"Most only have £500 of savings ",says Lloyds boss ,really ?

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The overall thing that annoys me most is that people should not have to be cancelling beneficial hobbies they enjoy in order to survive. Yeah ok, switching around a few subs or phone or gym agreements, or stopping wasteful non-beneficial spending (eg smoking), fine, but the overall principle should be that people should have more of their own money to spend on what they enjoy, benefiting small businesses and the local economies. Instead, we're being forced to allocate a much higher proportion of our money to things none of us can avoid - housing costs, fuel, energy, tax.

Here's another example - Ive been thinking of doing some home woodworking when I get my new place. Making and selling some basic wooden items at craft fairs, car boot sales etc. That is, by any definition, a great and productive hobby. It upskills me, it injects money and products into the local economy. It should be encouraged, yet our society and economy these days pushes everyone away from these things, away from being self-reliant and instead just consumers. And how many people could be more productive like that yet can't because they live in a flat, or can't invest in the basic set up needed.
 
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I'm a very long way from being wealthy (that's the problem when you do a job you enjoy but it's not well paid) but I have no mortgage and no debt. I have a couple of savings pots in my bank account and this thread made me remember that I've been meaning to change them to interest bearing pots for a while.

I've done that now and also bunged some in Premium Bonds (stop laughing at the back).
 
413x said:
Wow nostalgia!
I remember never really seeing these. As ironically the *cough* software *cough* stripped it all out!

So I heard! :o


Great sound track! :D
Sounds like something from command and conquer!
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The IT Crowd - Series 2 - Episode 3: Piracy warning

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fez said:
Please stop using gaslighting for anything you don't agree with. Thats not what gaslighting is.
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I know what the term means and people blaming the poor who are crying out for help for being unable to cope with a cost of living crisis is just that...

robj20 said:
Surely they should have worked harder on school, to then get a better paying job.
So yes they're own fault. I don't earn silly money and I was pretty terrible in school but I worked hard to get a reasonable job that meant I want at the bottom of the pay ladder. You have no one but yourself to blame if you're on minimum wage.
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Surely you realise that this is a silly point. There will always be minimum wage jobs as there are insufficient non-min wage jobs to go around.


Devilman said:
I certainly agree that I think a lot of people have been living "at the edge" for quite a while now due to easy access to finance, some reasonable stability in the economy (since 2008 and pre-brexit at least) and hence a lack of a sense of "risk". I'm not so sure that a large portion of society are bad with money, perhaps more that up until now and due to the previously mentioned points, they simply underestimated or doubted the risks, quite possibly because they had never experienced them themselves previously.
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Why wouldn't people, particularly people younger than 30, believe credit will remain low after over a decade of low rates. These people have grown up with low rates and would reasonably believe they would remain low - why wouldn't they?

If it wasnt for COVID and Ukraine War, I can imagine we probably wouldn't see this large inflation spike and so today's rates and prices of goods would be similar to 2019.
 
Does having a small collection of high-value, easily liquidated trading cards count!? Most of my emergency funds have been used due to an unforeseen house move and substantial car repairs, it'll take a few months at least before I'm secure again - I just have to hope my new landlord sticks to his assurance that this will be a long-term let.
 
Sheff said:
Does having a small collection of high-value, easily liquidated trading cards count!? Most of my emergency funds have been used due to an unforeseen house move and substantial car repairs, it'll take a few months at least before I'm secure again - I just have to hope my new landlord sticks to his assurance that this will be a long-term let.
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Isn't that what a contract is for?
 
Sheff said:
Does having a small collection of high-value, easily liquidated trading cards count!? Most of my emergency funds have been used due to an unforeseen house move and substantial car repairs, it'll take a few months at least before I'm secure again - I just have to hope my new landlord sticks to his assurance that this will be a long-term let.
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I guess if these assets can cover the bills before you get back on your feet then it's no different than having savings.
 
