Your financial situation

[ender4]

With the economy the way it is, i was wondering how everyone is doing with their personal finances?

Vote anonymously, or explain further below....

[chrissmith921]

Wages are comfortable, savings are good (although these are 'allocated' savings - i.e. saving for wedding & have final payment on the misses' car saved up) - but that final payment is in August and the wedding in September, so therefore after September we're carrying on saving as we are just to be safe

Before September well the money is there if we need it.

[wiganvillain]

Are we counting mortgages as debt for this one?

[Condimentalist]

A student so currently small debt, which will have turned into substantial debt by the time I leave university and can't find any jobs.

[ender4]

Are we counting mortgages as debt for this one?

no.

unless you are having trouble keeping up with the monthly payments.

[Chindie]

Student also, so not too bad on the whole but to me my situation is worrying. I'm amassing a fair whack of debt but I see, currently, no effect of it because it's far and away in the future. My main real worry is the fact I'm constantly in the overdraft, my next loan installment covering, IIRC, my overdraft just about, but also leading to me only having about £600 to live on, after accomadation, for about 3 months. Unless I'm mistaken somewhere. Next few months could be tight.

I'm also laughably unemployable, so I'm stuffed.

But on the whole there's people much much worse off than me. At least I've got little to lose, other than my dignity.

[LancsVillan]

Should there be an option for

decent savings that will undoubtedly be eaten away next time the job axe swings around?

That is where I'd vote.

[Xela]

I'm comfortable. Will be a lot better in march when i get my bonus. Fair amount of savings, bit of debt on credit cards but its at 0% and have the money to clear it tomorrow if need be.

For someone under 30 and living on my own I think i am coping pretty well compared to some people. I lead a decent lifestyle but i work hard for my money.

[The_Rev]

Im comfortable. Decent salary and more than six months mortgage in the bank just in case. Its amazing how much money not drinking saves you!

Hopefully my sector (Public transport) is one of the more secure parts of the economy too.

[Qwpzxjor1]

Doing fairly well at the moment.. but I still live at home with parents. Have been planning to move out for some time but one thing after another has prevented this and now the current crisis has put it off again.

I'm putting a fair bit of my earnings into the upkeep of this house, and as a family we're surviving (3 full time jobs though).. but if I lived on my own with rent etc I don't think I'd be comfortable at all. My job is also not particularly secure. We're doing fairly well but with companies not having the money and funding they did have they aren't going to be buying promotional DVD's and adverts as readily as they were - so have to see how this year goes.

[Stevo985]

At the moment I have a decent income (for a single bloke with no dependants it's more than decent I suppose) and a little bit saved.

However, seeing as I work in the car industry, saving is top priority at the moment.,

So now I'm comfortable, how long that will last may depend on the government.

[tonyh29]

Substantial to my mind is for example 500k in savings ...just wonder what figure the "what credit crunch?" people are viewing as substantial when voting ?

but , interesting results ..... really though it probably ought to include mortgages else it's skewed ? for example surely it should be assets - debts = savings (or something like that) .... being debt free with say £5000 of savings must be better than having a £300k mortgage , a car loan , and £60k in the bank for example ?

Chris has talked about money in the bank , but then adds how some of it will be used to pay off a car debt , so which area does he come in to on the poll as technically the money isn't his is it ? ?? ( not prying btw , just an example so you don't have to answer with specifics )

[ender4]

Substantial to my mind is for example 500k in savings

:shock: holy f**k, now that is substantial!!!!

i was thinking of substantial as something like £30k in savings & investments.

though i suppose its whatever the individual thinks is substantial to them, and their cost of living.

being debt free with say £5000 of savings must be better than having a £300k mortgage , a car loan , and £60k in the bank for example ?

not necessarily.

debt free with £5k savings - could mean just about surviving on each months income, and having to scrimp & cut-back to stay debt free...

whereas £300k mortgage can mean that you've got enough income coming in to comfortably pay the monthly payments, and you've still got enough to spend freely, and add to your £60k savings if you wish.

i'd rather be in the second scenario, even though as an accounting exercise it might sounds worse.

[chrissmith921]

Tony - no problem - I chose 'Decent savings & income - pretty comfortable'

Income - explains itself, in fact when the car and wedding are paid up and done (September) I will be very happy - near enough a grand extra disposable income a month Happy days.

I chose that option because,

I have 3 savings accounts - 1 - car money - seperate from others because in my mind its 'paid' and i dont want to touch this cash. 2 - Wedding - this is pretty much done too, but is getting spent in chunks so i need access to it constantly - again its money I could use in a dire emergency, but I'd rather not. 3 - This has about 8 months of mortgage payments in it. However I use this money for other things too, eg last winter I needed new guttering, summer - new windows. I'll need a new boiler and roof-repair someday in the next 2-3 years so hoping that doesnt happen all at once!

I'd say that thats enough savings to keep me going for 6 months now (taking bills etc into account) - and my unemployment cover on my mortgage kicks in after 4 months out of work anyway, so I think I'm covered in that respect.

[ender4]

Chris has talked about money in the bank , but then adds how some of it will be used to pay off a car debt , so which area does he come in to on the poll as technically the money isn't his is it ?

i think its more to do with where he feels he is in the poll.

Does he feel comfortable with his income/savings/debt ratio? has he got enough savings & income in his mind to not worry/care about the economic situation?

or does he feel that he is struggling in spite of having savings?

its all in the eye of the beholder, where an individual thinks he fits in the poll, rather than an mathematical exercise.

[chrissmith921]

As above, I personally think I'm alright, I could pay up the car and can cover my mortgage payments if needed, my neighbours have both been evicted for non payment, poor buggers,so obviously it can and does happen, but I'm careful with my money

[leviramsey]

Aggregate debt (student loans) of about a tenth of my annual income & a decent number of investments inherited over the years. Unfortunately, I have an unfortunate tendency towards profligacy (mostly manifested as eating out).

[chrissmith921]

Aggregate debt (student loans) of about a tenth of my annual income & a decent number of investments inherited over the years. Unfortunately, I have an unfortunate tendency towards profligacy (mostly manifested as eating out).

I have the same problem, but my missus loves it

[El Zen]

For a student, I'm quite comfortable. I have some debt in the shape of a student loan, but it's nothing I won't be able to handle when that time comes. About £10k in savings and a bit of extra income from coaching football gives me a buffer that's very nice to have.

[avsteve]

No debt - just about coping. Not in any major financial trouble and can afford to go to away games so they will go first if things got worse.