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?

Have you heard that the economy is awful and how hard it is to find ‘decent’ work? I’m not interested in goals - having money saved that’s easily accessible helps me sleep at night and that’s good enough for me.

I agree. You need some back up but wouldn’t have 100s of 1000s in liquid funds.

Yes…this kind of thing OP

As you get a bit older you realise things like not being able to work for whatever reason becomes more likely and it’s sensible to have a buffer

Don’t save. Invest. Apart from rainy day money, stocks and shares ISA and pension etc.

Eh? Paying off the long term loan secured on your house is silly?

Do you know people who do that? I should think that if they aren't saving up for a specific thing, they are saving in order to have some choices and opportunities later in life when their earning potential is reduced.

The goal is to give you a/some sense of security. If I had zero savings, I would worry that I might struggle should a dire financial situation hit me.

I do try to save, even if it's just for paying something off, but it's nice when you see something that you like, and you can buy it immediately, because you already have the funds to buy it.

I save just so I have options

Having money gives options/freedom

I save as much of my income as I can. I only work PT on NMW but I dont spend for the sake of it

The Ant and the Grasshopper https://share.google/fiOIer7zYT7gTfp41The Ant and the Grasshopper

The data on average household savings suggests this is a pretty rare problem.

I save and don’t have what you would describe as a clear goal - I just save.

However, my washing machine broke yesterday and I’m in the fortunate position to be able to be having a new one delivered today - thanks to my goalless saving.

I think that if you can’t see the point of saving with no purpose, you’ve never known poverty.

And pension?

@ByTidyHazelQuoter YABU.

We have a six figure sum in investments and being of retirement age it means that we have a financial cushion should we need it.

Our boiler was condemned yesterday and it won't be a financial hardship to replace it.

I think you’ve got a point. I’ve got some savings sitting doing not a lot and need to get my arse in gear to get them invested instead….

Too many people spend money just for the sake of spending it, do they have a clear goal in mind?

I haven’t got a specific goal. I’m just hanging onto some in case I need to pay for any sort of care. Plus, I use it if I need to buy anything.

If I don’t use it all, then my kids will get it, when I die.

But, I do invest where I don’t pay too much tax, and where I get a fair amount of interest.

I don’t really see that as pension tbh. I see pension as a separate entity

But who doesn’t have a deposit to save for, or a mortgage to pay off, or a retirement to fund, or kids to support, or a job they could lose, or a body that will never get ill and not be able to work/ need quicker treatment or diagnosis than the NHScan fund. Or a partner who will never not be able to work or lose their job, or a house that will never need a major repair?

Who exactly are these people who don’t need to save but are?

Ever heard of "saving for a rainy day". Everyone's rainy day is different from the boiler packing in to being made redundant.

Agree

Another anti-savings post

Who do you know who is doing this? And what are they claiming as their reasons for doing so?

My assumption is that it could be generational.

Hmm, I do see what you mean. But, I was saving and investing for years, with no particular plan, but I finally got fed up of working full-time, and my savings/investments have allowed me to do this far earlier than I thought.

So what’s the alternative if you have surplus every month? Are you supposed to give it away or just spend it on stuff you don’t want?

Financial freedom
Making hay whilst the sun shines…
Not spending for the sake it
Care/help/private healthcare/operations if needed
To pass wealth on to the next generation when it makes the biggest difference