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  • 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 349
    • Freddie Allen
    • By Freddie Allen 14th Oct 17, 9:48 AM
    • 6 Posts
    • 0 Thanks
    Freddie Allen
    Make a fixed deposit. The money will be safer as well as you'll get a pretty good return with interest.
    • tara747
    • By tara747 27th Oct 17, 10:34 AM
    • 10,091 Posts
    • 26,642 Thanks
    tara747
    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!!!!


    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 Oct 17, 2:19 PM
    • 749 Posts
    • 466 Thanks
    Alexland
    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
    Last edited by Alexland; 28-10-2017 at 2:29 PM.
    • tara747
    • By tara747 30th Oct 17, 5:33 PM
    • 10,091 Posts
    • 26,642 Thanks
    tara747
    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
    Originally posted by Alexland


    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 £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
    • cjv
    • By cjv 30th Oct 17, 7:42 PM
    • 106 Posts
    • 57 Thanks
    cjv
    Good job everyone!

    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.
    • Alexland
    • By Alexland 30th Oct 17, 10:11 PM
    • 749 Posts
    • 466 Thanks
    Alexland
    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??
    Originally posted by tara747
    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)?
    Last edited by Alexland; 30-10-2017 at 10:14 PM.
    • Eco Miser
    • By Eco Miser 1st Nov 17, 11:00 AM
    • 3,224 Posts
    • 2,989 Thanks
    Eco Miser
    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.
    Originally posted by Alexland
    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.
    Last edited by Eco Miser; 01-11-2017 at 11:03 AM. Reason: Added not about investments.
    Eco Miser
    Saving money for well over half a century
    • Lrimas
    • By Lrimas 2nd Nov 17, 9:55 PM
    • 124 Posts
    • 162 Thanks
    Lrimas
    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.
    • tara747
    • By tara747 3rd Nov 17, 4:30 PM
    • 10,091 Posts
    • 26,642 Thanks
    tara747
    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.
    Originally posted by Eco Miser
    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.
    Originally posted by Lrimas

    Yip


    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)?
    Originally posted by Alexland
    I'm not saying that I'm planning to start a business anytime soon 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 £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 Nov 17, 11:03 AM
    • 10,091 Posts
    • 26,642 Thanks
    tara747
    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 £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
    • pineconesjay
    • By pineconesjay 12th Dec 17, 5:39 AM
    • 53 Posts
    • 80 Thanks
    pineconesjay
    Well done Tara! You achieved your goal a month early

    12/12/17
    Car Loan $9,999
    Debt Free in 2018
    Investing through Acorns $59
    • tara747
    • By tara747 13th Dec 17, 3:52 PM
    • 10,091 Posts
    • 26,642 Thanks
    tara747
    Well done Tara! You achieved your goal a month early
    Originally posted by pineconesjay
    Thank you
    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
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