no gf (sad
)no mortgage
no student loan
??
how much should you save if you have no commitment?
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cybernet69
Nothing.
Life is often too short.
- Gambling
- Fast cars
- loose women
- Gadgets
Although, many will disagree.
Life is often too short.
- Gambling
- Fast cars
- loose women
- Gadgets
Although, many will disagree.
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Dublin_Flyer
- Posts: 851
- Joined: Sat Feb 11, 2012 10:39 am
Depends on the reason or scale for saving.
If you're saving for a 65 inch HD tv to watch all episodes of Planet Earth you could save little and have it in a few months, if you're saving to see all the places and things mentioned on Planet Earth, you'd need to save a lot more.
+1 for Cybernet too
If you're saving for a 65 inch HD tv to watch all episodes of Planet Earth you could save little and have it in a few months, if you're saving to see all the places and things mentioned on Planet Earth, you'd need to save a lot more.
+1 for Cybernet too
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ShaunWhite
- Posts: 10559
- Joined: Sat Sep 03, 2016 3:42 am
Just a semi-serious comment....if you do blow your money on stuff...make sure it's quality stuff. It might be worth more than you think in 40 years time.
When I was a kid I blew every penny I had plus some, on a 1971, 8 year old Telecaster, I've still got it and it's turned out to be a shrewed investment...if I'm ever down to my last dollar.
Have fun with your money now mate...but DON'T get into debt because that'll screw you harder than the women you spent it on.
When I was a kid I blew every penny I had plus some, on a 1971, 8 year old Telecaster, I've still got it and it's turned out to be a shrewed investment...if I'm ever down to my last dollar.
Have fun with your money now mate...but DON'T get into debt because that'll screw you harder than the women you spent it on.
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Nero Tulip
- Posts: 708
- Joined: Wed Apr 15, 2009 5:29 pm
Spend some, and like Shaun says, buy decent stuff that holds value. If it was me, I'd probably save for some bricks and mortar.
I spent plenty when I was in my 20s, but things do change and overhead costs in the future can't be underestimated in my experience. Keeping an entire family in the comfort they've become used to via the wonders of gambling for a living is not without it's pressures.
Spend, adjust quickly to changing circumstances, save like mad if dependents arrive, then hopefully spend again after they depart !
I spent plenty when I was in my 20s, but things do change and overhead costs in the future can't be underestimated in my experience. Keeping an entire family in the comfort they've become used to via the wonders of gambling for a living is not without it's pressures.
Spend, adjust quickly to changing circumstances, save like mad if dependents arrive, then hopefully spend again after they depart !
I know someone who died suddenly at 48 last week, whilst en route to the Liverpool-Saints match. I used to play darts with him in the Totton league 20 years back
It makes you think A) I should be taking care of myself more B) What's the point at just staring at a healthy bank balance, I might be dead next week
It makes you think A) I should be taking care of myself more B) What's the point at just staring at a healthy bank balance, I might be dead next week
Have you checked out the forums on the moneysavingexpert web site? Lots of good information on that site with regards to this and similar questions.cyxstudio wrote:how many % of your monthly salary should you save if you have
no gf (sad
no mortgage
no student loan
??
If you have decent money to save look into opening lots of current accounts they pay good interest and many of them have monthly savers linked to them. The interest rates have come down since the Brexit vote (banks blamed that but who knows they may have reduced the rates anyway), you sound like a young guy, try and get compound interest to work for you than against you.
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Nero Tulip
- Posts: 708
- Joined: Wed Apr 15, 2009 5:29 pm
The reality is probably somewhere in the middle of most replies. Now I have kids I save loads - school fees, food in mouths and central heating, but also I do feel I work for their futures in a more general sense too. If I did fall ill suddenly then there is this to consider as a slight balance to what you were saying LeTiss. I find the % spent on experiences versus 'stuff' to also be changeable / interesting.
The key is to adjust / think in ways that don't lag changing circumstances too much. Don't use a slow moving average, be contrarian almost and save a % when you have it easy / have a windfall and apply smoothing to your own future comforts. Kids / buying a house at some point in the future can have a black swan type impact on finances if not given a small amount of anticipation. Wonders of compounding and all that.
I think I recall Buffett saying he began investing when he was 11? And wishes he'd started younger! Might be wrong on that one.
One thing I do wish is that I began filling an ISA up every year much earlier than I did.
The key is to adjust / think in ways that don't lag changing circumstances too much. Don't use a slow moving average, be contrarian almost and save a % when you have it easy / have a windfall and apply smoothing to your own future comforts. Kids / buying a house at some point in the future can have a black swan type impact on finances if not given a small amount of anticipation. Wonders of compounding and all that.
I think I recall Buffett saying he began investing when he was 11? And wishes he'd started younger! Might be wrong on that one.
One thing I do wish is that I began filling an ISA up every year much earlier than I did.
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
I guess it depends on how much you earn.
If you only earn 1000 pound a month, then the percentage you can save maybe very low. If you earn 20k a month, you may be able to pay for everything you require for say 5k a month and therefore can save 75%
If you only earn 1000 pound a month, then the percentage you can save maybe very low. If you earn 20k a month, you may be able to pay for everything you require for say 5k a month and therefore can save 75%
Agree with those saying the reality is somewhere in the middle. You could die tomorrow but you probably won't. If you are fairly young and in good health you're not statistically likely to die for several decades, but obviously this isn't going to make you feel any better if the worst does happen. If you get 20 years down the line and have no financial security you are going to feel like shit that you didn't plan for it and this is a far more likely scenario than passing away.
Not meant as a dig, and I know some of the replies are slightly tongue in cheek but I do often find that people who say "spend it all" tend to already have a fair degree of security and are often a little older. It's easy to say when you get to that point, but I'm pretty sure most these people would change their behaviour/outlook if they actually had to go back to having nothing and living in rented accommodation in their 20's.
As others have said the compounding effect is so powerful that if you can get into a decent position as early as possible it will pay off several times over in later life.Having said all that you still need to enjoy life and spending cash tends to help people do that.
Not meant as a dig, and I know some of the replies are slightly tongue in cheek but I do often find that people who say "spend it all" tend to already have a fair degree of security and are often a little older. It's easy to say when you get to that point, but I'm pretty sure most these people would change their behaviour/outlook if they actually had to go back to having nothing and living in rented accommodation in their 20's.
As others have said the compounding effect is so powerful that if you can get into a decent position as early as possible it will pay off several times over in later life.Having said all that you still need to enjoy life and spending cash tends to help people do that.