How much can you save?

Lennys_Shinpad

Monthly Update:

Not the best month and I only managed to save £100. The tenants in my house (I owned a place before meeting my OH but it's too far from where we work for us to live in) handed in their notice and I've decided to keep most of my savings in my cache instant savings account, rather than my ISA, until I have new tenants in. I also have to pay for new carpets as they are a bit grotty. So it was a two brick month for me. If I can find tenants this month then I should be able to put a fairly large chunk into my savings by the end of the month.

I'm still reading through this thread (am upto about June 2007) and am really enjoying it. I've already started to think about what my 2009 Olympic Savings Challenge could be.

This month I'll be trying to keep up with my cycling to work (I think October will be a crunch month in determining if I can make it through the winter), looking into a few cashback websites and trying to sell a few bits and bobs on Amazon and Ebay.

Good luck to all you savers out there!

Lenny.

Lokolo

McSaver wrote: »

Let me tell you that I am actually bored of saving money that I do not currently need at this rate I would eventually save enough money to generate an interest payment every month that will give me confort. I am at the point were I'm going to receive more than £200 a month. Saving money for me is starting to become pointless and I am only saving money because I have nothing to spend it on.

Send some this way if you don't want to save

mintedmatty

First of all I treasure the day i can say that McSaver!!!!

Secondly, Ive posted here a few times but think its about time I laid bare my situation. My aim is to be rich! well enough to retire comfortably, provide for girlfriend ( eventual wife and kids (none at present)) I recently left the banking industry after 4 years. Im 27 and want to do my 25 years and get out!!! how realistic this is i dont know, but Im trying to pump as much into my pension as possible. My OH dad was a manager at Halifax and retired at 52 and spends his days playing golf (extremly lucky i know) but I aspire to be similar. I was very fortunate to have Grandparents who left me a very decent deposit for a property. So much i think my house maybe worth current climate 110-125k ish and my mortgage is 49k. I have just moved in with my OH and decided to rent my house out!

Im getting £500 a month for my property, my salary is around £1400 and Ive taken a second job delivering pizzas that pays me £80 roughly a week, that keeps me in beer money! I consider it a bit of a credit-crunch-busting job , while things are tough in the finances industry i intend to really graft and earn some extra dosh for the next 6-12 months.

Im paying £200 into my pension and im trying to save around £600 a month. i do owe my OH £200 and The Bank Of Mum and Dad £1400 for various things. I guess why im posting is to ask for continued encouragment! Im pretty sensible tbh taking into regard other people my age! Ive grown up having quality parents who always told me if i wanted lots of money I had to go and earn it! I had 3 jobs at 15 years old and was earning £700 per month, My GCSES suffered for it, but back then when my mates earned £15 a week i felt like a millionaire!!!!! Im starting the savers challenge today......

I want to save £5000 in the next year, probably between a few accounts but it all adds up! so I promise to keep posting and keep everyone on MSE updated!!!! this site is my bible

Mintedmatty

amethystcash

End of month update. Still struggling a bit with the grocery and budget cutting challenge - mainly due to twice-weekly diesel costs of £65 and being bored of stopping going out for lunch/dinner a couple of time on the weekend.

We still had another good month on the savings front though, managing to save just over 69% of our income. We've achieved over 60% each month since we started making a determined effort in July. Makes me wish I'd made more of an effort sooner!

amethystcash

McSaver wrote: »

I use: total amount of cash saved so far (not including interest)
The amount earned in 2007 in terms of NET pay X 100 = Total Percentage

Its not overly accurate but last years total NET earnings is a good base to divide by because its a number I can remember when I calculate rather than having to dig up the details for the total earned so far in 2008 which is really what would give a correct percentage. And my percentage builds up as I earn through out the year rather than a average percentage.

McSaver, sorry if I'm being a bit dense, but what does this calculation actually tell you? Why would you want to know that you've saved 75% this year of what you earned last year? How does it help you? Just curious.

McSaver

amethystcash wrote: »

McSaver, sorry if I'm being a bit dense, but what does this calculation actually tell you? Why would you want to know that you've saved 75% this year of what you earned last year? How does it help you? Just curious.

Because for the 12 months of 2007 I have a whole total for the year for what I have earned and in 2008 I havent got an exact figure and because I havent got an exact figure for 2008 for earnings I have to use the 2007 total.

McSaver

mintedmatty wrote: »

First of all I treasure the day i can say that McSaver!!!!

Secondly, Ive posted here a few times but think its about time I laid bare my situation. My aim is to be rich! well enough to retire comfortably, provide for girlfriend ( eventual wife and kids (none at present)) I recently left the banking industry after 4 years. Im 27 and want to do my 25 years and get out!!! how realistic this is i dont know, but Im trying to pump as much into my pension as possible. My OH dad was a manager at Halifax and retired at 52 and spends his days playing golf (extremly lucky i know) but I aspire to be similar. I was very fortunate to have Grandparents who left me a very decent deposit for a property. So much i think my house maybe worth current climate 110-125k ish and my mortgage is 49k. I have just moved in with my OH and decided to rent my house out!

Im getting £500 a month for my property, my salary is around £1400 and Ive taken a second job delivering pizzas that pays me £80 roughly a week, that keeps me in beer money! I consider it a bit of a credit-crunch-busting job , while things are tough in the finances industry i intend to really graft and earn some extra dosh for the next 6-12 months.

Im paying £200 into my pension and im trying to save around £600 a month. i do owe my OH £200 and The Bank Of Mum and Dad £1400 for various things. I guess why im posting is to ask for continued encouragment! Im pretty sensible tbh taking into regard other people my age! Ive grown up having quality parents who always told me if i wanted lots of money I had to go and earn it! I had 3 jobs at 15 years old and was earning £700 per month, My GCSES suffered for it, but back then when my mates earned £15 a week i felt like a millionaire!!!!! Im starting the savers challenge today......

I want to save £5000 in the next year, probably between a few accounts but it all adds up! so I promise to keep posting and keep everyone on MSE updated!!!! this site is my bible

Mintedmatty

I Thought I was bad.

hornets_2

Hi
Can anyone tell me with regard to ISA's if you have contributed to an ISA this current can you still move it to another ISA provider giving a better rate.

Mark

Baldur

hornets wrote: »

Hi
Can anyone tell me with regard to ISA's if you have contributed to an ISA this current can you still move it to another ISA provider giving a better rate.

Yes you can - see HERE, Chapter 11.

mintedmatty

If this is my bible? I guess you are my God Mcsaver!!!!!

I did a few hours overtime lastnite, get paid 100 squiddilies on friday! plus its rent pay day!!!! straight down to the bank saturday morning!!!!