Mislaid Plans
Posted: Sat 20 August, 2016 Filed under: 2015/16, Bankruptcy, BurgerCrawl, Day Trips, Do More, Domestic, Driving, Finances, Five Year Plan (now Ten), Food, London, Rebuilding, Solo Dining, Thoughts, Travel 3 Comments »Back at the start of the year, one of my stated aims was to put more money into savings. I’d finally finished my bankruptcy’s payment plan at the end of 2015, so the plan was that I’d put that straight into savings instead of into the payment plan.
That aim has kind-of worked, but not to the extent I intended to. Road to hell, Good intentions, and all that rot.
I looked back this week – coming to the last third of the year, I wanted to review where I was. I’ve certainly added to the savings, but it’s not been to the full extent that it could/should have been.
There’s some reasoning behind it, when I looked into it and thought about it. Primarily, it’s the first time in way too many years (certainly far preceding the bankruptcy) where I’ve had disposable income – and I can’t deny, I’ve been taking advantage of that this year.
It’s been one heck of a year, with a lot going on – as I’ve written about before – and some of that has been funded by the money that “should” have been getting funnelled into savings. I can’t – and won’t – deny it, I should have been a bit better, a bit smarter about it, but well, I haven’t.
I’m already making plans for 2017 to be much calmer, to not be going quite so barmy about having time, space and money. From January, that money *will* be going to rebuild savings.
2016 has been a mad old year, with lots going on. 2017 is going to be a good year, but a bit more relaxed, a bit more sensible. Not perfect – I’m never going to claim that – but I know what needs to be done, and I intend to be doing it.
What percentage of your net income is going into savings?
My rule of thumb, since I had my first part-time job when I was 15, has been 10% minimum. We’ve filled our ISA pots every year since they were invented.
But, there were not the pressures to consume that there are now. And interest rates have been rather better…
And, it is much cheaper (proportionately) for two people to live than for one.
I don’t know if I’d do the same in your position though… the governmint is never going to let anyone starve in their old age if they don’t have any savings, whereas those with savings have to spend almost all of it before they get help.
Saving is great, but I think there is always a balance to be had, to ensure that you are also allowing yourself some fun, as well 🙂
Doing the maths (just now, admittedly) my aim was just over 20% of current net. (Which was the amount I’d been paying to Official Receiver for three years)
As it works out, I’ve done 10% most months (there’ve been a couple where car stuff etc. took precedence) so it’s not as bad as nothing, but not as good as planned. Which is how I tend to look at it. Worse than intended, but still better than nothing.