How much can you save?

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  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    [FONT=&quot]Hello all,
    New to the site, but I’ve eavesdropped on this and other threads for some time now. Using everyone’s stories as motivation for myself. Now I’ve reached my saving target I thought I would share my story I the hope to inspire others to their goals.

    So here goes...[/FONT]

    [FONT=&quot]I'm 24 now. I have been saving for my house deposit for two years, two months. Finally all the hard work, nights in and time away has come to fruition and my farther completed the house purchase on my behalf recently. (I’m overseas at the moment) I managed to go from “zip” in my savings to grand total of £42,000 for a deposit, £2500 for Fees etc and my partner is having a great time spending what is left decorating and furnishing. Hopefully I will be back in the UK for Christmas and we will be able to enjoy to enjoy our first Christmas together.[/FONT] And make a start on the MFW path

    [FONT=&quot]It wasn’t always a pleasant road for me as I’m a sure the like minded savers reading are all too aware. Working hard, declining invitations out. Counting every penny. I am fortunate (if you can call it that) in having an occupation that requires me to be overseas for large parts of the year so that helped me keep my outgoings as low as physically possible, and parents that welcomed my partner in to their home to cut out her costs.
    [/FONT]
    [FONT=&quot]I can safely say that it has been 100% worth it. My partner is over the moon and I can’t wait to get home, to my own home. Keep going at your own goals because when you get there it’s one of the most satisfying feelings in the world.[/FONT]
  • Saving is a great things of our daily life .But i think not a right place to post thread .
  • Saving per month: £1,850
    total savings uptodate: £282k at 5% interest.
  • Colin297
    Colin297 Posts: 111 Forumite
    Saving per month: £1,850
    total savings uptodate: £282k at 5% interest.

    Where are you getting 5%??
  • Colin297 wrote: »
    Where are you getting 5%??

    Hi Colin,

    From North Cyprus.
  • Colin297
    Colin297 Posts: 111 Forumite
    Hi Colin,

    From North Cyprus.

    Is it protected?

    Can you link me to the website if there is one?

    Thanks :)
  • innovate
    innovate Posts: 16,217
    Combo Breaker First Post
    Forumite
    Colin297 wrote: »
    Is it protected?

    Not under FSCS. There is some sort of turkish protection scheme, to the equivalent of up to 20K Euros, I believe. Banks in northern Cyprus have been collapsing long before there was a worldwide financial crisis.HSBC have bought some illiquid bank(s) out there. I believe the money-laundering accusations against HSBC are partly based on dealings in North Cyprus.

    Assuming you'd find a bank you trust out there, and assuming they'd let you open a sterling account, I don't believe you get even half of 5% now.
  • Tylium
    Tylium Posts: 43 Forumite
    Looking through all these amounts makes mine look paltry. I plan on saving at least £500 a month, which is around 30% of my take home income. This leaves about £200 a month between what I expect my bills to be and a minimum amount I'd like to save. If I can put the full £700 a month in, I certainly will. This isn't including my pension contributions. I could save more if I got rid of luxuries such as the car, TV, LoveFilm etc.

    You guys saving £1,500 a month put me to shame, but if I were to save that much a month I'd have to be living completely free of any bills.
  • DragonQ
    DragonQ Posts: 2,193
    First Anniversary First Post
    Forumite
    Well I'm not gonna reach my initial goal because I had to buy a new car. Still, I have nearly £2000 more right now than I had in January so that's not bad. By January I should have saved roughly £4000 (not including most of my savings interest) by January 2013. :)
  • innovate wrote: »
    Not under FSCS. There is some sort of turkish protection scheme, to the equivalent of up to 20K Euros, I believe. Banks in northern Cyprus have been collapsing long before there was a worldwide financial crisis.HSBC have bought some illiquid bank(s) out there. I believe the money-laundering accusations against HSBC are partly based on dealings in North Cyprus.

    Assuming you'd find a bank you trust out there, and assuming they'd let you open a sterling account, I don't believe you get even half of 5% now.

    I can confirm with you that I do get 5%. Proof of this & bank details can given via private message.

    Thanks.
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