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

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I don't think 15% is too crazy, before it all came tumbling down recently. I think my Moneybox ISA was around 16%... but now it's down at about 2% :(

I was looking at redundancy recently, but I think I'm reasonably good with money, so could last a couple of years with no drop in quality of life, if needed. I know others that earn the same as me, with similar circumstances, that still have debt rather than savings. This I don't really understand and is simply down to very poor money management.

As far as borrowing money, I wouldn't go as far as saying never do it, just do it sensibly.
 
Yes, I can believe £500 is the average amount that people have saved up. I remember when I use to live pay check to pay check, very hard to save and credit is to easy to get. I think this is where the majority of people are currently situated.

Once I starting making good money I cleared our debt. Now we have at least 3 months worth bills and fuel saved in a saving account. Doesn’t make great interest, it’s just easy access for emergencies. I want to increase it up to 6 months worth, with how the world is going. I save for cars now also. At the moment we are renovating our house, plus with the all the energy and fuel bills increasing like they have the amount I can save is now minimal. So I the idea of any kind of investing seems a dream at the moment.

I really feel for those on a lower income, as I remember those days. I doubt they even have £500 saved and properly counting every penny they spend at the moment.
 
Rroff said:
I'm assuming the ISA is a wrapper for another product - I was doing that for awhile averaged about 9% but you need to actively manage the money or you'll probably make nothing like 15% in the long run. Couple of years recently it would have been around 14-15% but other years lower. Not making 15% from basic ISA products.



Similar situation myself - for now I can ride the wave but I do begrudge that it is eating a bit into my disposable cash and can see the potential for **** hitting the fan which would make my financial situation precarious - though if it gets that bad I can't imagine there won't be riots.
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If it gets to the point where people genuinely can't afford food and heating then the **** will very much hit the fan I suspect. The government will hopefully make that not happening a priority.
Some supermarkets are putting security tags on cheese, butter and baby formula...
 
inflames said:
I really feel for those on a lower income, as I remember those days. I doubt they even have £500 saved and properly counting every penny they spend at the moment.
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Not to put too fine a point on it but I have few commitments, reasonable income/disposable cash and I'm starting to take note of my finances - couple of days ago for the first time in years I went through my monthly outgoings/incoming and noted it down/looked at how the numbers shake out. So those who have a family to feed, etc. etc. I really don't envy right now.
 
mmmm so people cant save £1.37 a day over a year ,the smoking bucket is surrounded by people at work who spend a tenner plus ? on a packet of smokes (this comment is aimed in general not any poster in particular)
 
moon man said:
mmmm so people cant save £1.37 a day over a year ,the smoking bucket is surrounded by people at work who spend a tenner plus ? on a packet of smokes (this comment is aimed in general not any poster in particular)
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They should save up more of other people's money and buy drugs off of the internet IMO
 
Rroff said:
Not to put too fine a point on it but I have few commitments, reasonable income/disposable cash and I'm starting to take note of my finances - couple of days ago for the first time in years I went through my monthly outgoings/incoming and noted it down/looked at how the numbers shake out. So those who have a family to feed, etc. etc. I really don't envy right now.
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You should do that once a year. I don’t want to sound pompous but if you haven’t done a spready, you aint ready :D
 
CapitalOne said:
You should do that once a year. I don’t want to sound pompous but if you haven’t done a spready, you aint ready :D
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I've never needed to (well not in recent years) - I resent any time spent dealing with money. But with the current situation it has me thinking what if...
 
touch said:
What a weird attitude. Are you also unemployed?
Spending time working to end up with more money is no different from spending time managing your money to make more money.
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I'm not sure "reasonable income/disposable cash" goes hand in hand with unemployed :s

I can afford to do everything I want to do without worrying about money or being close to going into debt so spending time dealing with money isn't time well spent for me (as a normal thing).
 
tbf i only look at the account balance when i have been paid, if its less than the last time i was paid i ask why ,usually because of monthly direct debits being close together and i am paid weekly
 
moon man said:
mmmm so people cant save £1.37 a day over a year ,the smoking bucket is surrounded by people at work who spend a tenner plus ? on a packet of smokes (this comment is aimed in general not any poster in particular)
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yes, some people don't care/don't realise/are in the 'could get hit by a bus tomorrow' frame of mind/permanently drunk/stoned/etc etc - crazy **** eh? :p
 
Rroff said:
I'm not sure "reasonable income/disposable cash" goes hand in hand with unemployed :s

I can afford to do everything I want to do without worrying about money or being close to going into debt so spending time dealing with money isn't time well spent for me (as a normal thing).
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We love you man, just hate you're giving cash to bankers
 
Rroff said:
I'm not sure "reasonable income/disposable cash" goes hand in hand with unemployed :s
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The point i'm making is that I don't see any difference.
I put my time+effort into doing my job because I end up with more money as a result of that time/effort.
I put my time+effort into managing my money because I end up with more money as a result.
 
moon man said:
tbf i only look at the account balance when i have been paid, if its less than the last time i was paid i ask why ,usually because of monthly direct debits being close together and i am paid weekly
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Personally, I would hate to only know I've spent too much a week or so after I've actually spent it. I use M$ Money and can plot graphs going ahead for months. If I'm going to commit to something as a monthly plan (mostly savings/investments at this point, but could be a new car or phone or something) I can see where that leaves me going forward. If it's a reasonably large cost/splurge, I can see where that leaves me when I next get paid etc. I would hate not knowing until the end of the month.

touch said:
The point i'm making is that I don't see any difference.
I put my time+effort into doing my job because I end up with more money as a result of that time/effort.
I put my time+effort into managing my money because I end up with more money as a result.
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I'm with you.
 
touch said:
The point i'm making is that I don't see any difference.
I put my time+effort into doing my job because I end up with more money as a result of that time/effort.
I put my time+effort into managing my money because I end up with more money as a result.
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It won't mean putting any less hours into my job and it doesn't mean any amount of money which will change my lifestyle. Just reduces the amount of time I have for posting **** online.
 
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