Can I save 30k by Christmas 2009???

musclesza

So looking at the big picture as it stands before a bill is paid and keeping all thing equal (mainly my salary) is it possible to save 30K by 25th Dec 2009???

The details: Between myself and OH we should receive 50 000-55 000 after tax
Rent will be 10 000 for the year
Council tax is about 600
Bills - no idea
No car but Oyster cards will be 2 000 plus she works out of town (worked that bit into the figure of 50 000

Current Savings:1000
Current Stocks: 1420 valued at 1295

So basically is it possible to save 60% of our income??

I hope we get payrises as we young - will see how that goes!!!

Feel free to join in and choose your own figure to save

Oh and I have a debt of around 250 from Barclays claiming I owe them that in interest from some opt out scheme I never saw!!!

Lokolo

So you have basically around £10k to spend on bills, food annd luxuries. Easy as pie!!!!

Pretty much you want to sort out a budget. You should really have an idea (obviously if you have only just moved in I can understand) of the bills going in and out.

Sort out how much you are going to spend on food each week etc. and obviously stick to it.

In the DFW (debt free wannabe) board people aim to live on £4k a year. After rent and council tax (I think, maybe bills as well but I don't think so). If they can do it, so can you.

musclesza

Thanks Lokolo - Been in the UK for a year and a half and all I have to show for is 2.5 grand!!! Forgot to mention that my OH debts are 2 500 but we pooling together, so it offsets my current savings

It is not quite 10k to play with and the OH wants to do some European trips and a trip back to SA next year - will look at budgeting that in

I hope you right as I really need to get a deposit sorted out before the houses prices go bonkers again!!!

earlgrey_3

musclesza wrote: »

I hope you right as I really need to get a deposit sorted out before the houses prices go bonkers again!!!

You should have plenty of time. When property fell from the peaks of 1989 it was 7 years before prices bottomed out and 13 years before they recovered to the previous levels in real terms. Markets tend to over-correct before any recovery. Suggests we could have a long way to go yet. Good luck with the budget.

musclesza

Nice graph - I hope to be in a position where I can decide against taking out a mortgage then realise I dont have the deposit to get there!!! cheers earlgrey

Baldur

musclesza wrote: »

Nice graph - I hope to be in a position where I can decide against taking out a mortgage then realise I dont have the deposit to get there!!! cheers earlgrey

Just make sure that you can maintain life's essentials, like braais, boerewors & plenty of Castle.....

musclesza

Indeed mate - I still want to live life - I think that has been the problem, too much enjoyment and not enough saving, but 2009 is the time to change - right after I get a plasma TV for the Super 14!!!!

Baldur

musclesza wrote: »

Indeed mate - I still want to live life - I think that has been the problem, too much enjoyment and not enough saving, but 2009 is the time to change - right after I get a plasma TV for the Super 14!!!!

Sounds like my ZA son-in-law! You'll get the balance right, as he has since moving to these cold islands eight years ago.

musclesza

Just realised I am actually in a bit of debt - flights back home bought from back home and we owe my folks 400 and OH SA C/C about the same!!! so that makes me broke in theory althought not to the UK banks!!

musclesza

Things are just getting worse - rumours of job cuts at my company, the OH wants to take a perm position which would cut her salary by up to 10K!!!! Of course nothing is definite yet but the outlook is looking gloomy.

Still going to aim for 30K but the massive TV is looking like taking a place on the back burner!!!

Bills: there are 4 of us in the house and water comes to roughly £1 per day elec has been less than that and gas will increase now - I would way to be safe bills including councial tax will 1300 for us.

SO 10 000 for rent
1 300 bills
2 200 oyster cards
about 3 000 for OH travel on top of oyster cards
Going home to see the family 1 000
Food ????
Entertainment??
Plasma TV and surround sound??
Travelling Europe ???? (which is essentially why the OH wanted to come to the UK)

ray123

I think your target is too high. Start off on a lower amount, perhaps £1000 a month and see how you get on.
If each of you set up a fixed rate regular saer with Halifax, you can each set up a standing order paying in £500 per month...
If it goes well after a few months, save more, or at least put money aside for holidays, the TV, etc.