How much can you save?

jamtart6

save-a-lot wrote:

then in reply...


When I wrote the above I was looking at it in a very balck and white way, the lessons learnt from paying back a debt are just as important, so you are right to have your OH pay off his own debt.

Thank you Mr Tall!!! I am actually really proud of how he is doing, he is paying off the car each month, will be overdraft free in february, has paid exactly half of the xmas presents, has saved for his tax and insurance, has paid off a good chunk of his holiday...and put money in the house fund! :T :T well done mr jamtart!!

I think he will be ignoring the student loan and concentrating on saving for a house....

thank you for your thoughts tho, always nice to see what people have to say

jamtart6

How much do you all want to save from now until January 31st 2007??

Lol my savings say £7.20 but this is just all the 1ps and 2ps and 5ps ive been saving for a few months! This is not my wages etc.!

I get paid in funny chunks, so i think with the next lump sum... I will put £1000 into the house fund... and save £20 for next xmas, and £20 for the birthday fund. ......and pay £500 off my holiday....

sorry for thinking out loud!! by 31st jan 2007 , I want to have

£1000 house
£20 birthday
£20 xmas

SAVED

£500 paid off

How about you?

save-a-lot

£3/week in Morrison's saver stamps = approx £150 for next Christmas big shop
£75/month into SAYE scheme = £900
£3000 into ISA as a lump sum
work bonus (hopefully) = £1500 cash / £1500 company shares = £3000 (minus tax on cash part)

So, hopefully a minimum savings pot of £7000 for 2007

savingforoz

JAMIEDODGER wrote:

i keep checking this thread:) i cannot wait to be able to say "hey! can i join you?"

currently i still have an overdraft of £1000 which i am aiming to pay off in 10 weeks, and a loan with just under £3k to pay and then i will be clear:) I have £200 of lloyds tsb shares which i bought in an attempt to start building an hyp, i want to continue to add to this when i become debt free.

you guys are doing so well, extremely inspirational, keep it up:)

You're inspirational, too, JD :T - I've had at the back of my mind to start building a HYP for a while, and after reading your post I shall definitely look at this again in the New Year. So far my investing has all been via unit trusts. Time to buy some shares myself I think :eek: ! Also -well done to you for your hard work in getting rid of your debts - I've followed your progress with interest on the DFW board.

As for how much to save next year, currently I have £20,600 in the savings pot - aim to end the year with £35,000. Also to have started creating sources of passive income. I do want to buy a second property at some point but am convinced that now is not a good time to get into the BTL market, despite a very bullish report on the subject that I've just read.

When it comes to creating wealth, I'm working on guidelines from Nicola Cairncross, a wealth coach (I got her free email instead of paying £380 per month to her in fees - seemed a tad more moneysaving! :rotfl: ). She avocates the "4 Lane Highway" and you can have vehicles on all or any of the lanes at one time. The 4 lanes are Property Investing, Stockmarket investing, Building Your Own Business and The Internet, with a bias towards creating passive income from these sources. Have already decided that I will leave property investing for now (although I have invested in a property fund), so I've been focussing on the Stockmarket. Building my Own Business and Passive income (some via the internet) to be looked at next year.

Again - this is a great thread. Anyone fancy sone kind of head to head savings challenge, like they do with debts on the DFW board? Who's up for it?!

slowlyfading

I'm going to try and aim to save £1000 by July 2007. I know this isn't much, but the student bank account doesn't give much leeway for saving, but I'm gonna try!!

JAMIEDODGER

savingforoz - wow thanks for your comments:) i have found it hard to balance everything being a single parent of four and paying off the debt,it seems to have been a very long road!!!

starting an hyp wasnt difficult, i read up on it loads before i started. my modest £200 hasnt made a huge amount but its a start and im eagerly awaiting my next dividend:) the fool website has a great section on the boards devoted to it.

thats a nice tidy sum in your savings pot!!! any tips for me on how you have managed to get there?

nicola cairncross sounds like she is talking sense:) i too was considering a BTL at some point in the next year to 18 months but now feel after comments received from this board that i shall wait

starting my business was a real boon for me and has made a huge difference to my life:) i am hoping it will grow steadily in the years to come but not too big as i am happy doing it all on my own and i have to also balance that with a busy home life. i originally decided to start a business as i knew no one would be able to offer me a job that worked around four children and one who is disabled when i might need to rush off at any given point...plus the long school holidays and lack of special needs childcare...it seemed the only way to go for me!

i would certainly like a few pointers in how to generate passive income from the internet....not quite sure how that would work????

would love to go head to head but still a DFW right now:)

jamie

savingforoz

Hi Jamie - ref my savings pot, I'm lucky enough to get well paid and I'm just not an extravagant person, so 50% of my take home pay can go into savings. I do know that I'm lucky in that respect. But what's really helped me is to have a goal, a reason for saving, that makes it all make sense. I put in an earlier post that I need to get enough capital to retire to Australia in 10 - 15 years' time. I want it so badly and it has really helped focus me on getting saving. They have financial requirements and it made me think "how exactly am I going to achieve this?" From what you've said, it looks like your goal may be to provide for yourself in retirement?

Well done on starting your business, too and I'm pleased it is going well. So already you have two cars on the 4 lane highway. Ref the passive income, yes this is where I think Nicola is a little woolly. From what I can gather her strategy is to set up a website then generate income from it by using Google Adsense or linking with Amazon, so that you get paid for the number of people who click on the links on your website. But I've looked into this and I can't see how a small private webiste would generate anything significant. There's other sources of passive income of course like your HYP dividends, and any interest on savings. I'm hoping to generate some via selling health based ebooks and discounted nutritional supplements (I'm a qualified nutritionist although no longer practising) and I think this could generate c£100pm passive income - not a fortune, but it all helps. Now I realise you couldn't do the same as me exactly but depending on what your new venture is there may be scope to earn some extra via the web. Royalties are another source of passive income and I intend to do some writing in the new year.

I'm going to launch into matched lay betting as well in the New Year - there's precious few sources of tax free income, and I'm impressed by the amounts some people are showing in their signatures!

moneysavingwannabe

Ok, so I was doing well!!

The boiler started playing up yesterday, it only has to last til February when we put a new one in!

But no .....oh well cost £65 which will have to come out of the savings pot!!
:mad: :mad: :mad: :mad: :mad: :mad: :mad:

Wanno

right, cheque came through from abbey and has been deposited today. Also pay day has been and gone. woohoo

save-a-lot

Hi

Usual pay day for me is 25th of the month got paid yesterday (20th). Even though it is only 5 days different in December it makes alot of difference. It makes it feel like a very long time until Jan 25th payday. I think with all the extra spending near Christmas aswell it makes it seem longer to make the cash last.

Next year I will be more organised and have a little reserve for Christmas to smooth the cash flow out.