How much can you save?

moneysavingwannabe

Hi everyone, :hello:

Ok so I'm not very bright when working out interest rates so please help.:o

Can you tell me what buttons to press on my calculator please!!

I have opened a Kaupthing Edge savings account which is 6.5% I have just put in £2,320 not much but a start. How much (if any) interest will I get a month?

I have an ISA with alot more in and only get £40ish pound interest a month so not very hopeful. BUT I would like to know how to do it!

Only way I know is to divide by 100 and times by the interest rate but comes out far too high so must be doing it completely wrong!! lol:rotfl:

Thankyou !!!

zag2me

tara747 wrote: »

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...

First of all welcome to the thread

I've kept really quiet about my savings to most of my mates, they just like to spend and live month to month and I just save a little each month. Only person I told was my sister and she nearly spat her drink all over the table when I explained how much I'd been hoarding hehe.

iamsam

moneysavingwannabe wrote: »

I have opened a Kaupthing Edge savings account which is 6.5% I have just put in £2,320 not much but a start. How much (if any) interest will I get a month?

6.5% is the AER. It means that over a year you get 6.5% of £2,320 as interest (6.5/100 x 2320 = £150.80). Just dividing that by 12 (£12.57) will give you a guess of roughly how much you're likely to get a month (if you're taxed, multiply the answer by 0.8, i.e. £120.64/yr and £10.05/mth)

It's not completely right, but I find it's usually close enough (in this case, you'll get more like £9.76 interest in the first month). If you want to delve further, there's a comprehensive MSE article about what different interest rates mean.

moneysavingwannabe

Hi,

Thankyou very much, that is much clearer quite pleased I will be getting some interest I have had the money in such a low paying account for so long!:beer: :beer: :beer:
Thankyou again!:D

ConstantineXII

whu wrote: »

I would suggest a high interest account maybe fixed for a year for the money you already have saved - look ar Kaupthing for example (although you will need a savings account with them before you can transfer into a fixed deposit) - the monthly savings could also go into a high interest account (eg Kaupthing at 6.5%gross) but there are some accounts paying 7% plus gross - have a look at the best buy tables on say moneysupremarket.com

Thank you, Whu, appreciated. I'm checking fixed deposits now :-)

gelato_cat

Hi all

I keep a spreadsheet too, but it's nowhere near as flashy as everyone else's with the graphs! I only started it last year as I started to use a lot of different banks and it was becoming harder to keep track of what was going on. For a long time I had all my money with the Halifax and I could log in and see all my balances at a glance. Then I woke up and smelled the coffee and got myself some better deals!

Anyway, I got my payslip yesterday (will get paid on Monday) and our pay rise has gone through so I'll have a bit more than usual in there Because of this, I've managed to jump to my next milestone and now have £81.5k :j

I haven't been properly taking account of how much I've been saving each month - with the Regular Savers and moving money between accounts it's become hard to distinguish between the new money and the old, but looking back through my old posts it looks like I've managed to go from £71k in November (below) to £81k now. I'm wondering if I can actually reach £100k by this time next year...

I spose it's not just my salary, it's the interest I'm earning, so hopefully that will nudge my totals up a bit!

How is everyone else getting on? Where are all the old-timers like save-a-lot??

Suze

Suzey wrote: »

Hi all

Good to see everyone is still saving - although it is hard with Christmas around the corner. I envisage that January will be a bit lean for me as the credit card bills come!

Anyway, I haven't posted much lately as there's been nothing special going on, just been feeding my Regular Savers. However, I have just reached a new milestone - I now have £70000 in the bank (well, £71810 to be precise, but I've passed £70k)!

So I'm happy about that, but frustrated that I can only save half my gross salary each year. I wanted to get to £100k before I left the country (in spring 2009) and have been thinking about ways to make extra money... none of them seem very lucrative though!

Suze

moneysavingwannabe

Hi Suze, :hello:

Wow! You are doing really well, congrats!! ( I wouldn't worry about not having such a flashy spreadsheet! I haven't either you obviously know how to sort it out yourself.)

So remind me where you are wanting to move to? It's been a while! Hehe.

I offically have no money, have just about paid for all the extensions etc but now am about to get in debt for the wedding. Oh well will soon be saving again!

Well done again x

gelato_cat

Hey MSW, yes it has been a while - where have you been??

Thanks for the congrats. I'm moving to Canada next spring. Need to start planning soon :eek:

Congrats on paying for the extensions... I like your planning method - one thing at a time means things don't get out of control.

Remind me when the big day will be??

Suze

moneysavingwannabe wrote: »

Hi Suze, :hello:

Wow! You are doing really well, congrats!! ( I wouldn't worry about not having such a flashy spreadsheet! I haven't either you obviously know how to sort it out yourself.)

So remind me where you are wanting to move to? It's been a while! Hehe.

I offically have no money, have just about paid for all the extensions etc but now am about to get in debt for the wedding. Oh well will soon be saving again!

Well done again x

Driving_Soon

Suzey wrote: »

Hi all

I keep a spreadsheet too, but it's nowhere near as flashy as everyone else's with the graphs! I only started it last year as I started to use a lot of different banks and it was becoming harder to keep track of what was going on. For a long time I had all my money with the Halifax and I could log in and see all my balances at a glance. Then I woke up and smelled the coffee and got myself some better deals!

Anyway, I got my payslip yesterday (will get paid on Monday) and our pay rise has gone through so I'll have a bit more than usual in there Because of this, I've managed to jump to my next milestone and now have £81.5k :j

I haven't been properly taking account of how much I've been saving each month - with the Regular Savers and moving money between accounts it's become hard to distinguish between the new money and the old, but looking back through my old posts it looks like I've managed to go from £71k in November (below) to £81k now. I'm wondering if I can actually reach £100k by this time next year...

I spose it's not just my salary, it's the interest I'm earning, so hopefully that will nudge my totals up a bit!

How is everyone else getting on? Where are all the old-timers like save-a-lot??

Suze

Wow! Congratz!!! :T You must feel so great!

How much do you save roughly per month? or does it all vary?

moneysavingwannabe

Hi,

I have been trying to organise the wedding but getting a bit fed up with all the decisions now. Think I need a wedding planner!! LOL:rotfl: (NOT v m. saving)

Canada sounds exciting why there? Are you going with anyone? (Being nosy!)

Getting married at the end of July so not long now, still lots to sort tho haven't booked the honeymoon yet. Will be nice to go away cos we didn't have a holiday last year cos of paying for everything.

Nice to see you on here again!:beer:

Suzey wrote: »

Hey MSW, yes it has been a while - where have you been??

Thanks for the congrats. I'm moving to Canada next spring. Need to start planning soon :eek:

Congrats on paying for the extensions... I like your planning method - one thing at a time means things don't get out of control.

Remind me when the big day will be??

Suze