM
    • 2,958 Posts
    • 2,309 Thanks
    Alexland
    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...
    • chelseablue
    • By chelseablue 14th Aug 18, 2:18 PM
    • 2,507 Posts
    • 2,965 Thanks
    chelseablue
    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!
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
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