Everyone on Ozbargain wants to save money, but I’m curious to know what you are saving for? Surely its not to save just for the sake of saving? Perhaps it’s to buy a house? holidays? kids education? retirement? For us it’s pretty boring - pay off our massive mortgage of $700k to achieve financial freedom of having all our pay to spend on what we want (after paying school fees).
What Are You Saving for?
pandabear on 25/08/2018 - 08:35
Last edited 25/08/2018 - 08:36
Last edited 25/08/2018 - 08:36
Comments
And what you want is what everyone here wants.. a good bargain regardless of whether you actually need it or not.
House, investments & vacation
For the thrill.
Why else would you do it?
I like to live dangerously.
Doing up a car. Any overtime I do goes straight to its savings fund.
Let me guess - A supra, chaser, cresida?
I had an Aristo when I made this account. I'm now building up a RB30.
Straight rb30 or with a 25/26 head? very nice
I don't need a reason to save. I try to hold on to my money as long as I can.
What happens if you die?
That's a pretty big "if". Given nothing has ever killed Monsignor, it's impossible to know whether he can even die at all.
"Then who will get what you have prepared for yourself?"
unemployment….
.
Same here.
Love the extra period at the end, really makes it a statement.
I thought it was Where's Wally's dog.
….
Yap.
Job security of a scientist sucks.
just add mad scientist to your Title and the world is your oyster
I just want to have enough money so my wife will love me for who I am.
Loooool. She will love you till half is enough ;)
A rainy day
House.
He's faked his death and ridden into the sunset….
High-yield investment vehicle
This is the only correct OzBargain answer.
Never gets old.
Bbut-but…. bikies?
You called?
No one saves up for one of those. You need to get a loan as you need it ASAP.
A Early Retirement
I'm not saving.
I use spare money from bargains to get more bargains.
A nice red Suzuki mighty boy
Death….
I'm saving up to be jewish.
If you demand interest payment to be paid as pounds of flesh you'll save on eye fillet steaks
I don't want to work for the bulk of my life. Time is something you can't get back.
Username checks out.
WatchNerd's profile pic has numbers in it while MathNerd's profile pic has a watch in it?! Come on! Get it right! >:/
Saving for when Trump causes a global depression
Don't know why the downvotes - this is a relatively sound strategy. Many economists are saying it is likely that Trump's policies could engender a severe recession. Having money saved for that day to buy up shares at that time sounds likely a pretty good medium risk strategy.
Exactly.
I wasn't having a dig at Trump himself. The US economy was doing very well before he added more fuel by cutting taxes and spending even more money than they have (trillions $$). This is leading to a distortion in the bond market.
Combine this with trade wars and sanctions which are driving up the price of oil and you have a recipe for the recession we had to have but because governments have no money left, if will probably turn into a depression
This is what we are doing too. It's got nothing to do with Trump. The US is currently in the third longest economy expansion (since mid 2009) in history. Its just a matter of time before the market corrects. Buy low then sell high.
No particular reason. I just dont like the thought of paying more when I can potentially buy for much less in the future (unless I need something ASAP)
Am I the only one astounded by the mortgage the OP has? 700k is ridiculous.
im same as op 680k left on 780k mortgage
680k for a house? Those are rookie numbers in Sydney (slowly cries)
For someone living in VIC (and therefore statistically likely in Melbourne) I'm surprised you find it surprising.
Median house price is already $875K, with 20% deposit that's a loan of $700K right there.
So the OP has a median house in Melbourne. Hardly special (no offence OP).
yes but you don't necessary need to go for median house with 20% deposit ?
i see fun times as rate rises
While that is true about the prices, you'd think the people buying would be upsizing and have a 400k loan or so. 500k is a lot of money, 700k is crazy. You'd need to put down 3.4 - 4k a month just to service it with a bit of principal, then what are you going to do. God forbid the interest moves. If this is normal in Australia - then we are unequivocally screwed.
Username not checking out.
Don't forget a lot of people have principal only loans.
yep, our first house was about 60% of what we could have afforded at the time.
just because the bank says you can have the money, doesn't mean you have to spend it.
.
how old are you?
You see houses rented for 4k a month in Melbourne. Nothing fancy, just 3-bedroom family houses. Paying mortgage is a much better way to spend this money, if you know what you want and where you are staying for the next years. If you have good income and stable job, living in Melbourne or Sydney, there is probably no better long-term housing alternative.
There are people earning the minimum wage, people with salary of 1M a year, and a lot in between (and, obviously, some under or above). While some can pay the mortgage along 30 years others will pay it in two or three years.
Yes our mortgage is very high but our house is currently worth $1.6-$1.7mil
How much equity do you have though?
you're pretty well-off with 1mil in equity ! you can always scale down to achieve financial freedoom
Your loan is fine lemon. I know some ppl with 3x that and they're ok (incl investment loans). Glad equity/house prices have increased for you… Sad for the next gen though who'll find it increasingly harder to get a home (but prices have always increased.They had blocks for £10-500 back in the 50s in outer areas).
