Just started saving!

edited 30 November -1 at 1:00AM in How much have you saved?
2 replies 1.6K views
NikkiTonyNikkiTony Forumite
19 Posts
edited 30 November -1 at 1:00AM in How much have you saved?
Hiya

Just after some tips on where to start really, our aim is to save for a deposit on a house, we've just moved in with my parents to help so no rent or household bills but I do have a loan, credit card and a few other bills, like mobile, contacts etc.
Where do we start, how do we work out how much we could be saving and where's best to keep the saved money?

Any tips would really help, so far I have just been moving a bit of money each month into a saving's account which is part of my bank account with Halifax. But I know if we carry on being not extremly cautious then we won't walk away with as much as we could.

Thanks Nikki.

Replies

  • I used to try saving £20 -30 here and there, then hit a bad month and end up using the savings again. It wasn't until I heard that until you have to clear your credit cards and loan repayments first, which I did, it then became a whole lot easier to save. And in this day and age with very little interest is being paid on savings accounts and you are paying higher interest rates on your loans and credit cards, this should be your main priority. Clear all those debts then save.

    Hope this helps.
    Currently debt free (for 4 years) - ISA Savings now £4,050.56
    Save 12k in 2012 Challenge - £3215.17 / 3000k (Member 159)

    'Wealth' - It's not what you make, but how much you keep!
    Every pound spent is gone forever, new ones have to be rearned!
  • david78david78 Forumite
    1.7K Posts
    Welcome to the site.

    You need a budget. Work out what you need each month and what your income is. Then if there's any excess put a chunk of this away in a savings account every month. (Of course, clear any debts like credit cards first.)
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