How much can you save?

chelseablue

Hi All

Managed to save £3,200 in August. Now have £29,140 for our house.

Maybe its all physological but Im looking forward to seeing the balance go to over £30K this month.

Everyone is doing so well! :T

slowlyfading

lol i've just got past the £300 mark but i'm really proud to have been able to save that- i'm a student so i work so i can stay at uni so being able to save anything is a good achievement to me x

Woodyrocks

Well done Chelsea and S_F

Rose_Crow

I agree with everyone above. There's a sum you can do to work out the percentage saved, and this works better if you want to compare with others. You may notice on Joscar's signature the following:

HOW MUCH CAN YOU SAVE?: OLYMPIC CHALLENGE 2007
BRONZE 10% SILVER 25% GOLD 50% PLATINUM 75%

To work out your percentage use the following sum:

Amount Saved This Year to Date x 100
Annual Net Income

That way you get a much fairer way of comparing savings rather than just cold hard cash - if someone earns more than you but saves more, it'll work out a similar percentage if you earn less but save less - if that makes any sense!

HTH

Rose_Crow

I really need to get organised. I've got a holiday planned for August 2008, no costings yet but potentially could be around 2 grand. I have my Egg ISA and I have also just set up a YBS Regular Saver. Neither of these I am going to take money from (although the ISA doesn't really matter as I won't get up to £3000 in it before April, and so wouldn't hurt my tax free allowance if I withdraw money, then replace it later).

What I really need is an instant access saver to replace my nasty Nationwide Cashbuilder (which hasn't been used in ages). Didn't realise how awful it was until I looked at the 'Losers Accounts' on this site. Looks like ICICI HiSave is the best.

That'll be a third savings account. D'ya reckon this is a tad excessive? Just need to decide how to distribute my savings into each account.

zag2me

grn.w.nv wrote: »

(although the ISA doesn't really matter as I won't get up to £3000 in it before April, and so wouldn't hurt my tax free allowance if I withdraw money, then replace it later).

Not true, ISA's are a use it or loose it allowance, if you put money in and then take some out that year you will never get that allowance back ever. Its best to try and fill your isa religiously each year, its basically free money

Joscar

grn.w.nv wrote: »

That'll be a third savings account. D'ya reckon this is a tad excessive?

Not at all, if you look on here many people have many accounts, especailly if they are juggling to dripfeed regular saver accounts

Rose_Crow

Cheers peeps I think I'm going to go for the Sainsbury's Internet Saver instead of ICICI. Having looked at a number of threads, a fair few people seem to have had problems with them. I'd rather take the 0.05% drop in interest and use a bank I have at least heard of . Looking forward to payday now - only £150 left on my CC!

dafne_2

im starting to save money everyone here is great:j

Avelyn
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save-a-lot

Welcome dafne, the thread is very inspirational and there are alot of ideas