bell123321 Posted March 23, 2016 Share Posted March 23, 2016 We never became addicted to saving, spending now that's a different matter lol :biglaugh: I am easily addicted to spending Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 :biglaugh: I am easily addicted to spending It hasn't held us back over the years, we spent and spent and enjoyed our life and we still ended up financially stable. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 23, 2016 Share Posted March 23, 2016 We had about £70k before we moved to Australia but that all went and we're still trying to get back on our feet. I earn good money and I felt awful recently when my dad lent me the money to buy a new(er) car after a catastrophic mechanical failure, I was embarrassed that at this stage of my life I still hadn't got my act together. It was unfortunate timing as much as anything as we had bought two new sofa's in the January sales on interest free credit and were turned down - I knew I was getting a dividend at the end of Feb. that would cover them but that also had to cover the final installment on a cruise and flights to the US for the three of us for the said cruise so about £6k in all which left about £1000 - I looked for cars at that sort of price but just felt like I was buying a whole heap of trouble. Not bothered about long term savings though - I don't pay into a pension, I see my dad with no mortgage living very well on his state pension, he certainly doesn't spend what he gets each month and can afford to buy me a car When my mam died they had about £9k in the house because they got my dad's pension each week but didn't spend it. My mam's went into the bank and was enough to cover the bills (she just got a married women's state pension - £68 a week). I'm hoping to pay my mortgage off in 5 years, certainly no more than 10, semi-retire and live frugally - live the life I dreamt of living in Australia if I'm honest. Quote Link to comment Share on other sites More sharing options...
bristolman Posted March 23, 2016 Share Posted March 23, 2016 I'm hoping to pay my mortgage off in 5 years, certainly no more than 10, semi-retire and live frugally - live the life I dreamt of living in Australia if I'm honest. Exactly where we are, it's very satisfying. Just off on a tangent on the subject of the car I do know what you mean but just recently we bought another car for my wife, we went to the local auction and got a 2008 Astra diesel station wagon in extremely good condition, ex mod so everything was done when needed. Cost us £900. Quote Link to comment Share on other sites More sharing options...
VERYSTORMY Posted March 23, 2016 Share Posted March 23, 2016 I think we have about £2.80 in the bank at the moment and £50 cash. But, we have agreed to starting putting £1000 a month into savings from May - it will take us till then to get properly established back in the UK as we arrived with nothing but a suitcase of clothes each. Though we did manage to get spoons yesterday (long story but my wife made soup for dinner and then realised we had no spoons). Plan is, that worst case scenario we get £15k from the house sale, then save £1k a month for two years, by then end of which we will have a reasonable deposit. Not enough for a house around here, but somewhere more affordable and maybe even a place that needs fixing up and if necessary rent it out for a while we continue to rent down here. As long as I am mortgage free on retirement I am fine. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 23, 2016 Share Posted March 23, 2016 I think we have about £2.80 in the bank at the moment and £50 cash. But, we have agreed to starting putting £1000 a month into savings from May - it will take us till then to get properly established back in the UK as we arrived with nothing but a suitcase of clothes each. Though we did manage to get spoons yesterday (long story but my wife made soup for dinner and then realised we had no spoons). Plan is, that worst case scenario we get £15k from the house sale, then save £1k a month for two years, by then end of which we will have a reasonable deposit. Not enough for a house around here, but somewhere more affordable and maybe even a place that needs fixing up and if necessary rent it out for a while we continue to rent down here. As long as I am mortgage free on retirement I am fine. I've never understood why more people don't do that, especially when house prices are rising it is a way to get on the housing ladder. Maybe even buy somewhere you'd like to retire to Quote Link to comment Share on other sites More sharing options...
Quokka2005 Posted March 24, 2016 Share Posted March 24, 2016 We never became addicted to saving, spending now that's a different matter lol haha I usually like spending it too. A few years ago I saved 2000 and it was to go towards going to Australia or a few days in New York. I ended up spending it on Christmas presents, nights out and god knows what else :laugh: Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 24, 2016 Share Posted March 24, 2016 For a very long time, it was not a question of saving but more like not spending! at least not on things that were not really needed. This has put us in a comfortable position today. To a lesser degree we continue as always but so as to enjoy some of the things we want rather than need. Quote Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted March 24, 2016 Share Posted March 24, 2016 Our only loan was for the mortgage and that was drastically reduced because of savings for big deposit, the only HP in our house is in the cupboard:wink: Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 24, 2016 Share Posted March 24, 2016 Our only loan was for the mortgage and that was drastically reduced because of savings for big deposit, the only HP in our house is in the cupboard:wink: No HP for us, didn't need the pork pies you see. Xmas treats excepted. Quote Link to comment Share on other sites More sharing options...
NicF Posted March 24, 2016 Share Posted March 24, 2016 We have about $35k in savings and about $15k in overpayments on the mortgage that we could take out if necessary. Our plan is to try and pay the mortgage off as quickly as possible as I've told my OH he cannot retire until we are mortgage free. Pretty much all our money goes in to the savings as it's an offset account for the mortgage so it's not all 'real' savings if that makes sense, as some of it will be used to pay off the credit card, which I use to pay the bills. I've always been a saver rather than a spender, although we buy things we want as well. At the moment I'm particularly cautious about saving as my OH is on a fixed term contract and we don't know how long he may be out of work before finding something else afterwards. My income pays for food and just about covers the mortgage or pays the bills but won't do both. Quote Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted March 24, 2016 Share Posted March 24, 2016 No HP for us, didn't need the pork pies you see. Xmas treats excepted. :err: Quote Link to comment Share on other sites More sharing options...
