Millions have saving of less than £100
Discussion
Maxf said:
BoRED S2upid said:
Hit the nail on the head right there. It's all about keeping up with your peers. Everyone has a new car, bigger house, BTL, flash holidays, big TV, iPhone 7s+ etc... living within your means and saving to buy things is old fashioned as is having savings or so it seems.
Surely having a BTL is investing your savings and hopefully providing you with a better return than the bank? I dont have loads of cash savings, but have investments which I could liquidate fairly easily.This seems very relevant to this thread
Wealth of people in their 30s has 'halved in a decade'
http://www.bbc.co.uk/news/business-37508968
I read somewhere that a majority of millennial's believe they will never be able to retire.
Wealth of people in their 30s has 'halved in a decade'
http://www.bbc.co.uk/news/business-37508968
I read somewhere that a majority of millennial's believe they will never be able to retire.
Kermit power said:
How does anyone who works manage to have no savings these days?
MAS "For some on low incomes, saving is a real challenge as they may simply lack the income needed to save at all."Quite possibly because they may simply lack the gumption to live within their means, not at the limit of them.
What chances those 16 million living on the edge lack a very decent smartphone, don't have a large telly, never buy and wear bling, but do maintain fags and booze habits, buy expensive
If it's the person's choice to live on the limit and the limit walks through their door one day, it's OK because others will pick up the tab. Another reason why the edge isn't a scary place for many edgers.
Those who choose to step away from the edge aren't entering pissing contents, it's a matter of different margins for different income levels and different essential outgoings for different folks.
PorkInsider said:
The middle ground is where it's at.
As with many things, the middle ground is possibly the worst option. If you lose your job or your circumstances deteriorate then being loaded is obviously the best option, but being dirt poor works as well because the state will provide assistance. The worst position to be in is having a bit of equity, a large mortgage, and some savings, because then the state deems you to be asset rich and you're on your own, until you're dirt poor and then they'll help. PorkInsider said:
Yep. Completely agree.
I'm at the other end of that scale in that I have to force myself to buy things I really like and can afford. I suppose I get more comfort from having money saved than I feel I would from spending it. Don't get me wrong, I have a comfortable lifestyle and nice 'things' though.
I'd just much rather be sat cursing myself for not buying things I probably should, than laying awake at night worrying about money.
I really am staggered to read that 'millions' don't have even £100 saved, though. I genuinely didn't realise that was so common. When places like coffee shops are rammed to the gunnels with punters desperate to part with £3+ for a drink each day, I suppose it gives the impression that money isn't so tight in the UK in general.
Although, I'm even more staggered at some of the stories in this thread though, where relatively wealthy people have, in reality, not got a pot to piss in. Scary stuff.
Similar to me. I have savings that equate to 4 months of my salary. I have a fiancee who is at home looking after our two year old. She hasn't gone back to work since giving birth. This is how we want it to be, as long as it is affordable.I'm at the other end of that scale in that I have to force myself to buy things I really like and can afford. I suppose I get more comfort from having money saved than I feel I would from spending it. Don't get me wrong, I have a comfortable lifestyle and nice 'things' though.
I'd just much rather be sat cursing myself for not buying things I probably should, than laying awake at night worrying about money.
I really am staggered to read that 'millions' don't have even £100 saved, though. I genuinely didn't realise that was so common. When places like coffee shops are rammed to the gunnels with punters desperate to part with £3+ for a drink each day, I suppose it gives the impression that money isn't so tight in the UK in general.
Although, I'm even more staggered at some of the stories in this thread though, where relatively wealthy people have, in reality, not got a pot to piss in. Scary stuff.
I am not into gadgets (despite working in IT) and don't feel I need the lastest, shiny item. I don't really spend a lot on things. As neither of us are materialistic, we don't need to do this to enjoy ourselves. We would much rather take our daughter to the park etc.
Last month, I went a bit mad with my money. I bought loads of tools and bits for a bicycle I'm working on. I also invested in a not too cheap indoor trainer for the bike. Before I got paid the other day, I was down to £36 left in the bank.
Felt really odd as I never usually end up with so little. I'm well aware others are not as fortunate as me. I've also been down to a few hundred quid to my name too. It isn't nice and I don't want to be there again. That's why I am the way I am with money and I have my safety net.
danny0001uk1 said:
I'm 30 year old living with mum and dad cause I can't afford a house on my wage 22k a year.
I'm also never out my overdraft even on payday! Have no savings or debt apart from od.
Im also single and have no plans and don't know what to do to change anything.
I just feel like I'm existing day to day, week to week, year to year if went back to this day 5 years ago everything would be the same job/money/accommodation etc.
Meanwhile my social circle which I've had since primary school all earn 40k plus with houses and long term relationships.
You should sit down and work out what you are spending each month and where you can cut back, you would be surprised at the savings you can find.I'm also never out my overdraft even on payday! Have no savings or debt apart from od.
