Savings thread #ssp

I’m definitely a saver as I always have itchy feet and like to know that if I ever wanted/needed a career break or whatever I probably could (for a bit)

I don’t earn loads of money though but don’t spend a massive amount either

Basically, spent a lot of my life with not enough of a salary to save very much or in some years anything at all. Had problems with cc debt too which i had to take out a loan to repay and etc.

Then got a massive lucky break in moving to a much better paid job almost by accident.

This allowed savings, paying off of things, and being able to cover both my partner (who was building her business but therefore earning almost nothing) on all our outgoings.

She’s then built the business to the point where she’s about to earn more than me. And because neither of us have or want kids, and both of us are healthy, we’re quite often using free time to pursue additional work.

And basically the deck is stacked very much in our favour. Without childcare, and having gotten a good deal on a mortgage that’s relatively very low compared to earnings, savings have ramped and ramped.

This is helpful not least because in the next 5/10 years we’re going to have to step in to cover a lot of costs for family members who can’t afford it, but even then should still be able to save on top of that.

It’s fucking nuts how getting lucky once can immediately create unnaturally unfair further fortune basically

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This is roughly the amount I managed to save over the first decade of my adult life to become my first flat deposit. Just goes to show how times change as I suspect that won’t do you much good buying a flat in Stoke Newington these days.

You could get a nice shed

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Paying off a mortgage changes the game completely

That we won’t do for a great many years. Blows my mind how easy that makes life

Yeah we threw every spare penny at it to get it gone. As you said certain life opportunities and choices make that easier or harder.

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to show you just how bad my savings are, here is the ‘pot’ on monzo i set up to buy a lego bugatti using the ‘round up’ method and have subsequently raided constantly cos i was so short of cash

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My pal was explaining monzo pots to me the other day. Sounds ace tbf

it has been a genuine life saver tbf cos i constantly forget about it and then find £40 when i’m desperate, but sadly i still don’t have a lego bugatti

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Yeah pots are good until interest rates go up a bit. Interest rates on Monzo savings accounts are rubbish but they all are.

Take it you have a normal Bugatti mind

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I’m living in all the money I’ve ever saved.

went for the highest, but am waiting to buy a house

yeah course

image

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The only sensible financial decision I’ve ever really made was to work in the public sector from the start of my career, so I started paying into a local government pension scheme immediately and am now at the stage where I’m adding a decent amount to my pension every year. Just means I can never leave!

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Think savings or not the massive privileged position is being on the property ladder. Like if the shit really hit the fan for us we could sell up and release enough money to tick us over for well over a year, and far more than we’ve ever paid into it, for less monthly cost than our rent was. It’s pretty fucked really

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I find the Plum app really good. There are a few different tools on there where you can put a bit away without noticing.

I’d advise against using their algorithm which decides what it thinks you can afford, and instead using stuff like the payday setting to save a modest amount just after you get paid, and the debit card roundups, etc.

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I’ve recently opened a current & savings account with Chase. You need the current account to have the savings account, and the latter pays 1.5% AER. With the current account you get 1% cashback on most debit card purchases for 12 months, and if you turn on round-up those get added to a pot that earns 5% AER.

I used to get my savings to about 2-3k, but eventually I would have a nervous breakdown, lose my job, and have to spend it getting by before my next job.

Having a steady job and relatively stable-ish mental health saw me get it back up to £3k, but that was also because of me being lucky enough to be able to live with my parents and have lower outgoings. If I didn’t have that safety net it would have been impossible. Then I got inheritance from my uncle, which has put me in the highest bracket on here. One day it will go to putting money down on my own place, but I want to get more acquainted with the area I’m in before striking out on my own. I feel like a total class traitor lmao

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