How much can you save?

Prudent

Oh and I put £3,000 into Isa in April. I always start putting money aside for this about the end of November.

Wondered if we should do an soa, like the debt frees to help us identify savings?

save-a-lot

Hi Prudent

Maybe SoA would be a good idea, including where the money saved is being saved into... then discussions on better places to put money could become part of the thread aswell.

Do you want to start?

Prudent

Should I make it a seperate post or part of this post?

Wanno

Hi Prudent- welcome to the thread
Just post it in this post as it seems to be where most people are posting any tiny or big saving they have made. If it gets too large then we can start another post for diary type savings.

Prudent

Income:

£2789 net

this includes own salary, child tax credit, child benefit, and child support from ex (one child)

Outgoings:

council tax £111 (for 10 moths, pay tv license month 11)
BT £11
1866 + primus around £3 per month
Mobile top up £10 per month
Gas/elec £59
Union £11
Savings for dd £25
Allowance to dd £50 (she does well buys dinners, clothes, tops up mobile, plus everything else
except toiletries.)
Car ins £16
home ins £13
Clothes £30
Broadband £9.99
Food (including two cats ) £90 -£100
Car tax £12? (I think)
Misc - toiletries, going out, hair cuts, presents, cost of school trips etc £100
Work on house/ furnishings/ garden approx £100 but varies
Depreciation on car plus servicing etc (not strictly every month, but averaged out) £100
holidays/ trips to see family £50 -(family live 400 miles away and have to go more often now as parents elderly and need help at times.)

Sub total: help please can't find a calculator!!

Regular savings - 2 x £250 (8% and 7%)

Total: help too please


This was harder than I thought to do, because I have never added up all the little bits.

liverpoolcarl

Here is mine, as you can see I have an apartment which I rent out and still live with my parents. Since I bought it I have paid the mortgage myself and have so far saved the rent and never touched it.

I leave myself with £500pm to live on and enjoy myself over the month, keeping back some for holidays etc.

INCOME

RENT £550.00
SALARY £1500.00 (NET)
TOTAL £2050.00


OUTGOINGS

CAR, INSURANCE, TAX, MOT ETC £50.00
APARTMENT SERVICE CHARGE £50.68
GYM MEMBERSHIP £40.00
GROUND RENT £12.50
MORTGAGE £682.74
WAGES (TO MY MUM) £100.00
LIFE INSURANCE £17.51
TOTAL £953.43

SAVINGS

ICICI £300.00
REGULAR SAVER £250.00
TOTAL £550.00

fraser

hi all,

i too am on a savings mission.

saving for myself and OH to take 3 months off and travel around South America in Oct next year.

Need approx 8k for mortgage, spends and travel costs

been saving for 5 months and need another £2200 for the flights and remaining spending money

System

Ive got another £20 to put in the pot. I forgot to calculate that because i pay my water rates by installments, i dont have to pay any for the next couple of months. Ive checked with our council tax too, i get a break of a couple of months very soon before the new payments start again. This money will also go into the savings fund.

Wispa29121

So glad I found this thread!

This is my first post here

Have completed a degree and postgraduate qualification so got plenty of student debt on my plate and me and OH still live at home with my mum. Managed to land myself my first teaching post that starts in Jan and so we want to get saving as soon as i get my first pay cheque so that we can finally get our own place. I've heard £15,000 is a good amount for a deposit - my salsry will be approx £1970 before tax so I',m planning on putting aside a fair whack of that a month as I've become used to living on a lot less!

Has anyone got any advice on the best place to stick the savings?

System

Hi Wispa, welcome to the post and welcome to the boards! If you are going to be a tax payer in the future i would suggest you look into Isa's. Here is a bit of light reading for you. Here is a bit more.