How much can you save?

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  • tara747
    tara747 Posts: 10,238
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    Well done Castleman - that's great news!! How long's that taken you?

    Tara - sounds like a good plan, and you'll get there on the food front - don't despair so much!

    Can I just ask a quick questions - how much do you all factor in as "personal spends" in a month? My Microsoft office package arrived, and as sad as it is - I'm so excited about sitting down tonight and working out a shiny new budget spreadsheet for starting uni next week!! ;P

    xx

    It varies from month to month e.g. more in summer/December for pressies and going out more. Generally I allow myself £15 for toiletries/makeup, £70 for clothes and £150 for socialising and usually come in under budget!

    I also factor in expenses such as holidays, Christmas, birthdays, haircuts etc separately.

    Emjoy your new spreadsheet and let us know how you get on :D
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • Emily926
    Emily926 Posts: 184 Forumite
    Well done castleman :T I love reading this thread it always motivates me to try harder.
    :heart:DD born 14/12/11 :heart:
    :heart: Baby No2 due 08/06/14 :heart:
    Completed stitches 2014: Dolly Mama's
  • rictus123
    rictus123 Posts: 2,560
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    Another 12 hour shift on the building site today, getting the hours in and il reap the rewards on payday when i finally get myself some cash together.
    Work in progress...Update coming July 2012.
  • bendix
    bendix Posts: 5,499 Forumite
    tara747 wrote: »
    What do you do for a living, bendix? Sorry if I'm being nosey, you don't have to answer.


    I've answered this elswhere in the thread, but don't mind answering again. I work in a senior management role (marketing director) for a large law firm. Oh, and I'm 45 at the end of this month, so WAAAAAAY older than you.

    Don't get me wrong. £8000 a month savings is not normal, but I do have a strict regime where £3785 goes into my pension fund each month, £2000 goes into some managed investments, and £250 goes into a cash fund.

    If there is anything left at the end of the month or I accumulate some cash in my day to day account, i try to stick it into the funds too . . .it stops me spending it.

    So, usually, my savings budget is £6000-£6500 a month.
  • tara747
    tara747 Posts: 10,238
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    bendix wrote: »
    I've answered this elswhere in the thread, but don't mind answering again. I work in a senior management role (marketing director) for a large law firm. Oh, and I'm 45 at the end of this month, so WAAAAAAY older than you.

    Don't get me wrong. £8000 a month savings is not normal, but I do have a strict regime where £3785 goes into my pension fund each month, £2000 goes into some managed investments, and £250 goes into a cash fund.

    If there is anything left at the end of the month or I accumulate some cash in my day to day account, i try to stick it into the funds too . . .it stops me spending it.

    So, usually, my savings budget is £6000-£6500 a month.


    Thanks for the reply. I am very impressed with your savings anyway, fair dues to you. I hope you get what you want iro retirement plans (sounds like you're dedicated enough to make it happen). I too aspire to make my money work for me and get the most out of life, that's why I save - so that I can enjoy life free of money worries. Money doesn't make you happy but it does give freedom.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
  • bendix
    bendix Posts: 5,499 Forumite
    Precisely. I grew up in a poor family and know what it's like to live from day to day. Never again. It's driven to me save hard - not for wealth, but for security so I never have to worry about being penniless again.

    On top of my savings, i also have some cash savings in NZ where I lived for a while. I just checked the interest rates and exchange rate and realised it's generating a very nice NZ$4040 or £1640 per month in interest too. . . . .woooo hoooo.
  • Rich1976
    Rich1976 Posts: 502
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    This is my first post on this thread so Hello to everyone. I have just spent the last hour or so reading all the posts on here - well it was either that or mow the lawn! and it has been a really great experience and you are all very motivated people and I salute you as a fellow money saver. I have always tried to save a certain percentage of my salary as my parents drilled in to me the importance of saving.

    What I would especially like to know is do you have separate savings accounts for different things eg a car account, holiday account etc or do you lump it into one or two main accounts?

    Presently my situation is I have £400 left over each month after all the bills etc have been paid and of this £400, £200 is split between an investment ISA and pension ( although to be honest this is a complete waste of time at present) and the remaining £200 is split between a YBS internet saver and a Chelsea BS postal ISA. The internet saver is mainly for holidays etc while the ISA I would like to keep for 3-4 years as possibly a car deposit. In total I have about £2000 saved up between these 2 accounts.

    My partner is lousy at saving mainly because on an income of 16k, there isn't much left at the end of the month to save, so at the minute its mainly falling on me to save for future plans. We would like the house decorating in a couple of years, plus I would need to replace my car in 3-4 years maximum and because I do quite a lot of miles every year ( my job is 20 miles away) I would need a decent car. However I am tempted to suspend my pension savings for the time being and then I can direct the full £400 into savings with possibly 200 a month into a Halifax regular saver.

    Thanks to you all for reading this and any idea would be much appreciated.
  • hostie1985
    hostie1985 Posts: 220 Forumite
    well done to the thread rich! :beer:

    you seem to be really organised (saving a certain amount each month from your salary)

    i have a few different accounts where i put in money each month - i add them all together at the end of each month (when interest is added) to find out how i am doing on the savings front.

    i really should have seperate accounts to put money towards a holiday etc, but really trying to save hard for a deposit for a house, so most things i would like is on the back burner at the moment.

    good luck on the savings front!

    hostie
    Saving for a deposit for a place of my own.....
    :jSavings so far £29,450/£40,000:j 73.6% SAVED!!!
    1poll £23.90/£40.00 (claimed 1x£40)
    No Monthly Car Payments left! Paid off on the 5/11/10!
  • shrewsaver
    shrewsaver Posts: 155 Forumite
    Rich1976 wrote: »
    However I am tempted to suspend my pension savings for the time being and then I can direct the full £400 into savings with possibly 200 a month into a Halifax regular saver.

    Thanks to you all for reading this and any idea would be much appreciated.

    Firstly, welcome to the thread. If I were you I would not suspend any pension savings but maybe reduce the payments as it could hit you in the later years.

    In your situation I would do, £200 into an Isa, £150 into a regular saver and £50 into the pension fund.

    Just a question too, is it a SIPP pension or a company pension where your employer also contributes to it?
    Save £12K IN 2013 Member #217 £3654.88/£6,000 (60%)
    Shares: £273.36 (Bought £494.14) £220.78
    SIPP: £5,366.63 (Bought £5,429.44) £503
    S&S ISA: £11,560.70 (Bought £10,537.58) £1,023.12
  • tara747
    tara747 Posts: 10,238
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    Rich1976 wrote: »

    What I would especially like to know is do you have separate savings accounts for different things eg a car account, holiday account etc or do you lump it into one or two main accounts?

    Hello and welcome!!

    I just put as much as I can into high paying accounts up to the limit (e.g. A&L pay 8.5% on balances up to £2,500, I have two of those!), it's all for a house deposit so I just want to maximise the interest. :D
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
    eBay sales - £4,559.89 Cashback - £2,309.73
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