How much can you save?

purplevamp

The_Dark_Defender wrote: »

Hi guys,

Is it a waste of time saving when I have a large enough graduate loan to pay off? I was hoping to save up for a car and holiday next year but not sure what way to approach it. Like, what I'm trying to say is, that the the interest earned over that small period will be so insignificant, won't it?

The_Dark_Defender wrote: »

Sorry for posting this again. I think the graduate loan rate is around 8.6% but I'm not at home to check if that's right. I'd like to get into the habit of saving as I've never actually properly saved before.

Hi, I would be inclined to pay off as much of the graduate loan as possible, are you able to make over-payments? Perhaps work out when you'd like to pay it off by and divide the amount by that. You could put some money by for saving. I know lots of people would disagree and say pay off debts first, but it is nice to have something set aside

I hope this has helped a little, if not someone with more knowledge will come along and help. Good luck :A

slowlyfading

I keep dripping into my ISA - can't wait to reach the £1000 milestone!

The_Dark_Defender

purplevamp wrote: »

Hi, I would be inclined to pay off as much of the graduate loan as possible, are you able to make over-payments? Perhaps work out when you'd like to pay it off by and divide the amount by that. You could put some money by for saving. I know lots of people would disagree and say pay off debts first, but it is nice to have something set aside

I hope this has helped a little, if not someone with more knowledge will come along and help. Good luck :A

The loan is only recent and is fixed over a 3 year period. I cannot pay bits and pieces, I have to pay by installments or pay it all off and risk getting a penalty for early repayment. I was thinking of this, and maybe this sounds completely stupid...I was going to create a few different areas where I'd like to save. Holiday/Car/Christmas/Entertainment etc..could I throw loan into that so that I'm not in trouble in the future?

amethystcash

Really need to concentrate on long term saving, although there is already talk of a trip to Norway next year. Am I ever going to be able to afford a house? :rolleyes:[/quote]

Sorry I know this is off subject, but when I saw the mention of Norway, I was just wondering - have you been there before? It's somewhere we've thought of visiting but don't know too much about so if you can provide any info/feedback I would appreciate. Thanks

Rose_Crow

O/T also: Nope, not been there before, so can't help you I'm afraid. The furthest north I've been so far is Sweden - which is gorgeous

Aussieonabudget

Hmm, I am joining the list of people that are using their savings instead of accummulating them. I had to take £500 out of my emergencies saving today as I had to pay for accommodation and train tickets for my induction and first module of uni this month. Was hoping that I would only have to dip into the savings for uni fees but have had to put this lot on credit card and want to pay it off before i get charged interest. Still have just enough to pay the fees in the emergency account so I shouldn't have to touch the ISA.

I'm really hoping that my work will at least contribute to most of the fees so I can pay back the savings account (hmm, maybe tomorrows job should be to apply for work to pay it back!!!???)

Hmm, hope i don't have to go into a negative percentage for my sig for september. Gonna have to behave while I'm at uni (and I guess I shouldn't admit to the first class train ticket from London to Plymouth next Wednesday!!!)

Hope everyone else is doing better!
Aussie

LucyTheDwarf

You travelled first class :eek: That must have set you back a few bob! I hope it's worth it!

Keeping my fingers crossed for you with keeping the percentage out of the negative!

Plan:
:exclamati Lock your debit and credit cards up in a safe, rig a bomb to it, so it will explode in your face if you attempt to open it before 30th September.
:exclamati Telephone your ISP immediately and ask them to stop your internet connection until 30th September, so you cannot make any online purchases, nor use online banking facilities.
:exclamati Put any bank passbooks, cheque books etc in a cage with a hungry lion, and instruct the zoo-keeper to come back on 30th September and throw away his phone number.

Driving_Soon

Had to withdraw another £250 today for more college fee's! and around £40 for all the text books and that I need!!! I had to go into my savings, meaning because i made a withdrawel, I'll only get around 3% interest and not 5% ..

Grrr College! lol

Aussieonabudget

LOL Lucy - will keep those strategies in mind!!!!! Anyone know where I can get a bomb from?

The first class train ticket was only £5 more than the standard class becuase I had to book so late (uni changed the days so I couldn't use the £13 ticket that I had booked months in advance) and the single first class with £13 on the way back still came in about £25 cheaper than the return ticket should have cost! So I'm not feeling too bad about it.

Driving soon - I'm feeling your pain, but it'll be all worth it in the end!

Driving_Soon

Aussieonabudget wrote: »

LOL Lucy - will keep those strategies in mind!!!!! Anyone know where I can get a bomb from?

The first class train ticket was only £5 more than the standard class becuase I had to book so late (uni changed the days so I couldn't use the £13 ticket that I had booked months in advance) and the single first class with £13 on the way back still came in about £25 cheaper than the return ticket should have cost! So I'm not feeling too bad about it.

Driving soon - I'm feeling your pain, but it'll be all worth it in the end!

Aw, Cheers! :cool:

A lil off topic but everytime i read your username is really makes me chuckle and i don't even know why :rotfl: