eggy790

iTrader: (20)

as above, i know they wont be any set answer but what would you say a person these ages should have saved by the time they have reached that age?

discuss

thanks

ditchmyster

iTrader: (7)

Zero, not worth putting money away with interest rates the way they are, same as pensions waste of money, put it into bricks and mortar.

eggy790

iTrader: (20)

true say but houses and properties etc cost money.. how much realistically should they be putting away towards it?

lordharding

iTrader: (1)

By 25 bought your first house after of course a really good car
30 most of the house furniture is paid for
40 half way through your mortgage
50 house paid for in full and kids starting uni / work
Then time to start saving fir retirement which ideally£500 per month
As your been used to paying that as a mortgage repayment
60 time to go part time less stress and enjoy your early semi retirement

ditchmyster

iTrader: (7)

Bloody hell that sounds like a depressing existence.

Retire @ 40 FTW.

john banks

It depends on circumstances, education, career type and progression, dependants, retirement and pension arrangements, attitude to risk and what you mean by savings.

Coming up to 40 this year I have nothing in savings and lots of debt and am very happy with the arrangement. At 30 I had paid off first mortgage.

ditchmyster

iTrader: (7)

Yeah, but you have to live somewhere so it may as well be in your name as giving someone else the money to have them reap the reward after a few years.

Dingdongler

What John says really. It depends on the kind of job/career you have. At age 25 I was in debt, at age 30 I would still have been skint if it wasn't for my good wife. I spent everything I earned on cars, holidays etc

This didn't really bother me because in my line of work you only really start making decent money when you get closer to 35. So I knew I could catch up and meet my financial goals from 35 onwards.

This would of course not work for everybody

CharlySkunkWeed

iTrader: (7)

I had my 1st mortgage paid off by 30 , but I bought the house at 19 really cheap . It did set me up well for my house I'm in now though , so should pay it off sooner than normal. I also got married before 30 , but only able to afford it from money left after my dad died. I know what I would rather have , my dad. Money isnt everything but I consider myself lucky and I'm sure my dad would be pleased he provided me a great thing.

I personally try to save half my wages , though not intentionally , probably more like I try not to spend more than half my wages ! But luckily I can afford to due to my cheapish mortgage. It allows me to treat myself now and again and leave enough just in case. My theory is paying off a mortgage ASAP is most important as everthing else (once thats paid off) can be changed to suit your life. As in, if you are low on funds you turn heating off and put on a jumper , or eat beans on toast etc etc. but if you cant pay your mortgage , you're fooked.

97TURBO

I have saved small amounts every week since I was 17, but have never set any long term targets, its always worked out when it came to wedding, house, cars etc, we bought what we could afford. Other than the mortgage, we always pay for everything in full up front.
Im not sure about the purpose of massive savings, I rather live for the here and now.

Midlife......

iTrader: (2)

.........I planned to break even at age 62 But as Dom will be going to Uni the following year there will be fat chance of that.

Going to use my retirement lump sum at 66-67 to get back to zero.

Shaun

f1_fan

iTrader: (9)

Late 40s, own my house, no mortgage, no debt, plenty of savings, considerably richer than yow

It's undoubtedly the way this thread will go so I thought I may as well get in early

birchy2010

iTrader: (12)

Nothing at all @ 24. But I love my life. Have truely amazing holidays 3/4 times a year and ultimate fun with cars etc and had lots of great ones. Life is too short to worry and save for pretty much nothing. Just been waiting for mortgage rates to come back to normal a bit more before I think about investing.

lordharding

iTrader: (1)

I'm expecting redundancy anytime now and at my age will struggle to
Get a well paid job again
But hey stacking shelves for twenty hours a week will do me with no stress
At 48 and a bit in the bank to keep me topped up with luxury

cookstar

iTrader: (6)

I turned 30 a few years back, not a huge amount of savings to speak of and over a million in debt.

