How much can you save?

Driving_Soon

LucyTheDwarf wrote: »

You sound like my kind of person!
I haven't worked out what my long term target is yet. I want to have a net worth of £10,000 by the end of 2008, and I'm pretty much on track, once I clear off the last of my credit cards (still at 0%, thank goodness - I wasn't too careful with money last year!). But at least 25k by the time I'm 25 would be nice. In fact, I am going to write that in my signature, as my target net worth, so I'm forever reminded of my goal. It's a nice figure to aim at.

I'm only 19, but already in the savings mode! I think it's great to start young!! I have 16k at the moment, but now i have very little income for the next year and a bit, and everything i do have coming in will be coming out again! but I vow never to touch that 16k! even if I don't eat or have to sell my body :rotfl: ! But i do tend to go through phases and hope I don't stop wanting to save and just waste it all ... Out of intrest, how much you got saved up at the mo?

LucyTheDwarf

I have £7731.61 in various savings accounts, but that also includes the contents of my purse and my current account (I keep meticulous spending records, and can tell you my net worth and current monthly profit without thinking). I have £3099.13 in debts, which includes my car finance deal, which has about £1800 left to pay. I am considering paying it off early, when my regular saver matures in November, but to be honest, it wont save me a great deal in interest, as the rate isn't too bad.

You are lucky to have a nice savings pot at so young an age! Even if you go through phases, try to keep a chunk set aside, as you never know what will happen. Put it somewhere you can't touch it if you have to... Having said that, you'll be needing a car soon...

Frugality_2

We must update on our progress - bilaterally..

I have a lot to learn about maximising my finances.

What are your aims?

LucyTheDwarf

I'd love to hear of your progress. It's hearing other people's successes that spur me on to make my own, and other's failures that warn me to be careful. After months of lurking here, I owe a lot to the shared experiences of others, when it comes to me sorting out my own finances.

My general aims are to spend as little as possible, whilst living the life I want to live. Sounded impossible at first, but it's actually really easy. At the same time, I want to maximise what I can earn, so first and foremost, I strive to be the best I possibly can be at work, I am studying hard for qualifications in my profession, and I always do as much as possible. I aim to save as much as possible, to maximise my interest, and get quite a thrill out of seeing it added to my balance Then there's the extras, cashback sites (I love quidco).

Oh, the best tip I ever heard was "pay yourself first". As soon as my wages go in, I pay myself a chunk of it, to my various savings accounts.

gelato_cat

My aim is to have £90k in savings by this time next year. I have £79k at the moment and save about £13k a year so it's doable.

Ideally I'd reach £100k (I like round numbers too!!!) but on my salary that just ain't feasible

Suze

Frugality_2

Absolutely Lucy(?)

It's all about 'increasing your service' as Earl Nightingale teaches us. If you want a bigger income, bigger savings, then offer more to the world.

I will put a signature like you but I will say that you are approximately 70% ahead of me. I had to slash my sum in half to live a few months ago but am in for a promising (financial) year ahead.

LucyTheDwarf

Suzey wrote: »

My aim is to have £90k in savings by this time next year. I have £79k at the moment and save about £13k a year so it's doable.

Ideally I'd reach £100k (I like round numbers too!!!) but on my salary that just ain't feasible

Suze

Suze, you can do it! We believe in you!


Promising financial year, Frugality? There can't be many saying that right now! I am slightly nervous about the year ahead, but confident I can weather any storm. And, it's no race, Frugality, as everyone's a winner. I'm a year older and not in full time education, and my employer pays for my exams, so I am in a rather different situation to you! Having said that, I challenge you to catch me up

Frugality_2

Your on.

In years to come, I am sure we will be racing to the dizzy heights of Suzey.

LucyTheDwarf

Years to come? That makes it sound a long time away. £100k by the time we're 30? I hope to have a much increased salary by then, so it may be possible...

If we're lucky, we'll beat even our own targets, and once money starts growing, I find it just gets faster. This is exciting!

Frugality_2

I wish you all the best and you must be a bigger (earner) person than thou but 100k by 30 is overwhelming.

By the way, regarding our challenge, I fully endorse it, especially since you're net worth is ~ £4.5k, so I am not too far behind!