heard on the radio today

[stevewool]

well would you believe it, they say that if people lost their job they would have just 2 months worth of savings before they would be broke, cant believe this but how true is it, how long could you last

[grahamw48]

Because most people are up to their eyes in debt ?

I'm already broke....and used to it, but not in debt, so could cope ok I reckon. :smile:

[lilbasuk]

i would cope fine........ move back into my mums house! :biggrin::Erm:

I'm in a little debt and i have no savings. Savings for me are just a non starter. My job isnt the best paying and i just have enough to save for flight tickets to phils, support my gf and child aswell as everyday living. :cwm25: need to win the lottery i think :biggrin::xxgrinning--00xx3:

[Ako Si Jamie]

Seeing I was down to my last £100 ten years ago I've learnt how to be a right tight .... and only spent money on the essentials except for my escapades abroad.

[grahamw48]

10 years ago, after the ex did the dirty on me, I arrived back in the UK, aged 51 years, with a rucksack, 180 quid and a park bench to sleep on.

The need for the continuing respect of my precious son...9 years old at the time was enough to galvanise me into action, stop feeling sorry for myself, and go out and work like :censored: to provide a home for him to visit me at, rather than a hostel for down and outs.

A year later I had 3 cars, including 2 TVRs, money in the bank and a lovely cottage out in the country for him to come and stay every weekend and for holidays. That same year I also took him to Disneyland in Florida.

Where there's a will, etc. :xxgrinning--00xx3:


.
http://img11.imageshack.us/img11/1448/richieatthefarm.jpg

[fred]

10 years ago, after the ex did the dirty on me, I arrived back in the UK, aged 51 years, with a rucksack, 180 quid and a park bench to sleep on.

The need for the continuing respect of my precious son...9 years old at the time was enough to galvanise me into action, stop feeling sorry for myself, and go out and work like :censored: to provide a home for him to visit me at, rather than a hostel for down and outs.

A year later I had 3 cars, including 2 TVRs, money in the bank and a lovely cottage out in the country for him to come and stay every weekend and for holidays. That same year I also took him to Disneyland in Florida.

Where there's a will, etc. :xxgrinning--00xx3:


.
http://img11.imageshack.us/img11/1448/richieatthefarm.jpg


Well done Graham.. Looks like you have done really well.
Not sure if I would do as well if I had to start from scratch..

[Michael Parnham]

i would cope fine........ move back into my mums house! :biggrin::Erm:

I'm in a little debt and i have no savings. Savings for me are just a non starter. My job isnt the best paying and i just have enough to save for flight tickets to phils, support my gf and child aswell as everyday living. :cwm25: need to win the lottery i think :biggrin::xxgrinning--00xx3:

Same as us, we just have enough to live on, no savings as yet down to about a fiver by the time my pension is in the bank!:Erm:

[jake]

Not sure if I would do as well if I had to start from scratch..

I start from scratch every week when i ask the wife for my allowance :Erm:

Who says Filipino's are not good with money!

[grahamw48]

:icon_lol::xxgrinning--00xx3:

[Terpe]

well would you believe it, they say that if people lost their job they would have just 2 months worth of savings before they would be broke, cant believe this but how true is it, how long could you last

I think the average annual income in UK these days is around £27k

If that were to be true then I guess we could suggest that average take home pay would be around £2.5k

Out of work for 2 months means finding £5k

According to a recent report in the Guardian (http://www.guardian.co.uk/money/2013/feb/25/millions-britons-without-future-savings) 15 million of us are not making any effort to save and 8 million have no savings at all.
The same report indicates that one-third (32%) estimated the value of their total savings and investments at less than £1,000, a figure just under a typical household's combined monthly mortgage and council tax bill (£1,009).

[fred]

I think the average annual income in UK these days is around £27k

If that were to be true then I guess we could suggest that average take home pay would be around £2.5k

Out of work for 2 months means finding £5k

According to a recent report in the Guardian (http://www.guardian.co.uk/money/2013/feb/25/millions-britons-without-future-savings) 15 million of us are not making any effort to save and 8 million have no savings at all.
The same report indicates that one-third (32%) estimated the value of their total savings and investments at less than £1,000, a figure just under a typical household's combined monthly mortgage and council tax bill (£1,009).


Yes but when wage increases lag inflation by around 10% then the figures and conclusions are hardly surprising!!
Low interest rates may further discourage savers IMO.

[grahamw48]

If that 27K is gross income Peter, I think you'll find that net will be a lot less than £2.5K a month. :Erm:

[grahamw48]

I could never actively save.

My way of doing it now, is simply to spend as little as possible (daft as it sounds), and of course I then gradually accumulate a surplus. :smile:

I don't borrow at all.

[Terpe]

If that 27K is gross income Peter, I think you'll find that net will be a lot less than £2.5K a month. :Erm:

Yes Graham your right.
Should've taken the trouble to do a quick calculation.

A very quick and 'dirty' calculation comes out at £1.8k without taking into account any pension contributions or tax credits.

[grahamw48]

I used to be a wages clerk in my youth. :biggrin:

[Terpe]

We actually do make a effort to save every month.
It seems, though, that over the past 2-3 years our overall nest egg has decreased significantly. :bigcry:

[Terpe]

I used to be a wages clerk in my youth. :biggrin:

:icon_lol:

I also should have known better, especially as I worked for ages in HMRC within the employers section.
:doh

[stevewool]

we save what we can but its for my early retirement, so every little helps, plus i am a tight git and hate spending money, we spend Ems instead:icon_lol::icon_lol: