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penbat1

Extreme Saving

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Blowback from extreme central banking which generates very little but low interest rates and high debt.

Where will the consumer driven economy be when those who have hocked themselves up to their necks are no longer able to borrow more to spend.

Where will consumption on household goods be when people simply cannot afford to move - well down.

How much to BTL'ers pump into their proeprty - very little in a lot of cases.

How much do renters spend on doing up their properties - almost nothing.

How much more gets sliced off consumption when the penny drops that people's pensions have been squashed by low interest rtaes and they will have to save a lot more of their earnings if they want to retire.

Edited by OnlyMe

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about 1/3 of take home pay per month. I could increase this but it

would involve not living and giving up my car for work.

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saving about 30->50% of pay after tax... going extreme would involve getting rid of the car.

Rent/electic/Water/Gas/Council Tax : £225 a month

Train Pass to birmingham : 70 quid a month

Student Loan : 100 quid a mouth

Phone : 22 quid a mounth for unlimited texts and 50 mins of calls a night (Old contract genie sim, and a PayndGo Sim for the day)

Food and Consumerables : 160 a mounth

= £577.....

Ofcourse my car, and going out takes another £300->600 away every month, if i didnt go out and got rid of my car i could save alot more, but life is for living :) Im thinking about doing some work/starting my own business in the evenings and weekends, so i can use this money to live on, and save my income...

Edited by moosetea

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Got rid of the car when the insurance was up for renewal last June.

Now save in excess of 50% take home.

Could tighten further, but I'm content to be saving at a greater rate than HPI.

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Wow, how can you guys live on 20% of your take home pay, you must get tons of cash. My girlfriend & I earn an average wage & jointly contribute to expenses, I have about 30% of take home left after outgoings...

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I have swallowed my pride and moved back in with my folks. Everything I earn is going straight into a savings account. My only outgoings are a couple of trips to the pub a week, running my car and buying the odd item of clothing from Oxfam.

I intend to survive for the next year or so on handouts.

I have no life.

:huh:

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I am presently seriously considering buying a tent and sleeping-bag and sleeping rough in a city park for the summer of '06. I plan to live in my office (which has a shower and plenty of places for stashing changes of clothes etc) as much as possible.

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Please don't economise on food by not eating a proper balanced diet.

It may not seem to affect you much when young but can have health implications later in life.

Not worth it for relatively little money in the scheme of things.

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I try to save at least 50%.

I would also NEVER buy a propert in this rip off country.

If prices don't drop i WILL leave the country.

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80% of net wages goes to savings - not all is set aside for house deposit, some is for tax,

Girlfriend 30% of take home wages

aiming for 50%+ deposit

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I have swallowed my pride and moved back in with my folks. Everything I earn is going straight into a savings account. My only outgoings are a couple of trips to the pub a week, running my car and buying the odd item of clothing from Oxfam.

I intend to survive for the next year or so on handouts.

I have no life.

:huh:

Do you pay the folks anything?

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Whooa there are some impressive levels of saving going on out there.

Does everyone put these piles of cash to use or are they sitting idle?

There is no real need to keep >>£10K in the bank, unless you are in the drug trade that is.

Does anyone have a defined strategy?

My current level of saving is about 20% of what I take home, would be higher if it weren’t for OU tuition fees, driving to work, accelerated student loan repayments, living like a 23 year old, etc.

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How extreme can you get ?

I'm not that extreme, but did sell my car and buy a hybrid. The initial outlay was quite high (although excellent value for money imho), but the savings so far have been great. It's the cheapest car I've ever had to insure, the road tax is the cheapest, and mpg is unbelievable! My main motivation for doing this was the environment, but the benefit money-wise has been far greater than I expected.

Food - I make everything rather than buy anything processed or pre-prepared. I buy into a locally sourced organic box scheme which works out a lot cheaper than buying from a supermarket and am also part of a food co-op (bulk buys). I swap skills as much as poss.

The best thing that has helped me save is not to limit my expenditure in any way. That means I can have what I want at any time, but choose not to, which kind of helps me not to feel deprived. It works for me! :)

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I am presently seriously considering buying a tent and sleeping-bag and sleeping rough in a city park for the summer of '06. I plan to live in my office (which has a shower and plenty of places for stashing changes of clothes etc) as much as possible.

Know of somone who bought a wigwam and has been living it in various farms across worcestershire for the past 10 years..... Nice and warm, and he has ducked out of the rat race, does odd jobs to pay for food and essentials...

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I'm only saving about 50 quid a month but I've got about 30% deposit from my last house sale, bit daft not to add to it I spose but can't afford it - I want a life too!

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Been averaging about 60% of take-home pay since the BoE cut rates. I would move back in with my parents if I could, but they're a long way from here :).

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Guest

Well, with folks at the moment. £1,680 take home per month. Save about £1K+ ish of that, but XMAS was a blip. Taken out gym subscription recently £40/mth (less incentive to go to pub), would like to share a rent with someone so can halve monthly rental costs and get out of here ideally! Maybe near/in the city centre so I can lose the car (well, keep it on mum and dad's drive, probably not rid of completely as such).

Actually chaps, this is why economists are talking boll***s whenever they try and convince us about affordability issues -> No two people are alike. Affordability is PERSONAL OPINION.

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£450 a month savings from £1150 take home pay, but only started this 3 months ago (paid off car) so I will be waiting at least 3 years to buy. :(

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Do you pay the folks anything?

No, though I would if they asked.

I've just dumped most of my stuff in their spare room, I spend the majority of my time at my girlfriends place. She is happy to feed me and provide me with a bed...Daddy is rich and has bought her a huge house and she doesn't pay a penny towards the mortgage or household bills. No point in letting his generosity go to waste.

:lol::lol::lol:

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  • 333 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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