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How much do you have in savings?

217 replies

Lasvegas · 04/04/2006 13:00

Saw thread about spending more than £130 on yourself without consulting partner and it shocked me how much DH & I spend on luxuries compared to the rest of you. Him about £400 a week on betting, clothes, eating out and drinking, cabs, presents for me. Me about £100 a week mainly on dinner out, baby sitters and cabs. We are not particularly wealthy just that we spemd just about everything we earn, but we don't have any debts at all except the mortgage. We have a total of 12k in savings which would cover the mortgage for 6 months. If car needed new engine that would be £6K. So 12K not a massive amount. Maybe we should save more given we have 3 kids to support but DH loves to spend on himself and on me and tbh I'm not that worried as we both have good pensions, life assurance, critical health assurance etc. Also bro in law died aged 38 so we both kinds think enjoy life while you can. Is my attitude different to the rest of you? Do you save a proportion of your spare cash each month?

OP posts:
SimilarIncome · 05/04/2006 14:57

Lockets, I must've typed it wrong as that was not what I meant to get across. I won't try to explain further, I'll probably dig myself a bigger hole !

SimilarIncome · 05/04/2006 14:58

Thank you FairyMum

rhubarbed · 05/04/2006 15:19

i have a chateau in France and savings of approx. 500,00,00000,0.1

catsmother · 05/04/2006 15:27

WWWNRH - thanks for your suggestion. Our mortgage is around £1000 a month, and TBH, renting a house the size and location we have really wouldn't be much cheaper - though I guess we wouldn't have to maintain it !

I'm sorry if my post was responsible for starting off any arguments. It simply seemed to me that some people who appear quite fortunate (to me at least) felt they "paid" for that in terms of an unequal work/life balance. I was trying to point out that some of us have a work/work balance, never mind any life at all - and still have nothing to show for it.

What's that phrase ..... "live to work, not work to live" springs to mind ....

I must also admit that my hackles rise whenever I hear/see or read about people much better off than myself who complain they can't do this that or the other. Maybe as ever, it's a case of "can't see the wood for the trees" when you're actually in that situation, but I do strongly believe that if you are a high earner you have so many more options available to you.

It's like those perpetual articles in the Daily Mail featuring families who've given "everything" up to sail round the world, or abscond to rural France for the lower crime rate and better education, or women who are hailed as heroines because they've given up a high flying career to be a SAHM. In all those cases (at least in that paper) the people faetured are fortunate enough to have savings behind them, or a large amount of equity which makes it possible for them to persue their dreams. You never see a nurse featured, or a dustman do you, let alone your average office worker ?

What really annoys me I'm afraid is when people justify large spending and/or extravagance by saying something along the lines of "I know it's a lot of money but I work hard and I deserve it". Maybe being hyper-sensitive but that sort of remark almost implies that anyone who can't afford similar expenditure, must, by that reasoning, be lazy or stupid.

Being well off doesn't mean of course that you don't work hard, I'm not saying that, but as someone touched upon earlier, I think that good old-fashioned good luck has a lot to do with eventual good fortune (For example, if you earn a lot, you will firstly have had the good luck of fate giving you the aptitude to succeed in a well paid occupation, you will probably have had family support - either/or from parents and partner, you will probably have received decent careers advice at school and/or college pointing you in the right direction and maybe, you might have got your foot in the door because of who you know. Yes, you may well work hard too, but without at least the 1st 3 things on that list, hard work alone isn't always enough to earn good money.) plus of course, the occupation you end up in.

Spending a lot is about spending because you can, not simply because you deserve it, or else, why don't we see nurses (yes, a cliche I know) driving about in top of the range flash cars ???

FWIW, I think that everyone who works their arses off, sacrificing time with their children (not in pursuit of mega-bucks, but in pursuit of enough money to pay basic bills) deserves to treat themselves - but that isn't an option for lots of us.

jmum6 · 05/04/2006 16:51

I'm waiting to find out if I can go back to work part time after mat leave, if I don't get I will have to go back full time so our work/life balance will be all work and no life.

Dp leaves the house anytime between 5.30 and 7.30am so doesn't see ds in mornings and may or maynot be home in time to see him before bedtime. Which means when I go back to work I'll have to get myself and ds ready in mornings to leave house by 7.30 and then after work I'll have to get his tea and then bedtime routine all before dp gets home.

I teach so after ds is in bed I'll have to cook for us and after me and dp have eaten, plan and prepare for the next day.

Can't wait.

Never mined home life balance all I really want is quality time for me and ds, and the three of us as a family. But circumstances don't let us do that, Whether or not you are high or low earners, it's the quality of your home life thats most important.

Don't really know what point I'm trying to make - just that money isn't everything, but in some ways it is. {confused emoticon}

Uwila · 05/04/2006 16:58

jmum6, you have just described my life for the first 14 months of DD's life. It was hard, but I survived. I did come to the end of my tether and delare we were getting a live in nanny no matter what it cost.

Can't your DH arrange to do the work on one end? Like, he can do the pick and you do the drop off. Or he can do the bag packing, bottle washing, etc. when he gets home so you just have to pick it up and go in the morning?

