How much can you save?

djbd1973

dsavin wrote: »

Many thanks for the reply, i know this thread is purely about how much people are saving so im not going to go off topic too much... however i do have one question.

When carrying over my £3000 from this years ISA - say if over next year i save all £3750. This will leave me a total of £6750 from the two years. Will i gain interest on all of that or will it just be what i put in that current year. I suppose that constitutes me asking if i can actually carry over what i already have as a ballance this year or can the ISA account only contain what is being put in that year?

Sorry if that didnt make too much sence, its difficult for me to explain.

VMT - Dave

Hi Dave - whatever balance you keep in your ISA will continue to earn the rate of interest on that account tax free. The first years ISA savings can be transferred to maintain the tax savings so effectively you could hold two ISA's; one for each year. You may want to consider moving the first years ISA to get the best rate assuming that a better rate ISA allows transfers of ISA's.

I hope this makes sense - I'd had a drink this evening :beer:

cookie9

Off to a reasonable start for this year but will have to check that the student loan company is not taking more than they should as I thought I would repay my loan in Dec but there are still deductions in Jan. Anyone else had dealing with the SLC?
Due to hotel error have had an extra £400 charged to my credit card so once that has been refunded will top up my savings.
Car insurance due next month so will start phoning to compare prices. Will also check with quidco for any cashback offers.

Lavendyr

Cookie, the student loan deductions will be from HMRC as (due to the completely idiotic system that's in place) the SLC can't tell you how much you've paid until after the end of the tax year, when they will send you a statement (which they usually get round to doing about six months down the line). So they will continue to deduct at least until the end of the tax year, at which point HMRC will pass on your payments, they will do all the calculations and find out that you've overpaid, then (when they get around to it) the SLC should send you a refund, which you may have to chase them for.

Horrible, horrible, stupid system.

save-a-lot

cookie9 wrote: »

Off to a reasonable start for this year but will have to check that the student loan company is not taking more than they should as I thought I would repay my loan in Dec but there are still deductions in Jan. Anyone else had dealing with the SLC?
Due to hotel error have had an extra £400 charged to my credit card so once that has been refunded will top up my savings.
Car insurance due next month so will start phoning to compare prices. Will also check with quidco for any cashback offers.

To get a good quote I used https://www.tesco.co.uk/compare and found the Prudential to be the cheapest. I then went to Quidco and at the time the Pru was offering £95 cashback, so a major result there.

djbd1973

Been doing some New Years clearing up these last few weeks and on Friday we found some Canadian dollars from our honeymoon nearly ten years ago.

Yesterday we took it to the bank to change up and they accepted it - $65 dollars worth and got back £32 so that has gone into savings. Thats three lots of foreign notes we have cashed in over the last few weeks but we won't be finding anymore as those were the only holidays we've had in ten years.

It made me think why we stashed it away in drawers in the first place and its shown us just how often we spring clean.

Still its given us money to go into savings albeit the fact that it was ours anyway and hidden away not earning interest for all those years.

Trying_really_hard

Damn it! It was pay day the other day. I went to check my balances today to check that all the DDs and Standing Orders had gone to the right savings accounts and found that I had set two up to start in Feb! ( i prefer not to have to do it myself as I "um" and "ah" about how much should go where and never actually end up transferring anything).

However, I have now rectified the situation and have about £530 to go into several accounts tomorrow. Woo. I feel kind of giddy knowing that my house is a tiny bit (a very tiny bit) closer to reality. So I'm off to a start.

derrekmay

It's nice to see that you keep on saving everything you encounter.
You could easely spend the money, that's why it's good to have a target.
I sure hope you'll reach it!

save-a-lot

Target for this year is to save £5000, so around £400 a month to save, well, for Jan it looks like a figure of around £350 will be acheiveable. Which ain't bad as it seems like an e-on since I was last paid. Payday is this Friday... thank goodness!

derrekmay

save-a-lot wrote: »

Target for this year is to save £5000, so around £400 a month to save, well, for Jan it looks like a figure of around £350 will be acheiveable. Which ain't bad as it seems like an e-on since I was last paid. Payday is this Friday... thank goodness!

that's a great target!
And indeed paydays are the days in the month that may come more often:D

Lavendyr

I had hoped to be able to have £4000 saved in my easy access savings by end of March, ready to transfer £3600 over to my ISA come the beginning of April (already used my 07-08 allowance) but unfortunately it doesn't look like I'm going to manage it due to a number of essential car repairs this month. At this rate I'll save just £200 in Feb, £500 in March and £500 in May, bringing me up to £3400 total in the savings account. Shame, but these things happen I guess. Will keep plugging away!