How old were you when you started saving for the future?
How old were you when you started saving for the future?
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Discussion

KenBlocksPants

Original Poster:

6,990 posts

200 months

Tuesday 15th March 2011
quotequote all
Just out of interest really... how old were you when you started tucking something for your old age?

not talking a raining day fun that ends up blown on a nice motor wink

Pension, savings investments?

I guess im asking because im now 29, and only just in a position where im earning enough to do it. So looking at pension schemes etc..


ringram

14,701 posts

264 months

Tuesday 15th March 2011
quotequote all
I started in my teens on a part time postmans wage while flatting.
Sure the sums were minuscule, but at least it gets you into the habit. Now I don't bother because Aunty will give me £140/week for nought.

Legend83

10,322 posts

238 months

Tuesday 15th March 2011
quotequote all
As soon as I could open an ISA really.

My dear old Grandad drummed it into me that "a fool and his money are soon parted".

From then on I have always ensured at least 15% of what I earn each month goes to savings / ISAs / investments / mortgage overpayments etc.

Unfortunately, it is likely to be blown on a house extension in the near future....

groan

3,254 posts

195 months

Tuesday 15th March 2011
quotequote all
Never thought there was much point as one really can't tell if there'll be a future beyond the next few seconds.

The thought of saving up and dying etc before this 'future' arrives enrages me.

ringram

14,701 posts

264 months

Tuesday 15th March 2011
quotequote all
Yeah I dont see the downside of dying in debt as long as you have the cashflow to service it without any stress.
The key is to time it right so that as you crest the pinnacle of life (whenever that is) you start leveraging yourself up and while keeping up with repayments use all the leverage to the max and finally die in your sleep at x age with sufficient cashflow to meet repayments.
Perhaps some lifestyle business or some such would be of use as said cash generator.

GingerWizard

4,721 posts

214 months

Tuesday 15th March 2011
quotequote all
I imagine i will be 29 before i start doing that seriously. Just recovering from getting married buying a house, furnishing it, cars etc etc etc. I have a civil service pension that is 6 years old now, but a very empty looking savings account.

HBFS

803 posts

207 months

Tuesday 15th March 2011
quotequote all
I'm 21 and have only just started really, though a lot of it is investing for the future.

Saving just seems boring and fairly unproductive, I just opened a savings account, 3.45% over a one year fixed interest bond. Will that even keep up with inflation?!

Still I'm doing it just in case my investments go up st creek!

berry100

991 posts

226 months

Tuesday 15th March 2011
quotequote all
Never....apart from some lucrative share scheme at work....

Would rather die in debt having enjoyed meself than leave a load of savings meaning I hadn't made the most of life!!!

Got the insurance policies in the background though to keep the family comfortable....

AndyAudi

3,518 posts

238 months

Tuesday 15th March 2011
quotequote all
18 years old
Private pension with Equitable life

I still have the initial projections they used 7%/9%/11% if I remember correctly (may have been 9%/11%/13%).

I was amazed that £30 a month from my pocket could turn into a pension pot of over £1 million pounds!

I'm a little older & wiser now.

Brink

1,505 posts

224 months

Tuesday 15th March 2011
quotequote all
What future?

robsti

12,241 posts

222 months

Tuesday 15th March 2011
quotequote all
groan said:
Never thought there was much point as one really can't tell if there'll be a future beyond the next few seconds.

The thought of saving up and dying etc before this 'future' arrives enrages me.
Your first sentence sounds like rangers fc! wink

I Love Lamp

2,664 posts

191 months

Tuesday 15th March 2011
quotequote all
35% of what I earn is saving
35% goes on bills
30% is enjoying my life.

My savings are split between petty savings (funding things such as household goods), holiday savings, car savings (this covers depreciation, insurance, tax, general running costs) and a house deposit fund.

I started saving seriously 6 months ago, I'm 23. The 6 months prior to that, were the best 6 months of my life. I guess 5% of my salary has been going into my pension for the last 5 years, but that's pretty pointless these days.

Edited by I Love Lamp on Tuesday 15th March 20:58

kieranjholland

3,572 posts

186 months

Tuesday 15th March 2011
quotequote all
25 onward - started my pension (10%)
25 & 26 - stock in a growing online retailer (50%)
27 onward - started savings (10%)... although savings are for a new car 530/5d or 335d

so really, just my pension.

