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October payday update!
I saved £1,169 this month... that's £10,591 so far in 2017... and £119,713 overall. Gah, so close to the £120k but not quite there yet!!!!
: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 - £2,309.730 -
Tara sorry I might have missed it in the previous posts but what outcome are you saving for? I see you are trying really hard but am slightly baffled by the logic of having accumulated a pile of cash when there are usually better ways of holding and growing value?
Although we are keen moneysavers and retain at least 70% of our monthly income the money gets invested into assets.
Our rainy day cash fund (enough to last 3 - 6 months of living on baked beans) is only around 2% of our total family assets under management as the returns on cash over long periods are disappointing.
Alex0 -
Tara sorry I might have missed it in the previous posts but what outcome are you saving for? I see you are trying really hard but am slightly baffled by the logic of having accumulated a pile of cash when there are usually better ways of holding and growing value?
Although we are keen moneysavers and retain at least 70% of our monthly income the money gets invested into assets.
Our rainy day cash fund (enough to last 3 - 6 months of living on baked beans) is only around 2% of our total family assets under management as the returns on cash over long periods are disappointing.
Alex
I know I shouldn't hold entirely in cash, especially with such low interest rates - having said that, I have been lucky with ISAs and current accounts that beat the BOE rate and inflation comfortably. But it is getting more difficult.
I'm saving for financial freedom, I guess - be that a house purchase, starting a business or emigrating, who knows??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 - £2,309.730 -
Good job everyone!:D
I started saving for the first time in my life, in April this year.
After throwing my money around everywhere without any real plan, I sought some advice on this forum from those more experienced and am now quite comfortable with my plans. I am saving/investing for a deposit on a property and also for my long term future.
Currently:
Nutmeg LISA £3000, will be £4000 before the end of the tax year and maxed every year. If a decent Cash LISA arrives on the market by next April I will consider opening one so that I can hold more in Cash along side my Nutmeg.
Vanguard LS60 £1500 and £100 a month going forward, this is for long term but I also want access to my money in case my situation changes suddenly.
Only £800 in cash at the moment! not sensible I know, but I am going to focus on this for the next few months to build it up to a much higher amount.
I also decided to open my first ever pension last week, a SIPP as I am self employed, with a modest monthly contribution, just £50 gross for now as my priority is getting onto the property ladder.0 -
I know I shouldn't hold entirely in cash, especially with such low interest rates - having said that, I have been lucky with ISAs and current accounts that beat the BOE rate and inflation comfortably. But it is getting more difficult.
I'm saving for financial freedom, I guess - be that a house purchase, starting a business or emigrating, who knows??
Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.
It strikes me as odd that you are too risk averse to invest in large established businesses (shares) but would be happy to invest in a new small businesses (much riskier)?0 -
Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.
I've always saved rather than spent any surplus cash, without any object in mind, and so have been able to afford whatever I really wanted (like a £1000 computer back in 1980), and when I was made redundant, well, that was the day my retirement started.
However, a lot of those savings have actually been invested in stock market funds, not held as cash.Eco Miser
Saving money for well over half a century0 -
I have to agree. Money gives you freedom you don't normally have.
I resigned at work last week. They have been placing more pressure on our team with less resources for the past two years now. Most people are struggling and a few have had stress leave.
I woke up one morning and realised: I do not have to do this anymore. I have enough money to support myself for a few years so don't need the income right now.
The other people at work are jealous, but they wasted their money on diet coke/cigarettes & lunch.
When I find a new job and start saving again I am looking forward to joining this post.
My final objection is complete financial independence so I NEVER have to work again if I don't want to.0 -
Actually, it's amazing how just having money saved can enhance your life.
I've always saved rather than spent any surplus cash, without any object in mind, and so have been able to afford whatever I really wanted (like a £1000 computer back in 1980), and when I was made redundant, well, that was the day my retirement started.
However, a lot of those savings have actually been invested in stock market funds, not held as cash.I have to agree. Money gives you freedom you don't normally have.
I resigned at work last week. They have been placing more pressure on our team with less resources for the past two years now. Most people are struggling and a few have had stress leave.
I woke up one morning and realised: I do not have to do this anymore. I have enough money to support myself for a few years so don't need the income right now.
The other people at work are jealous, but they wasted their money on diet coke/cigarettes & lunch.
When I find a new job and start saving again I am looking forward to joining this post.
My final objection is complete financial independence so I NEVER have to work again if I don't want to.
Yip :beer:Well I hope you get to a conclusion on what you want to do with the money soon as just saving in itself isn't really going to enhance your life. Life is precious and you only live once - money is supposed to help not be an objective in itself.
It strikes me as odd that you are too risk averse to invest in large established businesses (shares) but would be happy to invest in a new small businesses (much riskier)?
I'm not saying that I'm planning to start a business anytime soon :rotfl: But if I did want to, it would be nice to have some capital behind me.
Also, many analysts are saying that stocks are overvalued at present - but I don't have a crystal ball, and who knows how long this bout of exuberance will last?
As Keynes (allegedly) said: "markets can remain irrational longer than you can remain solvent."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 - £2,309.730 -
November payday update!
I saved £761 in November. That's £11,352 so far in 2017 and £120,474 overall.
I've finally broken the £120k barrier!!!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 - £2,309.730 -
Well done Tara! You achieved your goal a month earlyLooking forward to being Debt Free!
11/01/2020
Car Loan $9,2500
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