Saving money, but what for?

[speccy1]

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

 

[vernon]

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.

 

[speccy1]

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.

Haha, thanks for the offer, I`ll bear you in mind!

 

[vernon]

A more sensible answer is to pay off any debts that you have. Pound for pound the interest accrued in savings is more and amply depleted on your debts.

Saving to pay off your mortgage is more expensive than increasing your monthly payments now.

 

[speccy1]

A more sensible answer is to pay off any debts that you have. Pound for pound the interest accrued in savings is more and amply depleted on your debts.

Saving to pay off your mortgage is more expensive than increasing your monthly payments now.

I suppose it lessens the interest costs

 

[twentysix by twentyfive]

Keep saving. You'll think of something to enjoy.

 

[speccy1]

I suppose it lessens the interest costs

My mortgage isn`t massive, but it would be nice to be without it....

 

[twentysix by twentyfive]

Or better as @vernon says, increase your repayments on the mortgage. The freedom you have when that albatross is paid off is wonderful

 

[speccy1]

Or better as @vernon says, increase your repayments on the mortgage. The freedom you have when that albatross is paid off is wonderful

It`s just about to change from fixed to tracking, and then I`ll be overpaying, I`ll keep it that way

 

[vernon]

I suppose it lessens the interest costs

It also reduces the number of payments that you have to make to clear it leaving you mortgage free sooner than you originally planned.

 

[vernon]

It`s just about to change from fixed to tracking, and then I`ll be overpaying, I`ll keep it that way

Then overpay by even more.

 

[twentysix by twentyfive]

It`s just about to change from fixed to tracking, and then I`ll be overpaying, I`ll keep it that way

That's sort of what I did. The interest rate went down so the payments could too. But I just kept on paying at the old rate. It makes a great difference when it's paid off. No worries about salary or job or whatever

 

[screenman]

Get rid of the mortgage would be my tip, everything is more affordable once that is gone, assuming you have no other debts in which case get rid of the one with the highest interest first.

Martin Lewis is always worth looking up.

 

[speccy1]

Get rid of the mortgage would be my tip, everything is more affordable once that is gone, assuming you have no other debts in which case get rid of the one with the highest interest first.

Martin Lewis is always worth looking up.

My mortgage is my only debt, so life will be cushy when it`s gone

 

[vickster]

Sabbatical, go travelling?

I'm in a similar situation, no debt other than a 35k mortgage which will be gone in 5 years. Paying it off gradually at £500 a month as I understand it's better for credit rating to have some debt and I like having a bit lump sum of accessible savings especially as I'm not in an especially stable work situation as a contractor. I also have 5 weeks of no income coming up due to post contract holiday and shoulder surgery

However, I have no issue covering my living costs and saving over a grand in a typical month