How much can you save?

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  • Hi
    I have read your post.I want to know about the deposit scheme where I can save money and also get a good return.Please give hints..........
  • sam2k9
    sam2k9 Posts: 1 Newbie
    Can anyone tell me how much interest i would make on £25.000 if i put it in a savins account @ 3.50% for 3 months? I'm totally thick at maths.
  • Masomnia
    Masomnia Posts: 19,506
    Name Dropper First Post First Anniversary
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    Roughly £218 :) I think.
    “I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse
  • JimLad
    JimLad Posts: 949
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
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    sam2k9 wrote: »
    Can anyone tell me how much interest i would make on £25.000 if i put it in a savins account @ 3.50% for 3 months? I'm totally thick at maths.

    3.5% of 25k is £875 per year.

    875 divided by 12 months is £72.90 per month

    £72.90 for 3 months is £218.75

    Minus tax of course
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • Wanttosave_2
    Wanttosave_2 Posts: 19 Forumite
    Hi All

    Sam2k9 - might be able to help you in future on the maths front (or anyone else on here, for that matter) as I have an A level in Maths.;)

    Having a ponder moment this morning as to how I can generate further funds from my existing savings.

    Incidentally, came across a website where you can ask people to make donations to you, whatever your situation. Not sure about this, ethically, and of course the website requires a subscription fee for this, but it was interesting reading some people's situations (if indeed, the majority are true :rotfl:).

    It's overcast here, this morning. Hope it will turn out as sunny later, as it was yesterday, when I almost got a tan! :D

    Money Angel
    :A
  • pbw
    pbw Posts: 160 Forumite
    i've been reading this thread since the very start but never thought about posting, though i'd been documenting my savings in terms of a excel spreadsheet. finally i'm gonna join in!!!

    my aim has always been to save £1000 per calender month (this includes mortgage payment and overpayments....as i see my mortgage as a big savings account that is way overdrawn!!!!!)....

    in 2007, i saved an average of £902 per month
    in 2008, i saved an average of £928 per month

    jan 2009 saved £386
    feb 2009 saved -£2507
    mar 2009 saved £3004

    apr 2009 saved £481 made up of....

    £25 into hsbc RS @ 6.4%
    -£303 from mortgage reserve account @ 4.99%
    £50 into halifax RS @ 4%
    £69 into nationwide RS @ 0.1%
    £637 into repayment mortgage
    £2 mortgage overpayment
    £1 into nationwide 6 month bond @ 2.04%

    i will update again at may end! averaging £341 over last 4 months. need to make some big savings in order to get the £1000/month aim!
    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
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    Woohoo, got my statement of interest on my ISA through! I wasn't expecting much, as there's only 500 in there atm, withdrew most of it last June, but I got £50. Which I think means I'm ready to decide my net worth for April...

    ... DRUMROLL...

    Up from 35.2% of target to 37.3%! Not as bad as I thought I'd done :)

    And it's not impossible for me to hit 40% this month... the magic 10k!
    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%
  • Rose_Crow
    Rose_Crow Posts: 386
    First Anniversary Combo Breaker
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    Masomnia wrote: »
    Ok the money has turned up in my Halifax ISA complete with interest, yay!

    So that's a relief, my money is no longer floating around in the banking ether. But, it says I now have £750.75 still to invest this tax year. So they have treated it as a subscription for this tax year, when I filled in a transfer form and sent that off... Going to see if it sorts itself out in the next few days and if not give them a ring.

    Ah - I seem to be a few days behind you. My money turned up in the Halifax ISA today, but like you, it now says I have £500 left to invest, let me know what happens with yours and whether it sorts itself out :)
    Clutter Free Life 2019
    31 of 172 items decluttered :D
  • JimLad
    JimLad Posts: 949
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    Forumite
    Woohoo, got my statement of interest on my ISA through! I wasn't expecting much, as there's only 500 in there atm, withdrew most of it last June, but I got £50. Which I think means I'm ready to decide my net worth for April...

    ... DRUMROLL...

    Up from 35.2% of target to 37.3%! Not as bad as I thought I'd done :)

    And it's not impossible for me to hit 40% this month... the magic 10k!

    What do you class as net worth? Cash in the bank plus any assets?
    Mortgage Free 22/03/17
    MissWillow is my OH!
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    JimLad wrote: »
    What do you class as net worth? Cash in the bank plus any assets?

    Purely cash in the bank less my liabilities.
    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%
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