How much can you save?

JAMIEDODGER

congratulations save-a-lot!!!

well, i have had my fun since becoming debt free in 2007. i also managed to get my posh shed (with a little help from my parents:D)

so now i am hoping to start saving again.

i have my targets for 2008 sorted, budget at the ready and will be doing th e4k challenge and the grocery challenge each month.

good luck and happy saving everyone!!!

save-a-lot

Thanks for the warm wishes everyone!

slowlyfading

congrats save-a-lot!

I've added a bit more to my savings, but its very slow going. oh well, better than nothing i guess!

JAMIEDODGER

have spent the last few days getting my bank accounts in order, closing some and opening one new one.

i am aiming on saving £3000 this year.

Dreaming_2

Hi guys, new to this thread. I've currently just got a variable web saver with the halifax as I do some offset banking. I don't know what the proper term for it is but basically:

Two accounts; one student and one variable web saver

I have the £2,750 interest free overdraft.

I work out at the beginning of each term a rough budget + 10% to give myself breathing space to avoid bank charges.

I put the rest in savings, so effectively running in 'debt' all the time, but interest free.

Currently got £2,156 in savings but maybe able to put a bit more in soon. (receive undergraduate bursary, but some of that goes to living costs)

I noticed that in the first post there were banks with 12% interest rates! I want one of these! But I do need the flexibility to move my money out *in case* I need it for living etc. - I have no other form of income (looking for a job ) and so what I get each term is what I get.

Does anyone have a recommendation of a good account? Current variable savings rate is 5.01% Gross PA. I don't pay tax because I don't earn enough, so an ISA has no real benefit for me and they're a bit scary in that you 'tie up' your money.

Going to save as much as I can, with a recession looming it's not the best time to be without money!

djbd1973

Dreaming wrote: »

Hi guys, new to this thread. I've currently just got a variable web saver with the halifax as I do some offset banking. I don't know what the proper term for it is but basically:

Two accounts; one student and one variable web saver

I have the £2,750 interest free overdraft.

I work out at the beginning of each term a rough budget + 10% to give myself breathing space to avoid bank charges.

I put the rest in savings, so effectively running in 'debt' all the time, but interest free.

Currently got £2,156 in savings but maybe able to put a bit more in soon. (receive undergraduate bursary, but some of that goes to living costs)

I noticed that in the first post there were banks with 12% interest rates! I want one of these! But I do need the flexibility to move my money out *in case* I need it for living etc. - I have no other form of income (looking for a job ) and so what I get each term is what I get.

Does anyone have a recommendation of a good account? Current variable savings rate is 5.01% Gross PA. I don't pay tax because I don't earn enough, so an ISA has no real benefit for me and they're a bit scary in that you 'tie up' your money.

Going to save as much as I can, with a recession looming it's not the best time to be without money!

Hi Dreaming,

Sounds like you are doing pretty well in your circumstances.

With an ISA you don't have to tie up your money and if you do have some savings leftover in the ISA every year, you can carry it forward so that when you start working and paying tax, you still have benefit of an existing ISA amount with its tax free saving.

Good luck
djbd1973

spaneshal

Hi all mind if I step in on the saving scene?

I am a 20 year old university student, I work part time at a bank. Luckily I have no overdrafts, student loan repayments or debts to worry about, so Iwant to concentrate entirely on saving up for my very own house!

Currently I have £5000 in savings, not much I know but on £500 monthly income it will take a while to build up.

At the moment I am stashing away at least £300 a month into various high interest accounts and trying to be as money savvy as possible.

Cant wait till I gain my degree and start full time work, then maybe my dream house will be much closer!

Until then its scrimping, saving and cutting back on spending for me until then!

Happy saving all!

save-a-lot

Welcome to MSE and this great thread. It sounds like you are doing really well, when I was a student I could not save a penny and I was reasonably frugal. So, hats off to you!

manic_saver

Welcome spaneshal. You said you don't have an overdraft, why not get one as your a student. Banks will more or less give you around £1000 (or more) 0% overdraft, that way you can put that money into your isa if you havent already filled it up. A great way of making a little extra for doing nothing. Like your savings at such a young age keep it up.

derrekmay

hello,

I'm a bit curious what you guys are going to do with the money you have saved?
Are you guys going to invest it somewhere? Or just put it in the bank?