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to spend or not to spend-that is the question.a first world problem

(30 Posts)
petunia Sat 11-Jan-20 10:35:36

Morning. Im a WASPIwoman, waiting to the age of 65.5 for my state pension. Well it kicked in this week. Suddenly, having this money has sent me into a tail spin. I constantly waver between spending every last penny on gin (that's a joke though-i really mean frivolity) or putting it away for my older age
Having spent the past few years since I retired on a work pension, just being careful with money, I cant bring myself to fritter it away. Yet suddenly, I can. But for so long I have been carefully considering every purchase. thinking do I want something or actually need it. I dont want to buy stuff just for the sake of it. I'm gripped now with indecision.

Are there any other WASPI women who feel like this. What do I do fellow grans-netters- blow it or save it?

Teetime Sat 11-Jan-20 10:39:59

When I got my state pension I did spend the first few months but now I try to save it. I realise I am in a fortunate position. I'm not saving for my old age but for holidays , household contingencies, helping family out that sort of thing.

twinnytwin Sat 11-Jan-20 10:43:48

I'd go treat myself with the extra money - you deserve it after having to be careful all these years. But be warned, you will soon get used to the extra income and it'll get mixed with your other day to day expenses as your standard of living will rise. But at the moment, have a splurge! I'm a WASPI woman and luckily didn't have to wait so long for my pension (I'm just 68).

tanith Sat 11-Jan-20 11:16:52

Not a WASPI woman but why not treat yourself a bit nothing wrong with that. You can save it if you choose.

HurdyGurdy Sat 11-Jan-20 11:19:24

I'd say enjoy it.

Brunette10 Sat 11-Jan-20 11:21:10

I know exactly what you mean. I've had 4 lots of state pension and so far I have left it. Although I was hurt and angry at not receiving it at the age of 60 I now find I can't just go out and have a spending spree, although there's nothing to stop me. Don't know if it's just an age thing and 'do I really need anything'?

annsixty Sat 11-Jan-20 11:21:18

Spend what you need not what you want but with a few treats because you may need care at some time, but do enjoy some it, you have waited a long time.

craftyone Sat 11-Jan-20 11:24:10

Treat yourself to some nice things and then save for old age and when you have enough then treat yourself more often.

J52 Sat 11-Jan-20 11:33:13

If you’ve been a saver and cautious with money all your life then it’s hard to suddenly become spendthrift.
I don’t worry about saving for ‘old age’, I might not be here.
I’d treat yourself, that’s what having the time to now enjoy life, in large and small ways, is all about.

Jane10 Sat 11-Jan-20 11:34:01

I agree. I'm finally due to get my state pension later this year. I suppose I'm just in the habit of being careful with money. The family laugh at me about this but I'm not bothered. I have several bank accounts for different things. I expect I might put pension money away into my savings one for holidays. I don't feel I'm currently missing out on anything so don't know what I could 'splurge' on!

travelsafar Sat 11-Jan-20 11:39:34

Treat yourself to something nice. Then put half in the budget and save the rest for emergencies, holidays,helping the family. Its always good to know you have a nest egg somewhere.

Doodledog Sat 11-Jan-20 11:45:39

I have seven years to go before I get mine, and am living on savings and a small occupational pension until then.

I am used to being careful, but what hurts me the most about the age increase is not being able to help my children as much as I'd like to, and had planned to do.

When my State Pension eventually kicks in, I hope to be able to do more for them, but by then they are likely to be past the time when a helping hand would have had most impact.

To be honest, petunia, if you have enough of a nest egg to protect you in the event of the roof falling in or something, I think you should enjoy the money while you can. Moving the pension age has ensured that not only do we not have money for a lot longer than previous generations, but that we will be much closer to the age where we can't do as much with it, because of age-related health issues.

I worry about spending my savings, as they won't be replaced now, but the pension will continue to come in, so you may as well spend it.

BlueSky Sat 11-Jan-20 11:49:42

We have been savers all our lives. Now it's got to the stage when we can actually spend it but find it difficult not to source the cheapest item as we are so used to it. But of course if you can, now it's time to spend spend spend!

Sara65 Sat 11-Jan-20 14:01:15

I have never been sensible with money, my instinct is always to spend. My husband is 65 but still no state pension, and I’ve got a couple of years to go.

We are both working so it hasn’t really affected us. But despite our good intentions to save it, I doubt that we will.

FlexibleFriend Sat 11-Jan-20 14:11:52

I have to wait to 65 and 11 months for mine so it will kick in this summer. Like you I've lived on my private pensions and pip but haven't exactly had to watch every penny. When my pension kicks in I'll carry on in the same way but will pay off my bank loan as a priority, once that's done I'll start having a few improvements done to the house, nothing necessary just desirable and it will be nice not to have to budget for everything.

Hetty58 Sat 11-Jan-20 14:15:23

I'd say money's for spending, not saving. Treat yourself as you deserve it!

sf101 Sat 11-Jan-20 14:42:38

I retired a few months ago and won't get my state pension for another 3 years. I've always been a saver which now allows me to live quite nicely on my private pension alone and feel secure for any emergencies.
It is very hard to change into a spender when all your life you have saved.
And when I finally get my SP I will be quids in.

Pudding123 Sat 11-Jan-20 14:47:59

Oh gosh you sound like me,I get mine in May and have always been a saver (since I was about 7 and my dad said he would double what I saved for my 2 week holiday in Wales every year I used to save half my weekly spends and buy a post office saving stamp I think they had a picture of Prince Charles or Princess Anne on)it has stood me in good stead all my life so I daydream about what I will do with this money after having budgeted all my life.Please post on Gn what you decide to spend it on😯

ninathenana Sat 11-Jan-20 14:51:15

I've been receiving my pension since May 2019. It goes into a separate account and so far has paid for car and boiler repairs plus replacement washing machine. I'm hoping I can now save for a good holiday for us rather than the boring stuff.
DH has his own state and private pension. This is my money to spend how I choose.

rosecarmel Sat 11-Jan-20 15:25:36

50-30-20

50% towards actual necessities

30% towards frivolity

20% towards savings

Why save? Unexpected expenses- Yours or others- Death is inevitable - But unexpected events can plunge most into financially precarious circumstances - It's prudent to have a cushion-

love0c Sat 11-Jan-20 15:36:48

HurdyGurdy How right you are!! We recently received some money and we actually struggle with spending it. We have always had to be careful with money and made sure we never got into debt. We enjoyed nice family holidays and a nice car but we were still careful with it. Spending on just ourselves is the problem. I think it has become a habit to be careful. I will take heed of your post!! (will try, ha ha)

M0nica Sun 12-Jan-20 08:10:34

Age expectancy is more than 78. The average is now 81

But the older you get the older your life expectancy. Look at this government site www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07. The older you get, the longer your life expectancy. At 76 my life expectancy is 89.

JenniferEccles Sun 12-Jan-20 08:56:47

I am firmly of the opinion that retirement is our time to enjoy ourselves and in a lot of cases of course that means spending money, whether on lovely holidays, meals out or treating the family, or having work done in the house.

After all if we don’t treat ourselves now, when will we?

Having said that it’s absolutely essential to have sufficient funds put aside as none of us know what our financial needs will be in years to come, do we?

It’s a kind of balancing act. We do spend but also continue to add to our savings.

BlueSky Sun 12-Jan-20 09:42:04

Thanks M0nica didn't know that. Tried and mine is 88! We can always hope.

annsixty Sun 12-Jan-20 09:44:19

Mine is 91, wow!!