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17 Mar 20, 03:45 PM |
#21
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Imagineer
Join Date: May 13
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We are due to go on holiday on May 8th I don’t expect to go I would love virgin just to cancel our flights so we could get our money back. We could get money back from Disney but don’t want to cancel hotel till flights definitely aren’t going and we can get our money back. We have over £ 13 000 invested in the holiday. If we lost the money it would be devastating but not financially crippling as we have saved up the money over 3 years.
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17 Mar 20, 03:54 PM |
#22
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Imagineer
Join Date: Mar 12
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What does financial security mean to people?
Personal view is you should have 6 months living costs as a minimum at all times for the unexpected. As you get older, that fund should increase as there is a point where it may take longer to find new employment and the risk of long term conditions restricting you increases as well. I hear people who say you should live for now as you could be dead tomorrow, but for me, the thought of years of living on the poverty line in the future is a far worse thought. |
17 Mar 20, 04:06 PM |
#23
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Very Serious Dibber
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I won’t book a holiday unless I can pay for it
I’ve paid the deposit for this years holiday but have the balance available in our savings account ready for the day it it’s due. Worried it’ll be cancelled but if it is it’ll mean a better holiday next year or the year after. We probably have a 6 month cushion - 8 months if frugal. |
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17 Mar 20, 04:07 PM |
#24
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VIP Dibber
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We’re very fortunate we have both, no mortgage plus still working but both of us have pensions from military/ Police.
As an Independent Travel Agent I hope people will continue to book holidays ( home or away). I personally feel you need a nice holiday to recharge your batteries.
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17 Mar 20, 07:35 PM |
#25
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Imagineer
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Do you run a business out there?
Are the hotels still open? If the worst is over and we can, we still be coming in May. Hopefully we can still come or at worst rebook for September. Only problem is my parents are coming too in May and they're both in their 80s and maybe locked down
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17 Mar 20, 07:43 PM |
#26
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Imagineer
Join Date: Feb 13
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I will give you my answer for me. I have been a big fan of FIRE - Financial Independence / Retire Early. And this has been one of my goals.
So for me, Financial Security is line of sight of finance supporting me and my OH until death (assuming mid 80s). I am lucky to now have this which allowed me retire. And I manage my finance so I have five years in deposits (need / wants over and above regular income (DB pensions/OH's salary or pension and SP down the line)) and easily accessible, and any remainder invested. Through my working life I never took on any debt other than mortgage - I went without until I could comfortable afford something. This takes a lot of effort to balance with non essential spending (holidays etc.). We did have to make hard decisions along the way. I never got the "living for now" thing as the average age is over 80 so the most of us will get there. I do appreciate some dont get anywhere near - but others get way beyond. This has worked for us and dont regret this approach. But others will have a different approach - spend it all and postpone those hard decisions until later. No right answer, for most, it basically means the hard decisions come at different times (unless you are financially very well off). Edited at 07:49 PM. |
17 Mar 20, 08:00 PM |
#27
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Guest
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Although I currently don’t work and my dh job is secure as his company is booming due to this, it has made me think we should have savings for a couple of months worth in case something else happens and he does lose his job. That will be my priority over a holiday once I get a job and can actually save money.
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17 Mar 20, 11:14 PM |
#28
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Imagineer
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We by choice don’t have credit cards or loans bar a small mortgage
Cars are typically older and bought outright. Holidays are paid for with spare money if you like , ie money left after bills , living etc My holidays are all booked DIY and cost far less than some of the amounts I see spent. We do have some savings enough for a few months if we needed them to survive . |
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17 Mar 20, 11:28 PM |
#29
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Proud to wear my Ears
Join Date: Jan 09
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This won’t change many people’s habits, the financial crisis is not that long ago and with the tail of austerity still lingering habits haven’t changed.
For some this is a situation they are in due to that crash suppressing wages while cost of living increased so it’s not a clear cut situation. The mantra is to have 6 months cash reserves to cover your basic expenditure, this is not a small figure for most and still juggling the demands of family and living this can be seen as an impossible task. I’m in the security first (actually have to go through the 7 stages of grief for big spends) because I know I can’t rely on anyone else to pay my way. I’m in a so called secure job with an employee first employer but I still think well what if. Edited at 11:31 PM. |
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18 Mar 20, 12:41 AM |
#30
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Imagineer
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Yes we run the family pub.
Most things have been ordered to close apart from the essentials, supermarkets, pharmacies etc. We have no savings, no money coming in till may at the very, very earliest. I'm terrified at how we are going to cope-I dont see it ending well
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