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Do you save money regularly and what for?

(26 Posts)
littlegreengloworm Sat 03-May-14 20:37:06

I have been really good at saving recently (social life is non existent) and its a comfort to know there is money out aside incase of illness etc,

This is not a stealth boast as overall circumstances aren't great and i have been in poverty so that fear is there. I direct debit out a certain amount weekly and once it's not available I don't spend it. However, if I had a few quid in my purse, It goes ' Poooof '

Do you save for a particular thing eg car, holiday or do you save for later life? Do you direct debit it into a savings account of just do is as and when you can ? ( nosey )

grumblepuss Sat 03-May-14 20:56:15

We have a cushion for house repairs and we're currently saving for a holiday.
We direct debit and then retrieve out of it if we need to.

grumblepuss Sat 03-May-14 20:56:53

We have pensions too, but they're through work so don't count.

Ifpigscouldfly Sat 03-May-14 20:58:33

Yes. Ideally for a house but more realistically for when the shit hits the fan. Amount varies but right now it's quite a lot but used to be about £100.

ThatBloodyWoman Sat 03-May-14 21:00:28

No.We are pretty hand to mouth.

ClubName Sat 03-May-14 21:00:46

I have been a saver for 20+ years. to begin with it was to feel secure - to know that the car breaking down wasn't a disaster and later the comfort of having a few months salary put by in case i lost my job.

now, it is a very substantial sum and i have no idea what it's for. i should have some fun with it but the habit of not filtering money is a hard one to break

Euphemia Sat 03-May-14 21:02:54

Every month, for holidays/cars.

Lozzapops Sat 03-May-14 21:07:31

I have money go into an easy access savings account each month, which is specifically to pay off my car at the end of my "hire" period. I figured out when I took out the lease that I would need to save that particular amount each month in order to buy it outright at the end of my 3 year contract.

Before going on maternity leave, I used to put 150 each month into savings, I blew a whole load of that on our honeymoon (that was what it was planned to be used for at the time). What is left, and anything I can add to it, is to be used for "emergencies". My car needs some work doing to it, so the money for that will come from that account.

I would like to save more, but not possible at the moment. My husband and I (after paying for mortgage, bills, household stuff, etc) keep our money separate. He earns more than me, and puts a lot more into savings, which are for us as a family, rather than just for him.

Oh, we also put a small amount into an account each month for the baby when she is older, along with the child benefit payments.

littlegreengloworm Sat 03-May-14 21:09:39

I won't be able to save very much as childminding fees kick in. It doesn't take much to eat up the savings either. Car breakdown or fridge etc.. Poooof

TeacupDrama Sat 03-May-14 21:13:34

savings 3 types

1. as self employed need to put money aside for tax and NI this is deducted immediately i'm paid before bills or anything
2. for rainy day/ repairs /holidays /presents have about 7-8 months living expenses readily available not really adding to this at present
3. long term savings added to on good months as self employed income very variable got depleted as took extra year out after having Dd before returning to work DH's pension si rubbish so will be required when he retires
4, have NHS pension

myron Sat 03-May-14 21:16:02

We save monthly for our children's future - specifically for their education - future school fees, uni fees, etc.

Our own savings hit an hiatus in the past 2 years due to us writing huge cheques to the builders renovating/extending our house and paying off other house purchases bought with a 0% credit card. We have recently come to the end of our self imposed frugal period so can start rebuilding our pot of savings for emergencies, holidays, new car, etc.

We had some friends over to stay with a similar household income to us. They have been paying down their mortgage for the past 7 yrs and have paid off 110K out of a 150K mortgage!O.K - we have undertaken a grand design of our house but I am definitely envious of their £200 pcm mortgage - ours is £1500 pcm! Needless to say, they have a lot more monthly disposable income than us by a long way. We need to try to emulate them albeit on a smaller scale.

HermioneWeasley Sat 03-May-14 21:23:49

Like others have said, I've been a saver for years so have several types

- cushion for emergency repairs or unexpected costs/bills
- monthly amount set aside for annual things like car insurance, Xmas etc
- monthly amount towards holidays
- all the rest goes into pension/ long term investments either regularly or in lump sums.

I worry we're still not saving enough for old age, but know we are luckier than many.

theywillgrowup Sat 03-May-14 21:26:39

i save £15 a week for the kids for christmas

i have some savings to fall back on,but have no life insurance,no pension,no college fund for the kids

so reading this pretty crap,but i refuse to worry about it

there has been similar threads before and will make you feel very poor shock but fascinating also

purplemurple1 Sat 03-May-14 21:28:05

Paying sown my mortgage mostly, but also save what is left at the end of the month and save monthly for ds.
We are not saving for anything in particular but have se backburner house improvements to so over the next 5 or so yrs so that will be about part of it. Also we are both self employed so need a cushion!

PossumPoo Sat 03-May-14 21:46:03

Not a particular thing but save every month. Even on mat leave had to put aside a few pounds each month. DH is a spender though so we balance each other out.

splendide Sat 03-May-14 21:51:36

I've been saving £1000 a month for about a year. About to blow it all on a year's maternity leave. My mortgage is only £400 a month (interest only) which is how that is possible. Once I'm back at work I'll switch to repayment mortgage.

SpocksThirdEar Sat 03-May-14 21:52:09

Yes. We are saving for a car. Hopefully we are getting a car tomorrow! We haven't had one for 3 years.

We will still have some money left after we buy the car, and will carry on saving. I tend to use the savings during school holidays for days out etc, we don't go away. Also use it for school shoes as with 5 kids it gets very expensive! We will gradually do up the house too.

I also got a tax refund last year and put it in an ISA, so that's sitting there. Mainly because I'm paranoid they'll want it back!

mouse26 Sat 03-May-14 21:53:13

I put a minimum of 100 aside every payday (4 weekly) - at one point we had a substantial (for us anyway) amount put aside but then the washing machine, oven and car needed replacing in a 2 month period sad that is what our savings are for though, maybe when the DC are older we'll be able to use it for frivolous things like holidays and nice cars smile

Alicebannedit Sat 03-May-14 21:58:00

I have what I call my running away fund, which gets a set amount added each month. I think I originally set it up to enable the occasional guilt free holiday where I didn't have to worry I was dipping into funds that should have been spent on something more useful or practical - this attitude stemmed from the days when cash was extremely tight and every penny put to good use.

I also once worked out that for each stage in life most people could look to have two out of the following three assets: spare time, spare money, or spare energy, but probably not all three at the same time. It seems that now I'm older, it's the spare energy that's lacking, and 'therefore forebye and besides'* also the holidays grin
* Jane Duncan quote from the My Friend series for those who remember.

Alicebannedit Sat 03-May-14 22:02:42

'therefore forebye and besides' also the holidays misquote - should have swapped the therefore with the also. My age is showing.

Doshusallie Sat 03-May-14 22:07:32

I have quite a few online savings accounts that I have direct debits going into the day I get paid every month.

They are called:

Holiday
Car
Childminder
Boys' savings
New York

HolidayArmadillo Sat 03-May-14 22:08:51

We're saving now for a house deposit, trying to save between 500-750 per month, all other savings are on hold for the next 18 months.

foxdongle Sat 03-May-14 23:24:48

we save every month-(practically all of my wages and one third of dhs).
mostly direct debits at beginning of the month.
account 1 - holidays
acc 2 - car/house
acc 3- Christmas/birthdays/misc
4/5/6 - future/retirement/paying down mortgage

dcs have their own accounts too.

In my early twenties I had a moment when my car was beyond repair and I had to borrow off my mum and dad to get another one for travel to work. It was a light bulb moment for me to grow up and sort out my finances.
(and later on I was able to pay them back-the full amount)

murmuration Sun 04-May-14 00:00:59

Well, right now we're spending on the home improvements we've saved up for. Once that's done, we'll go back to saving. Previously it had been saving for buying a house, and then for the home improvements. I guess now it will be for general safety-net (e.g., house/car repairs) and DD's future. Maybe for another mat leave for me -- last one was when we had little in reserve and I could only take off 4 months. I'd love so spend longer at home if we have another.

hiddenhome Sun 04-May-14 00:07:29

Per week:

£20 Christmas and birthdays
£20 For the six weeks holidays - trips out etc.
£20 For a car when mine dies
£20 Emergency money
£20 Petty cash buffer
£20 To pay the credit card bill
£40 Towards gas, electric and water bills

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