Savings Log of a 26yr old on low pay

MoneyWaster2007

Still sounding good to me

jjjenny

Haha, well next time I speak to her I shall certainly mention your username and get her to "log on" (wow that sounded rude it wasn't meant too!!)

Jenny

xxx

MoneyWaster2007

Haha! She may also like to 'read my thread,' no hang on a minute this is going from bad to worse...

jjjenny

Oh no, this is turning a little bit blue isn't it? It's only 4pm!! Talking of 4pm... time to hit the rush hour traffic!

MELLA_2

I read the beginning and now the end of this thread, wow talk about digressing............. lol

MoneyWaster2007

Not great is it lol, anyway I'm gonna get going now as my mum is cooking me my tea so going round there

Bye for now

ampersand

Hi, mw - just in, but so glad to see things are still on track and jjenny is spot on with:
(I can't call you MoneyWaster because YOU'RE NOT!!) .
Well done on hitting ebay, too.
I'm also really pleased that turbo.jet has made his way here - sans doute I was being an interfering old bat when I recommended your Thread to him.

Thanks t.j

Enjoy your meal with Mum and family and maybe we'll be reading soon that jjenny's friend and you intend meeting.....

As for the OU course - fantastic goal and I think we ALL know that you're pretty good at sticking to something you set your mind on.

Bon appetit!

linz

MoneyWaster2007 wrote: »

So linz - are you on target to hit your NYE figure? I find goal setting helps motivate myself but don't know how long it will take to reach a mortgage deposit, if at all...

Sort of, It depends how much I spend on Xmas presents between now and then I think. But I have been buying a few things throughout the year, as and when i see something I think a family member would like, so i'm about 2/3rds done already

I've also got a couple of things on ebay and some cashback due from Topcashback which will also go towards savings.

I normally move so much from my current account to savings on payday and leave myself about £350 for the month, after all bills have been accounted for. This goes on petrol, food and going out. Anything I have left on the last day of the month I also move to savings.

I've had an expensive couple of months with a car service and a couple of flight bookings but I hope to still make my target.

Race you

MoneyWaster2007

linz wrote: »

I normally move so much from my current account to savings on payday and leave myself about £350 for the month, after all bills have been accounted for. This goes on petrol, food and going out. Anything I have left on the last day of the month I also move to savings.

I do exactly the same. I save 10pc of my wage, then add to that whatever is surplus on the last day before my next wage rolls in. Although I don't think I'll have much left over this month as it has been a long one with 5 Fridays between pay cheques, meaning 5 rents, 5 food shops and 5 lots of petrol....sheesh. Managed it though and selling those jeans on eBay has helped. They fetched £43 in total.

Good on you linz, I'm sure you'll hit your target despite an expensive period.

To change the subject, I can feel myself going off on a tangent here...I've been looking all over the web at how rich people became rich from nothing and the characteristics these people have in common. One of those things is that they all spend less than they earn. A very basic principle but add to that time and the result is wealth if your money is working as hard as it can ie. getting the best interest. But I don't think this is attainable on a low salary..or is it - with the effects of time and interest plus regular deposits???

And something else I've noticed is not to take people at face value..more specifically, someone may earn a lot more money than you and have a nice place to live and drive a nice car but are financially worse off because they spend more than they have coming in. So if like me you cut your cloth accordingly the, good things will come to you eventually but when they do you will be in a much better position than those who want it all now and can't afford it. They will end up in the !!!!. :cool:

turbo.jet

Mate... I think you have it. You will be rich one day!

It doesn't really matter how much you start with, its making whatever money you do have work while you are asleep. The kind of person that conducts the above research is the kind of person that will make it happen. Well done.