Saving money, but what for?

[biggs682]

For those hidden surprises that turn up every so often

 

[Garry A]

What are you studying at uni?

Environmental science with outdoor education. Includes hillwalking so I picked it

 

[SpokeyDokey]

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............................

Good savings can give you great freedom - freedom to indulge yourself if you wish, freedom from the burden of debt, freedom from the shackles of employment etc.

I'd say pay off all your debts and then save to achieve the above - although don't forget to live your life along the way.

 

[raleighnut]

I know what I'd spend it on.

 

[Ludwig]

All the chicks you want ad a lear jet

 

[Ian H]

A good reason for saving is to accumulate enough to be comfortable when you no longer feel like spending most of your time being a wage-slave.

 

[alicat]

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

That's a nice worry to have. Do you have enough to live on when you reach your freedom years?

 

[Arrowfoot]

Mortgage is a loan for an investment and not a liability, That investment is a property which in the long run has been empirically proven to increase in value than any other form of savings or investment. I know it is counter-intitutive to many but one should preferably have a mortgage during their working life. No pension fund in the long run has outstripped the average value increase of the property value in a city anywhere in the World.

A pound sterling or any currency for that matter is more valuable now than in the future. Its called the time value of money.

 

[vernon]

Mortgage is a loan for an investment and not a liability, That investment is a property which in the long run has been empirically proven to increase in value than any other form of savings or investment. I know it is counter-intitutive to many but one should preferably have a mortgage during their working life. No pension fund in the long run has outstripped the average value increase of the property value in a city anywhere in the World.

A pound sterling or any currency for that matter is more valuable now than in the future. Its called the time value of money.

How do you consistently manage to deliver information lectures in such a condescending manner?

 

[arch684]

Retired no debts mortgage payed of.I have an emergency fund the rest is spent on holidays and bikes.There's no pockets in a shroud

 

[gavroche]

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.

What, 2055?

 

[Garry A]

As well as clearing my mortgage I bought the parents and in laws homes with a big discount (in my name now). I also paid into the work pension for years with the company matching my contributions. I suppose it helps to cover all the angles. If I have spare cash I like to buy nice things cycling, hill walking or running related before the Mrs books another holiday

 

[Maverick Goose]

It's your money spend it how you wish.

If you can't cope with the indecision, give it to me and I'll spend it how I wish without hesitation, repetition or pausing.

I guess pies will be involved...

 

[Dec66]

Savings?

I'll have £99m in the bank tomorrow courtesy of the EuroMillions, so I don't need them.**






** I bet I'm not the only one saying this

 

[speccy1]

Savings?

I'll have £99m in the bank tomorrow courtesy of the EuroMillions, so I don't need them.**






** I bet I'm not the only one saying this

Got £100K spare to pay off my mortgage? I`ll make you a cuppa....LOL!