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Discussion in 'Personal' started by SIRFRANK, May 3, 2011.
Very personal I know...but just wondering whether I don't (or do) put enough away
A third of my earnings.
I've never managed to save but did pay off 1/6th earnings off student credit cards/overdraft etc when I had a job. Now I'm lucky if I can even cover my bills. x
As I have my own flat and a car to run I've worked out that once I start my full time teaching position I'll be able to save £50 a month. I would like it to be more but having some where nice to live is my priority at the moment.
I save £300 which is about a 1/4 of my earnings.
My income comes from my investments x
Me too! Sadly my investments are not doing too well at the moment.
Nothing. Zip. Nought. Zero.
My retirement plan currently consists of declaring myself completely broke, and throwing myself at the Govts pension mercy.
Absolutely nothing...... only on 0.6, so live from fortnight to fortnight and credit card is nearly always at limit. OH buying a house soon, (from his dad's inheritance, sadly) so will start to be able to save on what I pay in rent (Hopefully!)
I save little or nothing each month. I live on a number of benefits which cover my needs but don't exactly leave much for saving.
Even more worrying is that I have no pension plan. I will simply have to rely on my state pension....assuming there still is one when i reach retiring age!
Come hell or high water I always manage to keep a wee reserve of savings to cushion us from adversity. If we eat into the savings for a few months when my income is next to nothing, then I make sure that as soon as I'm earning 'good' money again, that the fund is replenished. Not having some savings really freaks me out.
If i was on a regular income (permanent contract) I would get quite organised about budgeting and set up a direct debit to pay into either premium bonds or my Cash ISA. As it is, being on Supply, it's a roller-coaster.
I heard Alvin Hall say that you should aim for 15% of your earnings. That's good rule of thumb. I'm just about to sort out my pension. I will use the money I saved by buying investment trust shares every month for about 10 years. to buy the remaining missing years (I opted to buy them back and can pay off the ones remaining). Sadly they have stopped that but I do recommend pensions ( you get tax relief) as well as cash or shares. Currently interest rates are low so drip feeding an amount like £50 a month into a unit or investment trust may be a good way to go. I went for one of the biggest ones and for every £1000 of share units I bought I have made £1500 on top of the original investment. It is more risky than cash in the building society but you could do both. I think a good time to do it is when you have a promotion as you won't miss the money. Do it by direct debit and then you have no chance to spend it before it goes.
I have oodles and oodles at the end of the month. Sometimes it's all we can afford but jazzed up with soya sauce they're not too bad.
Not as much as I should but I have a cracking wardrobe and a fabulous shoe collection......does the latter count as 'investment' if they're labels?????
Oh eggy...I too have oodles and oodles at the end of the month.
I too try to find ways to use them up..... They are good baked with cheese.
Seriously, I have no disposable income and no savings. They have all dried up. I am not entitled to any benefits even though I still have a mortgage. It's scares the s.hit out of me. Most of the time, living hand to mouth as we do, I tend to forget about the future...I can conveniently bury my head in the sand, and it keeps me sane, but some days I am terrified of how we'll get by if a large some of money is needed for anything.
I don't visit the hairdresser, dentist or optician these days, and heaven help the poor cat if he ever needs the vet.
I am trying to impress upon my sons the importance of saving while they are young. They don't have very much to save, alas.
I came out of a marriage at 34, with nothing (although my parents were always there for me, and I know that was a luxury many don't have). Since then I have built up a lot of investments, mainly because I have done without rather than spent it on things which some people think are essential. I save loads but I am sure I spend loads less. I vowed that no one would ever be able to take anything away from me again, they haven't and won't. It is a nice position to be in.
My post above: 'SUM' of money...
We've no mortgage and no debts. Mr L manages the money. My son's rent and my pittance goes into the communal pot and he does everything. As his pension is pretty much worthless and mine is currently forecast to provide me with about £4 a week, he was quite keen at one point to sink it into a house to let whilst house prices are so low. I'd rather keep it in a sock under the mattress. But as far as I know, about £400 a month goes into investments and savings, though a large chunk of that is going to be coming out for Son1's wedding.
A difficult one - I will have to move soon. I was originally living with my partner but I've still living in the 2 bedroom flat we both shared, I can't really afford it as I seem to have nothing left each month.