what do you save for ? - Savings

[flutterby1]

Just that really, what are your savings for ?

For something in my future. I saved a small amount from when I started earning which ended up being my house deposit 20 years ago. I didn't know it at the time, but it helped my financial future

Long term/emergency
house refurb/repairs
holidays

Should add not huge amounts. Very average earner and it’s getting harder to save these days.

Habit

Child benefit isn't meant to put in savings, that makes no sense doing this

Says who? There are no rules on how it has to be spent!

We save for:
The future
Emergency repairs for house
Holidays

People get child benefit to support their child/children as soon as they get the money, that's the whole point of it. What you are doing clearly shows you don't actually need to be on child benefit imo

Okay, I'll spend the child benefit on my kids but then put £159 a month of my salary into their savings instead

People get child benefit to support their child/children as soon as they get the money, that's the whole point of it. What you are doing clearly shows you don't actually need to be on child benefit imo

I don't qualify for CB, it was another poster, but it's none of your business what anyone else does with CB, they don't set rules. Do y buy anything discretionary on top of bills? If so, maybe you shouldn't get it?

But being non-facetious, HMRC actually linked up with a savings operator a while ago to allow CB to be paid directly to a savings account (some sort of Barclays subsidiary IIRC).

It does for us. I appreciate that's a privilege but we saved it from the first payment as we didn't feel we needed it in our budget. Either way we'd save £100 a month for the kids regardless of it being child benefit or from our wages.

It's an impossible argument really as a) most people just have money go in to a general 'pot' so you can't really earmark where money has come from, you just save what you can (and the specific amount of CB might be what you choose) and b) unless you police the discretionary spending of everyone, then making judgments about whether people deserve it or not doesn't really work.

Why should some who lives frugally and is therefore able to save CB less worthy of it than someone who lives more carelessly and needs the money to spend? Obviously some people need it to feed their children and to survive, but plenty will just use it to plug holes in their budget caused by being less frugal than they could be, so unless you restrict it to people in receipt of certain benefits only, some people with roughly the same income and fixed outgoings will differ in their 'ability' to save it based on their philosophy of how they live.

A separate University fund

Another account for:
Holidays
Home improvements (nothing structural, all cosmetic eg. painting - painting the bedrooms this year, will pay painter to paint kitchen & dining next year)
New car (will be many years before that happens)
Christmas
Could also dip into this in an emergency, eg dental work, car repairs etc

Current account is basically only used to pay bills, grocery shopping and small bits of fun money, misc: haircuts, etc

I “pay myself first” (read that tip on here) and transfer money to both accounts when I get paid on pay day.
I then switch some back to my current account for eg if I were to book a holiday.

I like not having too much money in my current account. I’m far less likely to spend it if it’s not in my bank account.

Yes you do that because it makes more sense🙂

Most people need benefits to survive on not because they can afford to save it, that is the point I am making. Child benefit is for the children's benefit now that's why people recieve it on a certain day (clue is in the name btw). It's an opinion not an argument unless you chose to create it into one then you are on your own.

That's why people go to work because they work hard to save money, most people on benefits cannot afford to save hense why they are on benefits, it's not that hard to comprehend and not up for a debate or argument. I'm allowed to state my opinion people don't need to quote me if they are going to start an argument and get worked up about it

@Usernameunknownfornow child benefit isn't really the same as "being on benefits" though is it, households could have up to £99,000 coming in and still be entitled to it, a lot of people entitled to CB aren't on the bones of their arses. It's not meant to be a safety net benefit, it wasn't that long ago it was a universal entitlement, if you don't like that take it up with your MP, not someone claiming a payment they're completely entitled to.

When I was younger, I saved for retirement. I've retired now, and when DH also retires I expect we'll spend some of our savings on travel and entertainment. I also have half an eye on the possibility of downsizing and relocating to somewhere with better amenities in the future and needing to have the means to pay removal expenses.

My parents are beyond the point in life at which travel and entertainment cost a lot of money, and are still adding to their savings. They call it "your inheritance". I call it "freedom to pay for the standard of care you want in the future".

I don't have time to go back and forth with you anymore, clearly you love to argue

@Usernameunknownfornow it's a discussion forum...we're having a discussion, if you don't want to do that you don't have to reply 🤷‍♀️

Everything is the short answer. For the kids future Uni costs, home deposits, cars, weddings. Our retirement. New cars, holidays, emergency wage loss fund, home improvements fund.

Lots. Shorter term it’s new carpets and flooring. I also want to get a built in wardrobe and understairs cupboards so need a carpenter. Medium term it’s a kitchen extension. Long term there is university for the children and retirement.

Any emergencies (car, pets, household goods etc) house stuff like decorating, Christmas and birthdays.

I save for trips and the occasional holiday as well although that's getting harder these days.

I think child benefit should be means tested. If you can afford to save it for years to pay for driving lessons then you do not need it x

I've just used savings to buy a car
More commonly, for being out of work and for holidays

You don't get to police who uses the quote function