What's your approach to money?

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

Sounds a good method to me, Cheelu!

Perfect Cheelu

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

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

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.

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!

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

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.

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

save it for my old age

I agree anno you have to have a contingency fund for things like that. I like to have a certain amount in an easy access savings account, separate from day to day spending and separate from investments.
But having worked hard all my life, and saved for my old age, I'm determined to enjoy it now it's here

So, out of interest, I know everybody is different and has different wants and needs but...... When is "old age" for you? For instance, I'm in my mid 50's, paid mortgage off on my tiny house, not supporting children any more, got a long term partner who I live with, work part time, got a small work pension monthly, got enough day to day money for bills, the car, visiting my son over seas once a year, a couple of cheap ish holidays a year, but not much in way of rainy day money. What do people think is a good sum to have tucked away for the mythical "rainy day"?

storynanny, I was glad I had a bit of rainy-day money a few months ago when we discovered the kitchen roof needed to be replaced. That was £3000 pounds out of my stash!! That was a major outgoing though. If I hadn't had that, I think I'd have had to have taken a loan from the bank.
Having had this experience, I think perhaps £5000 might be a realistic amount to keep in the rainy-day fund.
We're both retired, receive State Pension and both have quite small work pensions. We don't run a car now as we have a good public transport system and manage to have a couple of holidays a year (one Europe and one in Britain for a few days each).

Oh, I don't know, a million perhaps ?

storynanny I feel comfortable with £7K in my stash. If it gets to more than 10K I transfer it somewhere less accessible where it earns more money, or have a little holiday.
We too need a new roof on the garage this year so the money will come out of the stash and I will have to build it up again.

I think everyday is a bit of rainy day in our family at the moment. Constantly bailing out my son and his family and my daughter who is struggling to keep her home after recent split with partner.

Rain rain go away come back another day...........

gillybob, that's the way my life has gone over the last while. Oh well, they may as well get it when they so desperately need it - and we'd never see them stuck, would we! I've discovered that it's quite surprising how much I can manage without!!

Marelli and Gillybob, it' s the same here, the rain is always falling on somebody's head in this family. My little rainy day fund is getting smaller.

At least we know we're not alone, then, Grannyeggs! It's actually quite a comfort for someone to say that!

Yes Marelli and Grannyeggs How could any of us enjoy spending money on treats or having a savings fund knowing that our dear children and grandchildren were struggling to make ends meet?

I know - I couldn't do that, either, gillybob!

I've told mine that if they need it they can have it now rather than when I'm dead as I'm planning to live for a very long time. When I'm 102 and broke then they can help me out.

The generally accepted figure is as already said 6 months which will be different for all of us. As we are retired we think we need more.

Not sure what you mean by the 6 months figure movedalot ? Forgive my ignorance I am a bit slow on the uptake today.

I think Movedalot meant 6 months salary/usual income to be laid aside?