How much can you save?

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  • Norton_Blade
    Norton_Blade Posts: 217 Forumite
    I was thinking of putting some money into a savings account incase of emergencies rather than put everything into my ISA.

    is this a good idea?

    If any of you do something similar. how much do you keep in it?

    I'm really a lurker on this thread but thought I'd nip on and answer :)

    My savings go off to their various account the day after payday (something this thread taught me, pay yourself first). These savings accounts are ones I've told myself I cannot touch (they're house deposit savings). I do however, keep about £500 in an instant access account to use as "spending" money if I need to.

    If I take any out, I set a DD up for the next payday to pay the money back in. I also use this account to save all my odds and ends of profits from surveys and any other "free" money I get.
  • pbw
    pbw Posts: 160 Forumite
    Hi Everyone.

    I was just wondering do you have another savings account other than your ISA's?

    I was thinking of putting some money into a savings account incase of emergencies rather than put everything into my ISA.

    is this a good idea?

    If any of you do something similar. how much do you keep in it?
    i can't decide how much to keep there.

    As i'm moving out soon so will need a months rent as deposit too. so it will come in handy

    why keep a separate account for withdrawals. why not fill your ISA first and if you need to withdraw, then just withdraw from the ISA itself.

    i always fill my isa first, then once isa is filled i keep 1k in instant access and then any subsequent 1k's i put in fixed accounts
    Round Figures OCD Club!

    march 2010 end: 111k mortgage, 6k savings
    Feburary 2010 end: 111k mortgage, 6k savings
    October 2009 end: 112k mortgage, 9k savings
    September 2009 end: 113k mortgage, 8k savings
  • Lokolo
    Lokolo Posts: 20,861
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    pbw wrote: »
    why keep a separate account for withdrawals. why not fill your ISA first and if you need to withdraw, then just withdraw from the ISA itself.

    i always fill my isa first, then once isa is filled i keep 1k in instant access and then any subsequent 1k's i put in fixed accounts

    Because if you withdraw from an ISA you are ruining the allowance. For example, I currently have £0 in ISA and £600 in savings. Theres no point me putting it in ISA because I am going to withdraw that £600. However I know I can fill up my ISA later on in the year. If I put the £600 in, then withdrew it, then I have lost £600 of my allowance. So at the end of the year I will have £3000 out of possible £3600, and then £600 in savings.

    However with the way I do it, at the end of the year I will have £3600 in the ISA.
  • Masomnia
    Masomnia Posts: 19,506
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    Hello all! I never get to update this thread as much as I'd like to, just because I don't have a regular income.

    Had a dilema recently, and decided to sell my stocks and shares ISA. It's up 6% from four months ago when I bought into it, and whilst I didn't like the idea of selling my best performing product I need money from somewhere, and don't really want to take anything out of my cash ISA. Or sell other investments at a loss after dealing costs, for that matter. I have £3,600 just itching to go into my ISA, but I'm waiting till the 6.3% interest rate expires on it.

    Had a bigger than expected utilities bill, and I have an outstanding cheque to a friend for a festival we're going to this summer so didn't have the choice to just cut down spending unfortunately.

    Relatively happy with the situation, but next year is going to be a struggle if I'm to make the £10k by graduation.
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    You must be on the look out for a decent summer job then!!!
    Target Cash Net Worth: £25K by January 2012
    Progress
    May-08
    19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
  • Vixstar
    Vixstar Posts: 967
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    I have an ISA I've nearly filled. Toying with a regular saver but it's a bit of a pain getting to a bank when they're open to open the account... excuses,excuses. Then I just have a normal savings account for the surplus as I'm saving for a house deposit so I want something pretty instant access. Once I've paid the deposit (or when I think I have enough saved as paying the deposit is totally dependent on selling my own place) I think I'm going to look into one of those fixed accounts - can't remember the proper name - which keeps your money tied up for a fixed period.
    But first top up the ISA which should be this month.
  • Masomnia
    Masomnia Posts: 19,506
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    You must be on the look out for a decent summer job then!!!

    Mm that would be nice! To be honest though I haven't really thought about it, been really busy at uni. Have to see what I can find since I've got a busy summer ahead. May end up just roughing it for a year haha.

    A lot is up in the air, really.
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    mmmm interesting reading people savings goals, when i clicked this thread i imagined people to say they had 50k+ saved up, but it seems those guys dont need to worry about savings!

    Ok im 22yrs old, graduated last yr and am currently working full time and living at home (rent free thankfully!) will be starting a job in london 2010 so my finances will be really pushed.

    At the moment i have 12.5k with icici (10k locked at 7% till October 09), 3k with icici hi save and last month started paying 250p/m into HSBC Reg saver.

    BUT i have 13k student loan which i dont intend to pay back yet as im earning more in interest and abt 300 pounds cc which i will pay off next pay day.

    In November im going on an around the world trip for 5months so naturally my savings will take a huge hit, but iv budgeted 4k max as i will be getting free/cheap accomm in some countries.
  • b3nton
    b3nton Posts: 254 Forumite
    I was dead happy with my savings but hard times have chipped away at it.
    But I'm still positive i21-14.jpg
  • alohahawaii
    alohahawaii Posts: 335 Forumite
    markalun wrote: »
    I think that's a good idea. Personally I save up next year's ISA ahead of time in an instant access account that's linked to my current account. That way I can dip in and out of it easily. Next year's ISA allowance is £5100 so I'll save about £6k in this pre-ISA pot and then it'll be ready for transfer next year. If I do even better (unlikely!) I'll prob buy some more premium bonds or put it in a fixed rate account.


    I was thinking maybe I should move the money i have in last years ING ISA to my new isa to get the better rate as it's on 1% at the moment... if that.
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