saving passé?

Strange how 'money saving' has suddenly dropped out of fashion - no posts on here for ages. Does that mean we're all rich again and can go back to the "Spend Spend Spend" years? Are our pockets stuffed with tenners? Can I switch the heating back on? Hoorah!

Re: saving passé?

Hi Pete saving hasn't dropped out of fashion with me .
What little I have in the way of savings I worked very hard to get.

I went without many things to have my small savings in the first place so I spend it with care still saving when I can.

Re: saving passé?

I review my savings regularly and move money around to get the best rates until I'm almost dizzy!

Re: saving passé?

I was thinking more of the money saving tips - as a country, we seem to have drifted back into the bad habit of spending borrowed money with no thought for the future, encouraged by rip-off loans and dodgy monthly payment plans - e.g. buying new cars etc. All this mounting debt can only lead to another crash - or am I just being pessimistic and everything is going to be just fine?

Re: saving passé?

NOt out of fashion for me either. I have put away at LEAST 10% of my pay for 40 years. Amazing how it adds up.. I will continue until I retire next year.. then I'll start taking it out.. It's called Planning.

Re: saving passé?

Or inheritance.

Re: saving passé?

I set myself a goal and aimed to pay off my mortgage when I was 50 and on that day I did it!

Re: saving passé?

I don't want to save at all, what do I need? I am retired, I have super and a pension. The problem is that i can't spend enough either so I accumulate money.

Holidays aren't the solution either because when I get back all that I spent has reappeared in my account while I was away.

It is not that I am rich it is just that I need for nothing and there is only so much I can eat and buy.

Re: saving passé?

For who?


The plan outlined for me was you need to have enough in savings to allow a 4-5% withdrawal every year and still keep your principle growing to allow for inflation. Usually you strive to position it at an 8% return. That way you will never outlive your money.. and of course your heirs will enjoy a nice tidy bit when you die.

So you figure out what you need to keep a lifestyle you enjoy. Add up your pensions... and in my case my Social Security.. and make up the difference with savings. Everyones savings number will differ depending on the variables.

Re: saving passé?

We have stopped saving now, just spend.