Planned for the future?

Crumble Froo

ok, so i was gonna mention it in the life plan thread, but figured it was a bit off topic, so here's a sparkly new thread for it...

do you have a financial plan for the future - retirement, old age... do you put money away?

i vaguely recall some sort of ad campaign aimed at women a couple of years ago back in ireland after stats showed that women tended not to have money put away for later life.

something ive been thinking about lately (im 21), and find it all a bit overwhelming, i know almost nothing about it, but i do know that ill be well fecked without some sort of something.

so do you have some sort of pension plan? anything? an investment or asset you know you'll be able to rely on?

Jesus Wept

Find a rich husband, that's my plan.

Xiney

savings account - it's the only safe thing really.

In a few years when my life is more stable we'll probably put some money into Canada Savings Bonds - they have guaranteed returns etc. but you can't take the money out for a few years, depending on the type of savings bond you purchase. That will be fine when we have a bit more money but right now we need everything to be liquid, just in case.

Every paycheck, everything left in the current account gets put into the savings account. Obviously, we try to have as much left over from every paycheck as possible.

ntlbell

My current job pays 4-1 on pension contributions so I'm trying to get as much into as I can atm while the goings good I was a bit late starting a pension.

As your 21 I would advise you to start now the earlier you get in the difference in the benefit to you or your future family etc will be enormous.

even putting a small bit in now will make a big difference

Apart from that I just have college funds for kids which comes out of the wages each month

and an emergency fund that's built up over the last few years thankfully hasn't had to be used yet.

I use to be terribly bad with money and now I'm saving mad

god bless this getting older and wiser business

Nevyn

I'm screwed.
What little pension contrabutions I had is locked away and invested and I can
take it back up again thankfully it moved with me from blue chip company
to blue chip company but being currently a non married stay at home parent
I don't have an active pension and I don't have any claim on the earner in the house's pension.

When I do get back into work I am going to have to save like mad but once the kids
are grown up the house will be sold and hopefully I can get a small place of my own
with my half of it.

Crumble Froo

ntlbell wrote: »

As your 21 I would advise you to start now the earlier you get in the difference in the benefit to you or your future family etc will be enormous.

ive always been a pretty good saver, but ive got a new job, with reduced hours and have yet to figure out how im gonna survive on the salary. im thinking of giving it two months and figuring out in that space of time how much i can afford to put away (so as i can't touch it) and how much i can put into general, more short term savings, and see if that actually leaves me with money for anything that isnt food or bills.

Malari

I've a pension with work, but I increased it myself last year. I'm also saving in 2 different accounts that I pay into monthly.

I've always been good at saving, I've just not always actually had anything to save! In fact, I've had to be encouraged to spend a little something on myself from time to time, instead of squirrelling everything away.

What I'm saving for? Don't know exactly. Pension-age seems so far away, but if/when I find a house that I like in a place where I want to live, I'd like to be able to afford it.

And then there's my running-away fund. YOU NEVER KNOW!!!

rain on

I've a savings account for the short term (in case I lose my job, pretty much) that has a set amount going into it every week, and a pension through work for the long term.

John Mason

i pay 15% in to pension :(

CoachBoone

Literally dont know the value of money, or at least used to not know it. Guess that is a symptom of being young.

Starting to turn that around now, getting myself sorted at least somewhat financially.

I voted for meaning to get round to it.

Savings account at the mo, when 25 will join the work pension scheme.

Pythia

Crumble Froo wrote: »

i vaguely recall some sort of ad campaign aimed at women a couple of years ago back in ireland after stats showed that women tended not to have money put away for later life.

That was most likely the Irish Life campaign with the female diver.

In my job we have to pay pension from age 25 and they won't contribute before that, so I've got another year and a half of pension free life. I know I could contribute myself, but meh.

I have a deposit for a house stashed away too, it's for the future, although much nearer!

watna

I've been thinking about this a lot this morning. Work just made me permanent as my nz residency has come through. I now have the option of joining a superannuation scheme or kiwisaver (this is a government savings scheme - the gov give you $1000 dollars when you open it and my employer gives contributions as well -I think up to 11% depending on your payscale). I've never been eligible to join a pension scheme before because anywhere else I've worked you have to be 25 to start it.

I'm not going to be in NZ forever - if I join a scheme I can get MY contributions back when I leave but not the government or employer's contributions. Do I start it and think of it as a way to save where it is deducted from your salary or do I just save myself? I'd love to join properly and know I had a pension building from it but that's just not possible if you are not settled somewhere permanently.
Really not sure what to do.

watna

watna wrote: »

I'm not going to be in NZ forever - if I join a scheme I can get MY contributions back when I leave but not the government or employer's contributions. Do I start it and think of it as a way to save where it is deducted from your salary or do I just save myself?

Is it possible they will hold the amount in total as a deferred benefit for you until retirement?

watna

bluewolf wrote: »

Is it possible they will hold the amount in total as a deferred benefit for you until retirement?

I'm not sure - I'm going to discuss in work on Monday. One of the rules for kiwisaver is that you can withdraw the money if you're buying your first house. Don't know if this house has to be in New Zealand though! I work quite closely with the chief accountant at work (he's doing my tax return for me!) so I'm going to ask him to discuss with me. He might have some ideas of how to maximise what I can get from it. I'm hoping there might be a maturity date on it as well where you can the money in 10 years or something - I think you might only be able to get the money if you a) reach 65 b) buy your first house or c) suffer financial hardship but it's worth looking in to.