HappyHeart Posted March 24, 2016 Author Share Posted March 24, 2016 I buy stuff on interest free credit rather than use my savings and lose interest in them. At the min we've got 2 sofas and 2 tvs on Interest free. I just pay $200 a fortnight off. When that's paid we'll see what else we need. Dishwasher broke a month ago and not keen to get more on credit so washing by hand. Will admit defeat and buy from savings soon. Paid off the car last month so that frees up $500 a month. Could upgrade but why get more debt not enough to buy outright so will just keep this one for now. its easy to get carried away with what you 'could' have but have to rein yourself in and be cautious I guess. Quote Link to comment Share on other sites More sharing options...
paisleylass Posted March 24, 2016 Share Posted March 24, 2016 When we moved to Australia, we had about £15k in savings. Took us about 5 years to scrape that together. Sent £5k to Aus and left the rest behind, which completely got swallowed up by renting our house out and making up the equity shortfall when we had to remortgage. Plus sent nearly $30,000 back which also diseappeared into that money-pit house. In spite of that, we have saved enough in 4 years in Australia to pay a 20% deposit on a house plus other costs, with some left for nice furniture etc. And we plan to have an offset mortgage as the savings will build up again after buying a house. Put it another way, we have saved enough in 4 years to have bought our UK house outright, with a good sum to spare! In conclusion, we've been able to save loads more here in Australia, and not skimping on anything at all, if we want to go somewhere we go. If we want to buy something we buy it, cash. Quote Link to comment Share on other sites More sharing options...
Keith and Linda Posted March 24, 2016 Share Posted March 24, 2016 :err: Pork pie + HP = perfection No pork pie = no HP = saving Quote Link to comment Share on other sites More sharing options...
paisleylass Posted March 24, 2016 Share Posted March 24, 2016 Just realised my post makes Australian property sound hideously expensive, which it kind of is! But the standard of house we plan to buy is in a different world from our old ex-council mid terrace, and we are looking at a good bit above median prices. Plus the stamp duty will be a killer. Quote Link to comment Share on other sites More sharing options...
northernbird Posted March 24, 2016 Share Posted March 24, 2016 Pork pie + HP = perfectionNo pork pie = no HP = saving Pork pie and piccalilli = heaven Quote Link to comment Share on other sites More sharing options...
VERYSTORMY Posted March 24, 2016 Share Posted March 24, 2016 I've never understood why more people don't do that, especially when house prices are rising it is a way to get on the housing ladder. Maybe even buy somewhere you'd like to retire to That is the plan, though my wife will be sworn in as a Freeman / Freewoman of the city of Leicester - the keys to the city - next year and one of the perks is a rent free house on retirement if we want it, but still want my own place. We also may not want to work in the South East for ever - my heart is in the midlands or North Yorks Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 24, 2016 Share Posted March 24, 2016 (edited) 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. I'm pretty much the same, and frankly it's doing my head in now! My oh retired early and persuaded me to do the same. Before we left Oz, I was doing part-time work and that paid for things I would call essentials but aren't really - things like facials, shoes (got more than a wardrobeful already), etc. Now I'm not working, everything has to be paid from savings - and those savings are the proceeds of our house sale! Even though we've calculated (over and over again) that we can afford it, (because we'll be able to take money out of our super to buy a place when we return), I find I'm just terrified to spend money! After a lifetime of saving, it just seems so wrong to take money out without putting money in. Edited March 24, 2016 by Marisawright Quote Link to comment Share on other sites More sharing options...
Parley Posted March 24, 2016 Share Posted March 24, 2016 My main next egg is locked away in superannuation. I would say I have a lot there over $500K but I can't get at it for years so it is no use to me now. Quote Link to comment Share on other sites More sharing options...
Guest Posted March 24, 2016 Share Posted March 24, 2016 That is the plan, though my wife will be sworn in as a Freeman / Freewoman of the city of Leicester - the keys to the city - next year and one of the perks is a rent free house on retirement if we want it, but still want my own place. We also may not want to work in the South East for ever - my heart is in the midlands or North Yorks I'd love to know the story behind this Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted March 25, 2016 Share Posted March 25, 2016 Very important. Cash is king. Debt is servitude. Have none of the latter and enough I suppose of the former. Quote Link to comment Share on other sites More sharing options...
paisleylass Posted March 25, 2016 Share Posted March 25, 2016 Our strategy is to avoid wasting money on interest and things like LMI wherever possible. For now we earn interest (but pay tax on it, boo!), in future when we have a mortgage, we earn no interest but save on paying a higher interest rate, and no tax to pay. Sweet. Just gotta find a low-fee offset mortgage! Quote Link to comment Share on other sites More sharing options...
HappyHeart Posted March 25, 2016 Author Share Posted March 25, 2016 I need to look at our mortgage. Sure we could be saving money. Savings account too....must get more financially literate Quote Link to comment Share on other sites More sharing options...
paisleylass Posted March 25, 2016 Share Posted March 25, 2016 Am looking at the ING bank account and mortgages. They have an offset account that is low fee and interest rates good. Even get cash back on paypass, cash out and mortgage payments. Verrry interesting! Quote Link to comment Share on other sites More sharing options...
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