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Anyone Still Into "extreme Saving" ?

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I did this a few years ago now, Basically saved pretty much 90% of my takehome for about 18 months.

It really did work, but I pretty much put my life on hold during that time.

What is Extreme Saving?

Extreme saving is saving with a difference, it's doing everything you can to save, earn and keep your money. It's more than just a quick fix, it's a way of life, a philosophy.

Extreme saving involves closely looking at our finances, at every outgoing and incoming penny. It involves cutting down the outgoings and keeping as much of the incomings as we can.

It involves making sure we are never wasting money on anything unnecessary, making sure we always have the best deals for us. It involves knowing the system and making it work for us, in every area of our finances.

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I tried saving (and still do to an extent) - but when you go down this route you begin to wonder why you bother making an heroic effort for so little for it to taken so easily by somebody else...

I try to make big savings with minimal effort nowadays

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I've noticed by saving a huge chunk of my take home pay each month that I do not miss spending. I realised i have tons of CD's i raely listen to, and DVDs I'm unlikely to watch ever again.

I feel great not wasting my money. :-)

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Ahem - see sig.

But I wouldn't really say I'm an extreme saver (outside of rent which is a very reasonable 55 quid/week in east London) I live on around £60/week including bills, food and entertainment. I save around £1200/month. I've always been quite frugal - but now I earn a fairly good wage and have a saving goal in mind.

The aim is to get the interest on my savings to pay for rent within the next 6-12 months. And maybe buy or emigrate a year or two after that.

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Extreme saving is one reaction to extreme inflation (the real issue) - others borrow to make up the shortfall between rising prices and virtually static wages

Reducing your borrowing/spending habits was one of the goals of GB's mass immigration policy ie wage supression - to control rising real inflation

However, people, in the main, have borrowed to make up the shortfall (rather than scrimp/cutback) - hence the recent bluff of nudging up interest rates to regain control and surpress peoples borrowing/spending habits (attacking from the top and bottom simultaneously)

Edited by dnd

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ive only been saving 3months and have only managed 1500 quid, along way to go! but if i dont start il never have anythink saved, its hard to get started but once you start its not so bad, ive been selling alot of stuff aswell, cus most of the things i never use so why have them gathering dust when they can be turned into a higher bank balance, i set my self a goal of how much to reach, when i reach it i set another goal to reach, cus ifi said im gona save 10k i would have given up before i started, im aiming toward 2k next

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ive only been saving 3months and have only managed 1500 quid, along way to go! but if i dont start il never have anythink saved, its hard to get started but once you start its not so bad, ive been selling alot of stuff aswell, cus most of the things i never use so why have them gathering dust when they can be turned into a higher bank balance, i set my self a goal of how much to reach, when i reach it i set another goal to reach, cus ifi said im gona save 10k i would have given up before i started, im aiming toward 2k next

Saving money and spending it elsewhere straight away is sensible

Saving money and saving it in the form of cash is not - real inflation is eating away at your cash - even in a high interest account

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ive only been saving 3months and have only managed 1500 quid, along way to go! but if i dont start il never have anythink saved, its hard to get started but once you start its not so bad, ive been selling alot of stuff aswell, cus most of the things i never use so why have them gathering dust when they can be turned into a higher bank balance, i set my self a goal of how much to reach, when i reach it i set another goal to reach, cus ifi said im gona save 10k i would have given up before i started, im aiming toward 2k next

It's a lot more than most folk save mate. Keep up the good work.

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Saving money and spending it elsewhere straight away is sensible

Saving money and saving it in the form of cash is not - real inflation is eating away at your cash - even in a high interest account

Er, how can you save money by spending it?

How does inflation eat away at money that you are saving instead of wasting on beer and fags and dvds? Yes, you still have bills to pay etc, which inflation is clearly playing a big part but if you have changed your spendig habits then surely saving is better?

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thanku very much for your kind comment! :D

GB would also like to thank you for lying down and taking it... :lol:

Edited by dnd

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Er, how can you save money by spending it?

How does inflation eat away at money that you are saving instead of wasting on beer and fags and dvds? Yes, you still have bills to pay etc, which inflation is clearly playing a big part but if you have changed your spendig habits then surely saving is better?