I'd like to have some kind scheme started. I'm getting on in years!

watna

watna wrote: »

I'm not sure - I'm going to discuss in work on Monday. One of the rules for kiwisaver is that you can withdraw the money if you're buying your first house. Don't know if this house has to be in New Zealand though! I work quite closely with the chief accountant at work (he's doing my tax return for me!) so I'm going to ask him to discuss with me. He might have some ideas of how to maximise what I can get from it. I'm hoping there might be a maturity date on it as well where you can the money in 10 years or something - I think you might only be able to get the money if you a) reach 65 b) buy your first house or c) suffer financial hardship but it's worth looking in to.

I'd like to have some kind scheme started. I'm getting on in years!

My only experience is with defined benefit schemes unfortunately, and I don't know about how they work abroad, but I think it would be worth asking them if they'll hold the entire invested amount including ER conts as deferred after you leave.
The saver scheme sounds nice but at the same time you might want to think about locking it away for your retirement - if you're in hardship while working think how much worse it would be if retired If you have the option of access unfortunately you might use it and regret it later, even if it's strict and you consider it very hard first.


This might help
http://www.workandincome.govt.nz/documents/ireland-gate-brochure.pdf
them having an agreement with us

Rozabeez

I have a savings account but it's really not enough to call it a financial plan or anything, considering I'm earning very little on top of that.

banshee_bones

Have a fair bit stahed away at the moment in a savings account i cant touch. Think i have the option every 13 weeks if i want to withdraw? But but more than likely it will get put into my masters in september but if i dont get a masters i would be fairly tempted to blow it all on travelling. Korea teaching for a year or travel South America. Then come home, try for the masters again but be completely stone broke.

I always keep telling myself you can always make more money or you cant take it with you (to the grave that is!) guess its not the healthiest attitude to have but im only 22 so im hoping someday il have a nice permanent stable job that allows me to save alot before i get to the house-marriage-pension-kids scenario!

allabouteve

I've a private pension, and a portfolio of investments and savings that will take care of the future for me. I was careful to load up the pension as much as I could afford to as soon as I took it out.

The earlier you start, the more you'll benefit long term, really its not something you should put off, even if you can only load in the minimal amount, get the pension stated as young as possible.

MJOR

have got good at saving recently.. i have a few pensions but i haven't contributed to them in the last 18 months and have been investing in saving instead

GirlInterrupted

I have a work and private pension, investments and property.

Stheno

I've a PRSA which I get a contribution towards from work, and my previous defined benefit pension has been transferred into it.

I have a budget that I stick to as closely as possible and once I actually started managing my money and monitoring how I spent it, I was amazed at how easier it became to manage.

Have a mortgage too, with 14 years left.

Fast_Mover

I'm 21: Have a pension that I pay into every two weeks and a savings account that I pay into every month.

Blush_01

I have a very small work pension that I contribute to so I chose the No, but I keep meaning to get around to it. option because I figure that'll be pretty much useless by the time I need it. (I'm 24, been contributing for a year at this stage.)

I keep meaning to save, but I find it very difficult to have anything left over at the end of the month when I've paid my loans, rent etc. and lived for the month in a pretty tightly budgeted manner. My main priority at the moment is to put money aside for planned expenses (like car insurance and tax) and pay my loans off as quickly as possible. Rent and loans polish off about 50% of my take-home each month, so additional loan contributions and turfing some cash into the "upcoming expenses" fund means there really isn't a lot of space left for proper savings.

I'm starting my Christmas shopping next month, all going well (potentially a Christmas fund of some sort too).

Roll on Budget 09 #2! :rolleyes:

Stheno

Blush_01 wrote: »

I have a very small work pension that I contribute to so I chose the No, but I keep meaning to get around to it. option because I figure that'll be pretty much useless by the time I need it. (I'm 24, been contributing for a year at this stage.)

I keep meaning to save, but I find it very difficult to have anything left over at the end of the month when I've paid my loans, rent etc. and lived for the month in a pretty tightly budgeted manner. My main priority at the moment is to put money aside for planned expenses (like car insurance and tax) and pay my loans off as quickly as possible. Rent and loans polish off about 50% of my take-home each month, so additional loan contributions and turfing some cash into the "upcoming expenses" fund means there really isn't a lot of space left for proper savings.

I'm starting my Christmas shopping next month, all going well (potentially a Christmas fund of some sort too).

Roll on Budget 09 #2! :rolleyes:

I've a spreadsheet I use to budget, track a spending diary and plan expenditure on, if you are interested in it, I can send it on, I was horrified when I started keeping a spending diary and it really helped me focus on what my money was going on Bad enough that I smoke, even worse that I used spend the same on takeaway coffee each month

Malari

nouggatti wrote: »

I've a spreadsheet I use to budget, track a spending diary and plan expenditure on, if you are interested in it, I can send it on, I was horrified when I started keeping a spending diary and it really helped me focus on what my money was going on Bad enough that I smoke, even worse that I used spend the same on takeaway coffee each month

I do that too! Thought I was an anorak, but it's such a good way of seeing what you actually have to spend after the essentials go out, and therefore what can be saved.

Blush_01

nouggatti wrote: »

I've a spreadsheet I use to budget, track a spending diary and plan expenditure on, if you are interested in it, I can send it on, I was horrified when I started keeping a spending diary and it really helped me focus on what my money was going on Bad enough that I smoke, even worse that I used spend the same on takeaway coffee each month

That'd be great, if you don't mind.

I'm pretty good at personal budgeting, there's just not a huge amount to play with!

watna

nouggatti wrote: »

Bad enough that I smoke, even worse that I used spend the same on takeaway coffee each month

Speaking of daily coffee - I lurve my daily starbucks hot choc but recently I've tried to only get it 2 times a week instead of every day to save a little bit of money. I completed a loyalty card and got a free starbucks tumbler. if you bring this tumbler to starbucks and use that instead of a starbucks takeaway cup they take 80c off the price of your hot chocolate.

I was ridiculously pleased at this money saving!