As to your original Q… Repay parents loan to us (yeah they're awesome), mortgage, pool/homerenos, kids education/future, cars… (That's my order.. wife doesn't have cars in her list but kitchen/home reno features heavily) :)
I grew up in Epping NSW, median house prices are now 1.5/6 mil, with APARTMENTS starting from 620k for 1 bedder. 700k mortgage sounds pretty darn good
I was going to comment BS, then I saw "NSW" lol. Epping in Vic is heaps cheaper.
lol "700k is ridiculous"
you must be young and/or no real clue about property or mortgages.
No LVR information
No income information
No judgement.Yeah I didn’t see anything odd or outrageous at a $700k mortgage. Even less so since the OP has clarified the property is worth about a million more than that.
768k 2 years ago bought, principal and interest mortgage.. single female under 25, can be tough
Guess his username checks out
As someone who lives in Brisbane, I think it's stupid, but I understand what's going on. Me, I'm perfectly happy with my $400k house.
Yeah unfortunately $400k can't get me a house in Sydney :/ a tiny studio unit in far far away in NSW maybe.
Bikies
Hilarious, is this a new joke?
Disneyland and Universal Studios. I’ll be saving for a long time :/
Consider going to Warner Brothers studio as well. The tour is an actual tour of sound stages etc. (used for shows like The Big Bang Theory) unlike Universal Studios which was more like a tribute to films like Psycho or Jaws and felt like a Gold Coast theme park on steroids (although the Water World show was outstanding and a complete surprise on my behalf).
Plus they have the Potterworld stuff now as well. My friend just got back, she had a blast. When I went to universal we got the VIP passes and actually went on the set of Parenthood, we got to walked around the fake house they shot in (staircase that led to nowhere, outside gardens were really inside and all that movie magic stuff. Also went through the props department which is hard to explain, but it's like a bunnings for random shite and I don't know how they keep track of it all (even though they explained it)
Disneyland ….. I’ll be saving for a long time :/
still worth it though ;)
Saving to pay off 100% of debt first and foremost, but also Saving for holidays, and also saving for medical bills so I can do full time uni next year (I had to cut back to part time uni, to work, so I would have money to pay for my physio, chiro, massage, bills for fixing up my back injury when it gets particularly bad) . Need to have some savings behind me, so I am not stuck in difficult position of food-VS-medicalBills , ever again. Not a pleasant choice to have to make at all.
Save on medical bills by not seeing a chiro - proven pseudoscience right there.
Science or pseudoscience…. My chiropractor does an excellent job of remedial massage and genuinely cares.
He actually did free massage for footy teams while going through uni, because he wanted to practice and learn to do a great job .
He does 30 minutes remedial massage (or longer sometimes for free if Im really hurt, up to an hour) plus he also checks sciatica syptoms and strength testing (as I have had numbness and nerve damage through to toes) plus he doesn't mind if I pay him the next week or next visit when I haven't had the $$ . He also is happy to write letters when required (such as to other professionals, or for uni to show I still have back injury to allow for adjustments/allowances) . Also he practically has no long holidays, because he cares so much for his patients… and only charges $50 appointment, which hasn't gone up for about 6 years Ive seen him .
Chiro have gotten a bad name historically, but newer ways chiro treat patients is quite different from say, 30 years ago, when I think they used to just crack peoples backs. My chiro has only ever done 1 manipulation, and that was upon recommendation from an excellent physio at hospital, who was not comfortable and confident with that particular manipulation.So your chiro has only done 1 manipulation which should be the staple of chiropractice. You sure he’s not just a masseuse…….tbh, 50 dollars for 30min is similar to the shopping centre massage places, so at least you’re not being ripped off if the massage’s good.
manipulation which should be the staple of chiropractice
He is definitely fully trained and qualified chiropractor. Manipulations are not always beneficial or necessary. Probably 30 years ago, manipulations were all chiropractors did. Modern chiropractic is different though.
My chiro also examines MRI and neurosurgeons reports, and adjusts treatment accordingly. Shopping centre massage places can be extremely dangerous for anyone with a serious injury. Very hit and miss, and the "miss" can mean months of pain and discomfort and/or permanent injury and damage.Chiro have gotten a bad name historically, but newer ways chiro treat patients is quite different from say, 30 years ago, when I think they used to just crack peoples backs.
Yes, chiropractors can occasionally provide evidence based treatments - when the treatment they provide crosses into remedial massage or physiotherapy.
Science or pseudoscience
I blame Alan's portrayal of Chiropractors in Two and a Half Men
I'm just generally fearful of the future.
Also. Anything I want to buy I save up for, rather than dip into existing savings. It's a good habit.
Forced cooling off period, smart.
SNES RPG games I missed in the past.
download the Roms and get a USB SNES controller or USB adaptor to plug your current SNES controller into.
Better get them quick since Nintendo is starting to crack on rom sites.
http://www.nintendolife.com/news/2018/08/feature_what_does_n…
Invest and reach financial freedom.
how?
Google Fire, Financial Independence Retire Early.
I’m still learning how to but I think I’m on the right path. Happy to let you know what I did so far via pm (will not send affiliated links or whatever similar).
A weeks supply of smashed avo
buy a r34 when i get off my P's :)
I regret doing something like that in my early 20's.
nothing wrong with spending on your hobby :) love driving and driving one of them is fun
Yep, I used to as well. I also spend about $3,000 on my sound system in the car. But it was a waste, I should have travelled instead.
Saving to keep my money in my pocket to spend when the time comes that I figure out what I want.