How much can you save?

Anzac_Biscuit

Hi all, may I join you?
I've been trying to sort out my savings and am not sure I'm going about it the right way...
Currently putting aside about 300 quid each month, but that includes holiday money, clothes money etc. I've also got just over 3K in a lump sum. I've got an ISA but I'm not sure if I should drip feed that from monthly savings or lump sum, or just put it all straight in there. Also, should I put clothing, holiday money in my ISA and then just take it out as necessary or should I try not to dip into that at all?
Current major savings goals are holidays (Oz to see folks at end of year - ticket paid, just saving for spending money)
US trip in June next year
house deposit
emergency fund: current target 1000.

Right now I've got a current acc with HSBC, ISA and 2 savings accts with Icesave.

Thanks! (great thread too, I'll enjoy reading it!)

zag2me

I have separate accounts for short term savings(websaver), long term savings(isa) and a holiday fund(websaver). It helps to keep things seperate and means you don't loose your isa allowance when you withdraw money from it.

This month I managed to save £160 into my isa and pay off a few temporary debts.

Aussieonabudget

Not been a bad month this month considering we had to move house with all the hassels and expenses that go along with that!

Saved £339 to my ISA and have paid a chunk off our joint debts so I'm happy.

Don't know how this month will go as I am applying for post grad uni so will have to pay fees up front and then try to claim them back from my employer - looking at over £1000, but at least I have that squirreled away in another account so shouldn't have to touch the ISA!

Anzac Biscuit - I would put part of your lump sum into your ISA so that you are earning as much tax free interest for the year as possible, but make sure that you have enough in your other saving account so that you can take it out of there for any clothing or holiday purchases and not lose you ISA allowance for the year. I make sure that I have just over £1000 that I can access in savings for emergencies (not sure how uni fees come under emergencies but you know what I mean) without touching my ISA. Thats just my opinion though - there are plenty more experienced people on here that can give you better advice! I'm jealous about the trip home - are you going to be home for xmas? This year will be my 6th away from home, hopefully the last!

Well done to everyone else with their savings - I am in awe at how you do it!
Aussie

LucyTheDwarf

"Joint Debts: Highest (Dec 07) £3500; Currently (Sept 08) £102"

Wow, Aussie on a budget! That's brilliant going!


Driving Soon Perhaps they're paying you by cheque or cash for the first week? Or do you get paid a week in arrears?

"cash" isn't in the Firefox British English dictionary... It's telling me I'm spelling it wrong.

LucyTheDwarf

Driving_Soon wrote: »

Ha-ha!!! that is so Evil Lucy!!!

It's not evil... it's money saving :A

Driving_Soon

Maybe Lucy! I'll ask soon!

and you are right it is money saving well done! hahaha

Wantosave

Driving_Soon

I don't think Lucy is being too evil - sounds quite smart to me.

Talking of verging on the evil side - I went to Boots the high street shop the other day and asked one of the sales assistants if she would kindly do me a makeover, which one is quite permitted to do, and FREE of charge. Well having made up my face beautifully, the young sales assistant asked me what items out of those she had used did I want to buy!!! (Should point out here that I have bought products from this particular beauty counter before and may well do in the future, in my own time). Well, by her phrasing I started to get slightly worried thinking I may have obligated myself in some way into buying something which of course I hadn't. Well I made my excuses, saying that I needed time to think over things and that I may be back later. The sales assistant's last words to me were, "see you later"!

Well, I hot footed it at that point out of Boots and down to the local park where I spent half an hour taking in the rays, thinking of all the money I could have parted with :eek: Then I had a light bulb moment and decided to go to the other end of town. Got into Poundland and found their beauty products section. There I found a nicely packaged moisterising foundation with a dispenser top exactly the same shade as a Chanel sample, a friend had given me recently. Also found a very smart Rimmel lipstick and blusher. These items set me back just three pounds - now ladies, I think buying good quality make-up from stores like Poundland is one very smart way to beat the so called 'credit crunch'. Poundland inform me that they are expecting a consignment of mascaras so I shall look forward to those.

I might add that comparing high street make-up prices to Poundland prices made me feel far less guilty about the days events. Besides Poundland you can also find cheap and good quality beauty products in the Miss Sporty range of make-up in Boots and other places. I have found that the brands that cater mainly for the teenage end of the market tend to be a bit lower priced and certainly good enough for us adults amongst us.

Well, I hope this tip makes sense to all the glamourous goddesses reading this forum (that includes me!).

(No, I am not one of the Desperate Housewives!!!...:rotfl: )

Money Angel
:A

LucyTheDwarf

Fantastic tips there, Wantosave!

Boot's Natural Collection is really cheap too, and collection 2000 is very reasonable. Also, Superdrug do this range, that I can't remember the name of, Too Good to Be True rings a bell, but it might not be it. Anyway, everything's amazingly cheap - I think it's 3 items for £4-£5.

EDIT: the range is called 2True, and it's any 3 items for a fiver, on all sorts of goodies - nail varnishes, lip glosses, eye shadows.

Anzac_Biscuit

Thanks for the advice Aussieonabudget! Roughly what I was thinking but it's good to hear what other people think. The trip home is just a visit - two weeks - would love it to be longer but can't take any more time off work! I"ve been here two years and am coming to terms with the (strong) possibility of staying - which means I will have to find lots of travel funds for visiting family! Would love to go every year...

purplevamp

Well, 1st of the month again which means interest time :j . £7.32 - not much to get excited about, but also banked £40 in change. Slowly adding up. I'm waiting for an Amazon payment to come through in the next few days. I put a PSP game on yesterday and posted it off today :T .

Roll on 14th (more interest :rolleyes: )...