I've saved nothing!

koloko
koloko Posts: 1,766 Forumite
First Anniversary Combo Breaker
edited 22 June 2011 at 10:05AM in How much have you saved?
deleted as work colleagues found username and forwaded on all posts to laugh at
«1

Comments

  • Hi koloko,

    First of all GREAT NEWS in clearing your debts, that's a massive achievement. I sometimes have a read through some of the DTW diaries and it's always great when someone is able to become debt-free :)

    Now that you don't need to worry about debts anymore I don't think there's anything wrong with spending that little bit extra on "unecessary" stuff e.g. going out for a meal every once in a while, or whatever. After all you are working hard for your money.

    It is important you do have a safety net of savings in case of emergencies, so my advice would be to put away a minimum of three months' worth of wages.

    This is what I am doing myself (see sig :) ) as I've read in a lot of places that it's a good "safety" figure in case something really drastic happens e.g. loss of job, unable to work for whatever reason.

    At the moment I have my accounts divided up as follows (and this is what I loosely hoping to achieve - I keep changing the amounts but roughly this is what I am aiming for):

    Base Savings (three months' worth of savings) - 3500;
    Emergencies/large bills £500;
    Leisure £300;
    Summer holiday £500.

    So I guess it's really down to what things you'd like to do e.g. holiday. It's obviously best to focus on a rainy day fund or emergency fund first of all though.

    And then, who knows! Others might disagree, but if you are able to consistently save such a large amount I can't see any reason why you couldn't put away a good deposit for a house in a relatively short period of time.

    Best of luck,

    MMx
    Insisti, persisti, raggiungi e conquisti
  • You have saved something... Your sanity. :D Just wanted to say well done you
  • I also have enormous debts.
    Helping others is our responsibility, but thanking others is a virtue. Please click on the Thanks button below if you appreciate my efforts to help you.
  • Please advise how to become debt free, earn more and save more.
    Helping others is our responsibility, but thanking others is a virtue. Please click on the Thanks button below if you appreciate my efforts to help you.
  • I have quite a bit of excess money at the moment (I'm young and still live with my parents, so I don't really need as much as I earn!), I've worked out a comfortable but not excessive budget for myself. The leftover money goes into a savings account and my leftover budget (I did say it was comfortable!) goes in there too.

    Not very exciting, but you can't put a price of peace of mind.
    Thank you competition posters!
  • Jinx
    Jinx Posts: 1,766 Forumite
    Debt-free and Proud!
    Well done on paying off your debt........ I'm still aspiring!! :)
    Light Bulb Moment - 11th Nov 2004 - Debt Free Day - 25th Mar 2011 :j
  • McKneff
    McKneff Posts: 38,819 Forumite
    Name Dropper First Anniversary First Post
    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 800 (rent includes all bills and council tax)
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 70
    TV Licence.............................. 12
    Satellite/Cable TV...................... 20
    Internet Services....................... 10
    Groceries etc. ......................... 300
    Clothing................................ 400 £400 a month on clothing - cant be right surely.
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0 (i have a company car and they pay all the feul)
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100 £1200 a year - wow
    Haircuts................................ 50
    Entertainment........................... 800 Are you kidding............
    Holiday................................. 200
    Emergency fund.......................... 0

    Total monthly expenses.................. 2762
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Have a read of Martin's article on ISA's for savings.

    http://www.moneysavingexpert.com/savings/best-cash-isa
  • Angely
    Angely Posts: 99 Forumite
    :rotfl:Love, like never been hurt before:rotfl:
  • adwat
    adwat Posts: 255 Forumite
    Mortgage-free Glee!
    Hi koloko

    How dare you brag about how much money you've got! :mad:

    Just kidding :rotfl: I'm aiming to be in a similar position next year.

    I think the answer is just enjoy the extra money for a while - after all it's why we go out to work in the first place.

    Not just the money though - I'm certainly looking forward to not having to worry too much about work pressures etc. and generally start living my life on my terms.

    Enjoy your new found freedom! Save a bit (so you don't have to take out more credit in the future) and blow the rest on whatever you want.

    :beer:
    MFi3T2 #98 - Mortgage Free 15/12/2011
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