How much can you save?

GetOrganised

LucyTheDwarf wrote: »

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.

That's a good idea to increase it a little each month. I have kept it the same and not noticed much difference either. I am due a payrise this month, so I think I will update the SO to put all of this straight into the savings account.

That's encouraging you went from £35 to £600 so easily. Thank you. :T

LucyTheDwarf

It certainly made me realise how much money I must have been wasting each month! But I no longer have to clear out my wardrobe every 4 weeks, because it's bursting at the seams.

moneysavingwannabe

Hi,

I agree the best way to save is to pay money into savings when you get paid.:beer:

I work out all my set outgoings for the month and deduct them first (sky,mortgage etc, etc) and then put as much as possible into savings I leave myself between 150-200 per month for petrol and other stuff like hairdressers and going out.

At the moment we are trying to save £1000 a month which goes into high interest savings to pay off the 0% credit cards (extension on house,new kitchen .....oh and the wedding!!)

If I run out of money by the end of the month I don't spend any more! (Wellllll....the odd cc purchase but only on the cc I pay off every month...the 0% cards are strictly house and wedding debt only!!)

Edit: I used to hang out here before the debt hehehe but still count my savings as savings even tho they will be wiped out soon, will be back to PROPER savings soon....hopefully

Lokolo

Yeh but surely when the debt is gone you will have more to save each month, making it a lot quicker to get back on the pole!

BizBlogged1

Having a thought to save the money is a right decision specially made by the youngster and for that you have started a forum campaign and asking how much all are going to save? Nice..

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McSaver

If you are taught the right things about saving your money then its quite apparent that you will become a saver. I have been a bit of a moneysaver for around 6 years and only been on this site improving my Ideas for the past year or so but its always good to see anyone thats young thats a moneysaver.

@ moneysavingwannabe - I always save my cash as soon as I get paid - Its like paying yourself

Cahoot_hater

Been saving £1000 a month straight for the last 4 months will try continue to do this and maybe try save £1600 after Xmas after paying everything. ANy one wants to recommend me a high interest saving account? I been putting my savings in my regular saving account with Barclays but feel it's not doing much for Me. @mcsaver wish I had a brain like yours when I was younger,I use to waste money like it was water, my mum always tell me ' if your living at home with me' take advantage and save your money whilst you can otherwise it's difficult saving when your out there in the real world' I never took her advice though wish I did.

McSaver

@Cahoot_Hater. First of all I would clear any outstanding debt on the credit cards. I would recommend Icesave as a place for you to save money. They have offered consistent high interest rates for the last 2 years and now offer ISAs and fixed rate bonds.

LucyTheDwarf

Cahoot_hater - if you don't mind my asking, how much money have you got saved? Have you filled your ISA allowance? Basic or higher rate taxpayer?

alohahawaii

For the last two months I think i've done ok with saving.

I have a direct debit going into my ISA for £50 each month.

usually I wait till the end of the month to move my savings but have found i'm not saving that much.

So this month I am saving:

- 10% of my wages
- matching what my boyfriend pays in rent (he pays more than me - we don't live together so I am putting the remainder of what he is paying where he rents into my savings - to get used to paying that amount)

Hopefully I will be able to carry on with the £50 into my isa too but have to wait and see.

it's not as much as everyone else on here is saving but i think its a good start.

how much do you all give yourself to cover each week after all your bills and and savings have gone out?