How much can you save?

Newbie here, some info about me.
I'm 19 and take home roughly about 1600 a month.
My outgoings

Rent -120
Phone bill - 65
Car insurance -165

Which leaves me with 1250 a month. My fuel ranges from 200-300, and spending money the same I suppose.

I have 2 savings accounts, a isa and a regular saver both from nationwide. My plan is to max the regular saver out every month with the 250 and what ever is left over into the isa.

Currently isa has 3000 and regular saver 400.
My aim is to have 6000 in savings at the end of this tear, and try to be as close to 20000 by the time I'm 21. Big big big ask, but if I can keep my debit card spending down, I may well do it, bring on the challenge!

Pocketsaver wrote: »

New money saver here!
I start my first full-time job Monday after recently coming back from travelling around Thailand - first full-time job since post-graduating in December!

The job is only a Summer placement paying £1,000 a month, but since I will still be living at home for the duration of the programme I am planning to save about £600 from it (£1,000 pay a month). The £400 will take account of tax and helping my parents with bills etc. Don't know what day payday is though, so I expect my first pay slip to be minimal.
I fortunately still have my the part-time job I worked at before travelling. Ideally, I am hoping for this to roughly bring in £200 a month, which will all go towards my savings. Next pay day is Monday 2nd!

Not saving for anything in particular until I have a full-time permanent job. By September/ October I hope to save around £2,400, dependent on three paydays each consisting of four-weeks' pay.


Let my money-saving journey begin!

Been a while since my last update.
I am still with the job I started back in June and getting £300-£400 more a month than expected (although for how much longer looks unlikely as work is running out). To date, I have saved £4,800. This would be £5,800, but I have decided to do a once in a lifetime event and participate in an event called the Marathon Des Sables in 2014 for my 25th! It is going to cost £4,000 (:eek:) altogether, but I figured some things you just can't put money on. Oh well, next payday is Thursday and I cannot wait!

I've just done what I consider to be a slightly odd thing.

I do have some savings, and I save a set amount each month, but I have started to review my spending a bit more, and over the past year the volume of cash I have spent, although sometimes hard to track, as I've merely taken cash out a hole in the wall, when I break it down, I think I could save so much more without having to change my lifestyle too much.

For example, I looked up on listentotaxman.com what I earn, and what I would earn each month IF on minimum wage. Now the odd thing is, I worked out even with my current rent etc, I could still actually 'live' on minimum wage, and still manage to go out to the pub a couple of nights, albeit I would need to be more stringent to what I chose to drink, or where.

Also, looking at all I spend my dosh on, most bear no long term benefit once the year has gone - do you really remember the pizza you had on the way home from a night out - probably not, so why not just have something to eat at home?

This is just my 2p, bit of a rant, but going forth I will be saving more!

Oh, and in the tradition of this thread, I currently save around 10% of my salary.

I do the same Dire. I pretend to myself that I earn minimum wage and live to those means. I save 35% of my take home pay.