How much can you save?

Masomnia

I've never had the pleasure of faster payments unfortunately! But yeah I'll be refreshing my kaupthing accounts page every five minutes on Monday Keep us posted on the payment situation though!

Just noticed you signature again too, can't wait for the 18th, my interest day for my ISA, shall be rounding up to the nearest hundred

LucyTheDwarf

Ooh, I get my first interest day of the month on the 16th - it's only my current account interest though, so it's not as exciting as ISA day on 27th.

paulboy83

I want faster payments, no fair! My bank arent doing them yet apparently. grr. I hate the idea of losing interest while my money is with the carrier pidgeon in the air. I want faster payments now.

If you will excuse me i'm off to have a hissy fit

LucyTheDwarf

Have a nice hissy fit!

I hate the idea of losing interest while my payment is nowhere too

Lennys_Shinpad

Having a nightmare month already. My car was making a funny noise so I took it to the garage, expecting them to just change the fan belt. It turns out that the cam belt was about to snap so they had to change it at a cost of £330. Then the boiler man phoned to say that the boiler at the house I rent out would cost £600 to fix. I've paid so much patching it up over the last few years that I've decided to bite the bullet and buy a new one. He's quoted me £2,000 for one. So I think I'll be unable to save any money until the start of next year. It's typical. I'd been quietly putting away £300-£500 a month for about a year and as soon as I post on this thread my plans to save £50,000 I have all these extra costs! Still I have a target to pay for the boiler without touching my current ISA, which means I'll be selling a load of stuff on Ebay and looking to maximise my cashback payments, something I might not have done otherwise. I'll keep reading the thread but won't be putting anything into my savings for three whole months - gutted! Keep up the good work everyone else!

Masomnia

Sorry to hear about your troubles Lenny. But there's a definite brightside to this one, if you hadn't been squirelling away the £300 - £500 these months you'd have had to dip into the ISA and maybe even borrow! It puts you behind a bit, but your savings up to now have seen you through

PedroMig

Hi there to you all

I've been reading the last few hundred posts in order to get a clear view on how to proceed with my family's finances. The big dilema is mortgage vs savings.So far I've implemented most of the tips that have been described in this forum:

• Pay yourself first
• Track your expenses
• Do a budget

But I've now reached a point where we have no debt apart from the mortgage, and managed to have a few months of income saved.
I'm unsure of what's the best course of action. One one hand I want to get my mortgage paid as soon as possible, but with house prices falling off sharply it might not be such good idea, and on the other hand I would like to have a nice savings cushion for when the family increases, which should be soon. I would like to have your expert views before I pull my hair out.:eek:

Thanks:T

Lokolo

Well why don't you do something like 30% Mortgage, 70% Savings?

Work out how much you would like to have in savings ready for the newbie into the family. Then put the rest into the mortgage. But make sure it cuts down the number of years left rather than the amount you pay monthly.

LucyTheDwarf

With house prices falling sharply I'd say it *was* a good idea to put some extra money into it! Do you want to be paying all that interest on the mortgage if the house value is dropping? Personally, I'd want to "recoup" some of the loss in property value, by overpaying on the mortgage as much as possible to decrease the overall interest I'd pay.

I'd say Loloko's suggestion about splitting it between what you want to have saved for your growing family, and putting the rest in the mortgage, is a good one.

Lennys_Shinpad

Masomnia wrote: »

Sorry to hear about your troubles Lenny. But there's a definite brightside to this one, if you hadn't been squirelling away the £300 - £500 these months you'd have had to dip into the ISA and maybe even borrow! It puts you behind a bit, but your savings up to now have seen you through

Cheers Masomnia, you're right of course, I should be happy that I've managed to get a bit of an emergency fund together to see me through things like this. I think I'm through my pathetic spell of self-pity and determined to get through this and come out firing on all cyclindars in January to really start stashing the savings.