How much can you save?

AlwaysHappy

Hello there, just found this thread and wondered if I can join, thought might keep me on track and fully motivated. Two years ago I took out a LTSB regular saver and set up a s/o for the full £250 - my hubby laughed as my spare pay only comes to about £70, but I told him that I could always withdraw it if I couldn't afford it. To cut a long story short - how exciting this year when it matured to give him £3600 to put in an ISA and the same for me!!!! I have now set up a Halifax regular saver and set my standing order at £500, now this really does seem impossible but I've managed it for the last two months - am also doing the £10 a day challenge which helps!!! My (unrealistic) hope is to have £30000 in 5 years - nothing ventured, nothing gained!!!

purplevamp

Lucy - I noticed in your signature that you put the percentages. I've copied this idea - hope you don't mind - as I think it's a great incentive. I thought I was doing OK with my savings, then I worked out my percentage. Just over 5% is quite low. This should motivate me to save harder.





(Just between you and me it took me a very very long time to work out how to do the maths!! :whistle: :rotfl: :rotfl: )

ZoeGirl_3

LucyTheDwarf wrote: »

Welcome Zoe.

I want a house. My target is to have 25k by January 2012, which would be my deposit, but ideally I've got to do it sooner. 2012 is a long way away. I'm thinking 2010, at the latest, for me to get on the property ladder.

Yeah, I am not sure when I want to buy yet. Was in a hurry as house prices were going up, but this year they have fallen, so I am not in any hurry at the moment, since my rent is dirt cheap and I can just save maybe this year at least, and possibly next.

And that would make a great deposit I am a bit too obsessed with saving though, it is terrible .

Oh, and anyone know if there is a thread for people who are saving for a house deposit specifically?? Have been looking for one, can't see one...thnx

dreamalittle

ZoeGirl wrote: »

Oh, and anyone know if there is a thread for people who are saving for a house deposit specifically?? Have been looking for one, can't see one...thnx

Try here: http://forums.moneysavingexpert.com/showthread.html?t=789675

ed89

Hi. I wonder if anyone could perhaps offer some advice on how I can save more?

Some info. I am recently turned 19 years old, I earn about £1k per month after tax and what have you.

In a savings account I have £4100. (I bank £170 a month into this account which I hope to increase)
In a mini ISA I have £200. (Just bank £30 a month at the moment)
I have £550 in a nationwide account, which just sits there to be honest, I dont contribute to it any more.
I have £105 in £ coins in a tin at home:D and £82 from google adsense. I'll be banking this soon.

So each month I save about £250 I reckon.

£270 goes toward rent, and that figure includes all utilities (I share with my GF and friend which is why it's so cheap)

There's one or two other things like mobile phone (£25 per month), and food of course.

But at the end of that I am left with about £400. I don't know where it all goes, as each month I normally max my overdraft of £250 (which today I reduced to just £150, and will reduce by another £100 next month hopefully!)

I dont envisage myself buying a house for another 8 or 9 years yet, as I hope to travel a bit and see the world before tying myself to something major like a house!

any words of wisdom from the better savers?

:cool:

Penguintron

ed89 wrote: »

Hi. I wonder if anyone could perhaps offer some advice on how I can save more?

Some info. I am recently turned 19 years old, I earn about £1k per month after tax and what have you.

In a savings account I have £4100. (I bank £170 a month into this account which I hope to increase)
In a mini ISA I have £200. (Just bank £30 a month at the moment)
I have £550 in a nationwide account, which just sits there to be honest, I dont contribute to it any more.
I have £105 in £ coins in a tin at home:D and £82 from google adsense. I'll be banking this soon.

So each month I save about £250 I reckon.

£270 goes toward rent, and that figure includes all utilities (I share with my GF and friend which is why it's so cheap)

There's one or two other things like mobile phone (£25 per month), and food of course.

But at the end of that I am left with about £400. I don't know where it all goes, as each month I normally max my overdraft of £250 (which today I reduced to just £150, and will reduce by another £100 next month hopefully!)

I dont envisage myself buying a house for another 8 or 9 years yet, as I hope to travel a bit and see the world before tying myself to something major like a house!

any words of wisdom from the better savers?

