brillomaster Posted April 7, 2015 Share Posted April 7, 2015 I did have 2.5k in my savings. But I have just cleared a credit card. Just have a little loan left on the zed and then I'm debt free. I'm rubbish at saving. But I do find once you get past about a grand in your savings it starts looking a lot better than a few hundred quid and pushes you to put more in this is true, it starts to snowball. £3k looks good, but £4k looks better... and then milestone of hitting £5k in savings, that was good... next milestone is £10k in savings, and you can do a lot with £10k, house deposit, properly decent motor, etc. I start thinking that by May i'll have this much saved, and by August I could have this much saved, and that would be enough for this awesome car... but if I save until September i'll have even more saved, which would be enough for this even awesomer car... Problem with that is, i'm always living in the future... willing the days to go by faster so I can save more money and buy something bigger and better, whereas what I perhaps should do is live a bit more for the moment, enjoy each day as it is, rather than counting down the days to the next paycheck and then next instalment of savings! 4 Quote Link to comment Share on other sites More sharing options...
coldel Posted April 7, 2015 Share Posted April 7, 2015 I was going to say Commander that £20k you won I am sure helps ! Up and down really, I get a bonus every April (just got this year one ) but then end up spending it each year usually on a car but that can be recouped with a sale so only out of pocket on running costs. I dont really have a steady level of cash in the bank. We have invested money on the side, the property in north London we own (which is so close to completion on sale touch wood!) will have sold for double what it was bought for 10 years ago. But that no doubt will be invested in more property despite me wanting to buy a brand new GTR Quote Link to comment Share on other sites More sharing options...
Bodyboarder81 Posted April 7, 2015 Share Posted April 7, 2015 I've always been a bit sensible with money .... Well I am now after starting a small business about 4 years ago ...... My wife moans at me for having ( what she considers large ish savings 60 odd ) but then moans again when I spend some on silly things , like superchergers !! Quote Link to comment Share on other sites More sharing options...
Bockaaarck Posted April 7, 2015 Share Posted April 7, 2015 (edited) I took 5 months off at the end of last year / begining of this year as I had been travelling a hell of a lot for work. I was very tired and frankly needed the break otherwise I was going to get ill if I'm honest. I could probably take another year now without having to cut back or change too much in terms of lifestyle. I feel very fortunate to be in that position, mind you I have worked like the proverbial to be able to do that. I am extremely grateful for it. Edited April 7, 2015 by Bockaaarck Quote Link to comment Share on other sites More sharing options...
Squee Posted April 7, 2015 Share Posted April 7, 2015 (edited) Not a lot at the moment as I'm buying the ex out of the house and that's not a cheap do! But in previous years I've been able to throw money around like a rapper or a sheik. I'm another one the in self-employed club so finances do fluctuate a lot more than regular employed folk. S. Edited April 7, 2015 by Squee Quote Link to comment Share on other sites More sharing options...
GMballistic Posted April 7, 2015 Share Posted April 7, 2015 Don't tell me you've blown through all that Lotto money you won already Commander. Haha, well remembered! Some of it has gone on holidays and on the M3, but I've still got about half left. I've never really had this much money 'going spare' before - in the past it has always been for house deposits, etc... but now I've got a decent house, two fast cars, etc... I don't know what to do with it?! Having good money in the bank is very reassuring, but I can't stop myself looking at E90 M3s, M5s, Caymans, 911s, Range Rovers, XKRs, etc... Keeping the cash seems the sensible thing to do, but I'm not sure it's the right thing to do, hence the question about what everybody else does... Spend or save?! My Dad's an ex-bank manager so I've always saved for the things I want. Not so easy to do when you don't earn a lot but still it does work. In saying that though I have always thought along the same lines of sipar69 ~ life's too short not to enjoy things. Sure it's nice to have thousands in the bank but if the worst happens & you die tomorrow then what's the point of it all. Personally if I had children then some of the money I've saved would be in a high interest account for them just in case something ever happened to me so at least I'd know they'd have a good start in life. If you've no children Commander then I'd just enjoy the money you & your Mrs have together making sure there is always enough to pay the bills of course with a few thousand as a cushion. 2 Quote Link to comment Share on other sites More sharing options...
Bodyboarder81 Posted April 7, 2015 Share Posted April 7, 2015 Agree with you GM ....... But as you say it changes when you have kids and employees who you feel responsible for . I'm getting sensible in my old age !! Quote Link to comment Share on other sites More sharing options...
