I've always believed that one should buy only what is necessary, and put the rest into investments.
Since my mid-20s, I have earned contributions from a workplace and private pension.
I shall save at least £500,000. I intend to use this sum to buy a cottage in which to retire and possibly take European cruises.
Scaring me. That is the reason why I am taking steps to avoid financial difficulties in my later years.
I proved to be particularly effective with managing finances during my time at university, which began in October 2011.
Receiving maintenance grants was the first time I recall seeing significant sums of money, over £1,000, in my bank balance. It was then that I made a decision that I would never take such financial support for granted.
I took on some casual work on campus while I was at university as a student ambassador for the student union, helping out for a few days around open day events, which put a bit of extra money in my pocket.
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Currently, my monthly earnings exceed £4,000.
This is made up of approximately £3,000 from my pay (minus the money my employer contributes to my pension), £500 from the interest on my bank savings account and at least £500 from investing in underpriced shares - which I started researching in 2015.
Immediate access and fixed-term bond accounts.
With regards to my pension, I adhere to the 'half your age' rule, which means that you contribute half of your age into your pension each month to maximise what you receive from your pension. To illustrate, if you are 30 years of age, you would contribute 30% into your pension.
But this savings plan comes at a cost and is underpinned by day-to-day thriftiness.
I don't see the point in spending money on meals I can cook myself. So I start my day with a bowl of oats, which I buy in bulk for just 90p for a 1kg pack.
For my lunch, I usually change between chicken breast with lettuce or a salad and tomato sandwiches, or noodles with a boiled egg. I cook a container of seasoned chicken breast strips which I can use on several occasions throughout the week.
Dinner consists of either a homemade pot of chicken fried rice, mixed with vegetables and king prawns, pasta served with a portion of meat, or a veggie casserole.
I don't spend money on what I term as Emotional Depreciable Assets (EDAs), which are purchases driven by emotions and/or which decrease in value over time.
For example, I don't own a car and even helped a friend sell one of their two vehicles for £500 (despite the model being launched over 30 years ago) as, after I explained the effective demands reduction, they realised that they didn't need to own both.
I also don't travel abroad on holiday. I've only ever flown abroad with my family on three occasions, and the last time I did that was in 2019.
I don’t come from that way of thinking. That extends to socialising too and is why I’ve never imbibed alcohol or indulged in smoking.
I only attend the weddings or birthdays of very close family members. If I don't think going somewhere is good value for money, I decline politely.
While I can be sociable, I don't feel as though I am missing out on anything. I'm happy being at ease in my own home, enjoying a healthy meal and watching EastEnders.
It's surprising how understanding people are when I explain this. Some people are telling me they're also choosing to stay in more often, due to the current cost-of-living issues.
It may appear demanding, but having a six-figure savings pot for my pension fund is proof that it's achievable by compromising on unnecessary spending and avoiding unnecessary expenses. In my opinion, it's a worthwhile trade-off, and I'm happy to make lifestyle adjustments now so I can reap the benefits in later life.
At the end of the day, having a six-figure pension pot doesn't look good on paper alone, but I actually think it's an economic necessity for everyone because we're all living longer.
Naturally, quite a few people cannot save money in a pension fund because their income is just not sufficient, so the government should increase the tax relief granted to those with the lowest earnings to increase their pension savings.
Your pension may not seem significant now when you're young, but if you make an investment in it today, you'll be grateful to yourself when you're older for it.
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Please go ahead and provide the text you'd like me to paraphrase in the UK English dialect.