How Much Money Do You Have Saved?
I'm 19 and I currently have around £5000 saved, but many people I know have around £10000 which is crazy to me!
How much money do you have saved and what's your best advice for saving money?
How much money do you have saved and what's your best advice for saving money?
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HAHAHAHAHAH, Well, just to make you feel better I have 1500, I am 23 and have been working for 3 years before going to uni xd
Nevertheless, I can assure you that from my background, that´s quite an achievement and I haven´t really wasted money at least in the last two years. Thus, It shouldn´t be so much a matter of how much but rather of how well have you exploited the resources relative to your individual context, not to mention that it´s also subject to priorities.
Nevertheless, I can assure you that from my background, that´s quite an achievement and I haven´t really wasted money at least in the last two years. Thus, It shouldn´t be so much a matter of how much but rather of how well have you exploited the resources relative to your individual context, not to mention that it´s also subject to priorities.
Original post by Nackedreality
HAHAHAHAHAH, Well, just to make you feel better I have 1500, I am 23 and have been working for 3 years before going to uni xd
Nevertheless, I can assure you that from my background, that´s quite an achievement and I haven´t really wasted money at least in the last two years. Thus, It shouldn´t be so much a matter of how much but rather of how well have you exploited the resources relative to your individual context, not to mention that it´s also subject to priorities.
Nevertheless, I can assure you that from my background, that´s quite an achievement and I haven´t really wasted money at least in the last two years. Thus, It shouldn´t be so much a matter of how much but rather of how well have you exploited the resources relative to your individual context, not to mention that it´s also subject to priorities.
Ahh each to their own. Good on you either way!
I like that haha "how well you have exploited the resources"!
Original post by butterbeanjo
How much money do you have saved and what's your best advice for saving money?
Well into 6 figures.
Best advice: Earn more than you spend
In total? £60k, or so.
Original post by butterbeanjo
I'm 19 and I currently have around £5000 saved, but many people I know have around £10000 which is crazy to me!
How much money do you have saved and what's your best advice for saving money?
How much money do you have saved and what's your best advice for saving money?
you're better off not keeping too much money "saved" imo
goods or services costing £1000 in 2010 by 2020 was now costing 1,311.26
your money has depreciated by over 30% in real terms simply by sitting there unused in the bank for all that time.
once you get enough money to cover yourself for like 6 to 8 months (should you fall unemployed and need to rely on savings you should be putting your money into property or something like shares...in the hope it will appreciate in the future at a faster rate than inflation.
Original post by ANM775
you're better off not keeping too much money "saved" imo
goods or services costing £1000 in 2010 by 2020 was now costing 1,311.26
your money has depreciated by over 30% in real terms simply by sitting there unused in the bank for all that time.
once you get enough money to cover yourself for like 6 to 8 months (should you fall unemployed and need to rely on savings you should be putting your money into property or something like shares...in the hope it will appreciate in the future at a faster rate than inflation.
goods or services costing £1000 in 2010 by 2020 was now costing 1,311.26
your money has depreciated by over 30% in real terms simply by sitting there unused in the bank for all that time.
once you get enough money to cover yourself for like 6 to 8 months (should you fall unemployed and need to rely on savings you should be putting your money into property or something like shares...in the hope it will appreciate in the future at a faster rate than inflation.
Assuming one managed to make no interest on the money.
In early 2017 I put money into a four year corporate bond with a 7.5% coupon. That made me 30% return alone.
You're right, holding it as easy access cash you wouldn't make a real terms positive return, but then you also suggest holding 6 to 8 months living costs as cash. Dunno about you but £1,000 wouldn't last me three months.
Edit
BTW, I hold £75k+ in instant access cash accounts.
£60k is offsetting my mortgage - why would it be better to lock the capital into the property?
The rest is to be spent within the next six months - surely it makes no sense to put that into investments?
(edited 2 years ago)
Original post by Quady
Assuming one managed to make no interest on the money.
In early 2017 I put money into a four year corporate bond with a 7.5% coupon. That made me 30% return alone.
You're right, holding it as easy access cash you wouldn't make a real terms positive return, but then you also suggest holding 6 to 8 months living costs as cash. Dunno about you but £1,000 wouldn't last me three months.
Edit
BTW, I hold £75k+ in instant access cash accounts.
£60k is offsetting my mortgage - why would it be better to lock the capital into the property?
The rest is to be spent within the next six months - surely it makes no sense to put that into investments?
In early 2017 I put money into a four year corporate bond with a 7.5% coupon. That made me 30% return alone.
You're right, holding it as easy access cash you wouldn't make a real terms positive return, but then you also suggest holding 6 to 8 months living costs as cash. Dunno about you but £1,000 wouldn't last me three months.
Edit
BTW, I hold £75k+ in instant access cash accounts.
£60k is offsetting my mortgage - why would it be better to lock the capital into the property?
The rest is to be spent within the next six months - surely it makes no sense to put that into investments?
no £1000 wouldn't last me 3 months either, I was just using the £1000 figure as an example of how fast money depreciates. People can scale the £1000 up and down to a figure most relevant for them.
Sorry I don't really know much at all about "offsetting" a mortgage. I just had a brief look at it right now on google but if it's making you savings then perhaps keep doing what you're doing.
I did not have a mortgage on my property and bought it outright. had I of left my money in the "bank" I wouldn't have been able to afford the property I have right now as prices have risen significantly since then.
As for your other £15k then if you're not going you put it in investments, or cannot find another very high interest savings account and have enough money for short term emergencies then it's probably better you spend it now rather than hang onto it 10 yrs or something and watch it depreciate.
