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[Finance] How much savings do you have ?



Rugrat

Rugrat

Well-known member
Mar 13, 2011
10,215
Seaford
Sorrel said:
I've got one that goes back to 1997 - but it does not project forward at all. If I could project forward with certainty I wouldn't need to bother with the spreadsheet.
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I project forward all my expenses at 5% p.a and then in the upcoming year I am more precise about costs so the 5% forward will change (generally down)

I assume any savings (that I don't drawdown) grow at 0% (most of it in equities).

It's a conservative approach (I hope) and at least it shows me I'm OK and allows me to 'indulge' perhaps more than I otherwise would
 




Questions

Questions

Habitual User
Oct 18, 2006
24,896
Worthing
Herr Tubthumper said:
As an aside I had my best university friend die suddenly a few years after we graduated. It was very sad. And having a friend die so young has definitely skewed my attitude to saving; I’d rather spend money on experiences as opposed to stash it away for a day which might never come.
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Same with me. I lost one of my best friends when my sister died far too young and my wife and I decided a certain path after that. All our money has gone on having fun.
 


Tom Hark Preston Park

Tom Hark Preston Park

Will Post For Cash
Jul 6, 2003
70,246
Herr Tubthumper said:
As an aside I had my best university friend die suddenly a few years after we graduated. It was very sad. And having a friend die so young has definitely skewed my attitude to saving; I’d rather spend money on experiences as opposed to stash it away for a day which might never come.
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This. Absolutely. The best life stuff is all about the journey. Seen way too many friends and colleagues struck down way too soon by physical or mental issues. IMHO relying 100% on a long and happy retirement is like being a Catholic and betting the house on a crappy life leading to a really lovely afterlife. Good luck with that.
 


Cheshire Cat

Cheshire Cat

The most curious thing..
Nov 4, 2006
11,445
Sitting on a bough of a tree a few yards off...
Tom Hark said:
How much savings do you have ?

Why would anyone even volunteer that information?

But seeing as this is NSC and has been asked by some random poster , then I for one am powerless to resist. £23.58.
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A rich man.

I have enough for a couple of small kit-kats.
 


Rugrat

Rugrat

Well-known member
Mar 13, 2011
10,215
Seaford
spongy said:
Too late. I've ignored 5 phone calls. Answered the last one. Tomorrow will be much fun.
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Tough stuff to read. I'm no expert but aren't there co-ownership schemes that might help? HSBC offer 95% mortgages too but maybe the payments are out of reach.If you were to buy a property equivalent in value to where you're living now perhaps that might be affordable

Could you beg, borrow or steal any deposit which may be less than you think ... apologies if you have already researched it up the ying yang?

Is the 2nd car a luxury or real necessity?

There are one or two financial advisers that post on here that I hope can offer more constructive advice, I hope they do.

Hope you find a good solution, keep the spirits up and an open mind to anything ... there's a solution there somewhere
 




jonny.rainbow

jonny.rainbow

Well-known member
Oct 29, 2005
6,610
I can’t believe this thread has got to 13 pages and nobody has picked up on the shocking grammar in the title.

How much do you have in savings?
 


Tom Hark Preston Park

Tom Hark Preston Park

Will Post For Cash
Jul 6, 2003
70,246
Rugrat said:
Tough stuff to read. I'm no expert but aren't there co-ownership schemes that might help? HSBC offer 95% mortgages too but maybe the payments are out of reach.If you were to buy a property equivalent in value to where you're living now perhaps that might be affordable

Could you beg, borrow or steal any deposit which may be less than you think ... apologies if you have already researched it up the ying yang?

Is the 2nd car a luxury or real necessity?

There are one or two financial advisers that post on here that I hope can offer more constructive advice, I hope they do.

Hope you find a good solution, keep the spirits up and an open mind to anything ... there's a solution there somewhere
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'Is the2nd car a luxury or real necessity?'

Just listen to yourself. Then have a word with yourself. Sake! :rolleyes:
 


Rugrat

Rugrat

Well-known member
Mar 13, 2011
10,215
Seaford
Tom Hark said:
'Is the2nd car a luxury or real necessity?'

Just listen to yourself. Then have a word with yourself. Sake! :rolleyes:
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I guess you missed the bit where I was genuinely trying to offer some helpful suggestions. I assumed they probably do need both but I don't know and pretty sure any response he might make won't be ignorant either
 




southstandandy

southstandandy

WEST STAND ANDY
Jul 9, 2003
5,646
Half of what Del Trotter was looking for in cash. I am though recently retired. Money made through property investments and stock options.
 
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M

mothy

Well-known member
Dec 30, 2012
2,106
I have no savings. I do own half of my house though & have a fairly decent pension scheme which i can access in about 200 years
 


Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,628
The Fatherland
mothy said:
I have no savings. I do own half of my house though & have a fairly decent pension scheme which i can access in about 200 years
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That’s what you think; the government will have raised the age of retirement again by then.
 








Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,628
The Fatherland
dazzer6666 said:
55......can’t see that changing (hope not anyway, that’s what I’m planning to do)
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I reckon it will be raised to 105 after Brexit.
 




ferring seagull

ferring seagull

Well-known member
Dec 30, 2010
4,607
Bozza said:
Possibly the best thing I ever did money-wise, quite early on, was to setup a separate bank account that I moved cash into every month on pay day for all the things that were either annual bills or to cover things that could happen from time to time. The amount I saved was equal to what each of those things cost a year divided by 12. So, for example (and some of these numbers are just there for illustration)...

- Car Insurance - £30
- Car Tax - £20
- MOT and car maintenance - £30
- TV Licence - £10
- Christmas (presents and general increased expenditure) - £50
- Other stuff going wrong - £50

etc etc

Now, I fully appreciate that if things are tight, it may be easier said than done to get this up and running, but it meant that I was constantly saving for things that I'd need to pay for, but I wouldn't have one of those "I could really do without the car needing new tyres as the washing machine needs repairing too" months.

I'd keep track of each individual "pot" within the account, and I'd often find that one pot may go negative but that would be offset by other pots being positive. At the end of each calendar year, I'd asses whether I was saving enough or too much for each individual thing, and adjust if required.

It really made a difference when it came to money stresses, at a time when I didn't have much spare money.
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Some Banks do or did offer 'Budget Accounts' for this exact purpose so yes a very worthwhile thing - witness the pay day lender adds on the box !
 




drew

drew

Drew
Oct 3, 2006
23,070
Burgess Hill
We have about the equivalent of 2 years household income in ISAs plus 100% equity in the house. Downside is that our daughter, pretty much for the whole of her life, hasn't had any grandparents!
 








Herr Tubthumper

Herr Tubthumper

Well-known member
NSC Patron
Jul 11, 2003
59,628
The Fatherland
melias shoes said:
All the pension pots will be raided to pay for student fees if corbyn and co. get in. After all he said he'd deal with it.:D
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It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?
 


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