How much can you save?

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  • This thread is perfect for you just create a new thread in it.
  • I am a newbie to this site and was just looking at some of the topics being covered, it is great to see so many of you saving for your own property and ultimately your futures. In this day and age it has become difficult to get on to the property ladder with mortgages requiring such a substantial deposit. I encouraged my children ( not so young anymore ) to save from a young age with the 10% rule. for those who are not familiar with this rule it is just putting in to a high interest savings account 10% of all your weekly/monthly earnings this starts with pocket money if we are taking about children. Good luck to all you savers and all the best with reaching your goals.
  • Wanno wrote: »
    I thought I would post a new thread being a newbie to this.

    There seems to be a diary for getting out of debt, and clearing your mortgage, but not one for the amount you can save to put towards something.

    I'm saving for a deposit for a house and am aiming for about £16,000.

    It would be useful to log how much I can save in a diary format and get as much support as possible.
    I'll be keeping a log of my progress and would love to hear any tips you guys have on budgeting and making the most of the money I can keep.

    If anybody would like to join me then great- the more the merrier!

    Hi,

    Saving money is one of those tasks that's so much easier said than done. There's more to it than spending less money ,although that part alone can be challenging. Why don't you go for reliable Bank saving plans. Many banks nowadays have come up with cashback plans for the customers. Have you ever come across anyone of them?
  • Saving money is one of those things in life that are a must do, so I think budgeting with inclusion of a set amount each week is the easiest way to do it. I always find that the more I have saved the more I want to save but it can be difficult getting off the starting position. I just started simply by opening an online account attached to my current account and made sure I put as much as I could afford in from week to week, some more some less depending on my outgoings for that particular week. I always made sure I put something in though. After a while you really start to see it build up and before you know it your feeling much calmer mentally with the knowledge that there is money available to you if you need it. I wish everyone on here all the best with your saving.
  • I think I should try hard so that I can post my result here. I didn't save much money by now.
  • Traveller1 wrote: »
    [FONT=&quot]Hello all,
    New to the site, but I’ve eavesdropped on this and other threads for some time now. Using everyone’s stories as motivation for myself. Now I’ve reached my saving target I thought I would share my story I the hope to inspire others to their goals.

    So here goes...[/FONT]

    [FONT=&quot]I'm 24 now. I have been saving for my house deposit for two years, two months. Finally all the hard work, nights in and time away has come to fruition and my farther completed the house purchase on my behalf recently. (I’m overseas at the moment) I managed to go from “zip” in my savings to grand total of £42,000 for a deposit, £2500 for Fees etc and my partner is having a great time spending what is left decorating and furnishing. Hopefully I will be back in the UK for Christmas and we will be able to enjoy to enjoy our first Christmas together.[/FONT] And make a start on the MFW path

    [FONT=&quot]It wasn’t always a pleasant road for me as I’m a sure the like minded savers reading are all too aware. Working hard, declining invitations out. Counting every penny. I am fortunate (if you can call it that) in having an occupation that requires me to be overseas for large parts of the year so that helped me keep my outgoings as low as physically possible, and parents that welcomed my partner in to their home to cut out her costs.
    [/FONT]
    [FONT=&quot]I can safely say that it has been 100% worth it. My partner is over the moon and I can’t wait to get home, to my own home. Keep going at your own goals because when you get there it’s one of the most satisfying feelings in the world.[/FONT]

    I just wanted to say well done for all of your hard work, this sounds amazing. Best of luck to your and your partner, happy days!
    :heartsmil Stay-at-home-mummy of two, pinching the pennies but loving it! :heartsmil
    :grin:Spreadsheeter, piggybanker, envelope-system user!:grin:
    :exclamati Debt £1400/£6500 21.5% :exclamati
    :question: Emergency Fund £0/£500 0% :question:
  • phil09
    phil09 Posts: 30
    First Anniversary Combo Breaker
    Forumite
    I've been saving since I was 18, currently saving around £900 per month on a monthly income of £1550 after tax and student loans. Trying to increase that to £1000 per month next year. My goal is to prepare myself for any emergencies/potential job loss and then to buy a house in a few years.
  • supo99
    supo99 Posts: 10 Forumite
    how is it possible to save £900 from an income of £1550? I am not suggesting that you are not telling the truth but I would like to learn from your way if possible. You are basically spending just £650 every month! I wish I could do that
  • Hello everyone I have been reading this thread for ages and finally caught up to the present!! We have been saving for the last 2 months for the first time in my life and can't wait to see our money grow month by month. Saving for the future not sure if we will buy a house yet but will take it one step at a time.

    So far I have saved
    £1010 Barclays Isa
    £220 Barclays reg saver
    £150 Holiday fund (just had holiday in Nov so starting again)
    £40 Christmas 2013 fund

    Normally together with DH we can save £870 per month could be more but DH likes to have spending money for all his hard work and I normally save the spending money i pay myself so can boost savings hopefully most months to £970- £1000. I have set a realistic target of £10k by Dec 31st 2013.

    I also have a small ammount of gold worth £350 so would i count this as an investment and add it to my total savings ??

    Anyway glad to join this thread as I need the motivation and encouragement from other fellow savers!!


    Regular saver £200 Saving for emergency fund (£2000)
    ISA £30 Saving for new clothes/ new laptop (£1000)

  • nat21luv
    nat21luv Posts: 3,434
    First Anniversary Name Dropper First Post Cashback Cashier
    Forumite
    lbnblbnb wrote: »
    Is it me or does this thread seem to have far more strange posts than other threads on the forum....? Kind of puts me off posting!

    It's spammers because the thread is a sticky. It's mostly 'newbies' so just report them. It's quite obvious who are genuine newbies are who are spammers.
    £20k in 2023 = £2718 £2023 in 2023 = £196.41 Grocery challenge £250= £195.80 **MONEY MAKES ME HAPPY**
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