Saving money, but what for?

[midliferider]

After reading forum posts on recommendations on various items of clothing, bike parts etc., I am convinced that I am officially the most frugal person on CC.
But I save it for my retirement plan, cycle around the world.

 

[Garry A]

I cleared my mortgage in 2013. I walked into the bank with a wad of cash, whacked it on the counter and went home to a bottle of
Veuve Clicquot. I then dropped work to weekends and went to Uni. Ill be one of the few who graduate without debt. Its great to not have the mortgage and I can recommend paying it off.

 

[Tin Pot]

Anybody else do this?

I`m on a serious economy drive, and every available penny goes in the savings account, but I`m not sure what for? New car, woodburner, bikes, moving house, or keep it long term and pay off my mortgage?

I`m enjoying saving, but have no idea what to spend it on!

I`m in limbo............................

Money is power. Spend it on making other people miserable.

 

[Accy cyclist]

Buy another bike, you know you want one!

 

[LocalLad]

Buy another bike, you know you need one!

Ftfy

 

[screenman]

[QUOTE 4129449, member: 259"]It would cost me in tax to pay off my mortgage, so I will stick with it. Can't say I'm not tempted though.[/QUOTE]

How does that work?

 

[Beebo]

I am a natural saver, rather than a spender. Like the OP, i just feel happier knowing there is some money in the bank.
The mortgage is just too big to pay off at the moment. My aim is to have it gone by 55.

 

[Brandane]

Be sensible about it, but blow the lot. You only live once, and you never know what's around the corner. Do what you want to do while you are still young enough and fit enough to enjoy it.

 

[accountantpete]

Stick it a defined contribution pension scheme - HMRC add on £25 for every £100 saved.

Then retire a year or so early and withdraw the whole lot as cash - 25% tax free and the rest tax free if covered by personal allowances.

 

[Tin Pot]

Be sensible about it, but blow the lot. You only live once, and you never know what's around the corner. Do what you want to do while you are still young enough and fit enough to enjoy it.

Coke and hookers.

 

[Tin Pot]

Stick it a defined contribution pension scheme - HMRC add on £25 for every £100 saved.

Then retire a year or so early and withdraw the whole lot as cash - 25% tax free and the rest tax free if covered by personal allowances.

You chose your forum name wisely!

 

[TVC]

I managed to get my mortgage paid off four years early. The biggest effect was on my peace of mind, I knew that I would always have a place to live and nobody could take it off me. Now with no mortgage I continue to save what I was paying to the bank for the house, it is going towards my retirement and helping ensure a good standard of living into the winter of my life.

 

[mustang1]

Stick it a defined contribution pension scheme - HMRC add on £25 for every £100 saved.

Then retire a year or so early and withdraw the whole lot as cash - 25% tax free and the rest tax free if covered by personal allowances.

My concern with pensions is what if tax rates, pension ages etc change when it's time to retire?

 

[mustang1]

I cleared my mortgage in 2013. I walked into the bank with a wad of cash, whacked it on the counter and went home to a bottle of
Veuve Clicquot. I then dropped work to weekends and went to Uni. Ill be one of the few who graduate without debt. Its great to not have the mortgage and I can recommend paying it off.

What are you studying at uni?

 

[rich p]

I'll spend it how I wish without hesitation, repetition or pausing

..you missed out deviation, Vern