Spend or save

I would not be happy if my OH wanted to spend a large percentage of our savings on his hobby, I would rather we spent it on something that was beneficial to both of us. In fact we have done just that recently having to spend a big part of our savings on an operation privately for for Mr J. We could no longer wait for the NHS due to the deterioration in his health. I feel that this choice will benefit both of us and was the right way for us to spend our money. Not for everyone I know but absolutely right for us.

I keep a certain amount in savings for all the reasons already mentioned. Anything in excess I will spend on all the things I enjoy doing.

The perfect balance.

We have savings plus our pensions - state and private. OH has constructed a spreadsheet with everything on it! Once a month I do our accounts and he updates the spreadsheet. He has allowed for things like new cars. We have reasonable holidays and OH’s two main hobbies are not cheap. Beehives! Neither of us have BUPA anymore as it was getting ridiculously expensive. OH has paid for two hernia operations privately and to see a specialist in Lyme disease. I paid for a tooth extraction as the waiting time on the NHS was 18 months. As people say, we can’t take it with us but we’re not extravagant. Our three children will inherit the house and any money left in the pot.

But you must enjoy yourselves now. Inevitably you spend less as you get older because your physical abilities decline. I’d make sure I’ve budgeted for necessary things like household maintenance, save some, but also enjoy yourselves now. Life is short, it can be changed or lost in an instant, and money in the bank is no good when you’re dead.

Will you need work done on your house one day? Will you need to replace an appliance which stops working? Or a car? Might one of you one day want a medical procedure carried out privately? Might one of you need to go into a care home and would rather choose something nicer than the local authority will pay for? The list of things for which you need savings is endless.