Secret to happiness is 'saving £50 a month'

Take out coffee is probably the biggest waste of money of all time. It's ludicrous when you actually tot up how much a coffee a day costs a month from places like Starbucks.
 
One that worked fantastically for me, was buying a wallet without a coin pouch. At the end of the day I empty my pockets of coins and put it in a money jar. Surprising how fast it racks up

kd
 
A £1.50 tall filter coffee from Starbucks is very nice though. I take food into work so save on food

I could easily save £50 a month at the moment, although usually dont manage it as I go on holidays. I would rather have 4 or 5 holidays / short breaks every year (some with family) whilst I am in my late 20s than save a bit of money for when im older.

Being rich and old isnt a great thing in my eyes. Would rather spend it now with family and friends
 
I'm sorry but £50 a month is nothing. Saving for 20 years nets you £12k, can you think of anything for £12k that would make your life complete? A nearly new Ford Focus? A terribly small deposit on a house? A new kitchen?

I get the point of your arguement but its not exactly retire early and spend the rest if your life on a golf course money.

A wise thing to do? Certainly. But the secret to happiness? Not by a long shot.

Also is this sone genius ploy by the government to get back at Starbucks for not paying tax? :p
 
Bennie-Mac said:
I'm sorry but £50 a month is nothing. Saving for 20 years nets you £12k, can you think of anything for £12k that would make your life complete? A nearly new Ford Focus? A terribly small deposit on a house? A new kitchen?

I get the point of your arguement but its not exactly retire early and spend the rest if your life on a golf course money.

Also is this sone genius ploy by the government to get back at Starbucks for not paying tax? :p
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£50 more a month.
 
I couldn't agree more. I never buy drinks/sweets/crap I don't need, and as a result I can spend my money on things I actually want. I don't understand people who impulse buy little things.
 
Nitefly said:
£50 more a month.
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So for the people with zero savings its still only £50 a month :p

The article may as well just say "dont buy things you don't need so you can save for a more financially secure future." Which lets face it, everyone already knows.
 
'Secret to happiness is 'saving £50 a month''

I think this is incorrect. At the moment I could save £350 a month and have enough to buy food and go out once at the weekend. However I choose to save for things like skiing with my dad, family holiday once a year, lads holiday and one or two weekend breaks, plus have enough for good food and nights out at the weekend.

I dont have family and have no dept (apart from student loan which im paying off) so why not enjoy my money. I dont buy crap I dont need and sell anything I dont use but I still like to enjoy my money whilst I am here.

Admittedly this will change if I want to get married, have family etc
 
Bennie-Mac said:
I'm sorry but £50 a month is nothing. Saving for 20 years nets you £12k, can you think of anything for £12k that would make your life complete? A nearly new Ford Focus? A terribly small deposit on a house? A new kitchen?

I get the point of your arguement but its not exactly retire early and spend the rest if your life on a golf course money.

A wise thing to do? Certainly. But the secret to happiness? Not by a long shot.

Also is this sone genius ploy by the government to get back at Starbucks for not paying tax? :p
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The real point is actually if you worked for your expected working life and did it - 45 years, it'd be about 27k (not a huge amount). But divide that by your expected retiring time (about 20 years - 65-85), and suddenly you're looking at £112.5 extra each month.

It's not about huge amounts, but that can do things like help pay those few bills etc...

It actually makes sense.

The saving theory has been there for years, this is just one of the few times it's been made so public in a report.

kd
 
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I think more sensible advice is the age old 'save 10%'; invest that wisely, and you will have a significant amount of money left at the end of your working life, whatever your earnings.
 
King Damager said:
The real point is actually if you worked for your expected working life and did it - 45 years, it'd be about 27k (not a huge amount).
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I know rates are low at the moment but I thought I best point out that banks do apply this thing called 'interest' to savings. :) You seem to be treating it as though its negligible, over 45 years it isn't necessarily.
 
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