26 onward - I see my mortgage as a saving too as I'm pushing money into an asset (30%)... I have no plans on selling it and will rent it out when I move.

K

Welshbeef

49,633 posts

214 months

Tuesday 15th March 2011
quotequote all
Got into my first comp pension on the day of turning 18yo. Yes it was casual store assistant shelf stacking but I paid in 3% they paid in 7%. Ever since I've had a pension and always the max what a company offers OR my own private pension.

Bought my first house at 20 - very soon after Uni. Then bought quite a few houses in a very short period of time - luckily long long ago tp the point where even at the house price crash recently I'd still made a very handsome margin on everyone.

18 yo also started tessa and PEPs which then turned into IsA's
also paid into premium bonds although pitiful returns it's tax free
then it was SAYE a very nice earner so I always maxes put at £250pcm made a decent return.

Then unit trusts
then endowment policy - still have

so lots and lots and you keep accumulating. Every pay rise goes into more investment be it overpayment of mortgage or another. Every bill I can reduce that saving goes into general savings.

Allows me to have 4 overseas holidays a year and be totally debt free at a younger age plus I want a decentish retirement if I die before it goes to the wife I want to enjoy it but if not others are provided for.

Have fun yes but save

snorkel sucker

2,695 posts

219 months

Wednesday 16th March 2011
quotequote all
Its always nice to have something saved up "just in case" but the reality is that its not always possible to save much, or anything at all.

After buying my first house two years ago, its been a real struggle since however one of my new year resolutions was to get my finances in order in 2011. Ive now got a regular savings account on the go, and have recently paid off my student loan and another couple of household bills have decreased. Ive put all this "extra" into a savings account each month.

Im in my late 20s and would say in the last 12-24 months ive started to seriously think about what will happen when i retire.

Id say finding a comfortable ratio of savings:spending is key, but not forgetting that you could pop your clogs anytime. Life is a long 'ol journey and if you cant spend money doing things which make you smile, then it dont matter how much money you've got in the bank!

mickymellon1

371 posts

181 months

Wednesday 16th March 2011
quotequote all
nothing saved until I was 29, now its overpayments on the mortgage, a chunk in shares, the 2nd year of a personal pension and looking to keep my current flat as an investment when I move or being mortgage free in about 3 years.

It comes more of not wanting to worry about money, being able to help family out and that I HATE having debt hanging over me ...but an Aston Martin V8V wouldnt go amiss smile

Beardy10

24,537 posts

191 months

Wednesday 16th March 2011
quotequote all
AndyAudi said:
18 years old
Private pension with Equitable life

I still have the initial projections they used 7%/9%/11% if I remember correctly (may have been 9%/11%/13%).

I was amazed that £30 a month from my pocket could turn into a pension pot of over £1 million pounds!

I'm a little older & wiser now.
It's outrageous what they got away with.....7% as base case ? Righto!

5potTurbo

13,380 posts

184 months

Thursday 17th March 2011
quotequote all
AndyAudi said:
18 years old
Private pension with Equitable life

I still have the initial projections they used 7%/9%/11% if I remember correctly (may have been 9%/11%/13%).

I was amazed that £30 a month from my pocket could turn into a pension pot of over £1 million pounds!

I'm a little older & wiser now.
My FIL was one of the lucky ones with E.L. He has an Annuity with them that they still have to pay him 15.7% on!


I started my private pensions aged 20
My eldest brother's lived in the U.S for 25 years, now 47, and only has the U.S state pension to rely on when he retires. He's too busy saving ~$200K to send his son to Uni. I do hope my nephew gets a scholarship so my brother can kickstart his pension instead!

Aydogflipper

436 posts

182 months

Thursday 17th March 2011
quotequote all
I started saving from my first job when i was 14 which went towards my first car.

Pay a shares contribution of £50 a month on a buy 1 get 1 free basis since i was 19. Also just started my pension i pay in 4%, work pays 6%.

Savings are pretty much gone as i bought a house July last year and have been doing it up plus got a holiday this year to save for some spends.

Will look into saving properly when im 25 as thats when i shall be sorted out with the house complete plus any other things got and out of the way.

markbs

362 posts

259 months

Thursday 17th March 2011
quotequote all
Never saved, but started investing for the future at 22. Kept investing to a point where I now find myself, 10 years on, with a £1.5K mx5, and 7 houses. Can't bring myself to sell any as I'm anticipating further growth over the long term, ready for my future (whenever that is)