How often do you run out of money before payday? I’ve been there. You probably start the month with good intentions. Perhaps you’re planning to give up takeaways, buy fewer clothes or drink a bit less on nights out. Maybe you’re vowing to put money in a savings account or a Help to Buy ISA at the end of the month. But before you know it, you’ve got a week until payday and you’re wondering if the money left in your account will even stretch to cover your bus pass and a loaf of Warburtons Toastie. You’re still no closer to building up an emergency fund or buying that beautiful two bedroom house in Brighton.
In May last year I moved into a rented apartment with my then-boyfriend. I’d already spent almost two years living with my parents and saving to buy a place of my own, but when his rental contract was almost up, we decided to move in together.
We weren’t in a position to buy a place together, so I decided to put my home ownership dreams on hold and rent instead. Although the relationship didn’t work out and we split up six months later, thankfully I managed to save a respectable £3,000 while living with him.
Since I first started dreaming of buying my own place in September 2014, I’ve saved a huge amount of money towards my first home. To start with I saved £6,000 in six months and I then went on to save £10,000 in a year. Since then I’ve managed to save enough to buy a new build apartment in south Manchester. I should hopefully be getting my keys in a matter of weeks!
When I first started saving, I assumed the best place to put my deposit was a cash ISA. Everywhere I turned for financial advice, the general consensus seemed to be that cash ISAs were the way to go because they offered tax-free interest.* In hindsight, I should have been putting my money in accounts that offered more generous rates in the first place. After all, it doesn’t matter if your interest is tax-free if you’re barely getting any anyway.
Earlier this year Paulette Perhach wrote a viral article called A Story of a Fuck Off Fund. Her article told of a woman who managed to escape an abusive relationship and a sexually harassing boss thanks to a secret stash of cash aka her Fuck Off Fund.
It needs to be said that in some abusive relationships, having money isn’t enough to make the nightmare end. Domestic abuse isn’t an issue that’s exclusive to the poor, and more often than not there are a range of factors that make victims stick with their abusers such as love, fear, and crushed self-esteem.
Although a Fuck Off Fund is far from a magic solution, it’s a fact that many people around the world do find themselves trapped in situations that they can’t escape from due to a lack of money. From abusive relationships to toxic workplaces, money can sometimes be the key to getting the fuck out of dodge.
I often see people arguing that there’s no point in saving for retirement because there’s no guarantee you’ll live that long.
“I could be dead by then!”
“If I die, I can’t take it with me!”
“I may as well live life to the full while I’m young!”
Although I do believe it’s important to live every day like it’s our last, the idea we shouldn’t save for retirement because we could get hit by a bus and die just seems a little silly. In this post I’ll share 3 reasons I think it’s just plain daft.