Savings & Investments Attitude

[Bellend Sebastian]

I've not long had a further advance on the mortgage to pay off the other half's remaining unsecured debt and go towards a new (to me) motor. I'd rather not have done but it's cheap and flexible borrowing and we've still a lot of equity in the house.

I have investments but relatively little cash. Usually pleasantly surprised by what me pensions are worth until you realise how much that will actually provide in retirement, and you realise there's still a lot to be done.

I've got a lot to save up for at the minute, but despite my fantastic cost cutting (the abandonment of Sky, getting a proper internet and calls package, going SIM only on the mobile etc etc) life only ever seems to get more expensive.

Just spent £230 quid getting something really minor fixed on the car and my stupid cat is going to have to have a tooth out, which when added to the normal vet's bill will probably be about 320 quid.

Keep your costs down and live the life of f***ing Riley by being single and having no children, pets or car

[purpleronnie]

Keep your costs down and live the life of f***ing Riley by being single and having no children, pets or car

That doesn't sound like a life of riley to me.

[pSinatra]

At 43 yrs old, I've no savings to speak of & no investments.  My work is seasonal, so I tend to earn as much as I can during the summer, which helps towards the winter when work drops off.  I have a contingency of a few grand should the shit hit the fan, but I don't consider them savings.

 

I never had any money when I was single.  Too busy enjoying myself & never gave a thought about getting old, buying a house or having children.  I used to spend every last penny I had & starve myself for a couple of days at the end of each month.

 

I still don't have children of my own, but my missus has a 9 yr old daughter........who has a very well paid father.  

 

I probably could save a bit each month, but it seems to take such a long time to save a decent amount & I don't have the patience.

 

Sad to say, but my parents are my pension.

[jonthefox]

At 43 yrs old, I've no savings to speak of & no investments. My work is seasonal, so I tend to earn as much as I can during the summer, which helps towards the winter when work drops off. I have a contingency of a few grand should the shit hit the fan, but I don't consider them savings.

I never had any money when I was single. Too busy enjoying myself & never gave a thought about getting old, buying a house or having children. I used to spend every last penny I had & starve myself for a couple of days at the end of each month.

I still don't have children of my own, but my missus has a 9 yr old daughter........who has a very well paid father.

I probably could save a bit each month, but it seems to take such a long time to save a decent amount & I don't have the patience.

Sad to say, but my parents are my pension.

Nothing sad about that, just realistic. My mum and dad are very open about the subject as will I nearer the time.

[fuchsntf]

What on earth do people spend all their money on?  I am buy records and clothes, it leaves quite a bit left

I save on clothes, because I just have an orange boiler suit, and I cant buy any records, because I have a long one.

[pSinatra]

Nothing sad about that, just realistic. My mum and dad are very open about the subject as will I nearer the time.

 

I've told them they may as well sign the house over to me now, but they won't have it.  It's either I have it or it gets wasted when they have to go into a home.

 

I'm just being realistic

[MooseBreath]

What if your parents need to go into a home or have specialist care? Surely releasing equity in their home which they've paid for is going to be their right if they want to go out with some dignity?

[Sir Fynwy]

Well that certainly puts you in the minority. Being able to deliver a return of at least 15% per annum over the long term would put you comfortably among the likes of Warren Buffett and Neil Woodford as the best investors in the world. If you could replicate anywhere near that level of performance with the amount of money held in even a small investment fund then quit your day job right now mate because you could be earning literally millions every year working for a fund or investment bank.

The problem is if I start pushing it I'm sure to fail at some point and end up back to square one, a regular reasonable trade with tons of research is ok but I'm no gambler as I said before, no way I'd want to risk anyone else's money and I'm nailed on to be the next MD at the company I work for so I'm not quiting that (even with the fact I have to move to Germany for the MDs job).

[Monk]

I have a personal stakeholder pension with an aggressive portfolio (why not with 20-30 years left),

I save into some simple index trackers in an isa each month (cash Isas are a waste of time). They are up approx 10% this year.

Other than that I have a bunch of standard savings accounts with nationwide that you can rename to whatever you want. When I want to save for something I rename the account to the goal - house deposit, travel etc.

If you think paying off the mortgage is better than investing you're deluded! Fill an ISA first.

[DennisNedry]

I've always been tight with money and try to save as much as I can.

 

I figure now I'm young, single and boring enough to be happy spending all of my time gaming or at football I may as well save up.

