Savings scheme

Discussion in 'Finance, Property, Law' started by Danny_Dravot, Jan 3, 2008.

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  1. Definately, i couldn't even save for my BFH

    0 vote(s)
  2. No Chance, my money i'll do what i like with it

    0 vote(s)
  3. Maybe, if it offered a good deal

    0 vote(s)
  1. following on from various other threads, namely home ownership and potential hardship on leaving, how many arrsers think that a 'compulsory' saving scheme would be a good idea?

    ie, you pay £x per month (stopped at source) and can only withdraw it on retirement /PVR or for house purchase?

    thoughts welcome,


  2. I think it would be a great idea as long as it was a stone wall investment.

    Firstly i personally squandered a lot when i was a singlie living in Germany travelling to Berlin, Holland or staying in Traz on the p*ss in the late 80's early 90's. In heinsight i wish id saved more (my own fault but was young, stupid and c0ck on head). I used to put money in a savings account but then come over to UK on summer/christmas leave and blow a few grand on the p*ss out with mates from home.

    My son who has now joined and he has started a savings scheme but same thing he can get at it when ever he wants so come the end of the month he just transfers it to buy new computer stuff or for the p*ss. I have advised him to leave it in his savings and save up for a car etc but the more the old man advises the more he will spend.

    I think some kind of compulsary saving where it cant be touched for a few years would be great for young soldiers IMHO.
  3. GB

    Compulsion equates to 'nannying' even if the motive is right.

    Your proposal, however, is well worth considering, but perhaps funded differently. I have always strongly believed that accommodation charges, however reasonable they may seem, should not be levied, as normally one has very little say over either location of job or choice of SFA/SLA and in many cases there is no alternative but to occupy this accommodation.

    I would propose that some or all of the current accn charge is set aside during one's service, and that this is released on the occasions you propose.

  4. I think a scheme where if you choose to pay in you cant get it back out without a stated aim is a good idea, but you cant really make something compulsary, and personally I have a savings account with a 90 day notice for making a withdrawal, dont know about anyone else but I dont plan my nights on the piss 3 months ahead. Maybe those types of savings accounts could be better marketed.
  5. CBO

    happy new year...

    i agree, it is tantamount to nannying...but essentially a similar principal to PAX...

    ref SLA/SFA charges, this is a real thorny issue at min, and i think it will get worse with SFA charges going up considerably over the next 10yrs...
  6. I spoke with the HSBC bank reference something like a 90 day withdrawal request but they said they didnt do that for under 18's. What bank are you with or does anyone know a good bank that has good rates like this.
  7. as a gopping civvy can i just ask whether it is drummed in at any stage to recruits etc...mind your pennies,you'll need a house/mortgage etc one day, maybe during their training phase?
    If not, would it not be an idea to have the odd lecture chucked in just to plant the seed at an early stage, as i'm sure most of the young lads and lasses who join have 'coming out' as the very last thing on their minds, but with house prices the way they are,surely the sooner they start thinking of it the better
  8. Agreed, not compulsory, but elective in Phase 1....anybody that doesn't want to sign up can elect for an interview with the stickman to opt out!!!
  9. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    Worth bearing in mind that anything deducted at source will come off your gross wage i.e. you won't have tax or NI deducted so it won't make quite the dent in your take home pay that you think (since you're paying less tax).

    This is providing that the scheme is approved by HMRC.
  10. I think mines a post office account but its been over a year since I had spare cash to put any in it (resolution to actually save money this year when i find the bankbook thingy). I dont think its the best rate out there but Im sure moneysupermarket could find you that sort of info.
  11. Used to be the deal at JLR that most of your pay was held, some to be coughed up for leave and some held until you finished at JLR. Maybe a similar scheme today would be helpful
  12. G_B I agree a sensible idea.

    The one thing that gets on my ti*s is hearing soldiers complain there skint after only a week so compulsory may not work. The reason it get's on my ti*s is that they then expect the unit to help them out. Some form of financial awareness trg (call it what you will) makes heaps of sense to me.

    The savings idea works for me providing that it is tax free the one thing that gets my goat is individuals taking the opportunity to save for later in life and then they are punished by having to pay tax on anything gained.

    Likewise it must have a guarantee of some sort of return.

    If it's optional count me in.

  13. Forces Financial regularly delivers financial awareness briefings to young military personnel with the aim of providing impartial information on budgeting, banking, savings, credit and loans etc. and encourages all to at least open a simple ISA cash account. Send a pm if you are interested in more information on this service, we will be pleased to help.

    Forces Financial is a trading name of Stuart Harvey Insurance Brokers Limited who is authorised and regulated by the Financial Services Authority. Registration number 301858. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk, IP4 1DL
  14. When I joined in the early eighties we where all sold (mis sold?) assurance policies, we didn't know our arrses from our elbows but our sqn 2IC said it was a good idea so we did it.

    "Good & Proper" advice early on in your career is invaluable. :?