FabSwingers.com forum: Savings

By *iker Jack OP Man
26 weeks ago

Wolverhampton

After sitting down with a financial person and trying to sort my pension he also said that you should have 4-6 months net earnings in savings.

He justified this by saying if you lost your job and by the time you had hopefully found a new one and been paid it could take that long.

For some saving money is not possible due to wages and cost of living etc.

My parents always used to say “put a bit away for a rainy day”, so it is not a new thing to consider.

Do you save any money or are able to and does it worry you if something did happen whether to your personal financial health or physical health that means you couldn’t work?

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By *ranny-CrumpetWoman
26 weeks ago

The Town by The Cross

I've always saved but probably not for the right reasons.....

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By *ranny-CrumpetWoman
26 weeks ago

The Town by The Cross

Actually ....

I don't think I 'save' I just don't 'spend'

Consuming material goods doesn't do anything for me.

I have all 'the' essentials and some non essentials and the rest ..... I don't need.

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By *obilebottomMan
26 weeks ago

All over

Oh, the constant battle between save and spend. One wins over the other everytime. If you manage to have more save wins than spend ones, then you can have that bit of safety you are talking about. However, so many people can hardly afford essentials and struggle and my thoughts are with them. Not everyone is fortunate enough to be able to save.

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By *idsAndyMan
26 weeks ago

Worcestershire

Everyone can save, it doesn't have to be fortunes, as GC says it's more a case of not spending.

If you want some book recommendations just ask.

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By *929Man
26 weeks ago

bedlington

Yes I could never relax unless had money to fall back on (work for myself so don’t have the security that comes with being an employee) as I tend to worry about these things if not my dad drummed it into me about saving and not having any debt

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By *rHotNottsMan
26 weeks ago

Dubai & Nottingham

I’ve always followed the principle of living on 80% of what I get. Save / invest 10% or 20% if you prefer not to give. This works for both tiny incomes and huge incomes/bonuses

It’s always worked for me, having kids,being a student, being poor, being wealthy, it’s ne we failed.

I’ve been able to take a year off work for projects in the past and currently havent worked for a few months.

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By *luehairedcumslutCouple
26 weeks ago

St Neots

A couple years ago my health meant I had to stop working for some time and I had no significant savings and it's been a real struggle since. Never thought I would have to worry about health in that way being relatively young so going forward I would always plan for the unforseen

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By (user no longer on site)
26 weeks ago

I like to live life on the edge.

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By *ellhungvweMan
26 weeks ago

Cheltenham

"I’ve always followed the principle of living on 80% of what I get. Save / invest 10% or 20% if you prefer not to give. This works for both tiny incomes and huge incomes/bonuses

It’s always worked for me, having kids,being a student, being poor, being wealthy, it’s ne we failed.

I’ve been able to take a year off work for projects in the past and currently havent worked for a few months. "

I am pretty much with this. I know from personal experience that there is a level of income where you literally cannot save but once you are beyond that then it does become a choice. The old adage that your lifestyle fits your salary is very true and living within your means once you do have money is key.

It does help if you are like Granny and just don’t spend on crap you don’t really need. I am with her, my spending is pretty low and shutting down things like Prime etc made a huge difference to impulse purchases.

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By *rHotNottsMan
26 weeks ago

Dubai & Nottingham

"I’ve always followed the principle of living on 80% of what I get. Save / invest 10% or 20% if you prefer not to give. This works for both tiny incomes and huge incomes/bonuses

It’s always worked for me, having kids,being a student, being poor, being wealthy, it’s ne we failed.

I’ve been able to take a year off work for projects in the past and currently havent worked for a few months.

You are right , on very very low incomes it can’t be hard to live on 80% and I would never prioritise investing over paying off debt.

In my twenties I saw so many of my friends salaries increase significantly and so did the type of car, house, restaurants, clothes, holidays and level of debt increase to match. This is so common. In my case student debts were paid off and I started saving for the kids uni the moment they were born so there wasn’t the extra cash available to waste on stuff

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By *lipy123TV/TS
26 weeks ago

Birmingham

Save what you can afford to save because one day shit will hit the fan ( and it will) and you will need it. Makes a big difference having a safety net then sitting there knowing your up the creak without a paddle

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By *og-ManMan
26 weeks ago

somewhere

Always managed to not spend all my earnings and have money over every month

Pension sorted

No mortgage left to pay

Think I got it from my dad who was the only worker in the house of 6 of us

Trying to teach my kids is the hard bit

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By *uri00620Woman
26 weeks ago

Croydon

I'm well below average wage and on UC but I save. I just don't buy crap. I have too much stuff as it is!

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By *ohn.Wick.Man
26 weeks ago

The Continental

I’ll be up shit creek.

We have zero option to save here. Income barely covers monthly outgoings and living costs. Saving will only happen once my mortgage is paid off in a few years time.

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By *obilebottomMan
26 weeks ago

All over

"I’ll be up shit creek.

We have zero option to save here. Income barely covers monthly outgoings and living costs. Saving will only happen once my mortgage is paid off in a few years time. "

For some people is a real struggle to put food on the table. Everybody knows that 'saving for a rainy day' is a good thing and common sense. Sadly not everyone can do and I rather not pontificate otherwise.

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By *icecouple561Couple
Forum Mod
26 weeks ago

East Sussex

Having savings is great. We have lived through times where we genuinely haven't had enough money to meet our basic outgoings and have gone in to fairly serious debt due to it. The idea that everyone should save is a noble one but not realistic for some.

We now have some savings and feel much more financially secure because of it.

So save *if you can*.

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By *obilebottomMan
26 weeks ago

All over

"Having savings is great. We have lived through times where we genuinely haven't had enough money to meet our basic outgoings and have gone in to fairly serious debt due to it. The idea that everyone should save is a noble one but not realistic for some.

We now have some savings and feel much more financially secure because of it.

So save *if you can*. "

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By *icecouple561Couple
Forum Mod
26 weeks ago

East Sussex

We now have some savings and feel much more financially secure because of it.

So save *if you can*.

As Mr Micawber said

"Annual income, 20 pounds. Annual expenditure, 19 pounds. Result? Happiness"

Wouldn't it be lovely if everyone could live like that

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By *rimson_RoseWoman
26 weeks ago

Tamworth

I was always encouraged to save as a kid and it’s a habit I’ve retained.

Never having sat down with anyone who knows about these things, I’m always slightly anxious about my pension amount when I’m of an age so I like to think of it as top up for then if I needed it.

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By (user no longer on site)
26 weeks ago

I am lucky to be able to save around 1/3 of my salary. I'll pay off my mortgage in October.

Financial stability is hugely important to me and I'm a saver, not a spender. I sometimes wish i was the opposite though - live +enjoy your money whilst you are young

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By *elloWoman
26 weeks ago

alpha centauri

I always have next month's bills and rent money, and like to have enough in cash for a night in a cheap hotel.

If something happens and I lose my home suddenly then I know I have somewhere for me and the kids to go for the night and that gives me time to sit and calmly work out my next move.

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By *ightkitty4uWoman
26 weeks ago

Epsom

It’s a double edge sword, my dad left my mum some money when he passed. Not a massive amount.

Mum is in now need of a bit of care/help. As she has over 23k, she’s having to pay for home care. Yet if she had under 23k it would all be provided by the state.

I do put a bit away each month, and have a help to save which I opened during Covid when I was unemployed and eligible.

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