Do you save money?

[northernbird]

I agree. My dad Didnt have anything to leave as in money, just enough in his bank account to pay for his funeral. But it was nice hearing him on his deathbed saying he had had a 40year party in his lifetime. Of course he had a lot more partying to do.

 

taken too soon:cry:

 

My Mum was 49, just 5 years older than I am now. Taken far too soon.

[fifi69]

Our parents helped us along the way....loans to help us fix cars etc, the odd 500 quid here and there...my Dad and his wife gave us $1000 to come here, In laws gave about the same I think..In laws subsidised our wedding...paid for evening party and the photos....my Mum is not in a position to help me financially but she gave me a solid start and instilled her hard working principles and 'save for what you want' ethics into me.....we got into a bit of a financial mess in our 20s but are much more sensible these days and we save for the things we want. My Dad owns half of his late Mums house (my Nan) and that will go to me when he dies, along with my share of what he has (I have stepbrothers)...I honestly would not care if he spent it all before he went...I want him to enjoy himself, always trying to get him over here...truth is he's a bit tight! I have told my Nan not to leave me anything....other than memories and one of her necklaces I used to wear when dressing up as a child...wills/money and families...an ugly mix I see a lot of in my job.....

 

 

Arggh wills...I'm in a position where I'm 99% sure my dad made one, because about 15 years ago he told me he had. But I've had no joy in finding it.....it's not about the money, but he has things like my grandads watch and other bits and bobs. He has 3 grand kids I know he would want those bits going to them as keepsakes.

[fifi69]

My Mum was 49, just 5 years older than I am now. Taken far too soon.

 

Sorry to hear that NB. That's ridiculously young.:hug:

[HappyHeart]

I don't know tbh...my Mum has nothing...when she dies I expect it will be left to me to sort things out...I won't begrudge it, I will see it as my duty, she bought me up alone and made sacrifices for me....knowing her though she will have a policy or two....she is sensible with money despite having none....we used to go on 3 holidays a year when I was young, she always had her priorities right and Christmas was never a let down! She saved like mad but ill health means she has very little now. I am more than happy to help her by paying for her trips here but I know her pride is dented...

[MovingtoTasmania]

Arggh wills...I'm in a position where I'm 99% sure my dad made one, because about 15 years ago he told me he had. But I've had no joy in finding it.....it's not about the money, but he has things like my grandads watch and other bits and bobs. He has 3 grand kids I know he would want those bits going to them as keepsakes.

 

Have you done a search of the wills registry Fifi? When it was started, the solicitors that drew up our will wrote and told us about it and asked if we wanted to be on it. Basically it's just a database with your name on it and the solicitor who has drawn up your Will and will have a copy.

[jack13]

I save heaps am really good at saving money, you have to be these days.

[fifi69]

Have you done a search of the wills registry Fifi? When it was started, the solicitors that drew up our will wrote and told us about it and asked if we wanted to be on it. Basically it's just a database with your name on it and the solicitor who has drawn up your Will and will have a copy.

 

Err no I haven't done that...I just emailed every solicitor in the vicinity that he lived, because its going to be one of them.

 

not all of them replied...which I found disgusting, but those that did that said sorry no will here. One came back and said they had done work for him in the past, but don't have a will.

 

do you have a link MTT , and was this facility around about 15 years ago?

[LKC]

My my sister and I are sole beneficiaries of my parents' will. They're not mega wealthy, but have always worked hard, saved and lived fairly frugally (imo), although they do everything they want. They never go abroad on holiday, but have hobbies which keep them busy and happy. They have a comfortable home and my sister and I will have a reasonable inheritance. It's nice that they want to leave us something, but not something I would expect. I would probably save that money as I would feel guilty spending it when they worked so hard to get it.

They have helped my sister out quite a lot in the past, when her marriage ended, giving her a deposit for her house and helping with food etc. That's the sort of thing I would help our kids with. I wouldn't pay off credit cards or pay for holidays etc, but I would help them out if there was a crisis in their lives. I don't feel that I have a responsibility to save money for them to have as a present for after we die though.

 

Exactly this. I wouldn't hesitate to help them out if they needed help. However, I would hope to bring them up to understand that if you take credit for anything that you buy, then you are paying above and beyond the market value for it. I won't pay off debts that have been run up unnecessarily.

 

We will save for OUR retirement, not to leave anything for the girls. If we die at 60 they will inherit lots, but if we die at 100 they will inherit nothing (because we will have spent it on drink, drugs and travel! By drugs I mean prescription drugs of course!). Who knows? I am not saving for them, I am saving for me and my retirement. However if I die young and they inherit everything, then good luck to them!

