HappyHeart Posted March 23, 2016 Share Posted March 23, 2016 Do you have savings? How much do you think people should have as a buffer? How much do you have if any? Can people actually afford to save these days?? I wonder if there's any difference between Australia and UK and ability to save? Quote Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted March 23, 2016 Share Posted March 23, 2016 Savings are very important, we have always held money back on purpose. From pennies pounds will grow my nan used to say:wink: Quote Link to comment Share on other sites More sharing options...
starlight7 Posted March 23, 2016 Share Posted March 23, 2016 At our age we have enough to survive but as you get older you really know you can't take any of it with you! Best to enjoy it whilst you can. Quote Link to comment Share on other sites More sharing options...
ali Posted March 23, 2016 Share Posted March 23, 2016 Do you have savings? How much do you think people should have as a buffer? How much do you have if any? Can people actually afford to save these days?? I wonder if there's any difference between Australia and UK and ability to save? I think it's up to individuals regarding how much they want as a buffer and I guess it depends what they want to save for. We seem to save more here, but it's difficult to compare to how we saved in the UK as that's 9 years ago, our lives and finances have changed. Our bank account is now a joint current and savings account which is healthy. We always said that we would have enough in our savings to travel back to the UK in the event of a bereavement which sadly has been the case this month and not having to worry about funding that was reassuring. With saving we've enjoyed trips to the US the last couple of years and been able to pay for our daughter to do a Mediterranean tour later in the year as her 21st birthday present. Quote Link to comment Share on other sites More sharing options...
Que Sera Sera Posted March 23, 2016 Share Posted March 23, 2016 We have an offset Mortgage account. All our cash goes into it and all we have saved comes off our Mortgage Balance when the interest is calculated each month, so we're saving and paying off our Mortgage quicker. We also pay triple what we need to and can also access all of it should there be an emergency pretty much immediately. Not sure if it's financially the best but for peace of mind it takes some beating IMO . Quote Link to comment Share on other sites More sharing options...
speakeasy Posted March 23, 2016 Share Posted March 23, 2016 All my money's tied up in shoes... Well heeled and all that. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 We don't have a huge amount in savings, we have no mortgage so our outgoings aren't that great. No I don't think there is any difference between the 2 countries, no reason for there to be. Quote Link to comment Share on other sites More sharing options...
stevej Posted March 23, 2016 Share Posted March 23, 2016 We are a couple of years away from the move but concentrating on slowly decluttering the house and clearing any debts before we make the move so we will have the funds from house sale and that's it. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted March 23, 2016 Share Posted March 23, 2016 Had 70k two years ago but it's down to 53k after a trip to the UK for the 3 of us, a new washing machine, Car repair of 1K, vet bill, and an 18th and 21st birthday, and some new rugs and house items. Its held steady at that for 6 months but is starting to creep back up now as I'm making a few bob from some stock images, that, being classed as a hobby, is tax free within a certain limit, plus I'm saving 50bucks a week on baccy since I packed in smoking. I hope to leave the boys with at least the 70K I started with before I cark it plus a bit more for funeral expenses. At least the boys will be mortgage free. I've got all I want/need now, and if the fourby carks it before I do, I won't be buying another vehicle. I can "keep house" with just the pension without dipping into savings I've never been without a backup except for 2 years after we got here when we got out first mortgage. The next holiday will have to be on them, seeing as I don't take keep off them and Jake has paid for the Jackson Browne tickets for next Thursday., so all's good. Quote Link to comment Share on other sites More sharing options...
HappyHeart Posted March 23, 2016 Author Share Posted March 23, 2016 Had 70k two years ago but it's down to 53k after a trip to the UK for the 3 of us, a new washing machine, Car repair of 1K, vet bill, and an 18th and 21st birthday, and some new rugs and house items. Its held steady at that for 6 months but is starting to creep back up now as I'm making a few bob from some stock images, that, being classed as a hobby, is tax free within a certain limit, plus I'm saving 50bucks a week on baccy since I packed in smoking. I hope to leave the boys with at least the 70K I started with before I cark it plus a bit more for funeral expenses. At least the boys will be mortgage free. I've got all I want/need now, and if the fourby carks it before I do, I won't be buying another vehicle. I can "keep house" with just the pension without dipping into savings I've never been without a backup except for 2 years after we got here when we got out first mortgage. The next holiday will have to be on them, seeing as I don't take keep off them and Jake has paid for the Jackson Browne tickets for next Thursday., so all's good. That sounds like lot Kev! Well done. I was wondering how much people save and what is considered a healthy amount. I know it's impolite to talk about money though:) Quote Link to comment Share on other sites More sharing options...
