How much can you save?

Masomnia

I have a similar predicament. I'm about as lucky as students get in that I get a generous bursary from the university as well as the full grant and the loan. Low income background you see.

Anyway my friend is over-drawn on two accounts, oweing on credit cards, and from a very well off background. Whenever I say actually I don't want to go out (say for the third time in a week) for money reasons etc she has a go at me, 'Oh you get so much money you can afford it'... Well, if she didn't spend hundreds on shoes and clothes that she doesn't need every month then she wouldn't be in financial difficulties at all, it's not as if her parents don't help her.

I was taught to live within my means, and that's exactly what I do, the last thing I want is to graduate with nothing. And anyway, if she could swap her financial situation (more than one foreign holiday per year, huge georgian house etc) for mine then she wouldn't!

Driving_Soon

I just can't wait til the end of the month when the intrest is paid!!! I am skint at the moment!! I need that Intrest haha!

AdamC_2

Just over 60% of gross pay, although it would be 46% if I remove 'savings' through AVC and pension contributions, which ultimately will be taxed.

Trying_really_hard

Just a quick check in.

My savings are now up to £2800 - saved another £800 this month (I will alter this when my interest is added. Don't want any nasty pennies messing up my nice, round figures there ).

I will also have some more money coming from my CashBack sites too - an extra bonus. That will count for next month though. :rolleyes:

LucyTheDwarf

Well done TRH!

I too can't wait for my interest. It's not like I spend it. I just feel less skint when I've got it.

Can't wait until 30th - I can work out my new net worth and see how I'm doing towards my 25k!

Aussieonabudget

I always feel towards the end of the month that I can't wait to see how much I get in interest, and how much my total savings come to after I have transferred all the money around to the various accounts. Then I feel like I spend the rest of the month waiting for the next round on interest and savings! Sad hey!

zag2me

Aussieonabudget wrote: »

I always feel towards the end of the month that I can't wait to see how much I get in interest, and how much my total savings come to after I have transferred all the money around to the various accounts. Then I feel like I spend the rest of the month waiting for the next round on interest and savings! Sad hey!

Not at all, its great motivation to look forward to the end of the month when you can add it all up. Personally I have a nice excel sheet with a graph that I have been updating for the last 5 years. I made the area graph add up all my different accounts on top of each other and coloured them all in with different gradients to make it look nice. Its pretty cool to just enter the data into the boxes for each month and see the total jump before your eyes!

I can post it if anyone wants it.

EDIT here it is


http://www.mediafire.com/?qzbef5ge1g9

LucyTheDwarf

That's absolutely great, zag2me! And you've been keeping it ages - top marks for discipline.

I have graphs, and tables and stuff. I create a Profit and Loss and Cash Balance Sheet at the end of each month, and feed them into graphs so I can see my income versus expenditure, and how my net worth is rising. I get a real buzz from being able to put the final figures in each month!

tara747

foreign_correspondent wrote: »

- I dont know if anyone else experiences this, but I feel almost embarrassed to admit I have savings... I think people resent it, but if I had wasted all the money on clothes and shoes, like a lot of people I know, no one would think bad of it...

So i keep it quiet, but I am determined!

I feel exactly the same! In my circle of friends, I am practically the only one who saves and you do tend to keep quiet about it...

I'm joining the thread too if that's ok. Just opened my Halifax RS with the max £500pm and have about £15K saved in various ISAs. Aiming for total savings of £28,000 by the end of 2009. This thread is great by the way.

:beer:


Edit to say: my saving aim is to purchase a house with a big deposit and small, short mortgage. I will buy when prices near the bottom (where's that crystal ball??). But I might change my mind and use my pot to emigrate to sunnier climes! :rotfl:

gelato_cat

I think you've hit the nail on the head there. I actually heard someone say as much once - one of the girls at work had saved for a year and had £8k and one of the guys was all like "I can't believe she was saving and didn't tell me". He was always in debt!

Suze

LucyTheDwarf wrote: »

It's as if I'm cheating her... sneakily saving my money, while she spends hers, like I'm trying to get one over on her.