LVC

Don't bother saving anything - your future ex-wife will only end up spending it before or taking it in the divorce - spend it before she gets her hands on it. I'm not getting married again - 2 mistakes is expensive enough.

Having said that at least French divorce law is slightly more logical in depending upon what marital regime you were married under you are entitled to keep what was yours before the marriage and if you can prove it what your (not joint) money bought during the marriage. So divorce no 2 = I keep the house and she owes me money - like I'm ever going to see that again, lol

Me ... 1st house bought at 18 and lost to ex-wife no.1, last UK house sold 13 years ago and with the cash profit (after mortgage paid off) I bought a place in France - so mortgage free from the age of 30 with a house big enough for future plans. Not rich but have a good life with plenty of time for the family and enough toys to occupy my spare time.

IMHO get the mortgage/house early as possible and get it cleared asap - buying smart the house will go up in value as well making a nice profit to build on.

Kwik

iTrader: (10)

This thread depresses me . 33, I don't own a house, have nothing saved and am a few grand in debt.

Saxo Boy

This is misleading...knowing you, you probably have 5 bars of gold bullion under the mattress

bioforger

iTrader: (1)

40's savings in 6 figures.

hodgy0_2

Agreed massive debt is the way to go, especially with money this cheap

It would be rude not to

eggy790

iTrader: (20)

Lol some interesting replies

tattoosi

iTrader: (5)

lost my first house to an ex at 20....lost my second house to another woman at 30
now im 38 and maried in a rented house with 2 kids and a very minimal bank loan to pay off

all savings spent on either kids, cars and when th ewife wasnt getting paid for extended maternity leave, as said before live for today, although i have started putting money into an account for the kids....

f1_fan

iTrader: (9)

2 years to go then

LVC

richs2891

I'm 38, I own a few houses - some paid off some not, No debts on CC card or with bank, Some savings, but that will probably get wiped out if / when I find a new house.

Richard

toneh

iTrader: (1)

How long is a piece of string
How do you want to live your life
Some folks are happy saving every penny they touch
Some get joy from spending every penny
I've had what could be considered a reasonable amount of money in my late 20s early 30s , net worth well into 6 figures ,
Now I have very little in comparison , through one thing and another ,and I'm as happy as I've ever been
But then again I've always been a miserable git

Forget savings , forget material things don't give it a second thought

Value your Health and and the people closest to you , because no amount of savings can replace either when they've gone

pslewis

At 25 = £0

At 30 = £10,000

At 35 = £25,000

At 40 = £75,000 ... Mortgage ended

At 50 = £150,000 ... Kids left home, but still supporting at Uni

At 60 = £300,000 ... no debts. earning £100k per annum and building for retirement

Go onto a 3 day week ...

At 65 = £750,000 ... Final Salary Pension payout lump sum tax free of £150,000 and pension of £50,000 a year. Savings and selling of Buy to Let Portfolio.

Buy final home by the sea ...... -£500,000 but selling main home for £950,000.

Then, spend, spend, spend, spend ..... die .....

tattoosi

iTrader: (5)

LSherratt

iTrader: (1)

I bought my first house as an investment on a buy-to-let mortgage when I was 20 using my savings, money put by for me by my parents and inheritance money off my grandparents.

I'm now 23 and still live at home with the parents but I'm planning to move out at the end of this year. I don't have a massive amount of savings but I'd say I'm doing alright for a 23 year old. I have a University student loan to pay off but that's a long term thing anyway so I try not to worry about that too much.

I know that I am fortunate because I have a good family business ahead of me that I will hopefully be taking over completely when my Father retires. The farm is a very good money earner and I certainly won't be complaining then

billythekid

I don't trust any single line of attack so I am doing a bit of everything.

None of them enough to retire on alone, but all together, or a majority - will see me right.

The only snag is all the admin that goes with it - I spend a couple of hours at the start of each month looking over everything, shares, managed funds, savings etc. Just keeping an eye on it all - making sure I am getting the best deal etc etc. Lot of work but worth it - will know for sure in 16 years when I retire!