Original post by butterbeanjo
I'm 19 and I currently have around £5000 saved, but many people I know have around £10000 which is crazy to me!
How much money do you have saved and what's your best advice for saving money?
How much money do you have saved and what's your best advice for saving money?
About £33,000
I prefer anonymous threads.
How much you have in savings is a small piece of the picture. Your net worth is far more important, but even that is not quite right.
Net worth = all your assets - all your debts
"Assets" include savings, but also property that you own, collectibles, investments, etc.
"Debts"... everyone knows what debts are.
Some "assets" appreciate in value, others do not, and some depreciate. In some sense, doing "well", involves making sure that the total interest on your assets, is higher than the total interest on your debts. It also involves making sure there is some cash reserve (savings) in case sh*t hits the fan. And making sure that your credit score is reasonably good.
You can have LOTS of debt, in theory. But still if you invest the money that you borrowed smartly, you could be making far greater interest on that, than the interest you are paying on your debt. That will mean you can easily keep up with loan repayments, also improving your credit score. It is unlikely however that any bank or lender will lend you a large sum of money in the first place, unless you demonstrate to them that there is a high probability you will be able to repay the loan (eventually) instead of going bankrupt.
Ergo... you can have 'millionaires' who have a negative net worth, aka more debt than assets, and yet still live lavishly, because they are making a lot more money than they are spending.
You could also have a very high "net worth", where the value of your assets far exceed your debts. But your assets could be depreciating rapidly in value, and your debts could have high interest rates. That is a much worse position to be in, than that described above. Because you are losing money instead. Which is a little ironic. But it's how our economy works.
How much you have in savings is a small piece of the picture. Your net worth is far more important, but even that is not quite right.
Net worth = all your assets - all your debts
"Assets" include savings, but also property that you own, collectibles, investments, etc.
"Debts"... everyone knows what debts are.
Some "assets" appreciate in value, others do not, and some depreciate. In some sense, doing "well", involves making sure that the total interest on your assets, is higher than the total interest on your debts. It also involves making sure there is some cash reserve (savings) in case sh*t hits the fan. And making sure that your credit score is reasonably good.
You can have LOTS of debt, in theory. But still if you invest the money that you borrowed smartly, you could be making far greater interest on that, than the interest you are paying on your debt. That will mean you can easily keep up with loan repayments, also improving your credit score. It is unlikely however that any bank or lender will lend you a large sum of money in the first place, unless you demonstrate to them that there is a high probability you will be able to repay the loan (eventually) instead of going bankrupt.
Ergo... you can have 'millionaires' who have a negative net worth, aka more debt than assets, and yet still live lavishly, because they are making a lot more money than they are spending.
You could also have a very high "net worth", where the value of your assets far exceed your debts. But your assets could be depreciating rapidly in value, and your debts could have high interest rates. That is a much worse position to be in, than that described above. Because you are losing money instead. Which is a little ironic. But it's how our economy works.
(edited 2 years ago)
Original post by Quady
Assuming one managed to make no interest on the money.
In early 2017 I put money into a four year corporate bond with a 7.5% coupon. That made me 30% return alone.
You're right, holding it as easy access cash you wouldn't make a real terms positive return, but then you also suggest holding 6 to 8 months living costs as cash. Dunno about you but £1,000 wouldn't last me three months.
Edit
BTW, I hold £75k+ in instant access cash accounts.
£60k is offsetting my mortgage - why would it be better to lock the capital into the property?
The rest is to be spent within the next six months - surely it makes no sense to put that into investments?
In early 2017 I put money into a four year corporate bond with a 7.5% coupon. That made me 30% return alone.
You're right, holding it as easy access cash you wouldn't make a real terms positive return, but then you also suggest holding 6 to 8 months living costs as cash. Dunno about you but £1,000 wouldn't last me three months.
Edit
BTW, I hold £75k+ in instant access cash accounts.
£60k is offsetting my mortgage - why would it be better to lock the capital into the property?
The rest is to be spent within the next six months - surely it makes no sense to put that into investments?
probably not a good idea to broadcast info like this to the world
Original post by yeetouttawindow
probably not a good idea to broadcast info like this to the world
Why....?
Like how could that be used in any way?
Original post by Quady
Why....?
Like how could that be used in any way?
Like how could that be used in any way?
idk am not some north korean whizz kid hacker
Original post by yeetouttawindow
probably not a good idea to broadcast info like this to the world
Lol, I think they'll be fine
Original post by Reue
Lol, I think they'll be fine
thats what the north korean hackers
want you to think
Original post by butterbeanjo
I'm 19 and I currently have around £5000 saved, but many people I know have around £10000 which is crazy to me!
How much money do you have saved and what's your best advice for saving money?
How much money do you have saved and what's your best advice for saving money?
personally? around 20 quid. In various funds? probably near 40k.
Original post by yeetouttawindow
thats what the north korean hackers
want you to think
want you to think
I aint scared of them. Come at me, Comrades.
Original post by yeetouttawindow
thats what the north korean hackers
want you to think
want you to think
How'd you know? You're not a DPRK hacker.
Original post by yeetouttawindow
idk am not some north korean whizz kid hacker
Or are you just not a wizz kid hacker?
Perhaps it's why my S&S ISA balance is down £67 today.
Original post by yeetouttawindow
probably not a good idea to broadcast info like this to the world
iSN'Tit, tax man is chasing people and u can doxx people from online forums, we know who's pc to hack / bank to extract the funds from...
Original post by ebam_uk
iSN'Tit, tax man is chasing people and u can doxx people from online forums, we know who's pc to hack / bank to extract the funds from...
The tax man doesn't need to doxx anyone from a public forum to investigate tax evasion.
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