[LKC]

I think like you, we've never had any monetary help, but that hasn't stopped us from getting the most out of live.

 

if we had stayed in the UK then next year our mortgage would have been paid off, now because we remortgaged weve another 13 to go.

 

but we were happy to do that, for the chance of a new life in Oz.

 

im not going to pay any extra to pay it off early, I'm spending it now, while I can enjoy it.

 

totally get where your coming from though, yes there is a chance we may live to 90 and so we will need money, but how many people in their 80s do much more than just sit in, watch a bit of TV, read etc etc.

 

ie I want to spend my money now, while I'm fit and active. I'm happy buying jet skis, a new car, etc. next on my list is a pool.

 

as for kids, yes it did seem a lot easier when we were younger, but here at least its not impossible for them to get on the property ladder. My eldest is 20, her and her bf could easily get a mortgage, they aren't in major paying jobs, but could still do it. The only thing stopping them is the bf, is still only on a temp visa. For now though they rent a place in Applecross, not too shabby an area.

 

so really, if you install a good work ethic in your kids, you Shoudnt need to worry too much about having to forgo things now, just to leave your money for them.

 

I used to be really against the buy now, worry later thinking, but not anymore, but I still do it within reason. We don't own a credit card, and like I said, I just save for what I want.

 

My grandma came to Australia at the grand old age of 82! On her own! First time she had travelled anywhere alone, and certainly the furthest she had travelled! Now four years later, she can't travel for health reasons, but she still cherishes the time that she spent over here. She now spends her money on a window cleaner, a cleaner and a gardener, to make life comfortable in her old age.

[Johndoe]

Some of you know my story. Taken into care at age 4 and back to my "parents" at age 12. Myself and Her Indoors tried to forgive and we spent lots on them as they got older............new gas fire, fridge, help with bills etc,. He was a gambler and they had next to nowt (or so it seemed)...........she always managed to find money for bingo though, and him for booze. Some "born again" church got their mitts into her just before my father died. We had to sit at the back of the funeral service on our own as we weren't "born again" whilst some crazy Yank ranted on about how my father had "seen the light" and we hadn't. We never got a card at Xmas or birthdays off my mother, and neither did my kids. I got a phone call from her neighbour when she passed, saying that she'd left it all "to the church"..................they had rocked up with a removal van apparently and emptied her council flat..................I think I'd have carked it with shock if she'd left me anything..............the neighbour was well plssed off as she'd loaned them heaps and never got anything back..............she said they were "good sorts" who she felt sorry for................little did she know.

[MovingtoTasmania]

Err no I haven't done that...I just emailed every solicitor in the vicinity that he lived, because its going to be one of them.

 

not all of them replied...which I found disgusting, but those that did that said sorry no will here. One came back and said they had done work for him in the past, but don't have a will.

 

do you have a link MTT , and was this facility around about 15 years ago?

 

This is a relatively new thing, I think from about 4 years ago or so, BUT I do remember that I sent a copy of the letter and flyer to DIBP when I lodged FD's application so I know I've got it somewhere and will find it and PM the details to you so that you can contact them as my understanding (from the letter that I got) was that it was free to have your name added and all solicitors were encouraged to ask anyone who had written a Will with them to add their names to the database because so many Wills were going "missing".

[peterc1983]

I believe in saving; but only to achieve those immediate goals that I want to achieve. Life is most certainly too short to deny yourself happiness at a time when you are fit enough to enjoy it most.

[LKC]

I believe in saving; but only to achieve those immediate goals that I want to achieve. Life is most certainly too short to deny yourself happiness at a time when you are fit enough to enjoy it most.

 

But my happiness comes from knowing that I am able to help my children out as and when needed. We already live a fulfilled life with plenty of travel and other experiences, but we are careful in the more mundane areas of our life (such as spending on electricity bills, Foxtel and so on) so that we can comfortably afford saving for retirement/to help our kids, and for more immediate pleasures.

[peterc1983]

But my happiness comes from knowing that I am able to help my children out as and when needed. We already live a fulfilled life with plenty of travel and other experiences, but we are careful in the more mundane areas of our life (such as spending on electricity bills, Foxtel and so on) so that we can comfortably afford saving for retirement/to help our kids, and for more immediate pleasures.

 

I don't have children and never intend to .. so in my case, I don't have that to worry about. Plus I agree with an earlier poster about not handing them cash - I believe they should earn what they have.

[LKC]

I don't have children and never intend to .. so in my case, I don't have that to worry about. Plus I agree with an earlier poster about not handing them cash - I believe they should earn what they have.

