A lil advice for new young couple detirmined to save

chrissooz

Hello,

My name Susie and my fiance's called Chris, we've been together for 6 years unfortunatley we dont live together i stay round his or stays round mine , i live with my nan because my grandpa died and he lives with his mum and dad. Im 22 he's 25.

It's got to the point where we need our own space and we sat down with an advisor about our mortages and downloaded the mortagae guide from the lovley Martin Lewis :money:so we 100% get a grip of what a mortagage actually is. So now we finally understand reypayments interest fixed and variable etc. :T

We then sat down and worked out a budget for our monthly incomings and outgoings.

Only issue we have is we arent sure about what bank account to go for and can we get a joint one if we dont live together .

We need a bank account with a high rate of interest but still lets you access it just incase we need the money for the car for example.

We bring in together £2,200 and are outgoings are very minimal so we are looking at saving £1,400 a month if we can, plus quartley bonuses from myself of up to a grand.:A

We also just need advice as we're pretty new to svaing but 100% determined,.

Thanks in advance for any advice we really apperictae it. :beer:

SimbaSimon

chrissooz wrote: »

Hello,

My name Susie and my fiance's called Chris, we've been together for 6 years unfortunatley we dont live together i stay round his or stays round mine , i live with my nan because my grandpa died and he lives with his mum and dad. Im 22 he's 25.

It's got to the point where we need our own space and we sat down with an advisor about our mortages and downloaded the mortagae guide from the lovley Martin Lewis :money:so we 100% get a grip of what a mortagage actually is. So now we finally understand reypayments interest fixed and variable etc. :T

We then sat down and worked out a budget for our monthly incomings and outgoings.

Only issue we have is we arent sure about what bank account to go for and can we get a joint one if we dont live together .

We need a bank account with a high rate of interest but still lets you access it just incase we need the money for the car for example.

We bring in together £2,200 and are outgoings are very minimal so we are looking at saving £1,400 a month if we can, plus quartley bonuses from myself of up to a grand.:A

We also just need advice as we're pretty new to svaing but 100% determined,.

Thanks in advance for any advice we really apperictae it. :beer:

You could open a new account or one of you can add the other person as a joint account holder on an existing account. Most banks will provide an account to 2 individuals even if they aren't at the same address, you'll just have to list both of your details when applying. Depending on who you go with you may want to open a joint savings account as well so you don't feel inclined to spend money you should be saving.

I suggest you take a brief look at house prices where you want to live to get an idea of how much a mortgage your need, and how much deposit your need to fund the mortgage. Once you've got those you can start aiming to build up your savings, it'll be much easier if you have a target which your progessing to.

chrissooz

Thank you Simba K2K .

Well the price range we were looking at with the advisor was £175,000 wish is we were aiming to put as much as possible away from a wage slips while we are in the comfartbale postion too be able too.
My rent is very very low. So we should be able to put £1,400 a month aside together. Using the calculator on the site we could get enough for a deposit saving for the year but we want to save over as long a period as we can so the deposits higher and we have money for the solicistor , surveyor etc plus we were going for flats so i believe there a monthly fee on flats or something ( i cant remeber what it was called dont have paperwork in front of me at teh mo)

Consumerist

Ok. It seems you've done your homework on mortgages and budgetting, now it's a matter of doing much the same thing for your savings.

You're looking for instant-access savings and you should also make full use of both of your cash ISA allowances.

In the current tax year you can each save up to £3,600 in a cash ISA which is tax free. You will need separate ISA accounts because an ISA cannot be held in joint names. You should use as much as possible of this year's ISA allowance before 5 April 2010. You cannot carry forward any unused allowance to use next year.

It might take a few weeks to set up a new ISA account so you should start the ball rolling fairly soon. To choose an ISA you might want to refer to the MSE ISA page for a product which suits your needs (eg The easy access Flexible Cash ISA from Alliance & Leicester at 3.5% ). This is not a recommendation – merely a suggestion.

From 6th April you both get new ISA allowances of £5,100 each - which you can either add to this year's ISAs or you can start new ones. Since ISAs are tax free, you might want to fully subscribe to the ISAs before opening other types of savings accounts.

For an ordinary savings account you might want to refer to this MSE page for advice and guidance.

Good luck in your new life together.
.

getmore4less

Don't bother with joint accounts it will just financialy link you, you can do that later.


Regular saver they tend to pay the most interest but are taxable
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#best
S&W 4.5% so 3.6% net 20% tax barclays 3.4

ISAs usualy a bit lower but tax free
http://www.moneysavingexpert.com/savings/best-cash-isa#iproduct
A&L 3.5% (base+3% so good if rates go up)

Since you will be spending this and not needing the long term you only need to use the ISA if it getting you better interest against a taxable account.

Both of these are best done on an individual basis anyway.

Look for the best out of these choices then see if there is anything better


I think the trick for car bills is to just stop saving one month rather than use your savings.

Another thing to start doing is the SOA

http://www.makesenseofcards.co.uk/soacalc.html

One each for reality
A pretend one for when you have bought a house togther


JUST SPOTTED this account 5% ( 4% net)
http://www.moneysavingexpert.com/news/banking/2010/01/savings-loophole-allows-under-35s-to-earn-5