Do you have savings?

I have saved all my life and was looking forward to a lovely retirement. My husband had a huge stroke and died after 11 years in a wheelchair with me caring 24/7. We could not spend much during those years but I am determined to spend my savings now and live for the day as long as I have enough to do that I will be happy, just wish we could have spent it together.

win that's really sad - yes, spend what you have and enjoy yourself as much as you can

I would feel very uncomfortable spend, spend, spending then sitting back and expecting the state, ie the taxpayers, to pick up the tab for my care costs if I have any.

The little I have put by is my security blanket. I was only able to begin to save not long before my retirement. My priority became paying off my mortgage. This I managed to achieve all on my own which makes me feel so proud. It's also so reassuring that I can help my children out with small amounts if needed and Christmas is now such a joy not having to worry about being unable to afford gifts. In my past life it was my ex who enjoyed spending our joint income on himself. Things have certainly turned around for the better since then.

Anniepops....well done you. I hope your current contented state continues indefinitely and even flourishes.

Exactly grannyqueenie how can anyone be happy when they can't even afford the basics in life, like keeping themselves and their family warm? Eating well? Paying the rent or mortgage? Never mind luxuries .

I have brandy ideas and shandy money.?
Don't save as much as we used to, as others say, life is for living.

It may be true that money can't buy happiness but at least you can be miserable in comfort.

So true "Foxyferret* (great username btw!)

I agree it is prudent to have some "rainy day" savings, (if possible), but when does this kick in?
My parents were loathe to spend anything on luxuries but did not skimp on food, heating etc. I inherited a small amount and my late husband and I enjoyed good holidays and reliable cars.- Skodas, not `Mercedes.
Now at the age of 74, widowed, remarried, living in a modest house in France I am starting to wonder about dipping into the small savings pot and enjoying a few more holidays etc. whilst we are fit, or leaving it in case we require a care home.
Mind you, a broken central heating boiler has just wiped out £5,500 , the 7 year old car is showing a few aches and pains so the drizzle, if not the rain has begun !
One consolation is the price of excellent French wine , good food, plenty of sunshine so the need for exotic holidays is fading.

There is more to saving than cash in a savings account. DH and I are serial house renovators and improvers. As a result we now own a quite valuable house, not cash in the bank, but a resource we can draw on should we need to. Any one who had a mortgage was saving because at the end of the day they own their house.

Similarly, I was not in pensionable employment until I was 40, so I paid maximum AVC's (Additional Volontary Contributions) into the company pension fund from the start. This meant that I have a substantially larger pension than I would have had, had I just paid the basic amount, that was part of my saving, which pays out each month with my enhanced pension payment.

devongirl the biggest problem Social Services face when seeing how money was spent is the need to prove that if you gave a lump sum to your DGC to buy a house, for example, you did it deliberately to qualify for free care. The longer ago you did it, especially if you did it when you were in good health, the more difficult it is for them to prove you did it to avoid care costs. If they cannot prove that they cannot act as if you still have the money.

Re care home fees and deprivation of assets, I think that as long as you give the money away well before you are getting decrepit/demented and therefore likely to be in need of care soon, it's probably OK.

From all I've heard the problems arise when the person or their family realise that a care home is likely to be on the cards soon, and then try to save assets by giving them away.

If you have no cash savings, or assets you can convert to cash if needed, how do you pay for replacements when you have stopped working? We have an income which is enough to keep us and pay for our trips back to see the family or visit those in USA. However we cannot really add to our savings pot so although if it was something like the washing machine or fridge which needs replacing that we could most likely do that OK, but not if it is the car. We do pay cash for our car which the people at the garage tell me is now very unusual and most people have HP or have a lease agreement which still entails monthly payments. Therefore we need some money behind us but sadly it is rarely replaced.

Growing up, my parents rows were always about money and lack of it. They both worked hard in poorly paid jobs and although we were not "poor" , there was never any money for a holiday. I worked Saturday and Summer holiday jobs from when I was 13 and bought my own clothes. I'm now a retired teacher and lucky enough to be "comfortable". It has left me with a real phobia about being poor and I have always had to have a savings pot. I appreciate everything I have but I still watch pennies although there is no real need now. We enjoy lovely holidays and meals out together and with family. I only wish my dear parents could have had the same life. I can spend now but only because we have been savers.

Welshwife why is your car sadly rarely replaced? I have had my current car 10 years and see no reason to replace it. It is reliable and gets me from A to B when required including some quite long journeys - and it was 5 years old when I bought it. DH works on a similar basis. We could afford a new car and possibly changing it every few years, but why bother? We have better things to do with our money.

Now that is one thing I do think is a waste of money -new cars!!!

Tong the car monica the savings are sad.y rarely replaced!!!!! We do only replace the car when really necessary - the last twice we have found a new car a far better bargain than a secondhand one.

Not the ----

The only new car I ever had was a liability from Day 1. Thankfully it was a company car so that was their problem not mine. Offering hostages to fortune, my, now 15 year old, car has been 100% reliable and never broken down or had any major repair and gets through its MOT each year with the minimum of fuss and expense.

We run our cars until they are scrapped. That is from choice and not necessity.

VERY interesting post - I do not have the money to save and never have had. I manage from day to day and it is a scary business - and I have worked all my life! So, those of you who are able to save, be very thankful you are in that position as you never know what life will throw at you.

If you have no cash savings, or assets you can convert to cash if needed, how do you pay for replacements when you have stopped working? We have an income which is enough to keep us and pay for our trips back to see the family or visit those in USA. - Welsh wife

I have not been out of this country for 23 years, I do not own a car, I rent my house, have no savings and buy clothes from ebay - I am 68 years old and the full time carer for my very sick partner - am I educated - yes, have I worked - yes - as a bank clerk, a graphic designer and a genealogist - so why am I poor? Simply because life is not fair and has thrown a lot of bad stuff at me..... simple as

I was actually asking a serious question - I do wonder what people do. Life doesn't go well for people always we know that - it has been far from smooth for me for long periods.
I assume you do not have a child with a family who lives so far away that any visits need to be sporadic.
I hope you are able to have the support both financially and practically that you need.

Also surely ' savings ' means different amounts to different people. Some may be happy with £2000 in the bank or perhaps happy with £220,000 and still not know what to do with it . After all what do you do with savings ? Other than save it ?When do they become spendings ?

When you need them!

Exactly Jane - having been in the worring position of having nothing and needing money urgently - once you are able to get something behind you that is what you do.
I wonder if you really ever get over the fear of spending money saved. How much is enough is a bit of a conundrum.