 

It'll come in handy in a decade or so, hopefully for a wedding, house (although if prices continue I'll have to wait to inherit my parents house) and holidays with the wife etc.

[DennisNedry]

I've a fair bit stashed away - currently on a 0.5% interest rated with Natwest - never seem to get round to switching ISA's :X

 

Will look to buy a house in the next year or two - will be well timed with increase rates undoubtedly going back up   

 

If interest rates go up, prices will have to come down mate.

[Vicki Vixen]

Really interesting to read this thread as someone who works in the pensions and employee benefits industry. Two rules of thumb they teach as a trainee that you never forget:

1. Always have 6 months of basic living costs saved up and accessible at all times (e.g. Instant access savings account) to keep you going in the event of redundancy or serious disability/illness.

2. Contribution rate into a pension should be around half your age if you want to retire in your 60s with a good standard of living in retirement. So a 40 year old should have 20% of salary (employer and employee contributions combined).

I try to follow these rules, anything else is a bonus.

[jonthefox]

Really interesting to read this thread as someone who works in the pensions and employee benefits industry. Two rules of thumb they teach as a trainee that you never forget:

1. Always have 6 months of basic living costs saved up and accessible at all times (e.g. Instant access savings account) to keep you going in the event of redundancy or serious disability/illness.

2. Contribution rate into a pension should be around half your age if you want to retire in your 60s with a good standard of living in retirement. So a 40 year old should have 20% of salary (employer and employee contributions combined).

I try to follow these rules, anything else is a bonus.

 

 

 

It would be nice if you could afford it. Mortgages and kids seem to get in my way.

[Webbo]

I have a personal stakeholder pension with an aggressive portfolio (why not with 20-30 years left),

I save into some simple index trackers in an isa each month (cash Isas are a waste of time). They are up approx 10% this year.

Other than that I have a bunch of big standard savings accounts with nationwide that you can rename to whatever you want. When I want to save for something I rename the account to the goal - house deposit, travel etc.

If you think paying off the mortgage is better than investing you're deluded! Fill an ISA first.

My mother had a share ISA and it lost money. What's the best cash ISA you could get? 3-4%?

[Vicki Vixen]

Pensions were originally set up to serve the very elderly and infirm in their last few years of life. These pensions were typically paid for 5-10 years at most.

With huge improvements in life expectancy, you now have people in the baby boomer generation spending 40-50 years in retirement, many of whom are still more than capable of working and contributing to the economy but who would rather not bother. These pension plans have crippled many companies who simply didn't understand the risk they were taking on.

As someone pointed out, it means pensions as they stand today are simply unaffordable...unless you accept that you are going to keep working well into your 70s.

[Dr The Singh]

Haha, sorry mate bought some well dodgy cars in the past and spent tons of cash on crap tech stuff to try it out. I'm also fairly crap at gambling because I get really bored.

I can't sell the house I've been trying to get rid of for 2 years either.

And he looks well older then he actually is!!!!

[Dr The Singh]

I've not long had a further advance on the mortgage to pay off the other half's remaining unsecured debt and go towards a new (to me) motor. I'd rather not have done but it's cheap and flexible borrowing and we've still a lot of equity in the house.

I have investments but relatively little cash. Usually pleasantly surprised by what me pensions are worth until you realise how much that will actually provide in retirement, and you realise there's still a lot to be done.

I've got a lot to save up for at the minute, but despite my fantastic cost cutting (the abandonment of Sky, getting a proper internet and calls package, going SIM only on the mobile etc etc) life only ever seems to get more expensive.

Just spent £230 quid getting something really minor fixed on the car and my stupid cat is going to have to have a tooth out, which when added to the normal vet's bill will probably be about 320 quid.

Keep your costs down and live the life of f***ing Riley by being single and having no children, pets or car

Bellend, other then wearing a turban, you have the life i've always dreamed of.

[Sir Fynwy]

And he looks well older then he actually is!!!!

And you always tell the truth Dr

[Dr The Singh]

And you always tell the truth Dr

  How's the back and knees mate??

[Sir Fynwy]

How's the back and knees mate??

Back is fine, left knee not so good. I'm not using as much Grecian as you though [emoji12]

[Dr The Singh]

Back is fine, left knee not so good. I'm not using as much Grecian as you though [emoji12]

I keep the industry in business, i'm nearing face lift requirements!!!!

[fuchsntf]

Its difficult for the younger generation, to know which road to take.No real interest % to make it worthwhile to think of a savings account.One suggestion, if you did have some money to put to the side , form a circle with family or friends, and go to auction to renovate cheaper properties.If people cant get on the property ladder, they sure need then rented accomodation.

If you could create a portfolio with friends or family members, you will see better returns than by a bank. The interest on savings aint going nowhere for at least the next 10-15 years.

My working life started, at the beginning of the 70s, in reality the golden era.Wages increased quickly, houses were still cheap, interest rates at the building Societies,12-15%.Work wasnt difficult to find, apprenticeships with free college,No ridiculous fees for uni, labourers, semi-skilled, good wage returns, the pound went further.

Leicester/nottingham girls on piecework earning more than the lads, a weekend return to brum, or London very cheap.

My Dad, and Brother-in laws advising me to invest in terracehouse before I had any thoughts of family.I didnt listen, thought like many, so quickly it wouldnt change..my mistake.

After apprenticeship -Bentleys M/c builder-toolmaker and sometime in the gastronomie.Then Contracting overseas and on Rigs, spent my money travelling.Met my German wife, came back to another England.Changed to IT.

Contracted again saved quick money, dropped out 2-3 times to travel the World, a Beautifull world where Terrorism hadnt yet lifted Its ugly head, Where Europeans were welcomed in all corners of the world, even off the normal tourist track.

Married ,lived and backpacked every state in Mexico.Returned to Europe, big IT firm went bankrupt on me....so

Travelled with wife and kids around Asia in a small Expeditions truck, Afganhistan, India, Pakistan, Iran, Nepal, sometimes my wife driving alone with the kids.No problem, people were welcoming, from local truck drivers, Rangers, police and yes, Bandit villages, and war lords,usually the local mayor.Over the karakorum, old Silk road with smugglers, meeting and helping people one may have met 3-6 months previously, and help being reciprocated .2 yrs underway on one occasion, including

shipping of 'Hanomag' with initial flights, Odd repairs in the desert or jungles, odd local 4 star hotel.Costs not 4,000 quid.

I am now 60 , living in Germany,built own simple house, nothing special, early retirement.Cant afford any fancy holiday.

Partly walk-disabled, hiking, adventure trekking , expeditions days, unfortunately due to illness over.

My wife and 4 kids fit. Wouldnt change our experiences for anything.

It depends on your outlook to life and your own desires, but even with the worldly dangers, there is enough fantastic countries one can still visit on a small budget, especially with the old USSR opening up.

If we had waited until I was older, it would of been now impossible.

I have mentioned before I am from New Parks, typical W.class lad, who lived day by day, sometimes struggled after leaving the nest (stable home).

The one big negative for my now travel-infected children, National Parks, Safari, world sites cost money, where in my time either free or 2-3 dollars.Tips 20-50 cents occasionally 3-5 dollars for a good ranger-guides.

Mexico, India, Africa can cost up to 60 dollars a day per site, more than any famous western site.

Sherpas or guides, never used, I myself had orientating skills, but today you might be forced to take Sherpas or guides, without them no entrance plus one has to reserve many treks today, In Asia, and S.America.

Why this post, ...just my take on investment..invest in seeing new lands, nature, and meeting and spend time time with the locals, using learnt on the road language skills, or hand and feet,smiles great laughs and moments.Exchanging info and help with all sorts of fellow or local travellers.

Another important thing..Unlike some Europeans, who swear at or call our new guests,,, Blk Btards, or anything else derogatory that they find amusing, you'll find out what being a good host and being really civil to strangers is all about.

[Strokes]

No real savings but I have started a pension, and my earnings have over doubled in the last 18 months, so after the 'wedding' we will be saving around 8k a year. We might put that in the mortgage but I will see what happens regarding interest rates etc when the time comes. Kids take up most of my non utility spending, I rarely buy myself anything these days.

[VLC86]

All you need is enough money for a camper van, find an old friend who has gone off the rails, get the ingredients to make a meth empire.

[Monk]

My mother had a share ISA and it lost money. What's the best cash ISA you could get? 3-4%?

 

Hard to comment without knowing the circumstances - but I would see a shares ISA as at least a medium term investment (5-10 years). Did she buy shares or funds?

 

The best cash ISA right now is about 2% I think. Not worth it