 

But surely there is nothing wrong with helping them out if you can, providing it is not bailing them out of stupid spending? Helping them out though uni, or with driving lessons etc is vastly different to the Paris Hilton style inheritance. I am raising my children to appreciate money and know that it has to be worked for. I would hope that any gift of money that OH and I give to them in the future would be received graciously and used wisely.

 

I feel that this debate is a little like that which argues about whether people should live in a big house or not. Some people argue that living in a big house is wasteful and brash, and that those people are being show-offs, but others argue that they live in a big house, not to show off, but because they need the space and will use every room every day. In other words the circumstances fit the situation.

[peterc1983]

But surely there is nothing wrong with helping them out if you can, providing it is not bailing them out of stupid spending? Helping them out though uni, or with driving lessons etc is vastly different to the Paris Hilton style inheritance. I am raising my children to appreciate money and know that it has to be worked for. I would hope that any gift of money that OH and I give to them in the future would be received graciously and used wisely.

 

I feel that this debate is a little like that which argues about whether people should live in a big house or not. Some people argue that living in a big house is wasteful and brash, and that those people are being show-offs, but others argue that they live in a big house, not to show off, but because they need the space and will use every room every day. In other words the circumstances fit the situation.

 

I'm not debating, just offering my opinion. Each to their own.

[HappyHeart]

If I had it LKC I'd be setting aside money for retirement and for the kids...but I don't so I dont go without (we dont) to save for the future if that makes sense...the priority is the here and now...we have a policy of matching savings for our kids...as far as we can...so for example if daughter was to be working and wanted a car...we would match her savings 50/50 if we could and she was working hard....you have to encourage them....another example...fr our daughter we have offered to 'pay' her a wage if she engages with volunteer work..which will help her long term...but certai ly dont put hands in pockets for nothing...to supplement no efforts made...no way

[MARYROSE02]

If we all knew exactly when we are going to die, we could budget accordingly. It's a good idea to have 3 to 6 months pay available. I was able to pay for my operation in cash as soon as I knew i needed one.

[peterc1983]

If I had it LKC I'd be setting aside money for retirement and for the kids...but I don't so I dont go without (we dont) to save for the future if that makes sense...the priority is the here and now...we have a policy of matching savings for our kids...as far as we can...so for example if daughter was to be working and wanted a car...we would match her savings 50/50 if we could and she was working hard....you have to encourage them....another example...fr our daughter we have offered to 'pay' her a wage if she engages with volunteer work..which will help her long term...but certai ly dont put hands in pockets for nothing...to supplement no efforts made...no way

 

I like this idea of 50/50 savings split. It allows them to know the value in saving, and having to appreciate that money is a finite resource that has to be managed.

[LKC]

If I had it LKC I'd be setting aside money for retirement and for the kids...but I don't so I dont go without (we dont) to save for the future if that makes sense...the priority is the here and now...we have a policy of matching savings for our kids...as far as we can...so for example if daughter was to be working and wanted a car...we would match her savings 50/50 if we could and she was working hard....you have to encourage them....another example...fr our daughter we have offered to 'pay' her a wage if she engages with volunteer work..which will help her long term...but certai ly dont put hands in pockets for nothing...to supplement no efforts made...no way

 

This is exactly what I am trying to say. I will not put my hand in my pocket where no effort is made, but if my girls work whilst at uni, for example, just as we did, then they will get some help. I am not talking about giving them something for nothing. If we have saved for our retirement but happen to die in the meantime, then I hope the money that we leave helps them to set up their life. I didn't inherit anything when dad died, but if I had then I would have sacrificed it all to spend more time with him.

[MovingtoTasmania]

When my mother passed away she left 2 rings, one bracelet and a pendant and a fountain pen. That was it. And although I have some of those items and photographs, I would give my right arm to have my mum. She was only 29 when she passed away.

[Irishgirl1]

When my mother passed away she left 2 rings, one bracelet and a pendant and a fountain pen. That was it. And although I have some of those items and photographs, I would give my right arm to have my mum. She was only 29 when she passed away.

 

 

 

:hug::hug:

[Guest51810]

When my mother passed away she left 2 rings, one bracelet and a pendant and a fountain pen. That was it. And although I have some of those items and photographs, I would give my right arm to have my mum. She was only 29 when she passed away.

 

That is far too young! :hug:

[jack13]

:hug:

[MovingtoTasmania]

That is far too young! :hug:

 

Definitely but sadly we have a hereditary heart condition so I too could just go at any time. Life is too short to worry about these things. Enjoy today as there may not be a tomorrow :hug: