Savings

[MK Shrimper]

Basically with all this economic turmoil going on I'm just wondering if the Shrimperzone massive have any, and if so can I borrow a £10?

I've never had any of worth - just saved up for a deposit on this house but that was it.

So, completely anonymous poll do you have any savings (from £1 to £1M and beyond).

 

[OldBlueLady]

Had plenty of shares, trouble is, most of them were in Banks (husband's choice!). Some Premium Bonds but no "regular" savings.

 

[sufcintheprem]

Waiving my right to anonymity, I don't own a home and have no mortgage but instead have been putting an equivalent amount aside in savings so have the equivalent asset in cash rather than bricks.

Obviously I have a load of student debt left but this is more than offset by the savings and the Student Loan company still haven't bothered trying to reclaim any of it (23 days off my second anniversary in the company).

What would have really hacked me off would have been no guarantee on my savings. There's a strong chance that I might actually start looking round the housing market in the next year.

 

[Southend_Lady]

a tidy amount of savings, just a start for when I want to move out.....

 

[MK Shrimper]

Oh yeah forgot £300 of SUFC shares.... am I rich?

 

[SUFC_Al]

Drewe Broughton's got more goals than I have savings

 

[BrettieAngell]

No savings, have shares in my company which were doing quite nicely but have taken a bit of a hit recently, the company is actually doing well though..

I have 1 year left until I've paid off most of my debt (was around 13K at one point).

 

[sufcintheprem]

Oh yeah forgot £300 of SUFC shares.... am I rich?

Depends how much Abalimba goes for.... :o

 

[Matt the Shrimp]

Had savings. Put them in Icesave.

Feeling fairly sick about it at the moment.

:(

 

[BrettieAngell]

Had savings. Put them in Icesave.

Feeling fairly sick about it at the moment.

:(

Thats rough mate!

 

[MK Shrimper]

Had savings. Put them in Icesave.

Feeling fairly sick about it at the moment.

:(

Guaranteed by UK banking laws in heard on 5 Live so you won't lose a penny mate.

 

[sufcintheprem]

Had savings. Put them in Icesave.

Feeling fairly sick about it at the moment.

:(

I'm sure you've looked aroudn yourself but hopefully this snippet might be able to give reassurances. They've generally been quite sound with personal finance advie on this site in the past.

MSE advice on Icelandic bank status (Updated today)

 

[Southminster_Shrimper]

Guaranteed by UK banking laws in heard on 5 Live so you won't lose a penny mate.

Only up to £50k tho.

And the less said about banking shares the better.....:'(

I am lucky to have a job at the mo...

 

[Cricko]

I was wise and put all of my money in RBS shares as advised by Sarfmister...we are sitting pretty at the moment, so he tells me...:angel:

 

[Hotman]

Can't believe how many have not got savings.

To be fair, I hadn't for a while. But recently I have forced myself to save, a regular monthly amount, together with what I would normally have cleared my credit card balance with. I know that interest on CC is higher, but would rather have some cash in the bank for emergencies at the moment, and instead just pay say £500 + min payment off the card (rather than payment in full).

Another tip - make sure accs are joint / split between mr + mrs if poss, doubling FSA protection

 

[MK Shrimper]

Can't believe how many have not got savings.

To be fair, I hadn't for a while. But recently I have forced myself to save, a regular monthly amount, together with what I would normally have cleared my credit card balance with. I know that interest on CC is higher, but would rather have some cash in the bank for emergencies at the moment, and instead just pay say £500 + min payment off the card (rather than payment in full).

Another tip - make sure accs are joint / split between mr + mrs if poss, doubling FSA protection

Quite simply don't earn enough. Mortgage takes over 50% of my income.

 

[Hotman]

All I can do is strongly recommend reading "The Richest Man In Babylon" by George Clason.

And just get started saving - even if only £10 per month, and increase it as you can. Just to get into the habit of saving. Yes, I know £120 a year isn't going to win any awards, but imagine if you could find a way each month to save £5 - 10 more than the month before...

You'll soon find ways to adjust!

 

[Hotman]

Also, if mortgage is > 50%, consider interest only or extending term - but you will need to balance up very carefully against risk of neg equity. Ideally the %age of income spent on mortgage should be no more than about a third, unless overpaying

 

[Southminster_Shrimper]

Also, if mortgage is > 50%, consider interest only or extending term - but you will need to balance up very carefully against risk of neg equity. Ideally the %age of income spent on mortgage should be no more than about a third, unless overpaying

All the theory goes out the window when you split up with someone you have or had a house with tho!

 

[Hotman]

All the theory goes out the window when you split up with someone you have or had a house with tho!

would have thought that if you split up with someone, reducing payments (by going int only / extending term etc) was vital, not just theory!!!