:cool:

I don't know if I would class myself as one of the "better savers" but I would make sure that the money in the Nationwide account is earning a good rate of interest, it's easy enough to get 6.5% instant access savings if you look on comparison sites (I'm with Bradford and Bingley, 6.51% but transfers in and out can take a few day sso not strictly speaking instant access). Same goes for the ISA, make sure you have a good rate of interest being earned, it all adds up.

Finally, other than that just keep on doing what you're doing. Looks like you've got some good saving habits already so well done!

sympatex

ZoeGirl wrote: »

Yeah, I am not sure when I want to buy yet. Was in a hurry as house prices were going up, but this year they have fallen, so I am not in any hurry at the moment, since my rent is dirt cheap and I can just save maybe this year at least, and possibly next.

And that would make a great deposit I am a bit too obsessed with saving though, it is terrible .

Oh, and anyone know if there is a thread for people who are saving for a house deposit specifically?? Have been looking for one, can't see one...thnx

Yes there is a "saving for a deposit" thread, it is on the main part of this savings forum. I haven't seen it for a while though so it could be a few pages back.

ed89

@penguintron thanks, I'll look into that. My ISA I am actually losing money on (I am -£13 what I should have) Am I right in saying that there is a setup fee from the bank and they take a %age of each amount deposited until the fee is completely paid?

LucyTheDwarf

AlwaysHappy wrote: »

Hello there, just found this thread and wondered if I can join, thought might keep me on track and fully motivated. Two years ago I took out a LTSB regular saver and set up a s/o for the full £250 - my hubby laughed as my spare pay only comes to about £70, but I told him that I could always withdraw it if I couldn't afford it. To cut a long story short - how exciting this year when it matured to give him £3600 to put in an ISA and the same for me!!!! I have now set up a Halifax regular saver and set my standing order at £500, now this really does seem impossible but I've managed it for the last two months - am also doing the £10 a day challenge which helps!!! My (unrealistic) hope is to have £30000 in 5 years - nothing ventured, nothing gained!!!

You save me-style! I like the way you push yourself to the limit, and succeed! I have a notion you'll manage to make 30k in your 5 years Congratulations, good luck, and welcome to the best thread on this site.

:T

purplevamp wrote: »

Lucy - I noticed in your signature that you put the percentages. I've copied this idea - hope you don't mind - as I think it's a great incentive. I thought I was doing OK with my savings, then I worked out my percentage. Just over 5% is quite low. This should motivate me to save harder.

I found seeing the cold hard facts of a percentage really useful! I hope it helps you

ed89 wrote: »

But at the end of that I am left with about £400. I don't know where it all goes, as each month I normally max my overdraft of £250 (which today I reduced to just £150, and will reduce by another £100 next month hopefully!)

My advice to you would be to write down everything you spend, for at least a month, but ideally for 3. This will show you where your money goes. Yes, it is dull, but when you get into, you start to enjoy the minor details (at least I do). It becomes a challenge to yourself to beat the previous month/week. And, look after the pennies! I used to spend 40p a day on a newspaper, and 60p on a can of coke, and £2.10 on parking. Now I get to work earlier, so I can park locally for free, buy my cans as multi packs, savings about half, and read the news on the internet. I can't believe I was throwing away hundreds a year, literally. It felt like nothing at the time, as I always had change from a fiver... And I cut down on alcohol. Offer to drive every other night out, at least. I still have fun.

Also - challenge yourself to stay out of your overdraft for one month. Once you've done that, your salary is all yours - not the overdrafts, so you shouldn't need it again, by maintaining current levels of spending, and even less if you're cutting down.

You're doing great, to be saving young I started exactly a year ago, at 20, and I haven't looked back.



Sorry I'm talkative today!

Aussieonabudget

Ed89 - as far as I am aware (and I am by no means an expert) shouldn't you have as much savings as possible in a high interest earning ISA - then you are not paying tax on interest earnt and once you fill it up you can look at the highest interest earning savings accounts. Especially when you have some of the money just sitting there as you say. With the amount you have already saved you could fill this years ISA allowance (£3600) and take the maximum advantage of tax free saving.

Good luck with the saving challenge and welcome to the thread!
Aussie