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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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_________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Mon Feb 25, 2013 5:41 am |
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davrosG5
I haven't seen my friends in so long
Joined: Fri Apr 24, 2009 6:37 am
Posts: 6954
Location: Peebo
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Indeed. You can't save what you don't have.
I suspect the pattern will be pretty similar across most of the country, not just in Scotland.
_________________
When they put teeth in your mouth, they spoiled a perfectly good bum.
-Billy Connolly (to a heckler)
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| Tue Feb 26, 2013 11:09 am |
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finlay666
Spends far too much time on here
Joined: Thu Apr 23, 2009 9:40 pm
Posts: 4876
Location: Newcastle
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There is also the matter of debt, most cases it's better to eliminate the current debt (credit cards etc) than to save money because of the interest rates. I'm working on clearing all my important debt first, things like student loan/mortgage aren't important over anything else, then it's savings. Like you said it's hard to save when: 1. You don't have any spare to save 2. Interest rates determine it not worth the time to save _________________TwitterCharlie Brooker: Macs are glorified Fisher-Price activity centres for adults; computers for scaredy cats too nervous to learn how proper computers work; computers for people who earnestly believe in feng shui.
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| Tue Feb 26, 2013 12:27 pm |
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hifidelity2
I haven't seen my friends in so long
Joined: Fri Apr 24, 2009 1:03 pm
Posts: 5041
Location: London
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I know what you mean, Once I have paid for my Fags, booze and nights out and paid off some of the credit card debt I ran up on my 3 holidays I don't have anything left over for savings 
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| Tue Feb 26, 2013 12:52 pm |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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That is probably the case for most of the population. When you consider that many people are literally one pay cheque from disaster it makes it hard to save. They need to clear their debts but the problem is that unless you are close to clearing debts you will be in trouble for a long time. Wages are stagnant for most people and if interest rates rose many would probably lose their homes.
_________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Tue Feb 26, 2013 1:47 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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You need some sort of savings for a rainy day even if the rates are terrible. It was a good job I had savings when I lost my job. I've spent the last three years building them back up in case it happens again.
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| Tue Feb 26, 2013 3:19 pm |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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Yes but you can always have an overdraft facility for emergencies until you are debt free. If you do not need it immediately then it is only reducing your ability to pay down debt. I have had a overdraft facility for years but never used it. It was just in case there was an emergency. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Tue Feb 26, 2013 4:23 pm |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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Dear bank manager. I've just lost my job. Please let me over draw £1500 ish a month for the next six months as I spent all my savings on mortgage overpayments.
Can't see that happening.
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| Tue Feb 26, 2013 7:54 pm |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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Yes but if that happens do you have £5000 to get you through the next few months? In reality if you did lose your job then you would get unemployment benefit and housing benefit which might cover a large proportion of your outgoings. So you might need something to keep you going until that actually arrived. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Tue Feb 26, 2013 8:38 pm |
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JJW009
I haven't seen my friends in so long
Joined: Thu Apr 23, 2009 6:58 pm
Posts: 8767
Location: behind the sofa
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Housing benefit is means tested. You don't get it if you have savings. I know benefits are there to stop people becoming homeless and starving, but it did slightly annoy me that I'd have been "rewarded" if I'd spent all my income on drugs and whores instead of saving. _________________jonbwfc's law: "In any forum thread someone will, no matter what the subject, mention Firefly." When you're feeling too silly for x404, youRwired.net
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| Wed Feb 27, 2013 10:49 am |
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l3v1ck
What's a life?
Joined: Fri Apr 24, 2009 10:21 am
Posts: 12700
Location: The Right Side of the Pennines (metaphorically & geographically)
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Bull. I got something like £50 per week. You get jack [LIFTED] if you have a partner. The fact they earn a pittance seems to be irrelevant.
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| Wed Feb 27, 2013 12:15 pm |
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finlay666
Spends far too much time on here
Joined: Thu Apr 23, 2009 9:40 pm
Posts: 4876
Location: Newcastle
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True, and I do have some however it's there as an emergency fund more than anything else, usually if an account is a little close with an unexpected outgoing there it's a nice little cushion pre overdraft _________________TwitterCharlie Brooker: Macs are glorified Fisher-Price activity centres for adults; computers for scaredy cats too nervous to learn how proper computers work; computers for people who earnestly believe in feng shui.
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| Wed Feb 27, 2013 2:11 pm |
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Amnesia10
Legend
Joined: Fri Apr 24, 2009 2:02 am
Posts: 29240
Location: Guantanamo Bay (thanks bobbdobbs)
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Yes but housing benefit does allow some savings. The limit above which you get no help is £16 000. Which is well above the figure mentioned by Scottish Widows. Most people have no savings or so little that the cap is meaningless for them. So even if you had £5999 you would still get housing benefit, though above that there is a taper so it pays not to have too much savings if you do not have job security. Yes the rules for couples are ridiculous. I had a friend who because he was self employed in the construction industry had no amount of trouble getting help. It took weeks and dozens of forms but he got very little if anything. Fortunately he managed to find some work to keep him going but if you are in a couple the benefits system is harsh. It also pays more if you are separate and not a couple, hence so many people are charged with benefit fraud as part of a couple. _________________Do concentrate, 007... "You are gifted. Mine is bordering on seven seconds." https://www.dropbox.com/referrals/NTg5MzczNTkhttp://astore.amazon.co.uk/wwwx404couk-21
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| Wed Feb 27, 2013 10:21 pm |
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