Can I save 30k by Christmas 2009???

musclesza

I completely agree it is too high - I think 20k is a much better figure - I will see where I stand at the end of Jan before revising the target - I might get a raise (doubtful) and the OH might decide not to accept the perm position

Do you reckon saving ina bank is better than buying shares? Very keen to get more shares as have made some money from it so far!

musclesza

How many of you have a second income? If I am to meet my target, unless my share picking works out really well, I think a job on the weekends is necessary!!

Any ideas?

ray123

Shares are v dangerous and you should not invest in anything that you do not truly understand. When the UK was booming it would have been far easier to make money but with the economy re-tracting you need to be VERY careful. For example, last month the experts were recommending that shares in BT were a great buy - look at the outcome now, 10000 job losses and a fall in profits. Nobody can really predict what is going to happen.
I have another job on the weekend and the pay almost covers my weekly rent. It is something to consider if you feel that you can manage the extra workload?

musclesza

ray123 wrote: »

Shares are v dangerous and you should not invest in anything that you do not truly understand. When the UK was booming it would have been far easier to make money but with the economy re-tracting you need to be VERY careful. For example, last month the experts were recommending that shares in BT were a great buy - look at the outcome now, 10000 job losses and a fall in profits. Nobody can really predict what is going to happen.

I agree Ray - if you dont know what you doing they can be a great place to make a small fortune from a large one!!!

I work in the financial area and have bought BT shares the day they crashed (got them at 114) that said one of my 3 shares has lost 40% - I am not sure if it will ever recover - as my signature indicates I have taken 1400 and turned into 1200 - Im hoping nd quietly confident the market will recover before Xmas 2009

I have been thinking of doing something extra but as much as I enjoyed waitering/managing a pub I dont think I can spend more than 4-6 hours each day on the weekend at a job. Also I may have to travel for work and not be home so I need something pretty flexible

I was thinking of setting up a stall at a market during the summer?
Promotion work?

musclesza

Friends Birthday supper on thurs and fri has taken its toll on my wallet.

However £200 been put in my savings so now up to £1300
Shares took a beating and are now worth £1209.2
Credit cards that are paid off monthly and not calculated on are sitting at 235 and 140 for tickets

debt has come down OH thinks under 3000 to her folks now
More to come when pay day arrives.....

Lynt_3

musclesza wrote: »

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!!!

£600 council tax? £50 pm?
I pay nearly 3 times that, and I live out in the sticks

musclesza

Lynt wrote: »

£600 council tax? £50 pm?
I pay nearly 3 times that, and I live out in the sticks

Living in Wandsworth helps!!!

musclesza

Sadly with the OH deciding a perm job for about 10k less is going to hamper the savings - cant blame her, I did the same when deciding to leave the temping market in the middle of the year!!!


Update on Savings:

Debt: 650+250+1700 = 2600

Savings: 1360
Shares 1240(from 1420)
Total 2600

Total 0/20 000

Almost out of debt but need to clear my CC before deciding whether to save in to savings or buy shares or hold more cash not in savings!!!!:beer:

evenasus

Baldur wrote: »

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

That took me back to the years we spent in Africa. I loved biltong too.:D

musclesza

evenasus wrote: »

That took me back to the years we spent in Africa. I loved biltong too.:D

Going back just before Christmas. Looking forward to the braais, biltong, boerewors, weather and the golf courses!!!

Its an amazing place to have a holiday and pretty cheap as well!!! Should work out to £1000 all in (admittedly all I had to book was a 1 way ticket which was 260 quid and my accom is covered) but that will include 5 rounds of golf and 5 big nights