What's your approach to money?

save it for my old age

I had a friend who was 89 and won £10,000 when I ask what she was going to do with it she said putting away for my old age
I pay all my bills save some for emergencies and spend the rest

Rainy days can come along any time in my experience. The washing machine wears out; the car exhaust falls off; you suddenly have to find the air fare to go to a sick relative the other side of the world. The point is, storynanny, when a rainy day arrives, you will recognise it.

What an interesting question storynanny, about the rainy day I mean.
It's perhaps different for working people than retired people.
Some people recommend saving up for a rainy day, until you have six months' salary squirrelled away, to cover you in the event of redundancy or long-term sickness. Some people would want a higher level of security than that.
Once you are retired and on a guaranteed income, it's rather different.
We are now fully retired, and while I don't intend to use up capital, I tend towards the 'enjoy it while you can, you don't know what's round the corner' school of thought as far as income is concerned.
But I do budget quite carefully

I'm not there yet, but out of interest, when do you think the " rainy day" is here and you can start spending instead of saving? Do you think it will be easily recognisable? Do you think there is ever a time when you don't need to save at all? I've never had much money, but now have paid off my mortgage early and work part time . However, I get very anxious if I don't save part of it. Goes back to when I had little children and sometimes only had 20p in my purse I suppose!

I tend to be frugal always waiting for a rainy day. My parents were even more so my mum in particular. I did benefit from my parents estate which makes me feel secure now. I am lucky to be able to cover major household equipment replacement or repairs etc.

I have saved regularly since the children left home. I probably could benefit from improving my wardrobe more regularly but its not something that I get very excited about.

I do have enough to live independently if I wished, but not without splitting my current home. I have my own bank account. My savings are all in my name. I have a reasonable works pension and a full state pension. I did not rely on DH for that, for which I am very greatful. We split the other bills, by eacy paying for different things, particularly as he has not worked now for about 4yrs mainly due to health issues. I think at present I pay rather more than my fair share. When he finally gets a state pension in 2014 THINGS WILL CHANGE!

I would always recommend any woman who is lucky enough to have their own money to keep their finances separately. Its cynical I know but you never know when you might need them.

my approach to money is do three things with it--pay bills--save some--have fun with whats left

That sounds spot-on, Cheelu! We all have different ways of having fun, so it takes in everything!

Perfect Cheelu

Sounds a good method to me, Cheelu!

My approach to money is Pay your bills save some and have fun with whats left

reported. how daft do these people think we are ?

Reported

Message deleted by Gransnet.

Im quite frugal with money as I shop in charity shops or on ebay if I can. If they dont have it then I do go high street but really begrudge the cost now. I bought loads of sweet william and carnation plants from ebay for just under a tenner - if its on there cheap and I need it I will buy.
I always put somthing away every month 'just incase' and this has come in very handy when times have been hard - like when OH's business went bust and he closed it. But I spend well on holidays as I think you only live once!
OH is hopeless with money btw lol

There's a saying "If you NEED it - get it, but if you WANT it - forget it!" In hard times it's good to stick to this, then you won't waste money. Also work out how many hoiurs at work it would take to pay for something and ask if it's really worth all that effort.

I love handbags, but have taken to buying them on Ebay. I set myself a limit and if the bidding goes over that, I don't bother. I've had some lovely, almost new, bargains. I like to buy Tula which are made by Radley but nothing like as expensive. When I was buying shoes from Hotter, I noticed that there were three items for the price of two - my third item was a rather attractive black leather bag, of course. If I'm buying tops from Landsend, I try to use the sale section and have recently discovered M&S online outlet. As for jewellery, I have a 'thing' about earrings and Ebay is a great source of attractive ear-wear - some nice ones on Amazon too, but you can get more unusual designs on Ebay. Check out dichroic glass - good for very cheap but unusual presents.

crimson I use back pack type bags all the time (not evening wear though) After breast cancer, my left arm is achy and you are always advised to be careful, so I have reasonably sized black leather one for every day, and a beautiful, bigger, soft tan leather one (bought in Italy) for travelling.

I also have a huge one in soft brown suede stuff but it is too heavy!

They are brilliant for shopping - both hands free and you soon get used to using them.

have moments when i will spend recklessly, then be mean for a few weeks to atone my guilt.

I buy second hand books from Amazon - some as little as 99p.

If you like reading use your library.You've paid for it in your Council tax.
They have CDs too, and Audio books and computers.
Saves pounds.

I do buy jewellery but not expensive stuff! DH bought me a pretty ruby necklace for 40th anniversary but not really what I wear and I have to remember to put it on sometimes so he does not feel sad that I don't like it! Sad because in the past he has bought me some great pieces

I do! I've got too much!
I've made a vow not to buy any more!

*jeni

Great no, I don't buy myself good jewellery, just a bit of junk stuff but DH has bought me some really lovely things as presents. When I was having my thyroid out I was concerned about the potential scar and he promised me a row of pearls to cover it. I had such an amazing surgeon that the scar doesn't show but he still bought me a double row of pearls, a bracelet and earings to match.

I don't know? Couldn't you have used gold and platinum chains on you shoes to give you traction?