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One In 10 Have No Savings, Financial Regulator Says
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Hor do you save for a rainy day - or are you that one in ten?
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When I was little I remember a very old lady telling me she always saved one shilling a week. She put that by before anything - and if she was short of money one week she budgeted even harder until next pay day. She made her money fit her needs. So do you save a regular amount like that, or spend and then save what's left over?
I would be far too nervous without savings. The importance of saving was taught me at an early age. I thought I'd saved a fair bit over my lifetime, but occasionally, as a pensioner, how a simple replacement of a necessity, or even maintenance/repair can emphasise how much less it is than it seems.
Of course, not all those without saving are there because they chose not to save. Some will be there having never not found the opportunity to save.
I don't consciously save these days. My outgoings tend to be less these days so I manage. In the past I've had a number of different methods to save. Some a regular payment, at other times a lump sum when I'd been fortunate. Limiting social activies and holidaying helped. So did the not having kids, although that wasn't a conscious aim.
No matter how little they had coming in parents back in the day used to encourage children to save. I remember the weekly savings bank at school. A little book where you got a stamp for every sixpence deposited. Later on lots of households had a small metal box with slots . You would put the rent money in one, food in another and so on. No matter how small the amount I always tried to save something.
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Well at the moment I putthe 65K in the pension and 20K in an ISA. But there have been times in the past when I didnt save.
Sadly when I was young mortgage interest rates were though the roof. The amount to pay may seem small by comparison but then so was the salay to pay it with.
I did save as a child to buy things. My parents would not have anything on tick (except the house), the way things were then.
Prior to leaving school, i had 2 paper rounds - daily and Sundays - and i would put all my wages in my POSB. So whenever we went on holidays, i had my own spending money and therefore wasn't restricted as to what i could and could not do - within reason, of course.
I have never intentionally saved since then, though i do have savings - if that makes any sense.
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