Im also single and have no plans and don't know what to do to change anything.
I just feel like I'm existing day to day, week to week, year to year if went back to this day 5 years ago everything would be the same job/money/accommodation etc.
Meanwhile my social circle which I've had since primary school all earn 40k plus with houses and long term relationships.
Edited by danny0001uk1 on Friday 30th September 07:30
Edited by danny0001uk1 on Friday 30th September 07:33
Its what I did when I lived with my parents in order to be able to save to move out, if that's what you want.
Don't think like that, my cousin has just managed to move out, after working hard and planning / saving his spends for two / three years and he earns less than £22k.
Trexthedinosaur said:
You should sit down and work out what you are spending each month and where you can cut back, you would be surprised at the savings you can find.
Its what I did when I lived with my parents in order to be able to save to move out, if that's what you want.
Don't think like that, my cousin has just managed to move out, after working hard and planning / saving his spends for two / three years and he earns less than £22k.
One of my younger brothers still lives at home with mum and dad, rent free. He is 35, earns a good salary (he is a highly qualified community mental health nurse), yet still has no money at the end of the month and debt issues.Its what I did when I lived with my parents in order to be able to save to move out, if that's what you want.
Don't think like that, my cousin has just managed to move out, after working hard and planning / saving his spends for two / three years and he earns less than £22k.
He keeps saying he wants to get out, but doesn't seem to understand that to do this he needs to save some money. He could do this so easily, but would rather pee it up the wall over the weekend or keep going on holiday. Hey, it's a nice life to lead, but mum and dad aren't going to be there forever and he won't get out until he changes his ways.
His most recent idea was to get a council flat. When I queried how he would run this as he is absolutely shocking with money, he said he would change when he moved out. The change needs to come before he moves though.
danny0001uk1 said:
I'm 30 year old living with mum and dad cause I can't afford a house on my wage 22k a year.
I'm also never out my overdraft even on payday! Have no savings or debt apart from od.
Im also single and have no plans and don't know what to do to change anything.
I just feel like I'm existing day to day, week to week, year to year if went back to this day 5 years ago everything would be the same job/money/accommodation etc.
Meanwhile my social circle which I've had since primary school all earn 40k plus with houses and long term relationships.
You need to change some things but it's not that bleak. First thing to do is get on spare room and find a shared house with people similar to your age and who you have a good vibe with. You'll feel a lot better straight away. I'm also never out my overdraft even on payday! Have no savings or debt apart from od.
Im also single and have no plans and don't know what to do to change anything.
I just feel like I'm existing day to day, week to week, year to year if went back to this day 5 years ago everything would be the same job/money/accommodation etc.
Meanwhile my social circle which I've had since primary school all earn 40k plus with houses and long term relationships.
Then as said above, really scrutinise your outgoings and look to save on things.
And of course in the meantime, look at either a new job or training/education to improve prospects.
Chin up, i'm not in a too dissimilar situation
z4RRSchris said:
i am lucky to earn 6 figs, i have zero savings (29, rented house, no kids) - find life much better when you just spunk it.
Slightly different to you as I was married with a mortgage and young kids but I earned a lot though the 90's and mostly spent it as I got it because I never thought it would last, so I didn't want to take on things like a massive mortgage etc.We went on "once in a lifetime" holidays every year, wife (who didn't work while the kids were small) had a new car etc etc. It was all stuff I could stop quickly if the big money went away.
Sheepshanks said:
It was all stuff I could stop quickly if the big money went away.
Yup. We spend most of our money on holidays (this year will total maybe 7 weeks abroad) and don't have huge savings, but more than £100 
It's not "keeping up with the neighbours", our kids are at great ages for exploring the world and we figure we've only got 4-5 more years left before they aren't bothered and are off to Magaluf with their mates.
If it all goes wrong money wise we're not committed to anything and will go back to Skegness next year.
WestyCarl said:
Sheepshanks said:
It was all stuff I could stop quickly if the big money went away.
Yup. We spend most of our money on holidays (this year will total maybe 7 weeks abroad) and don't have huge savings, but more than £100 It's not "keeping up with the neighbours", our kids are at great ages for exploring the world and we figure we've only got 4-5 more years left before they aren't bothered and are off to Magaluf with their mates.
If it all goes wrong money wise we're not committed to anything and will go back to Skegness next year.
VeeDubBigBird said:
The article appears to be a scare tactic to get people to open a savings account, as the final tone of the article sounds more like marketing than research.
Did their research only involve saving accounts or were standard bank accounts included?
I don't think they worried too much when undertaking the research how many millions of people did they ask? Or was it a case of asking 1,000 who called and multiply to get a figure for the country? Did their research only involve saving accounts or were standard bank accounts included?
55palfers said:
But if they all have no debt, they are a lot richer than someone with a £40,000 debt.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff