To think saving money without a clear goal seems pointless?

[ByTidyHazelQuoter]

Building up large amounts in cash savings without a clear purpose feels a bit odd to me. I understand having an emergency fund but beyond that I tend to think money should either be working towards something (a goal, investing, etc.) or being used to improve your life in some way.

AIBU to think saving without a clear purpose doesn’t make much sense?

I save money so that it’s there when I need or want it. I don’t have a goal at the time of saving but if, for example, my car dies then I can just buy a new one straight away.

My DB and DSiL have your mindset and have to plan holidays way in advance so they can start saving for it. I’m too impatient to do that and would rather just have the cash ready to book it whenever I want.

Why are there so many threads about saving lately? This one is just weird and definitely more pointless than saving money, for whatever purpose.

I mean surely its the ultimate goal. The luxury of choice and protection. Dealing with a major house issue. Paying for medical bills that otherwise would be unobtainable on the NHS (painful various veins Im looking at you!).
A surprise holiday. A concert that costs £125 which is mental but it's there, favourite band of your life. The ability to buy your mate, a special treat break after husband has died.

Being able to retire early and travel.
Being able to help your kids pay for ivf treatment or university or some of their childcare and so they can afford to have a longer maternity leave.

The choice to give to a really special charity. That is dear to you.
I would love to be in a position to save.

I save for:

Emergency living costs in case I lose my job
House maintenance and repairs
Car maintenance and repairs
Kids’ university/flat deposit
Holidays
Christmas
Retirement
Oh and health care too. Yes, I use the NHS and am very grateful for it, but I need a health fund for the extras (dentistry and mole scans are the two main things I pay for, but I’d also like to have the option to pay privately to see a specialist if a problem crops up and waiting lists are long).

I imagine most people have similar reasons for saving. Nothing odd about it. I would think it’s very odd for a person to not save money if they are in a position to do so.

What's wrong with having some back up funds? You never know when you might need them.

I think that spending without good reason is more stupid than saving without good reason.

I don’t have a mortgage or any debt whatsoever . I save because I want financial security for me and I don’t want my children saddled with university debt. I sleep so much better knowing I can afford anything I need and a lot of what I would like within reason. (Eg never had a new car but don’t particularly mind as I’ll rather have the money in the bank.)

I earn more than my outgoings, so I save the rest. I’m not going to just spend the excess aimlessly, that would be daft.

When I first started saving it was for emergencies. Once that built up, it was emergencies and holidays. Now that it’s all there and more , I don’t have a clear goal , but it’s for options … if I need to change jobs/lose my job, to buy DD a car (and driving lessons) when the time comes, help her out at uni, pay the mortgage early or use it to upsize of the opportunity arises , addition to my pension, whatever else might be needed/wanted.

I’d much rather have it there without a specific goal, and have those options available to me (us), than not having it.

How on earth can saving money be pointless?

YABVVVVU!

Yes, there have been a lot lately. Very odd. Like the granny helping with the grandkids threads, kept popping up on the boards earlier in the week/last week.

What about for a rainy day.

Surely having savings, for whatever reason is better than no savings at all. I don’t get your reasoning.

Future proofing. Retirement. Old age. Helping the DC when they leave home.
These aren't specific targets but very good reasons to save and invest as much as possible.
Are you suggesting people should just fritter money away? Continuous lifestyle inflation?

Wow

Well, DH became unemployed 3 weeks ago and I for one am very grateful for our pointless pot of money. Means we're good for a year if he doesn't find a new job without decimating all our savings/ using his payout or having to change our lifestyle massively.

I think a rainy day or emergencies or unemployment is a good reason.
what happens if your job makes you miserable but you can’t quit because you live hand to mouth? Your best friend decides to get married in Hawaii and you want to go? You get accidentally pregnant and need to find a maternity leave and nursery fees? Your car gets stolen and you can’t find the spare key so the insurance doesn’t cover it? You get a job offer in another city so need to pay thousands to move? You start aging horrible so want to get a face lift?

YABU IMO. I have always saved, i've never saved for particular goals really. And i've been very very glad of my savings at several curve ball points in my life.

@ByTidyHazelQuoter, what do you think people with spare money should do with it, given that random saving is pointless?

Our substantial, pointless pot of money will eventually be distributed out to DC (they’re both wee) for first cars, house deposits and whatever else.

In the meantime, we enjoy saving. We do spend money on nice holidays and have a lovely home but we tuck away £3k a month with a view that it’ll be spent on the kids in some shape.

I started saving significantly about 14 years ago. I invest most of it now but it took me a couple of years to get confident enough with that. At first there was no clear goal, and just accumulating money created real pleasure for me. I liked checking my bank balance and seeing the numbers build up. I like to think that if I was saving in the olden days, I'd be like an old man stacking up coins and running his fingers through them!

I have put most of it into investments and don't hold much cash these days, but now I like to check my portfolio several times a day and see how the numbers are changing. I still have no specific goal for the money, but I have dcs and will be retiring at some point, so it will all come in handy.

Pointless, until the point makes itself known to you and you have no savings.

Is the point you're making that you should have an emergency fund and put money in investments, unless you have a savings goal? Generally, I would say that I agree that investements are better than having everything on regular accounts.

Because it’s hedging against uncertainty which is incredibly empowering

Agree, also paying off a mortgage is silly

But surely its more silly to spend money without a clear purpose?! What do you do if you earn or come into more money than you need if not save it for a day when you need or want to spend it...