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Thread: Saving money

  1. #1
    Senior Member lauranna's Avatar
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    Default Saving money

    OK, so lately the good news is I have stacked away a bit of money. Clearly no planning has gone into this, it just so happens that I am earning significantly more than I was and not really spending more. I mean I buy whatever I want but I am pretty low maintenance.

    Now as an SP every part of me is screaming to blow the money.... to go travelling and spend and enjoy.....

    What should I do with it? I have no particular financial ties like kids or mortgage etc. People are saying to buy a house but it seems like there isn't much point. When I am working I get accommodation anyway. So I don't really need much in the way of somewhere to live the rest of the time.

    At the moment I am too busy working to get opportunity to spend irresponsibly. And the logical part of me is thinking maybe it is time to grow up and do something responsible with it. Any ideas?

    Oh and I live in the UK. I realise nobody really buys houses in a lot of other countries.

  2. #2
    Doesn't Read Your Posts Haight's Avatar
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    How old are you, and how long do you expect to earn "significantly more"?
    "The only time I'm wrong is when I'm questioning myself."
    Haight

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    If you have a substantial sum saved, inflation should be your greatest concern. If it happens (very likely), you will essentially be losing 5 to 15% of your money per year without realizing it.

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    Analytical Dreamer Coriolis's Avatar
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    Make a budget. Take the majority of your extra funds, and start making some long-term investments. In the U.S. many people start returement accounts, or college savings for kids if they have them. Not sure what the customs are in the UK, but anything long-term would do. Keep some money easily accessible for emergency, and also budget some for immediate use to buy/do what you want.

    About house buying: In the U.S., people in occupations that provide lodging (e.g. clergy, military) often reach retirement having built up no equity, and never having held a mortgage, and find it hard to do so at that time. If this might be an issue for you, consider buying property anyway. If not now, then in the near-term when you might be able to make more use of it.
    I've been called a criminal, a terrorist, and a threat to the known universe. But everything you were told is a lie. The truth is, they've taken our freedom, our home, and our future. The time has come for all humanity to take a stand...

  5. #5
    No moss growing on me Giggly's Avatar
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    You just need more exciting things to impulsively spend it on, SP.

  6. #6
    Senior Member lauranna's Avatar
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    Quote Originally Posted by Haight View Post
    How old are you, and how long do you expect to earn "significantly more"?
    I'm 28. Who knows how long... I'm working contracts so nothing is for sure long term. And I'm an SP so clearly anything could happen.

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    Senior Member lauranna's Avatar
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    Actually i just lied. I just had a birthday. I'm 29 now. I forgot. Oh jesus the years are slipping away!

  8. #8
    Senior Member lauranna's Avatar
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    Quote Originally Posted by Giggly View Post
    You just need more exciting things to impulsively spend it on, SP.
    haha I'm just working too much lately Ms Giggly. I am thinking I will take the whole of August off though and I'm sure given all that time I will find some impulsive trip involving extreme sports to drag the girlfriend on.....

    I must be getting old if i am even having to think twice about what to do with this money.... hmmmmmmmm

  9. #9
    Senior Member lauranna's Avatar
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    Thanks for the mature responses @Coriolis and @Not_Me

    Its funny that all the INTJs piped up. All this talk of responsibility is making me feel more rebellious but I appreciate your advice all the same....

  10. #10
    insert random title here Randomnity's Avatar
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    Travelling, if you have that desire. And in the meantime, regular savings account.

    Other than that, I'd probably stash it away in some kind of retirement fund and try to forget about it.
    -end of thread-

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