Are you saving?

I think I’ve mentioned this a bazillion times… I’ve never been a saver.

Until I turned 30 and hated that gut wrenching, “Oh My Freaking Goodness… Natasha Collins you’ve spent all of your monthly money AGAIN.”

It’s a feeling I hated. However, I have always let myself off the hook with ‘you’re living in the most expensive city in the world so it’s fine’ or ‘you have enough properties which will provide for you’ or ‘you’re just spending all of your money growing your business’.

I’d just continue the cycle, spend and repeat, feel bad. Go again.

I will put it out there, that I haven’t really ever thought about the future or having a pot of money. I have good income streams, and have never doubted that it would one day stop and I may not be in the same position.

Oh, I’m only young, so why worry.

But, it’s been creeping up on me that I should start worrying about what if it stops. Or what happens if at some stage I don’t want to work anymore. Where will my money be coming from then?

OR, what happens if I need to get my hands on a large sum of money urgently (not just when a remortgage comes around).

I had to get educated… after all a savvy women gets her finances in order (no I’m not about my man looking after things).

I started reading, listening to podcasts and googling ‘tax efficient ways to save money’.

I discovered stocks and shares ISA’s and was intrigued to test the water. Chris, my husband, deals with stocks are shares like a pro, so maybe I could do that too.

Next up, I needed to make it easy for myself. What could I do to make sure that I would keep up a savings plan regularly. OK, find somewhere where the money could get taken automatically… an app. Again, I took to google and figured out that MoneyBox would help me, because they were an app, they took my money automatically, so I would always know what’s going on.

I started slowly £40 a week.

Meanwhile, researching how much I would actually need to retire. Experts suggest 12% of your income for women and 10% of your income for men make a good retirement nest egg (sorry men, women live longer so they need more).

At £40 a week, my projection is £55,223 saved within 10 years. At £50 a week that increases to £62,286 and at £70 a week that figure goes up to £76,410. So, just from my lecturing income I’ve upped that to £75 a week… just to make sure I’ve got security.

Side note: Even £10 per week is projected to get you £34,036 after 10 years

With next to no sacrifices (who knows what I’ve been spending that money on) I’ve put in place a savings plan that will give me a fall back option. And now I can sleep at night knowing, that I’ve now also got plan C and nothing has changed.

I still invest in property and still put money into property deals.

Do you save? Has this inspired you to get starting?

Consistency is key, start now, put it on automatic pilot and forget about it!