HappyHeart Posted March 23, 2016 Author Share Posted March 23, 2016 The reason I'm interested is I never used to think it was important but now I don't like to 'dip in' I guess it stems from having nothing then slowly becoming more financially independent. Fear of being broke again. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 That sounds like lot Kev! Well done. I was wondering how much people save and what is considered a healthy amount. I know it's impolite to talk about money though:) We've never been great savers really, always bought or done what we have wanted. Our kids will be looked after but we intend going away on lots of holidays once they are just a little older. You can't take it with you so enjoy it. Our savings are actually in assets which are appreciating rapidly. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 The reason I'm interested is I never used to think it was important but now I don't like to 'dip in' I guess it stems from having nothing then slowly becoming more financially independent. Fear of being broke again. My wife says no one can take our house so no need to worry about money, we will never be broke and have a good lifestyle. Quote Link to comment Share on other sites More sharing options...
JockinTas Posted March 23, 2016 Share Posted March 23, 2016 The reason I'm interested is I never used to think it was important but now I don't like to 'dip in' I guess it stems from having nothing then slowly becoming more financially independent. Fear of being broke again. After years and years of working and saving we both find it strange at times to 'dip in' now that we are not earning. The best thing is to pay off your mortgage as quickly as you can. When interest rates dropped from 16% we kept paying the same amount until it was paid off. Savings paid for renovations over the years. Of course selling the house in Sydney and moving to Tassie certainly made a huge difference to our savings. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted March 23, 2016 Share Posted March 23, 2016 That sounds like lot Kev! Well done. I was wondering how much people save and what is considered a healthy amount. I know it's impolite to talk about money though:) I haven't really saved as the 70K was left over from the deal on the house sale and downsize. Initially, I sold all my fishing camping gear and kayak, which kept me afloat, as before the settlement, she left me with nowt. I sold all my camera gear to finance the one camera I have now and that will be my only future expense if that goes belly up as I'd be lost without photography to keep my brain ticking over. I guess it's a piece of string question really. It depends on your age and assets. If you're in the older age bracket and want to see your kids right and are asset rich, then I guess you don't need a lot of savings. If you're younger, then you need to save more because you'll likely hit more financial hurdles on life's journey. Then there's the thinking of those who want to live for the now because who knows if you'll live to enjoy the later? I'd love to save more and likely could if I asked the boys for keep, but the savings would go to them anyway so they might as well have it now IYKWIM. Personally, I would recommend that anyone save as much as they can so that if they need purchases, they can buy cash. Better deals for cash plus you save on interest, plus you don't have debt hanging over you, and debt can be a huge distraction from life's pleasures, no matter how small. The world/job market is full of uncertainty so savings are the best hedge to minimise worry about the future. Quote Link to comment Share on other sites More sharing options...
Johndoe Posted March 23, 2016 Share Posted March 23, 2016 The reason I'm interested is I never used to think it was important but now I don't like to 'dip in' I guess it stems from having nothing then slowly becoming more financially independent. Fear of being broke again. See my last response. Savings allay/minimise fear, and like you, I've been skint in the past and never want to go there again. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 After years and years of working and saving we both find it strange at times to 'dip in' now that we are not earning. The best thing is to pay off your mortgage as quickly as you can. When interest rates dropped from 16% we kept paying the same amount until it was paid off. Savings paid for renovations over the years. Of course selling the house in Sydney and moving to Tassie certainly made a huge difference to our savings. I agree, being mortgage free is just the best thing ever, when we came here and able to buy cash it was like a huge weight being lifted off our shoulders. Quote Link to comment Share on other sites More sharing options...
northernbird Posted March 23, 2016 Share Posted March 23, 2016 Have absolutely nothing, not sure what the ex has. He pays all the bills and stuff so I dare say he has money left over every month. Will be glad when I am divorced and I can take my share of the cash although it's not a lot. Quote Link to comment Share on other sites More sharing options...
