Saving money, but what for?

[twentysix by twentyfive]

I`m 39

So already retired

 

[Col5632]

I'm saving for our wedding next year, if anybody wants to give me money I'll happily take it off your hands

 

[stephec]

I'm saving for our wedding next year, if anybody wants to give me money I'll happily take it off your hands

Have you got a wedding list, I'll get you the tea towels?

 

[Arrowfoot]

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

Hi Vern, leave this to the adults. When I have some downtime, we can talk about your fairy tale touring escapades across continents.

 

[Brandane]

Have you got a wedding list, I'll get you the tea towels?

A tad over generous. I was thinking more along the lines of a tea bag.

 

[Col5632]

Have you got a wedding list, I'll get you the tea towels?

A tad over generous. I was thinking more along the lines of a tea bag.

We won't have a list as we already have everything we need, honeymoon money greatly appreciated though

Is that so you will always have tea when you come to mine @Brandane

 

[vernon]

Hi Vern, leave this to the adults. When I have some downtime, we can talk about your fairy tale touring escapades across continents.

You flatter yourself.

I wouldn't share the same postcode with you never mind my tales of derring do.

 

[raleighnut]

We won't have a list as we already have everything we need, honeymoon money greatly appreciated though

Is that so you will always have tea when you come to mine @Brandane

But will he supply the peg so it can be dried for his next visit.

 

[Cuchilo]

Interesting that everyone is saying pay off the mortgage and that has always been my aim but i was talking to someone the other day who suggested stretching it out over a longer period to make the payments as small as possible .

 

[SpokeyDokey]

You raise a good point, the real reason that Lu and I paid the mortgage off early and have cash to do fun stuff is because we don't have kids, not because we have fantastic salaries.

I have been told in equal numbers by people that they wish that they could do the stuff that I do, and also that I am missing out on so much by not having a family.
We each write our own book and you can't compare your book to someone elses, particularly when you are on chapter one and they are on chapter twenty. Your chapter twenty will come once you have made the best of the previous nineteen.

I'm of the persuasion that having a family is a negative rather than a positive. In retrospect neither my wife nor I would have kids if we could do our lives all over again. I know many couples who are thrilled to bits at being parents but several who found that having children really got in the way of their lives and betwixt their relationship too. Horses for courses.

 

[SpokeyDokey]

[QUOTE 4130363, member: 9609"]You get bored not working ?
I thought I might do some part time work when I retired, but I soon realised I didn't have the spare time. My days are fuller now than ever - tbh I found working to be incredibly boring.[/QUOTE]

@User9609 I'm the same as @gavroche

I retired at 48 and my wife at 41 - within a year we were bored.

Lovely Wife now happily works in a 'lesser' role and I have swapped life as a retired MD of a large-ish business with all that came with it for my own vastly smaller lifestyle business.

Keeps us both sane and, because we know that we have more than enough salted away to see out the rest of our lives, we are very relaxed about working as there is no pressure to do so and it is 100% on our own terms.

 

[Pumpkin the robot]

I'm in the final chapters of life I suppose. No debts, house paid for. . Decent amount of cash stashed away and worry about spending it before the state or my kids get to it. I've just given youngest son a sizeable amount towards a house deposit and have youngest daughters wedding this year. My kids would spend the lot in a heartbeat if I let them near it. My wife says 'get it spent', but childhood poverty experiences, dominate the brain sometimes. Though I still hanker after a nice motorhome.

My mum unexpectadlydied a few years ago and my dad remarried. they have a motorhome and go all over Europe in it. I am glad he is now getting to see all the places he wanted to go, but was too busy working to see when he was younger. They are both in their 70s now, but living the dream! He now has the attitude that you cannot take your money with you and you do not know what is around the corner.
Get the money spent and get a motorhome, visit all the places you want!

 

[Arrowfoot]

Interesting that everyone is saying pay off the mortgage and that has always been my aim but i was talking to someone the other day who suggested stretching it out over a longer period to make the payments as small as possible .

Mortgages calculation are quite complex and you usually pay off the principal at the later end of your loan tenure. So in essence in the early years you are just paying interest mainly and your equity growth is small. This type of loan is called a table loan and the most expensive and most used by the banks. If you are on a reducing rate mortgage loan which is quite few in the market and normally given to commercial and good clients on request. This is a straight line calculation and you grow equity faster. This is one that you can stretch. Then you have the revolving line or portfolio which can pay off anytime and redraw any time as it actually an open line of credit.

As mortgages are tied to properties, no matter what mortgage loan you have, the property value rise in the long run outstripping most forms of savings and investment.

 

[Hitchington]

I'm saving too, for my trip to Japan :-)

 

[Cuchilo]

Mortgages calculation are quite complex and you usually pay off the principal at the later end of your loan tenure. So in essence in the early years you are just paying interest mainly and your equity growth is small. This type of loan is called a table loan and the most expensive and most used by the banks. If you are on a reducing rate mortgage loan which is quite few in the market and normally given to commercial and good clients on request. This is a straight line calculation and you grow equity faster. This is one that you can stretch. Then you have the revolving line or portfolio which can pay off anytime and redraw any time as it actually an open line of credit.

As mortgages are tied to properties, no matter what mortgage loan you have, the property value rise in the long run outstripping most forms of savings and investment.

This may be true but you have to sell your property at the end to get at the " savings " With six years to go i'm happy to stick mine out and be free of it but i guess my friends idea to stretch it out and have more money for the here and now isn't such a bad idea . She also has two teenage kids to support on her own .