Household saving is down

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jansman
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Household saving is down

Post by jansman » Fri Mar 31, 2017 5:41 pm

It's tough to save money, and anything you do save realises VERY low returns. However, it's good to have cash to fall back on when crap happens. This report highlights low savings and high spending in U.K. households ( credit) it would seem the 2008 crash has been forgotten.

Household savings ratio falls to record low, says ONS
http://www.bbc.co.uk/news/business-39453844
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

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Le Mouse
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Re: Household saving is down

Post by Le Mouse » Fri Mar 31, 2017 6:23 pm

That report is really worrying, jansman. Seems people are being quite short-sighted again. This does not bode well.

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Deeps
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Re: Household saving is down

Post by Deeps » Fri Mar 31, 2017 7:04 pm

It was maybe 10 years (I was at sea so all very second hand) or so ago but my missus did a survey with a guy who knocked on door (very unlike her). Now she's always been more of a worrier than myself and used to get upset if we ended up putting the last week of the month's shopping on a credit card. Anyhoo, one of the questions was "if you needed to, could you get your hands on a hundred pounds". She was a bit taken aback and said of course (and must have looked a bit shocked), the boy doing the survey said "you'd be surprised how many people couldn't lay their hands on a hundred pounds and that's not even at the end of the month". I've been grateful ever since, it gave her a better perspective on our finances, we were pretty cash rich then as well as having assets, she just needed to know that there were plenty worse off than us I guess. :lol:

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Le Mouse
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Re: Household saving is down

Post by Le Mouse » Fri Mar 31, 2017 8:31 pm

I've had a time where I was basically living off debt. It's an ugly place and a damn large part of it was all my own fault. It's bl**dy hard work getting out of that pit I can tell you and strictly speaking I'm not entirely out of it yet since I still have an old-style student loan which I defer payment on every year because I don't earn nearly enough to have to pay it back. I'm now a bit obsessive about saving, 8 years after spending about 4 years paying off 2 credit cards, a bank loan and an overdraft. I will not be in that position again! While I have a fairly decent job, I will make hay while the sun shines! It's never going to be a big bale of hay, but at least it's something to cushion my fall, and it has quite a few times now!

I fear for everyone on low pay, short contracts, zero-hour contracts (been there, done that) because how can a person save when there's no guarantee when the next pay packet will come in or if the next leccy bill will wipe out their wages? And with more inflation imminent the situation will only get worse.

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shocker
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Re: Household saving is down

Post by shocker » Fri Mar 31, 2017 9:06 pm

I can highly recommend personal bankruptcy. In all seriousness, its harrowing but a massive relief.
*** NOW 30% LESS SHOCKING!!!***

Alloneword
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Re: Household saving is down

Post by Alloneword » Sat Apr 01, 2017 1:56 am

shocker wrote:I can highly recommend personal bankruptcy. In all seriousness, its harrowing but a massive relief.
I have to agree i took out a DRO some years ago, it's still ongoing (18 months) but when it was in place and debt wiped off it was amazing feeling, people have to give it serious thought but it can be a life saver in some cases.

All1
Please bear in mind i am prepping for the River Thames to flood and how i can get to safe ground, I'm not worried about the end of the world..... I'll die with the other Minions.
I can't trust Govt or local Council to help me so i have to help myself.

grenfell
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Re: Household saving is down

Post by grenfell » Mon Jul 31, 2017 5:19 pm

Maybe worthy of it's own thread but perhaps people are putting their money towards tin boxes rather than saving . Either way this building of debt is worrying ,
https://www.theguardian.com/money/2017/ ... cial-crash

jansman
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Re: Household saving is down

Post by jansman » Mon Jul 31, 2017 6:33 pm

grenfell wrote:Maybe worthy of it's own thread but perhaps people are putting their money towards tin boxes rather than saving . Either way this building of debt is worrying ,
https://www.theguardian.com/money/2017/ ... cial-crash
I can see your concern.Especially when the debt is being rolled into asset packages.Another crash anyone? Thanks for the link grenfell.
In three words I can sum up everything I have learned about life: It goes on.

Robert Frost.

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Deeps
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Re: Household saving is down

Post by Deeps » Mon Jul 31, 2017 8:29 pm

grenfell wrote:Maybe worthy of it's own thread but perhaps people are putting their money towards tin boxes rather than saving . Either way this building of debt is worrying ,
https://www.theguardian.com/money/2017/ ... cial-crash
If I mind right, Mark Carney made mention of this a month or so back, in the short/medium term it should drive the price of fairly new second hand cars down but I get why it might be an issue. I can't see past peoples obsession to have 'shiney' though, thankfully rucksacks and torches are cheaper. :D

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Plymtom
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Re: Household saving is down

Post by Plymtom » Mon Jul 31, 2017 9:19 pm

I think we've said before that food preps can effectively give a better return than sticking money in the bank, although they could be hard to judge with Brexit and all, thing is yeah a bit of cash is handy but I like useful stuff myself. If I could get rid of anything that doesn't actually serve a purpose around here, there'd be much more room.
I have a strategy, it's not written in stone, nor can it be, this scenario has too many variables, everything about it depends on those variables, being specific is not possible.

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