[Finance] How much savings do you have ?

[Rugrat]

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.

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]

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.

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]

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.

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]

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.

A rich man.

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

 

[Rugrat]

Too late. I've ignored 5 phone calls. Answered the last one. Tomorrow will be much fun.

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]

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]

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

'Is the2nd car a luxury or real necessity?'

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

 

[Rugrat]

'Is the2nd car a luxury or real necessity?'

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

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]

Half of what Del Trotter was looking for in cash. I am though recently retired. Money made through property investments and stock options.

 

[mothy]

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]

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

That’s what you think; the government will have raised the age of retirement again by then.

 

[Weststander]

That’s what you think; the government will have raised the age of retirement again by then.

Joking hopefully? Non-state pension schemes can still be accessed early.

 

[dazzer6666]

Joking hopefully? Non-state pension schemes can still be accessed early.

55......can’t see that changing (hope not anyway, that’s what I’m planning to do)

 

[Herr Tubthumper]

55......can’t see that changing (hope not anyway, that’s what I’m planning to do)

I reckon it will be raised to 105 after Brexit.

 

[ferring seagull]

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.

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 !

 

[dazzer6666]

I reckon it will be raised to 105 after Brexit.

105 will be the % tax charged on withdrawals

 

[drew]

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!

 

[melias shoes]

I reckon it will be raised to 105 after Brexit.

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.

 

[Muzzman]

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[Herr Tubthumper]

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.

It will make a change from Tory donors like Sir Peter Green raiding pension funds I guess?