Instead of holding it in cash you could invest in tangible assets that might hold value better - say fine wine, antiques, gold... or a house :ph34r:

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Er, how can you save money by spending it?

How does inflation eat away at money that you are saving instead of wasting on beer and fags and dvds? Yes, you still have bills to pay etc, which inflation is clearly playing a big part but if you have changed your spendig habits then surely saving is better?

Here's a simple visual example of what I mean

http://en.wikipedia.org/wiki/Hyperinflation

200px-Inflation-1923.jpg

Inflation 1923-24: A German woman

feeding a stove with currency notes,

which burn longer than the amount of

firewood they can buy.

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Instead of holding it in cash you could invest in tangible assets that might hold value better - say fine wine, antiques, gold... or a house :ph34r:

Never understand people that invest in wine and don't drink it. The reason we saving is becasue we can't afford a house and desperately awaiting House Crash 2 to happen.

I'm not David Dickinson either so wouldn't know a Ming Varse from a Minging Varse and everyone has talked Gold up to such a stupid price that it too will be a bad investment shortly.

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Never understand people that invest in wine and don't drink it. The reason we saving is becasue we can't afford a house and desperately awaiting House Crash 2 to happen.

The 'crash' is not going to happen - IR rises (the only thing that could kill the HPI) will only happen as long as it control peoples borrowing/spending - not to crash the housing market

If the Governments bluff is called and people continue to borrow/spend after a couple of IR rises then they'll back off and simply go back to redefining/hiding rising inflation

I'm not David Dickinson either so wouldn't know a Ming Varse from a Minging Varse and everyone has talked Gold up to such a stupid price that it too will be a bad investment shortly.

Gold is risky ATM - Goverments are playing around with it as they need to re-establish currency credibility

Edited by dnd

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Instead of holding it in cash you could invest in tangible assets that might hold value better - say fine wine, antiques, gold... or a house :ph34r:

That's only a good idea in an era of hyperinflation, and we're not going to get that because there is no reason for the British goverment to do that because it would be of little benefit to the goverment. Hyperinflation always has its root cause in the actions of governments.

The US goverment on the other hand has a fairly good reason to have high inflation rates because it inflates away the government debt. They could have high inflation, but it need not be bad here because we are a different country. We did not have the hyperinflation of Germany, we did not have a great depression in the 30s, just a recession, we do not have Zimbabwe's current hyperinflation.

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That's only a good idea in an era of hyperinflation, and we're not going to get that because there is no reason for the British goverment to do that because it would be of little benefit to the goverment. Hyperinflation always has its root cause in the actions of governments.

The British government has little say in the matter (bar appointments to the MPC and the remote possibility of changing the inflation target) as the BoE is independent. That's precisely we have a low inflation, low IR economy because the market no longer has to worry about government kicking off a little hyperinflation to shrink its debts...

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That's only a good idea in an era of hyperinflation, and we're not going to get that because there is no reason for the British goverment to do that because it would be of little benefit to the goverment. Hyperinflation always has its root cause in the actions of governments.

The US goverment on the other hand has a fairly good reason to have high inflation rates because it inflates away the government debt. They could have high inflation, but it need not be bad here because we are a different country. We did not have the hyperinflation of Germany, we did not have a great depression in the 30s, just a recession, we do not have Zimbabwe's current hyperinflation.

We have had extremely high house price inflation and the current government seems quite happy to see general real inflation continue to rise and hide it in botched CPI figures

Higher inflation can't be ruled out

http://en.wikipedia.org/wiki/Hyperinflation

Governments will often try to disguise the true rate of inflation through a variety of techniques. These can include the following:

- Outright lying as to official statistics such as money supply, inflation or reserves. (through the CPI)

- Suppression of publication of money supply statistics, or inflation indices.

- Price and wage controls. (wages though immigraton)

- Forced savings schemes, designed to suck up excess liquidity. These savings schemes may be described as pensions schemes, emergency funds, war funds, or similar. (recent NS&I Government savings promotions in TV/papers - ie vountary saving - and planned forced pensions )

- Adjusting the components of the Consumer Price Index, to remove those items whose prices are rising the fastest. (done)

Edited by dnd

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  • 301 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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