How much can you save?

1…693694696698699…710

Comments

  • tara747
    tara747 Posts: 10,238 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Belated August update from me!


    I managed to save £1,225 in August. That's £8,295 so far in 2017, and £117,417 overall.


    Still on track to hit the £12,000 target this year! :beer:
    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
  • tara747
    tara747 Posts: 10,238 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    September payday update!


    I saved £1,127 this month... that's £9,422 so far this year and brings my grand total to £118,544.


    Would love to hit £120,000 next month! Can I do it...?


    :beer:
    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
  • chockydavid1983
    chockydavid1983 Posts: 713 Forumite
    First Anniversary First Post
    What are you saving for Tara? Retirement?
    Is this all cash savings or investments as well?
  • tara747
    tara747 Posts: 10,238 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    chockydavid1983 wrote: »
    What are you saving for Tara? Retirement?
    Is this all cash savings or investments as well?



    All cash for now! I'm saving for financial freedom, I suppose. Be that buying a house, starting a business or moving abroad. It's just nice to have some capital behind me :)


    I have a FS occupational pension, so that's sorted.
    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
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    That's a lot of money to be holding in cash - are you even keeping up with inflation? Most people with that sort of money would but a house to reduce their outgoings on rent etc.
  • tara747
    tara747 Posts: 10,238 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Alexland wrote: »
    That's a lot of money to be holding in cash - are you even keeping up with inflation? Most people with that sort of money would but a house to reduce their outgoings on rent etc.

    Yes, just about keeping up with inflation - and more than keeping up with house prices :)
    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
  • fiisch
    fiisch Posts: 510 Forumite
    First Anniversary Name Dropper First Post
    tara747 wrote: »
    Yes, just about keeping up with inflation - and more than keeping up with house prices :)

    Are you?


    By keeping up with inflation, what this means is if you stopped saving, would your money stay in line with inflation, or are you saving to keep up with inflation.


    E.g.: If you are savings are earning 0.5% interest, but inflation is 2+%, your money is effectively losing value (i.e.: what you can buy today for £120,000 is less than what you can buy next year).


    Depending what you're saving for, might be worth considering S&S ISA, or at least a longer-term fixed savings account (e.g.: Atom), if you aren't already.
  • tara747
    tara747 Posts: 10,238 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    fiisch wrote: »
    Are you?


    By keeping up with inflation, what this means is if you stopped saving, would your money stay in line with inflation, or are you saving to keep up with inflation.


    E.g.: If you are savings are earning 0.5% interest, but inflation is 2+%, your money is effectively losing value (i.e.: what you can buy today for £120,000 is less than what you can buy next year).


    Depending what you're saving for, might be worth considering S&S ISA, or at least a longer-term fixed savings account (e.g.: Atom), if you aren't already.

    I'm getting decent interest on my savings via existing fixed rates, but these are due to expire soon - so at that stage I'll have to decide what to do.

    I'll certainly investigate S&S ISAs, but I'm hearing lots of people saying that the stock market is toppy right now. I'm wary of risking my capital.

    Each year, I'm adding about £12,000 to my savings.
    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
  • Jeems
    Jeems Posts: 202 Forumite
    First Anniversary First Post
    tara747 wrote: »
    I'm getting decent interest on my savings via existing fixed rates, but these are due to expire soon - so at that stage I'll have to decide what to do.

    I'll certainly investigate S&S ISAs, but I'm hearing lots of people saying that the stock market is toppy right now. I'm wary of risking my capital.

    Each year, I'm adding about £12,000 to my savings.

    The market has been reaching new highs since 2009! I invested earlier this year, my S&S isa has returned nearly 10% so far, and this has been a year of Brexit uncertainty, North Korea/Trump, refugee crisis etc. Definitely recommend investigating sooner rather than later.
  • Freddie_Allen
    Freddie_Allen Posts: 22 Forumite
    Make a fixed deposit. The money will be safer as well as you'll get a pretty good return with interest.
    HNY:A
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards