How much can you save?

Jonbvn

McSaver wrote: »

* Savings Update - September 2007 *

You are a year late;);)

a7man

McSaver wrote: »

* Savings Update - September 2007 *

Its that time of the month again when I post my savings total for the month. With having 2 weeks holiday off work during August and the other 2 weeks with some overtime. It hasnt worked out to badly for this month as far as I am concerned. After all my spendings for the month and the usual Broadband/Mobile Phone Bills coming out. I am left with around £700 to save which is a pretty decent result given that im only getting contract pay for the time I spent off work using up holiday entitlement. I'm not fussed about holidays from work Its just that I gotta use them up at sometime!!!

I might not be back for a while because im having a war with my computer trying to get it sorted out and everythings going wrong when I am trying to correct it and the DVD-RW has decided to pack in now as well

The Percentage Has Been Updated. Made It Into PLATINUM.... JUST :beer: :T

Next month should see me break the record for the most amount I have saved in a year and there would still be 2 more months afterwards to add to it.

Are you saying you have saved 75% of your wages this year!? Your young - why save all your money, dont waste the best years in your life!

alohahawaii

purplevamp wrote: »

:huh: I thought I did further up #1855. Sorry you didn't see it.

Sorry I didnt feel it answered my question.
Maybe I didn't word my question right.. but I wanted to know what was best to do. Leave the money in your bank account to keep adding up or move it at the end of the month.

purplevamp

That's ok alohahawaii. I did post rather meekly as I'm not much of an expert.

I keep mine in my account, but if I was braver I'd move it at the end of the month.

LucyTheDwarf

GetOrganised wrote: »

I've now set up a SO to move a set amount out at the beginning of the month, which seems to be working better. Just wondered how much realistically I could get away with moving like this! At the moment it is about 12% of my salary, but I'm hoping I can up that when I get used to not missing the £.

Use standing orders, but increase them by a small amount each month, ie £10-25. I did this, and went from saving £35 a month a year ago, to around £600, with no noticeable drop in disposable income. I merely got used to it all going out on the 1st of each month!

Also, you'll spend less if you have to actually transfer it back to your current account, than if you transfer what's left over at the end of the month. And if you do need to transfer any back, chances are it's been earning better interest in the savings than it would have done in the current account.

McSaver

Jonbvn wrote: »

You are a year late;);)

Crickey - It should of been 2008.

McSaver

Lokolo wrote: »

Is your saving thing after rents and bills or what?

I live at home with my mum and my 2 younger brothers. - Therefore these payments are zero.

McSaver

a7man wrote: »

Are you saying you have saved 75% of your wages this year!? Your young - why save all your money, dont waste the best years in your life!

Its 75.3% of my total annual income for 2007 I have saved so in december this figure will be likely to be around 100%

I am saving while I am young because I do not believe in borrowing and I also do not have any big expenses like a car, rent or mortgage, any household bills or council tax or nor do I have girlfriend either so my excell cash is going to be saved rather than spent. Another reason why I save is because I have nothing to spend my cash on.

Lokolo

McSaver wrote: »

I live at home with my mum and my 2 younger brothers. - Therefore these payments are zero.

Aren't you a lucky !!!!!!!

McSaver

Lokolo wrote: »

Aren't you a lucky !!!!!!!

Not really. I dont consider myself a lucky person. I dont have a girlfriend or have enough money to be financially secure.