How much can you save?

slowlyfading

wiseman405 wrote: »

Hey,
I'm tom and 16
I am currently saving £485 a month.

wow, that's impressive!

wiseman405

Hey!
Thanks people! I just think....

....I have no out goings....No bills or anything. Just lunch and train fair to work, so i thought i would start saving because i WANT to be successful, and the only way of doing that is by been confident and ambitious enough to do it!


Cheers
Tom

paulboy83

That is really impressive Tom. I did as you did and saved (though from when I was 19) Then had the idea £6000 later to go travelling! It was the best thing I ever did but set me back 4 years! Sounds like you have the right plan there though. The only thing i'll say is be generous with yourself for nights out and things like that, I for one loose interest in saving as much if I don't allow myself some fun!

wiseman405

I do treat myself, buy myself things etc, and by others things but only out my current account never touch my savings!.... And i don't really go out, out, yet.

But i want to save become successful and then treat my self. I would feel a whole lot securer.


Thanks again for your input

solventblackbird

I've enjoyed reading this thread, and I'm leaping in, in the hope it will motivate me to save more. I've been saving small amounts regularly for the past year - as soon as I started work again after taking time out to have my daughter. I had a nice amount then about three months ago I took out £900 to buy a car that I needed for work. I found a car much cheaper than that - for £500. Kicking myself every time I think about it, but I spent the other £400 quid and I have no idea what on. I had the cash in a little pot in my kitchen and dipped into it for treats and clothes and take-aways and before I knew it, it was gone... so unlike me, but I've learned my lesson. Those treats didn't feel half as good as having it in my ISA did.

I'm back on the wagon now, and saving for a house deposit. I'm a single mother so I know it's going to take me a hell of a long time, but I'd rather have it in the bank than not.

currently save around 200-250 per month, plus whatever is left in my account the day before payday.

zag2me

solventblackbird wrote: »

Those treats didn't feel half as good as having it in my ISA did.

Such a good way of thinking about things, I have said this before but just having money makes me smile every morning when I wake up. I sometimes think it would be cool to have a nice car, or new laptop or something but then think, actually I would much rather have the money in an account for when I really need it.

solventblackbird

Thanks zag - sometimes I feel like a treat too, and when I do, I'm going to have one. I want to save, and I can do without a lot of the tat that I used to buy before I started saving for a house, but I also want to take my little girl out places and make sure she has some of the things I didn't. For me, I think, it is balance. I'd rather take left-overs to work and still be able to take her to the petting zoo once in a while. I think you can get obessed with money - as much as with saving as some people do with spending and getting into debt - neither is healthy so I'm hoping for a bit of balance - having the odd treat in the short term while making sure I am providing for her and myself long term. Strokes for folks, horses for courses and your mileage may vary...

My goal for this financial year is to fill up my ISA with my 3,000 allowance. Because of stupidly withdrawing 900 halfway through the year I'm not going to get the full benefit, but if there is any extra I'll put it into a different savings account and pay it in as soon as the new tax year starts.

EagerLearner

Just a reminder to everyone on this post - if you are buying Xmas pressies online please read my 'Making £2 a Day' guide first (PM me your e-mail addy) so you can make the most of the deals and also do the daily clicks as this'll build up nicely in combo with your Xmas purchases at this time of year and therefore allow you to reach payout levels much faster :T

save-a-lot

EagerLearner wrote: »

Just a reminder to everyone on this post - if you are buying Xmas pressies online please read my 'Making £2 a Day' guide first (PM me your e-mail addy) so you can make the most of the deals and also do the daily clicks as this'll build up nicely in combo with your Xmas purchases at this time of year and therefore allow you to reach payout levels much faster :T

Could you post a link as to where that is.

I have Xmas 2007 pretty much in the bag, I have done my Xmas shopping throughout the whole year, I started wayback in March. So I am now concentrating on Xmas 2008. The impetus for this was whilst using Quidco for car insurance paying out £95 (and the Prudential was the cheapest by far aswell), and I thought that could be the start of another Xmas pot. I will consider some other big paying cashbacks too next year, such as home insurance, the quote and cover needs comparible/better/cheaper than I already pay. I reckon, by next Xmas I could have a few hundred pounds of cashback.

I guess combine the significant cashbacks with the drip drip of daily clicks and that will net you a decent amount of money in cashbacks.

McSaver

* Savings Update - November 2007 *

This is a gret month for me as i am going to save £1,200 this month with getting my annual bonus chucked in my wages with some overtime from last month, its good when christmas is around the corner and i wanted to make some ground up from last month. I wont have very much to buy for christmas and also i havent got much overtime in so its likely to be an average month for me i'm afraid.

I have also made it to PLATINUM in the olympic challenge :dance:

The Percentage has been updated.

@wiseman405, Saving should be the habit of a lifetime and started saving when I was 16 but didnt have as much as you to put away then since iIwas in sixth form in school, well done for putting so much away and dont go stupid on buy loads of clothes and gifts and save what you can to make your life a little more comfortable, my situation for me saving all the time is because I live at home at with my parents and never have a girlfriend to spend it on.