How much can you save?

Lokolo

Driving_Soon wrote: »

Heyy!

I was meaning to ask you this before, I plan to go to uni in 2 years, how do you find saving up and going to uni at the same time? Is it tricky? do you have alot of out goings?

I'm really scared that when I go to uni, all my savings will just be down to 0 in a year

Sort a budget out for uni.

Say you're going to save up £2k for uni etc.etc. how much you're going to spend each year etc.

Also you should consider parental contribution. I am tres lucky and my grandparents are paying for living expenses, so I save my student loan which is just above £3k a year. Plus next year I will be working so can save loads more.

click4credit

A great idea is to to Google for 'savings calculator' and find a savings account calculator that shows how much you need to save to reach a goal. You enter the amount of interest you are getting paid, amount paid in each month and so on. Obviously interest rates may change before you reach your goal but it's good to have some idea and then you can budget the amount you need to save each month.

Masomnia

Hi driving soon! I'm pretty lucky myself because I get a pretty good bursary from the uni so I always save all of that.

It is possible to save, and if you're not silly with your money then it's pretty easy to live quite cheaply as a student. Budgeting is always important, and be aware of student discounts and things like that. Most of the people I know who struggle spend hundreds on booze, eat just takeaways, buy incredibly expensive clothes and so on.

If you're in good financial habits (which it sounds like you are) then I think you'll be ok!

As for me, today I joined quidco, so hopefully that should increase my income/saving depending on how you look at it, and I've decided to open a stocks and shares ISA and pay a little into that each month. I opened it through quidco so should hopefully get a good amount back!

Really managed to lessen my spending this week, and I'm pretty proud of that. Insurance came out though, and unfortunately all my friends' birthdays seem to fall around now, so I've had more expenses there. Plus I'm visiting friends at another uni next week. Going to pre-book tickets though! So it's all pretty full on.

Still plodding along with my saving

Lokolo

Who did you open it up with through quidco?

I am waiting for my virgin media £60 payback :mad:

bendix

Great thread - it's good to see so many enthusiastic savers.

I will be relocating back to the Uk in January (I currently work in Thailand) and I will embark immediately on a disciplined savings regime comprising 3500 sterling a month into a pension plan, and supplement that with 2500 per month into cash savings.

I plan to do that for four years, and I've budgeted accordingly.

Total inputs will be 67,000 each year, increased in line with salary increases. I'm also committing to put in 60% of any annual bonus I get. With luck, the right returns and improving markets I'm hoping it will be worth 300,000 after those four years . . .We'll see.

LucyTheDwarf

You seem pretty well sorted out, bendix, wiht your spending/saving budget - what I wouldn't give to be able to afford to save that much each month!

mega123man123

very good thread - think its about time i contribute.

Im 23, been working for 1 year after graduation and really want to get onto the property ladder by 25. I am currently saving £1000 a month which is 2/3 of my take home. Its currently stashed away in a KE account. total in KE - £10,500. My isa is already full and has £11,500 in it. I also have a student loan of 10k which is slowly dripping away.

i dont know what my total goal is before i buy something but i know i have plenty of time to do it as the house market is quite rocky.

I am very lucky that i live at home and can save the rent element (thanks mum & dad - i owe you one!)

hopefully by 25 ill be a proud home owner!

LucyTheDwarf

Welcome to our little savings club

Bet you're making the most of the KE rate while it's still there! I certainly am.

I failed my pledge to not spend for the first 10 days of the month. I spent £2.30 on a bacon and egg toastie smothered in brown sauce

It was delicious though.

Lokolo

LucyTheDwarf wrote: »

Welcome to our little savings club

Bet you're making the most of the KE rate while it's still there! I certainly am.

I failed my pledge to not spend for the first 10 days of the month. I spent £2.30 on a bacon and egg toastie smothered in brown sauce

It was delicious though.

Asda -

Bacon (16 slices) Asda Value - £2.98
6 Eggs Large Asda Free Range - £1.52
Bread (the blue one, hovis?)- £1.22

£5.72 for 6 bacon and egg sandwiches + 1 bacon sandwich. Weeks worths of sandwiches for less than £6! (altho i h aven't inclded oil and washing up stuff in that)

Not good for health (I am starting to go jogging though!) but money wise, worth it.

mega123man123

as sad as it seems i like seeing my money earn money!

Lucythedwarf im sure a little treat every now and again wont hurt! as long as its not a daily occurrence!