JockinTas Posted March 23, 2016 Share Posted March 23, 2016 I haven't really saved as the 70K was left over from the deal on the house sale and downsize. Initially, I sold all my fishing camping gear and kayak, which kept me afloat, as before the settlement, she left me with nowt. I sold all my camera gear to finance the one camera I have now and that will be my only future expense if that goes belly up as I'd be lost without photography to keep my brain ticking over. I guess it's a piece of string question really. It depends on your age and assets. If you're in the older age bracket and want to see your kids right and are asset rich, then I guess you don't need a lot of savings. If you're younger, then you need to save more because you'll likely hit more financial hurdles on life's journey. Then there's the thinking of those who want to live for the now because who knows if you'll live to enjoy the later? I'd love to save more and likely could if I asked the boys for keep, but the savings would go to them anyway so they might as well have it now IYKWIM. Personally, I would recommend that anyone save as much as they can so that if they need purchases, they can buy cash. Better deals for cash plus you save on interest, plus you don't have debt hanging over you, and debt can be a huge distraction from life's pleasures, no matter how small. The world/job market is full of uncertainty so savings are the best hedge to minimise worry about the future. Agree about paying cash for sure. OK maybe we were old fashioned but we always paid cash from savings definitely better deals. Kept well clear of the 'keep up with the Jones's' lark. Never had a new car until we retired. Mind you I did manage to get back to the UK every two years when Mum was alive and helped with her airfare to Australia on the alternate year. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 Agree about paying cash for sure. OK maybe we were old fashioned but we always paid cash from savings definitely better deals. Kept well clear of the 'keep up with the Jones's' lark. Never had a new car until we retired. Mind you I did manage to get back to the UK every two years when Mum was alive and helped with her airfare to Australia on the alternate year. We differ there. I have no problem buying a new sofa or whatever on 3 years interest free, I have never worried about debt to be honest. Just keep it manageable. Quote Link to comment Share on other sites More sharing options...
bell123321 Posted March 23, 2016 Share Posted March 23, 2016 We don't really have savings. Well when we are saving for something specific we have savings, and then we spend it on that something specific. Yes we should have an emergency back up but we kind of live for the moment as we never know whats going to happen tomorrow. Quote Link to comment Share on other sites More sharing options...
HappyHeart Posted March 23, 2016 Author Share Posted March 23, 2016 We differ there. I have no problem buying a new sofa or whatever on 3 years interest free, I have never worried about debt to be honest. Just keep it manageable. That's the key. I have a figure in mind for IFC and don't go over till it's paid off. Quote Link to comment Share on other sites More sharing options...
M1cha3la Posted March 23, 2016 Share Posted March 23, 2016 We have been saving since deciding to move to Aus and have managed to squirrel away most of my salary in the two years. We could of saved more but we decided that there were a few things we really wanted to do before we moved, trips to New York, Rome ect. I am hoping we can continue the saving trend once we are in Aus as at the moment we seem to have a nice balance between saving for a rainy day but also enjoying life. I agree with the "dipping in" bit though HH, as now we have a little nest egg I dont want to spend it, it is nice to know it is there. The reality is for us is that we will probably have to use some of it to supplement a deposit on our next house, but as we will have a physical asset to show for it, it's not so bad. It's the thought of having to use it to live on whilst we look for work that upsets me. Reminds me of when I was little and liked to hoard all of the Monopoly cash :laugh: Quote Link to comment Share on other sites More sharing options...
Quokka2005 Posted March 23, 2016 Share Posted March 23, 2016 Most ive ever had is around 4k lol. Im probably not going to have loads when im older either. Im quite looking forward to saving in my new job, it kinda gets addictive when youre doing well Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 Most ive ever had is around 4k lol. Im probably not going to have loads when im older either. Im quite looking forward to saving in my new job, it kinda gets addictive when youre doing well We never became addicted to saving, spending now that's a different matter lol Quote Link to comment Share on other sites More sharing options...
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