Soldato
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That's £500 a year that could have been savings. Shame, shame!
"Most only have £500 of savings ",says Lloyds boss ,really ?
- Thread starter moon man
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Is this a trick question? In my 50s but can never pass the challenge 25 in supermarkets, honest
Ah so your wealth was tax payer funded. You're welcome.
Because shares can go up and down and you’re essentially gambling. Highly unlikely anything will go wrong, but still. And what do you do if you have an unexpected expense, a family emergency on the other side of the world or something, need a new car, a new oven or something. If you’re well off enough to be putting money into shares I would be also putting money aside in some sort of easy access account. Yes you won’t earn much interest but at least it’s there if and when you need it quickly. A combination of both seems prudent.
Thanks it was a pleasure
We’ve been telling everyone for years that they deserve everything they want no matter their salary or circumstances. This is the inevitable result. This is just going to get worse as more and more people get towards old age with **** all savings and expect the working generation to cover the ever increasing costs of keeping an older and less healthy population alive.
I see it everywhere. People who earn very little but spend like they earn triple what they do.
I see it everywhere. People who earn very little but spend like they earn triple what they do.
To be honest buying stuff has been most profitable for me.
In the last 12 months best to worst
-House. Ridiculous but unrealisable gains
-Stuff. It's holding its value or increasing. Many things I've bought and kept new have increased in value
-Cash. Errorded away by inflation.
-Investments. All my investments are down significantly. So with inflation and the lost this has been the worst for me
If I'd invested nothing in last 12 months I'd be a lot better off now.
In the last 12 months best to worst
-House. Ridiculous but unrealisable gains
-Stuff. It's holding its value or increasing. Many things I've bought and kept new have increased in value
-Cash. Errorded away by inflation.
-Investments. All my investments are down significantly. So with inflation and the lost this has been the worst for me
If I'd invested nothing in last 12 months I'd be a lot better off now.
Caporegime
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Watched the news for the first time in ages last night and they were interviewing people who were complaining about the cost of living and having to cut back on the food they eat. I would normally feel sorry for people that like but every single one of those interviewed was morbidly obese. Can't eat as much as normal? Good, you might lose some weight!
Soldato
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Ahem
"Savings" should be blended roughly across multiple assets. Equities and Fixed income should really be in a pension. The standard story is always you should have cash savings equal to 3 months net salary.
It all depends on circumstances. When I was in my 20s I was generally skint month to month but enjoyed every penny but I did buy a house. In my 30s I was still not really able to call myself well off because most income was accounted for - plus I got divorced which is as expensive as you might imagine. Now (guess which decade!) things are very different. I have a balance in my current account alone my 10 year younger self would not believe (about 1.5 months net salary) but there is a part of me that believes that is only the case because I have "bought all the stuff" and can't think of anything left to spend on. Heaven forbid I ever start playing golf, get into antiques/art or motorbikes
"Savings" should be blended roughly across multiple assets. Equities and Fixed income should really be in a pension. The standard story is always you should have cash savings equal to 3 months net salary.
It all depends on circumstances. When I was in my 20s I was generally skint month to month but enjoyed every penny but I did buy a house. In my 30s I was still not really able to call myself well off because most income was accounted for - plus I got divorced which is as expensive as you might imagine. Now (guess which decade!) things are very different. I have a balance in my current account alone my 10 year younger self would not believe (about 1.5 months net salary) but there is a part of me that believes that is only the case because I have "bought all the stuff" and can't think of anything left to spend on. Heaven forbid I ever start playing golf, get into antiques/art or motorbikes
Caporegime
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- Dormanstown.
I've got £500 in my personal savings (That I really can't see me being able to add to anytime soon) and about £2,250 joint with my partner which we top up £200 a month.
But I can see us lacking the ability to be able to save soon. I can't see how many people will be able to cope.
But I can see us lacking the ability to be able to save soon. I can't see how many people will be able to cope.
I can believe the headline. The causes may be low income and higher living costs but I'd also put it down to poor money management. Many folk don't realise how much they are frittering away their money on the small stuff that mounts up, or can't be bothered to take actual control of their finances and be truthful to themselves.
I'd expect the CEO of a major bank to be accurate about that kind of thing.
You don't need to have XX grand in the bank for a new car, you just need to sign away your income. Mind you, you need a certain amount of income to sign away in the first place.
If you think about the large number of people around minimum wage, they're going to rent forever and that takes away most of what they earn so good luck saving anything starting from that point.
Pretty much the ,same my 20yr old Skoda does all it needs to do looks better nic than some 5 yr old cars private plate and cost £750
If I need something I will buy it ,phone afew months back £300 opp find pro x2 ,amazing but couldn't part with over 1 k for one tbh
Caporegime
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We have 70% of people on incomes that they will gain from the NI increase but with a higher allowance. That kind of goes to show you the level of wages
And we have 30% of households on that low of an income they're getting a full £1,200 in support.
It's entirely low income and high living costs.
I agree that's a main driver, but I wouldn't discount his poor money management comment. I've been doing self assessments for many people for nearly 30 years, so I see quite a broad church of people and its shocking how economically illiterate a lot of people are. Commonly, but not exclusively, with people who dont have the money to be so reckless with in the first place
Loved cars. Then my s2000 was written off (got back more in insurance than what I paid for it. Was becoming a classic) so that wasn't money wasted, was 20 years old too! No loan. Bought outright. Now have a 3k 207 auto. Mainly as need to cart stuff to beach! Life has changed.
My Parents drilled into me. Don't spend what you don't have.
I've never had a loan, pcp, buy now pay later only credit cards.
I've never paid any interest charges on anything but my mortgage.
The credit cards are always 0pc deals paid off when finished.
I certainly made bad financial decisions. Risks that did/didn't pay off. Main mistake. I made was not buying a house where I used to live because I thought I wouldn't be there long. Ended up 5 years there. Missed out a lot.
Now I'm on track. Financially secure for 3 years at least. So barring losing my job I should be OK. Fixed mortgage 5 years 1.9. Fixed energy 2024 22p elec 5p gas.
I feel very fortunate to be financially savvy. Its a skill undervalued and under taught in schools.
I actually have a bit of disgust at how bad finance is taught to kids. It's the most important lesson you could learn at school.
I can totally see the headline as true. I tend to know people who either have nothing or a lot. Not much in between. I feel if you can save you're above the rich poor line and over time those savings grow. If you have none you're below that line. And can't get off the ground.
Many people are bad with money. New cars on finance. But others simply can't save. High rent, low skills, stay/stuck in low paying jobs.
So many individual situations. It's not fair to taint everyone with the same 'poor financial decisions' brush
Caporegime
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I fully agree there will be some people who have shocking money management, but given the facts about where peoples wages are based on the level of support they're getting, I think it's wrong to say it's one of the main issues.
I mean, one could be pedantic to say it's entirely money management because people who are struggling aren't just going home and looking at the walls until the go to sleep etc, but surviving isn't living.
Someone ironically, wouldn't the economy be in a bad way if everyone was just saving and not spending over the past 15 years? Kinda like what we are going to see now with companies going bust as people cut back on non-essentials?
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