Zatoichi.uK said:
Anyone can get made redundant at any time so the idea of being a month away from real financial difficulties, especially once you have kids is not a place I'd want to be.
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a lot of people don't want to be there either, but when your income gets drained on rent / mortgage / energy bills / petrol / food / putting clothes on your kids backs and yours, and you are on a low / min wage job then you aren't in a position to be able to save anything. This is only going to get worse come winter when the energy price cap goes up again and food prices continue to go through the roof.
 
wildman said:
a lot of people don't want to be there either, but when your income gets drained on rent / mortgage / energy bills / petrol / food / putting clothes on your kids backs and yours, and you are on a low / min wage job then you aren't in a position to be able to save anything. This is only going to get worse come winter when the energy price cap goes up again and food prices continue to go through the roof.
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It's definitely takes some effort but many people simply don't live within their means. Some good friends of mine live pay check to pay check, drink everyday at the pub, have zero savings and some debt etc. Only this weekend the second they get their hands on a few hundred quid and it's instantly gone on a hot tub. They won't have even considered the cost to run it but they won't be told.
 
Zatoichi.uK said:
It's definitely takes some effort but many people simply don't live within their means. Some good friends of mine live pay check to pay check, drink everyday at the pub, have zero savings and some debt etc. Only this weekend the second they get their hands on a few hundred quid and it's instantly gone on a hot tub. They won't have even considered the cost to run it but they won't be told.
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that's a lot of anecdotal evidence. I highly doubt for example NHS nurses are splurging out on Hot Tubs which is why they are rocking up at food banks.........

Just because the Daily Mail says that poor people bring it upon themselves with flash phones, Sky Q and smoking 40 B&H daily, does not make it true. Crpa like this is done so that people have someone to rally against and say it's your own fault. The reality is that people can't live within their means now because their basic means i.e heating / light / food / clothes are massively outstripping what they actually get paid. But hey don't let that get in the way of belief in the Mail and the Express pointing the finger at all these working class, sky q watching, B&H smoking, Champagne in the hot tub while playing candy crush on their iPhone layabout benefit peasants...........................
 
wildman said:
that's a lot of anecdotal evidence. I highly doubt for example NHS nurses are splurging out on Hot Tubs which is why they are rocking up at food banks.........

Just because the Daily Mail says that poor people bring it upon themselves with flash phones, Sky Q and smoking 40 B&H daily, does not make it true. Crpa like this is done so that people have someone to rally against and say it's your own fault. The reality is that people can't live within their means now because their basic means i.e heating / light / food / clothes are massively outstripping what they actually get paid. But hey don't let that get in the way of belief in the Mail and the Express pointing the finger at all these working class, sky q watching, B&H smoking, Champagne in the hot tub while playing candy crush on their iPhone layabout benefit peasants...........................
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I'm not applying one example to wider society as clearly energy, petrol etc. is having a massive impact on everyone currently. There are however many people who have lived within their means, saved, not bought cars etc. on PCP plans and generally been frugal. This is now paying off as things go south. The same simply can't said for people who have failed to save and curb their spending habits.

There are people that fritter everything away and people who save every penny and barely live, with everything in between. Pick somewhere in the middle and ride out the harder times is simply my point.
 
Feek said:
I'm a very long way from being wealthy (that's the problem when you do a job you enjoy but it's not well paid) but I have no mortgage and no debt. I have a couple of savings pots in my bank account and this thread made me remember that I've been meaning to change them to interest bearing pots for a while.

I've done that now and also bunged some in Premium Bonds (stop laughing at the back).
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ITT "I'm not wealthy" but has no mortgage, no debt and savings
 
dLockers said:
ITT "I'm not wealthy" but has no mortgage, no debt and savings
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My mortgage was twenty five years and I've been in the same house for over thirty years. Having paid off ones mortgage does not make one wealthy.

There was a recent thread asking how much people save per month, many people in there saying they put away more/month than my monthly take home pay! My entire savings are currently less than two months worth of outgoings.

We have a lot of very wealthy people in these forums and these type of threads always bring them out. I'm merely pointing out that it's possible to be a low earner but still put a few quid away each month.
 
Feek said:
My mortgage was twenty five years and I've been in the same house for over thirty years. Having paid off ones mortgage does not make one wealthy.

There was a recent thread asking how much people save per month, many people in there saying they put away more/month than my monthly take home pay! My entire savings are currently less than two months worth of outgoings.

We have a lot of very wealthy people in these forums and these type of threads always bring them out. I'm merely pointing out that it's possible to be a low earner but still put a few quid away each month.
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It was a contrived complement, well done Feek you wealthy boy :cool:
 
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