How much do you save?

[weeksy]

the nerds.

That still makes you the exception, you are a bit of a nerd boy, not some bloke flipping burgers or driving a forklift in a warehouse.

[Mr. Dazzle]

Well yes....the young people I know are almost all undergrads or recent grads from STEM subjects, so they naturally have a grasp of numbers!

They still seem to do dumb shit, but at least they understand why saving early is good for them.

[Horse]

Well yes....the young people I know are almost all undergrads or recent grads from STEM subjects, so they naturally have a grasp of numbers!

They still seem to do dumb shit, but at least they understand why saving early is good for them.

Possibly the financial leeway to be able to do so makes a difference? If they had to pay, for instance, higher London rent, or were in lower paid jobs, that might affect their ability to save.

As a contrast, my first house was bought with a 100% mortgage and a bridging loan from the bank to cover the fees. Filly (of that time) had only just got a job, so no savings or wages history, and lenders didn't seem to care (compared with now) about ability to pay from earnings after bills.

[Mr. Dazzle]

Well obviously there are practical considerations yes, but lots of people still have disposable income. You're right that the course of my life has meant I'm generally only in contact with financially secure people so my experience is going to be skewed.

How many people genuinely have no money at all left over every month though? How many of those people have a new car on PCP or spend £100 on a weekend drinking etc?

I'm sound well old

[Potter]

There is literally no way I could have done the things I did when I was <40yrs old AND save money.
I was a spendthrift and had it large. I could have not have done those things and saved the money, but not done both.

I can only really save now because I've calmed down and I spend less than I earn, IYSWIM.

So far it's worked out, I lived recklessly where money is concerned and it just pushed me to earn more, rather than be more sensible.

[Mr. Dazzle]

So far it's worked out, I lived recklessly where money is concerned and it just pushed me to earn more, rather than be more sensible.

Well yeah that works too

Just a question of how confident you are that'll work out.

[Horse]

How many people genuinely have no money at all left over every month though? How many of those people have a new car on PCP or spend £100 on a weekend drinking etc?

I think that, for a few years, I did more for the benefit of Wadworths shareholders than I did for my own savings

[Mr. Dazzle]

I am also acutely aware of the risk of "deferring today so you can enjoy tomorrow".

You have to make your own choices!

[Yorick]

Part of our plan was to retire somewhere that you don't need a big pension.

We don't need holidays or expensive cars and clothes.

I reckon we get by on half what it would cost us in the UK.

[Yambo]

Apart from retirement, there's not much incentive to save, is there. Interest rates are non existent.

I've always saved for what I want and sort of continue to do that and I currently have a pot for the winter holiday that didn't happen last year but will hopefully be on this December and for a telescope upgrade but other than saving for things (rather than buying on credit), I don't save. My sons have an inheritance but it ain't cash, that's for certain.

[Potter]

We don't need holidays or expensive cars and clothes.

That might not sound significant but I find it makes a big difference, we don't go on beach holidays, right now I'm sunburned and you couldn't pay me to go on one.

And clothes...if I'm just sitting around the house I mostly live in Asda shorts and whatever t-shirt comes to hand. I've got some nice clothes, I might wear something decent if we go out at the weekend but mainly I'm a tramp.

[Mr. Dazzle]

Apart from retirement, there's not much incentive to save, is there. Interest rates are non existent.

Mine dropped to 0.1% on ISA and 0.01% on regular cash last year

My investment ISA on the other hand did just over 9% last year. But then my cash savings will at least never go down.

[Nobby]

Apart from retirement, there's not much incentive to save, is there. Interest rates are non existent.

Mine dropped to 0.1% on ISA and 0.01% on regular cash last year

My investment ISA on the other hand did just over 9% last year. But then my cash savings will at least never go down.

What has the isa done over the last 2 years ?

[Mr. Dazzle]

28% since I started it in early 2019.

Somewhat paradoxically 2020 was a very good year for many equities!

[Yorick]

We don't need holidays or expensive cars and clothes.

That might not sound significant but I find it makes a big difference, we don't go on beach holidays, right now I'm sunburned and you couldn't pay me to go on one.

And clothes...if I'm just sitting around the house I mostly live in Asda shorts and whatever t-shirt comes to hand. I've got some nice clothes, I might wear something decent if we go out at the weekend but mainly I'm a tramp.

Ditto. I can see the sea, while sat here watching MotoGP.
I'm on holiday every day.

[Potter]

Apart from retirement, there's not much incentive to save, is there. Interest rates are non existent.

Mine dropped to 0.1% on ISA and 0.01% on regular cash last year

My investment ISA on the other hand did just over 9% last year. But then my cash savings will at least never go down.

Imagine if it went back up to crazy numbers again, for every 100k in the bank at 15% you can have a new bike every year on the interest alone.

I get 0.15% at the moment.
It's ridiculous, put 100k in the bank and it won't even get you a set of tyres from the interest.

[Yorick]

Apart from retirement, there's not much incentive to save, is there. Interest rates are non existent.

Mine dropped to 0.1% on ISA and 0.01% on regular cash last year

My investment ISA on the other hand did just over 9% last year. But then my cash savings will at least never go down.

Imagine if it went back up to crazy numbers again, for every 100k in the bank at 15% you can have a new bike every year on the interest alone.

I get 0.15% at the moment.
It's ridiculous, put 100k in the bank and it won't even get you a set of tyres from the interest.

My first mortgage was about 15%.

[Yorick]

I'm bloody glad we retired when we did, coz last night I found out that's it's bloody hard to come live here now from the UK, post Brexit.

Pen's brother and wife had always planned to move here when kids grow up, but there's no way they can match the financial entry requirements.

We might have struggled if we'd waited. But we're safe now.

[weeksy]

but there's no way they can match the financial entry requirements.

We might have struggled if we'd waited. But we're safe now.

What are they ?

[Yorick]

but there's no way they can match the financial entry requirements.

We might have struggled if we'd waited. But we're safe now.

What are they ?

Half mill per person. That's what we were told.
Or essential job paying €35k