My DH leaves the house on Monday morning and returns Thursday evening, so I can very much sympathise with you.

Uwila · 05/04/2006 16:59

Oh, and don't cook dinner during the week. Get a slow cooker and make a big batch of dinners on Sunday so you can just reheat and serve during the week. Or have ready meals.

And get a cleaner.

Piffle · 05/04/2006 17:01

Uwila same here dp is away 3 nights/4 days and it is going up to 4 nights/5 days
As it is he leaves 5am Monday and is home 9pm Thursday...
It's something I have to live with if I'm not prepared to move back down South, With a ds happily settled in at a superb grammar school and a special needs dd statemented and happy at nursery it's not something I can consider just now - thats putting the kids needs above ours as a couple I guess.
Kids are fine about him being away tbh... I thought they'd be worse but nope.
Worst is that he is shattered when he comes home and wants "time off" we have rowed about this.
Work
Kids then time off buddy.
We're all tired after all, both of our jobhs are tough

jmum6 · 05/04/2006 17:04

To be completely fair to dp he does do an awful lot when he can. If he's home he always does the bedtime routine and is always here during weekends.

I'm hoping he'll leave later in the mornings when I'm back at work so he can at least do ds breakfast and get him ready before he goes.
Dp commutes (he's an area manager and covers quite a lot of south east britain so spends a awful lot of time travelling) and would rather get up early and come home late than have to spend lots of nights in hotels.

Neither is ideal but what can you do?

jmum6 · 05/04/2006 17:07

I do have a slowcooker so that will help. God would love a cleaner! Know any cheap ones?!!

Know what you mean about dp wanting time off. WOuld like time off myself!

MrsRecycle · 05/04/2006 17:27

Right - let me throw a spanner into the works here. I actually "stumbled" into my well paid career whilst I was pg with dd1 and I've never looked back. Yes I agree luck might have had something to do with it but a lot of bloody hard work, has also contributed. I was an accountant who used to work 15 hour days 7 days a week, once a month and for 6 weeks at year end. But I was single then. It was at this stage in my life that I re-evaluated my future and could see that if I progressed further into management this would be my life, permanently. I moved into IT and then got my opening into a specialised area that not a lot of people had at the time.

Nearly 10 years later I'm still here and still earning a lot. I do 9-5 BUT I'm not a manager. So I guess my career has side-stepped a bit but who cares. I'm happy at work and happy at home. Dh does 7.30-5.30 with regular weekend/evening work and also works away a lot for just over the minimum wage. But he's happy as well. Okay my dds don't see him as much as they should be he was a SAHD for over a year so he's had his time.

We don't beat ourselves up about the lack of time we spend with our dds, we just enjoy the time that we do spend with them.

Sparklemagic · 05/04/2006 18:02

Catsmother, why not change your mortgage from repayment to interest-only for a few years? Just while DD is small and you can't work full time.

It could pretty much halve your mortgage payments.

Not a long term solution but would make you better off in the short term.

jmum6 · 05/04/2006 18:45

Or you could maybe have a mortgage holiday for 6 months.

drosophila · 05/04/2006 20:10

Feel for you Catsmother. Someone here mentioned a mortgage holiday-good idea. Take the longest holiday you can, quit your job and start looking for a solution. I think you need to take a step back. You are exhausted and probably can't see the wood for the trees.

My DP was deeply unhappy in his secure state job and he just quit one day with a vague plan what he would do. It worked. Now found a good job that pays well and he can work from home. He took a gamble but it paid off. He felt that stuck in a rut stopped him from seeing the exit.

bubblerock · 05/04/2006 20:57

My savings have nearly all gone Sad we did have approx £2000 but over the winter we've had to use it to top up the tax credits. It was the first time we'd ever had savings aswell but once the season kicks off again we'll start saving again. We don't have any debts but don't have a mortgage either, we've got money in the house/business and we don't have expensive tastes.

We might sell up at the end of the season so our circumstances will change then, I really enjoy being self employed and running the Hotel is a good lifestyle as we get to spend all of our time at home so we'll have to find something similar as I really couldn't see us doing 9-5 after the freedom we've experienced! Smile

doobydoo · 05/04/2006 21:09

Found your comments v.interesting catsmother and agreed with much.
We have moved country for partners work,then he was made redundant.We live in rented accomodation.It is very hard to get work outside Dublin and if you work in Dub you cannot afford to live there.We have zero savings and are hand to mouth at the moment.
My priority is to get our lives insured then I feel I will relax slightly regarding ds if we or one of us died.
We live in a beautiful part of the world and I am positive most of the time!
Lots of people work extremely hard for very little financial reward and lots of people work hard and earn lots.Also the opposite is true(obviously).
If I was about 5 years younger I do not think I would woorry quite so much but as I am 37 soon and dp is 42 we do panic sometimes!

Uwila · 07/04/2006 08:46

Oh Piffle, that does sound familiar. Do you work too?

Yes, my DH thinks it's time for a rest when he gets home too. Needless to say, that isn't my view.

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