How much can you save?

Woodyrocks

manic, I know it is not easy but try not to touch the money in your isa once it has gone in as you only lose that portion of your tax free savings. Why don't you open an easy access savings account instead.

BTW well done on getting to grips with the saving lark and twice a month is still plenty

moneysavingwannabe

slowlyfading wrote: »

I'm up to over £600 now! which is really good for me :j

Well done Slowly fading :beer: I'm about to watch all my savings disappear and I am waiting for my 0% credit card ....prob be waiting a long time with the post office strikes!!

save-a-lot

Hi

I save quite alot on the behalf of my 4 year old and in another thread in the forum I made the realisation that interest earned tax free for children is capped, so after they earn £100 interest/annum the rest is taxed as if it was the parents money. So to ensure the future protection of this money against taxed interest we have decided to max out the CTF for this year which is totally tax free on the proceeds no matter who pays into the account.

Thought the above might be helpful to some savers here too that save on behalf of their children.

slowlyfading

moneysavingwannabe wrote: »

Well done Slowly fading :beer:

Thanks, I'm quite impressed with myself :j x

Woodyrocks

save-a-lot wrote: »

Hi

I save quite alot on the behalf of my 4 year old and in another thread in the forum I made the realisation that interest earned tax free for children is capped, so after they earn £100 interest/annum the rest is taxed as if it was the parents money. So to ensure the future protection of this money against taxed interest we have decided to max out the CTF for this year which is totally tax free on the proceeds no matter who pays into the account.

Thought the above might be helpful to some savers here too that save on behalf of their children.

I have 2 halifax kiddie regular saver for my 6yr old. She also has a YBS kiddie account and her old nationwide account. Don't forget that even the little one's have their tax free allowance per year.

EagerLearner

This month we will fill up our cash ISA, so have opened the limited edition Bradford & Bingley for the remainder of savings, until next April comes along. Then we will move the BB money into whatever the best deal is at the time...

cookie9

Hoping to stay on target. Work has been hetic but have just booked short break in a few weeks time. Will get my back dated pay rise then so part of that will pay for it. I still haven't claimed my tax back on my union dues so must get around to that.

chelseablue

Hi All

Went to pay in our next installment on Saturday!

So now have £32,440 for our house. It was nice to finally see the figure go over £30K.

We did have a target of £40,000 by Christmas, which is looking unlikely but never mind!

:T to everyone!

paulboy83

Hi, I was posting on here back in jan and i'm just a bit rubbish or something so I haven't posted in ages. :embarasse

I originally had set myself a target to save £5000 in 2007 and I thought I was doing really badly, so I decided today to do a little tally and see where i've got to, i'm very surprised and very happy to discover that i've saved £5146.47 this year :j :j

So the first thing I did was increase my target to £6500 and then think about what do do next

Now comes my dilemma! I'm about £300 off the limit on my isa which i'll put in once I get paid in 3 weeks or so, after that i'm not sure what to do with my money until Apr next year. I was thinking of a Nationwide Regular saver as I can then take the money out in April and the interest rate is higher than the other option i'm thinking about which is a Bradford and Bingley internet saver, as i'm with ICICI at the mo and have the princely sum of £100 in there and their website confuses the hell out of me. Would that be the way to go for now or does anyone have any ideas what I can do from here? I usually have about £500 a month (though this can vary to as low as £250) to save. So if I max out the Reg saver and pop the rest in the B&B that would work?

Does anyone have any brighter ideas than that, i'm a bit frazzled after having a look around the internet and thats about all I can come up with!

Thanks if anyone can help me

zag2me

Once you over run your isa allowance its probably best to put it in ICICI or B&B, the interest difference is not really that much in reality.

Your other option could be a stocks and shares ISA as this has the potential for much bigger growth but its a long term investment and requires lots of research.

Personally I fill my isa each year then keep the overflow in a high interest account and buy a few managed funds in my stocks and shares ISA each April. Its amazing how quickly these build up when your getting 15% growth each year !! Doubt it will last though. The idea is that its a long term investment(more than 5 years) and you see out any pits and troughs of the stock market.