Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Wanno
    • By Wanno 1st Nov 06, 2:12 PM
    • 130Posts
    • 178Thanks
    Wanno
    How much can you save?
    • #1
    • 1st Nov 06, 2:12 PM
    How much can you save? 1st Nov 06 at 2:12 PM
    I thought I would post a new thread being a newbie to this.

    There seems to be a diary for getting out of debt, and clearing your mortgage, but not one for the amount you can save to put towards something.

    I'm saving for a deposit for a house and am aiming for about £16,000.

    It would be useful to log how much I can save in a diary format and get as much support as possible.
    I'll be keeping a log of my progress and would love to hear any tips you guys have on budgeting and making the most of the money I can keep.

    If anybody would like to join me then great- the more the merrier!
Page 348
    • JAMIEDODGER
    • By JAMIEDODGER 7th Jun 17, 8:48 AM
    • 4,117 Posts
    • 17,977 Thanks
    JAMIEDODGER
    Well done Tara and Kittenkicks!!! You are both doing amazingly well!

    I'm just off the starting block as far as savings go. I have joined the save 12k thread.

    In May I managed to save £850.

    I include money I send to my personal pension, but not my works pension. It also includes money sent to my S&S Isa, P2P and a regular saver.

    Total savings end of May:

    £4534.85

    Jamie x
    #185 12k in 2017 - £5450/£8000
    • tara747
    • By tara747 30th Jun 17, 1:03 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    Well done Tara and Kittenkicks!!! You are both doing amazingly well!

    I'm just off the starting block as far as savings go. I have joined the save 12k thread.

    In May I managed to save £850.

    I include money I send to my personal pension, but not my works pension. It also includes money sent to my S&S Isa, P2P and a regular saver.

    Total savings end of May:

    £4534.85

    Jamie x
    Originally posted by JAMIEDODGER

    Well done Jamie, that's great going Keep it up!
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • tara747
    • By tara747 30th Jun 17, 1:03 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    June payday update from me!


    I saved £878 this month - that makes £5,723 so far in 2017 and a grand total of £114,845 altogether.


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • snowqueen555
    • By snowqueen555 10th Jul 17, 1:37 AM
    • 696 Posts
    • 495 Thanks
    snowqueen555
    I've been saving really hard these past 3 years, I've stopped living and everything has been about living on a budget, it's really tiring.

    I am actually going part time next year due to burn out. I earn below 19k per year but with overtime and frugal living I am often saving 50-60% of my take home pay.

    Life is for living, I have to adjust to treating myself and accepting I can only do so much.
    • stoozie1
    • By stoozie1 10th Jul 17, 6:01 PM
    • 365 Posts
    • 209 Thanks
    stoozie1
    Sorry to hear that

    Have you been saving for something specific?
    • joestones76
    • By joestones76 17th Jul 17, 9:23 AM
    • 1 Posts
    • 0 Thanks
    joestones76
    Best savings account for me?
    Hi guys,

    Want some advice. I'm 20 years old and have a full time job, I earn 16k a year.

    I'm wanting to know what savings account is the best for me, I went into my bank and they said they couldn't advise me. I've looked on all the website but I don't get what half of it means!

    Any suggestions? x
    • Eco Miser
    • By Eco Miser 17th Jul 17, 5:39 PM
    • 3,158 Posts
    • 2,919 Thanks
    Eco Miser
    The highest returns are from current accounts such as Nationwide's FlexDirect, and regular saver accounts such as Nationwide's Flexclusive, both of which pay 5% AER on a limited amount. See the links near the top of this page, http://forums.moneysavingexpert.com/showthread.php?t=5374614 and http://forums.moneysavingexpert.com/showthread.php?t=608697 for more options.

    However, this isn't advice, it's information on what is available - only you can know what is best for you.
    Eco Miser
    Saving money for well over half a century
    • tara747
    • By tara747 28th Jul 17, 1:45 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    I've been saving really hard these past 3 years, I've stopped living and everything has been about living on a budget, it's really tiring.

    I am actually going part time next year due to burn out. I earn below 19k per year but with overtime and frugal living I am often saving 50-60% of my take home pay.

    Life is for living, I have to adjust to treating myself and accepting I can only do so much.
    Originally posted by snowqueen555


    Good on you snowqueen555, sounds like you're making absolutely the right decision and have a solid financial footing. I wish you luck
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • tara747
    • By tara747 28th Jul 17, 1:46 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    July payday update!


    Pretty good going this month, I saved £1,347. That's £7,070 so far in 2017, and £116,192 overall.


    Hoping I can break the £120,000 mark this year!