Marcus01 Posted April 7, 2015 Share Posted April 7, 2015 My lifestyle is now exceptionally modest but that's the flip side of trying to set a business up I guess. Quite honestly I just haven't got a clue because money is so up and down in the motor trade.......all I'd say is that anyone who's considering changing industries and going from employed to self employed needs to be afraid.....be very afraid! Much as I love it, it's pretty much terrifying on a weekly basis as to what work you'll get etc. Was the same for me 5 years ago when I started my business but with time the work always comes, dry spells come and go. As long as you have busy weeks it will sort itself out with time. I now don't stress when I have a quiet week, just do all the things I want to do. If you can survive 3 years you will go on to prosper. I am now at the point where at times I have so much work its ridiculous. My next problem is possibly employing someone to help me. 2 Quote Link to comment Share on other sites More sharing options...
dugg90 Posted April 7, 2015 Share Posted April 7, 2015 I work 6 or 7 days a week at the moment just to pay for my lifestyle haha the missus spends it faster than I can earn it 1 Quote Link to comment Share on other sites More sharing options...
AMT Posted April 7, 2015 Share Posted April 7, 2015 Spare money?! I own a 350Z... wht spare money? There's a direct debit ...linked from my accelerator pedal, tyres, suspension arms to my bank account... 1 Quote Link to comment Share on other sites More sharing options...
Wendy Posted April 7, 2015 Share Posted April 7, 2015 I think having sufficient funds to get you through 4 months would be a good start. It's what I try to do. I reckon in many a situation, a resolve could at least be close if not solved in that time. I have been in this scenerio with one months back up (was too broke to have more at the time) and had to take mortgage holidays. Thank goodness this was an option for me. Personally if I had the funds to throw 25 - 30k at a Cayman, I would be purchasing one or a track/race car. (You could sponser me? !! ) But this purchase would not be to the detriment of my everyday living/life style, or travel - which is usually to rather differing destinations and not so cheap. Just last weekend, I spent some time forecasting my Retirement Date options with/without State and Private Pensions pay outs. (The latter is dire - my eyes are wide open on this though - I do not have children) and have always maintained I will downsize. So in the above forecast, I was calculating sell dates, how many downsizes (not wanting to loose valuable funds to agents, solicitors and the like). etc etc. I really found this interesting to do and I know would bore some to tears...anyway I decided I could snuff it at 82 !!!! I think the thing I would say most, is if you don't know what to do with excess monies you may have at the moment, just try to put it somewhere relatively safe for now, a decision will come. Another house to rent out perhaps ? 1 Quote Link to comment Share on other sites More sharing options...
JetSet Posted April 7, 2015 Share Posted April 7, 2015 Well, I retired 12 years ago with a reasonable company pension a decent pay off and managed O.K. A few months ago I turned 65 so I now get another £500 or so a month state pension plus a couple of other modest pensions. Now that I've paid off my mortgage which was £700 a month and cleared off my credit cards, loans, etc I'm probably back to having a similar amount in my pocket as to when I was working. I keep enough cash in my account to cover my rather large flat roof and boiler and that's about it. Caroline earns 23k a year, plus her state pension and her British Rail pension and no longer pays National Insurance so in an emergency I can always turn to her for help . Of course, she'll be retiring soon so, we'll have to take a look at the implications.....one of the Zeds will have to go though, Pete 3 Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted April 7, 2015 Share Posted April 7, 2015 I like not having to count my money 4 Quote Link to comment Share on other sites More sharing options...
leonk Posted April 8, 2015 Share Posted April 8, 2015 Ditch the wife and family and I'd probably have a good 30 years, with them I could probably manage until the end of the month. Quote Link to comment Share on other sites More sharing options...
-Bradders- Posted April 8, 2015 Share Posted April 8, 2015 (edited) put it this way, i earnt £1770 last month. got paid 2 weeks ago.. so far ive spent 1500 :scare: :surrender: Oh and i still live at home lol so no bills to pay. fml, and i have nothing to show for it. Edited April 8, 2015 by -Bradders- Quote Link to comment Share on other sites More sharing options...
Commander Posted April 8, 2015 Author Share Posted April 8, 2015 I like not having to count my money Your garage looks like this then?! 1 Quote Link to comment Share on other sites More sharing options...
AMT Posted April 8, 2015 Share Posted April 8, 2015 (edited) I like nomy moneyt having to count If you can have a Aston (even used) at some point, moneys probably not a thing to worry about ....and of course, I am jealous...but in nice way lol Edited April 8, 2015 by AMT Quote Link to comment Share on other sites More sharing options...
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