!Your saving goals!

Tayus

Just wondered what other peoples saving goals/targets are? mine personally are to have 20k by the time i am 25 (21 now) as well as getting myself on the property ladder!
I thought this might help others with there saving as it gives great motivation when you have your amount down on paper.

Quasar

That is a good goal, Tayus. Of course I do not know your earnings etc. but if you have worked out a realistic schedule of regular savings and this figure is within your means, then I applaud you.

I want to get to a nice large round figure (and I'm not talking about my body!) by the end of March 2006. I have already got substantial savings and with interest, a tax rebate that I'm due of £1000+ and extra money I am earning, I should get there with no trouble.

Come on everybody. Get your debts out of the way asap then start getting "them" to pay you interest, for a change!

deemy2004

Tayus wrote:

Just wondered what other peoples saving goals/targets are? mine personally are to have 20k by the time i am 25 (21 now) as well as getting myself on the property ladder!
I thought this might help others with there saving as it gives great motivation when you have your amount down on paper.

Year on year 20% growth in net liquid assets , actual achievement for last 3 years (including 2005) has been more than 20%. This year is on target for a 30% increase on Dec 04. The gain comprises growth, interest and new savings from earnings / profits.

Best gains from emerging markets / mining and staying clear of old europe such as Italy, France... which appear to be in terminal decline.

So my tip is to aim for a year on year % gain, preferably the rate of gain should also increase i.e. say 10% year 1, 11% year 2, 12% year 3 - And it won't be long before your cash mountain has grown ! Offcourse it will give you incentive to research income generation and become more experienced in investing, as you look to meet your ever increasing target ! And on the other side of the equation, you become ever more 'tight' with money looking to keep a tight reign on your budget. So you could say put yourself under artificial and permanent pressure of beign strapped for cash :rudolf: as all spare money has to go to meet your current year growth target !

Offcourse if you exceed your target - you can reward yourself by spending 50% of the surplus on treating yourself.

:santa2:

gkerr4

At the minute my goals are far more 'local' - getting married next year (april) means I need £15k to pay for it.

I currently have £15k in the savings account, but have about £5k on (0%) credit cards - at the moment I am saving £1000 / month (my target) so i am currently on track(ish)

Of course I am sure the Christmas period will hinder my plans....

tomstickland

£15K wedding! I'm sure MSE people could cut that down to less than half of that. Anyway, at least you have the money up front.

Personally, it all started when after 10 years of pretty well paid jobs and no real expenses I realised that all I'd got to show was a £7K debt. So I decided to sort it out. The momentum of paying off debt continued into saving and now I'm just motivated by a desire to have as much money saved as possible.

So you could say put yourself under artificial and permanent pressure of beign strapped for cash as all spare money has to go to meet your current year growth target !

I do this to myself all the time now. I've got money, but spending it pains me after all the effort I put into saving.

A happy balance is to just be very efficient at managing your funds, but also budget a certain amount for fun/toys etc.

IGG

Hi All

I have been reading this site for a short while now and your thread prompted me to register.

I have always been interested in investments and am open minded to a fair amount of 'risk' in the market place, but kind of learnt the hard way as when I was between 17-20 invested approx 6k through my parents financial advisor into a number of SKANDIA funds for maxi PEPS and ISAs. I saw some amazing growth but subsequently lost it all but they are now bouncing bck quite nicely (only took 7/8 years!).

I was also fortunate to receive £x,000 in free shares from a previous employee who offered them each year as an annual bonus. All these things combined have helped me to build a mixed portfolio of funds, shares and cash isa equivalent to the OPs amount by 25. I have now been able to buy my own house (myself!), and still have this same amount tied up in investments.

I find this thread interesting (not to be big headed) because I have always worried about money and that I am not saving enough but I think deep down I know I am being sensible and am doing quite well for my age (28 this month!). However, because my mini cash ISAs are never going to set the world on fire in terms of growth, I have just cashed in my first cash ISA and plan to invest it in a mini stocks and shares ISA (having chosen 6 funds from Skandia with the help of my IFA). Just hoping things don't go south again!

I would be interested to hear other peoples investment stories and their ages.

Please don't tell me i've done the wrong thing cashing my ISA in!

My long term plan is to grow my investments (I'd be happy to make 15% a year, current multi ISA is doing 30%!) to around £30k in 7 years time, making me 35.

deemy2004

The problem with the stock market is that until it breaches its all time high, we could still just be in an bear market rally. Hence 20% of my portfolio is in stocks and 80% in cash such as ISA's TESSa's and fixed bonds in the misuses name.

Offcourse there are those markets that have gone to new highs such as eastern europe, india, russia etc.

IGG

The only way I can seriosuly grow my investments is to go the fund route. This is risky but i've tried to pick a balance portfolio. I don't have enough consistent money each month to save as much as I want so i'm hoping this works out for me! Problem is the latest investments will push me over 50% of my money in funds. Plan is to try and make a quick bit of cash and get out, if things go the other way i'll just have to ride it out.

FrankieM

My savings plan.......
OH and I have pretty much decided a move to Oz is in order. Back home for me but not for him!
So have £2800 on 0% cc to pay off. About £10k of house renovations to do so we can sell. About £2k in one way airfares for six. However much it will cost to get the dog over and whatever stuff we decide to take.
Not even thinking about the deposit for a house in Sydney yet!!!
Quite a tall order I think , but its good to aim for something I always say....

hobbesandco

I have saved about £21k this year. I hope to save even more next year (maybe £24k). It's going to be hard work but I would like to retire early or move to a more rewarding job where I don't have to depend on salary. Not bad from being £10k in debt 3 years ago!

:xmassign:

madfrenchgirl

i have 13k, planning on saving an extra 6 by next year, and so will OH have... so in total 23k, plus 10k borrowed from my mom... give us a nice 33k starting capital for a house next year... so roughly 30 k deposit!