To think most people could save a small amount regularly if they prioritised it?

[BoldRubyShaker]

Obviously there are people in genuinely difficult situations who simply don’t have anything left to save and that’s not who I’m talking about. But for many workers, I do wonder whether saving even a small amount regularly is more achievable than it’s sometimes made out to be. Even something like £50 a month builds up over time - around £3,000 over 5 years (plus interest) and much more over the long term.

AIBU? I think that for a lot of people it’s more about prioritising than possibility.

See also the justification on this very thread that £50 a month - £10-12 a week - is 'not worth' saving because 'all' you will end up with is £3,000.

The way inflation has gone the last 5 years you would be better off spending it now as it will be worth less in 5 years!

I completely agree. I do think MN in general doesn’t understand how some people are literally living pay check to pay check, you can tell by the posts about earnings how out of touch people on here actually are with the average working class person.

I don't understand the mentality that monetary treats are good and better than free ones. Surely cheap/free ones are even better wins. I'm a saver now and wish I had prioritised it much earlier. My treat is taking a flask to the beach/park. I really don't see the extra value in a bought coffee. Fish and chips is close to £13 here, I'd much rather take a homemade roll and know it's tasty, fresh and a bottle of water from home and add to my savings so I can go part time earlier in life, or whatever.

My exH would always go on holiday on credit then moan each time he was broke due to the repayments. I could never fathom his logic. Surely skip one holiday for one year then save the equivalent of the monthly credit card debt he would have incurred and always be ahead then. He would claim being broke due to the car needing servicing or brakes replaced. To me they are entirely predictable and expected expenses and should be saved up for not something you put on credit because you didn't plan for it. If he couldn't save up £300 a month for a holiday then surely he couldn't afford £300 a month debt to pay off the holiday. Duh 🙄

Lucky for me that I did save as my 'unexpected' expense was needing to go private for a needed treatment for arthritis pain which the NHS won't pay for. Savings give you options which otherwise may not be available.

Why do people need an “excuse” not to save. There is no stipulation that one must have a savings pot…..

People on here feel so superior when they have savings and love to tell other people what they should be doing with their money.

And no I’m not being defensive, I am a high earner with a years salary in my ISA and a decent pension, but I don’t think anyone else’s financial decisions are any of my business!

Except my sister actually because she always wants to “borrow” money - which is never seen again.

Yep.

Like the current birthday meal thread going on where people are acting like paying £500 for everyone's meal is just something everyone can do and that the alternative of a garden for a BBQ is a given.

I agree people who live a relatively comfortable life (not rich or por) could save and i would imagine a lot of people on that situation do but it goes on - broken appliances, new car , holiday, birthdays/xmas so the pot doesn’t grow.

I don't understand the mentality that monetary treats are good and better than free ones. Surely cheap/free ones are even better wins.

Are you genuinely saying that you can't understand why someone may want to buy their kid an ice-cream at the park, or meet a friend in a coffee shop occasionally, or grab fish and chips at the beach?

I do not think you can generalise as everyone's finances are different, and people have different needs , priorities and appetite for risk. For instance if your parents are wealthy and generous you can risk having few savings as know they will help in emergency. Buying a car that is reliable and under warranty may be a better bet than a knackered old banger. A good holiday may be the help you need to cope with a stressful job. That may be worth more than a small cushion of savings

I'm on the fence but sadly that £3k could be eaten up in seconds with a home maintenance emergency when you're back to square one. I've been there! However, at least that meant there was no need for a loan or interest.

It's awful when the press push stories about some young adult who's managed to save gazillions and then it turns out that either their mummy and daddy gave them a huge wadge of money to kickstart things OR that they've been living for free or for VERY low rent at mummy and daddy's house and have been able to save loads.

I am pro savings but I also know there are people who would benefit more from using that money to pay off existing credit card debts or loans BEFORE they start saving as the interest is what makes the difference.

That said, I think it's CRAZY scary on here when people mention that they've got no pension. Like, what are you expecting to happen?!?!

I think they just have no idea how grinding, relentless and mentally oppressive poverty is. How different “monetary treats” look when you can’t possibly afford them and have to live with your children constantly missing out. Does anyone remember that awful documentary where Michael Portillo had to live on a pittance for a week? He treated it like a fun intellectual challenge. It gets old quite quickly, unfortunately.

have no idea why anyone uses a hamper scheme company.

I think you're right.

There's also a big difference between choosing the thermos or the homemade sandwich, and having absolutely no option but to have it - every single time.

I guess I honestly value having a rainy day fund over spending on take out food which is massively overpriced. I can only spend that money once and it doesn't seem good value to me. I raised 4 kids as a single parent for the most part and my parents died a long time ago. I had to become my own financial safety net and for my kids. Having money to cover periods of unemployment. illness, replace car etc was worth more peace of mind than takeaways, new TVs etc.

Saying no to icecreams for 4 kids plus me was a given, it was out of our budget and would have meant living hand to mouth each month. What we did have is amazing picnics, a huge extended friendship circle and lots of fun on a budget. I don't feel it was missing out. Just different priorities.

😂 I dunno... I'm not the OP, am I?

But surely you can still understand why other people may feel differently to you?

It's one thing saying "I would rather have savings" and quite another pretending that you don't understand why anyone would want to spend some money on something fun occasionally.

I also think having 4 children is different to having 1, as to an extent, you have a ready made group of friends to hang out with. It's different when you have one child who wants to join in with their friends.

Absolutely this!

I spend all my spare money on gigs. Each one brings me joy and it’s been my ‘thing’ since I was a teen (I’m now 55)

I’d have 1000s in the bank if I stopped but would it be worth it?
Life is for living and sadly can also be very short for some.
I pay into a pension but nothing else. I’m unlikely to ever change!

I do understand, it's about differing priorities but i was answering the bigger picture and the point OP made of saying people can often save even if it's small amounts but their choice is sometimes not to. Our society is bombarded with adverts which are designed to part us with our cash and to get us to equate spending with a pleasure reward. Go on treat yourself, you deserve it messages everywhere which are encouraging superficial, short term pleasure purchases which can be at the expenses of our future long term happiness.

That's fine since it's your choice to make. The only issue I have is if people in your situation claim that they can't afford to save. The truth is they can, they have just decided not to.

I am the same. No way I’m stashing up money when I could be enjoying it 😂

I love my ‘Save the Change’ savings account. Whatever I spend on my debit card is totted up daily, and the difference between it and the nearest £ is saved. I wouldn’t save it physically, but it adds up over the months.

Good high pressure sales people

I find NO works

Is that right ? How lovely for you, you probably aren’t their target audience then

I know. From my experience some of it was tradition / cultural. Showing people you can have your own money to spend on what you want took time to see that you could then get more value in different shops.

The biggest reason was not being able to spend the money before xmas .