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • Shrewbie
    • By Shrewbie 2nd Aug 17, 11:38 AM
    • 51 Posts
    • 446 Thanks
    Shrewbie
    Hi everyone

    Been lurking and feeling inspired by your progress.

    I became debt free in 2013 (around £7K post uni and travel debt) but never managed to build up any savings. I was living in London and earning a good wage but never prioritised saving. All that changed this year in April when I was made redundant from my job after 7 years and received a substantial (more than I was expecting!) redundancy package. I took off to travel around Central and South America which has been a dream of mine for ages.

    After 4 months of travelling I am now using the money cushion to start a new life in Spain with some friends. I am incredibly happy to be finally living a dream I've had for years, and have a potential job lined up in September, however I am aware that my income will be substantially less and I need to be better at managing and saving my money. MSE helped me get through my struggles to be debt free so I am returning for fresh inspiration and support to help me build my savings for future travel and potentially look to buy property in Spain in the future if the circumstances are right.

    My new income will probably be around 1,200- 1.500 EUROS before tax which is 1/3 of my previous London income but it's worth it for sun, cheap wine and tapas (well I think so anyway!!)

    I'm excited to get started - first things first I need to secure a job and make a budget, and try my best to live very frugally in Spain for the next month before work starts. It shouldn't be too difficult, the beach is free after all :-)

    I have £5K in savings currently and hoping to add to this to get to £10K by at least this time next year but hopefully before.

    sorry for the rambling essay and well done everyone on the savings.
    Last edited by Shrewbie; 02-08-2017 at 12:07 PM. Reason: Add savings amounts I"m aiming for
    • tara747
    • By tara747 12th Sep 17, 2:41 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    Hi everyone

    Been lurking and feeling inspired by your progress.

    I became debt free in 2013 (around £7K post uni and travel debt) but never managed to build up any savings. I was living in London and earning a good wage but never prioritised saving. All that changed this year in April when I was made redundant from my job after 7 years and received a substantial (more than I was expecting!) redundancy package. I took off to travel around Central and South America which has been a dream of mine for ages.

    After 4 months of travelling I am now using the money cushion to start a new life in Spain with some friends. I am incredibly happy to be finally living a dream I've had for years, and have a potential job lined up in September, however I am aware that my income will be substantially less and I need to be better at managing and saving my money. MSE helped me get through my struggles to be debt free so I am returning for fresh inspiration and support to help me build my savings for future travel and potentially look to buy property in Spain in the future if the circumstances are right.

    My new income will probably be around 1,200- 1.500 EUROS before tax which is 1/3 of my previous London income but it's worth it for sun, cheap wine and tapas (well I think so anyway!!)

    I'm excited to get started - first things first I need to secure a job and make a budget, and try my best to live very frugally in Spain for the next month before work starts. It shouldn't be too difficult, the beach is free after all :-)

    I have £5K in savings currently and hoping to add to this to get to £10K by at least this time next year but hopefully before.

    sorry for the rambling essay and well done everyone on the savings.
    Originally posted by Shrewbie


    Welcome, Shrewbie! Wow, well done you, sounds like a fabulous trip I'm envious of you leaving the UK to set up home in Spain, you're getting out at the right time imo. I look forward to following your progress here.
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • tara747
    • By tara747 12th Sep 17, 2:42 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    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!
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • tara747
    • By tara747 27th Sep 17, 3:54 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    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...?


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • chockydavid1983
    • By chockydavid1983 27th Sep 17, 5:25 PM
    • 470 Posts
    • 282 Thanks
    chockydavid1983
    What are you saving for Tara? Retirement?
    Is this all cash savings or investments as well?
    • tara747
    • By tara747 28th Sep 17, 4:40 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    What are you saving for Tara? Retirement?
    Is this all cash savings or investments as well?
    Originally posted by chockydavid1983


    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • Alexland
    • By Alexland 28th Sep 17, 10:22 PM
    • 656 Posts
    • 409 Thanks
    Alexland
    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
    • By tara747 29th Sep 17, 12:56 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    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.
    Originally posted by Alexland
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • fiisch
    • By fiisch 29th Sep 17, 1:37 PM
    • 201 Posts
    • 78 Thanks
    fiisch
    Yes, just about keeping up with inflation - and more than keeping up with house prices
    Originally posted by tara747
    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
    • By tara747 2nd Oct 17, 1:46 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    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.
    Originally posted by fiisch
    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 £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • Jeems
    • By Jeems 2nd Oct 17, 2:00 PM
    • 180 Posts
    • 106 Thanks
    Jeems
    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.
    Originally posted by tara747
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

313Posts Today

3,979Users online

Martin's Twitter