How much can you save?

LucyTheDwarf

I haven't time to make my own, but the greasy spoon on the industrial estate I sometimes work at has got time.

And I haven't got cooking facilities wherever I work, so it's a no go. The worst thing is that I take a packed lunch too, so I'm effectively paying for it twice. I will cut down for the rest of the week though, I am determined.

Lokolo

Finally got a budget sorted out for the next year. However some of it is guess work as I don't know how much I will be earning / paying rent next year. However, it things go to plan I should be able to pay a nice sum into savings during my placement year.

Estimating total outgoings from now until end of Sep - £9.8k
Incomes - £11k.

But some of this is in savings. I had about the same last year.

Driving_Soon

Thanks Lokolo!! But no chance of my parents helping out lol! :P I have to pay rent now and I am at college :P so yeh, haha!! but I can do this on my own!! (and grants :P)

Thanks Masomia! Some really good advice .. but I am going to sound really dumb now as everyone seems to know what it is haha, whats quidco? LOL!

Lokolo

Its a cashback site. So basically if you buy stuff on the net and its on quidco you can usually get like 10% back or whatever. Play offers like 2% back, but considering you don't h ave to do much other than click on a link on the site to get the money back its worth it.

I did it when had to order broadband, £65 cashback!

But they do charge like £5 a year which is pretty crappy.

flutter_2

Been reading this thread for a while, and I want to join in. I have been saving since undergraduate days, and agree with above posts that it is possible - so long as you don't go mad on the alcohol or expect to buy as many clothes as you did when it was your parents money!

My husband and I are saving for a house deposit - currently we have about 35,000 - we save 100% of my salary, unfortunately I get paid quarterly so I get impatient waiting to be able to put my money in savngs :0( We are aiming for around 70,000 in 18 months - when I should (with luck) graduate from my PhD - then I have to get a real job!

I love saving - and I think I might find it difficult handing over my money in exchange for a house...

bendix

flutter wrote: »

I love saving - and I think I might find it difficult handing over my money in exchange for a house...

Me too flutter. I just paid cash for an apartment here in Thailand. The equivalent of 100,000 sterling. I'm finding in hard to deal with the hit to my savings account - it's silly because I know i have a good asset in it, but I mourn my lost savings.

For the youngsters, well done to you all. At 44, I'm an old fart, so it's fantastic to see younger people saving and bucking the trend.

Saving becomes easier with age. It becomes a habit. Your income rises and the wonderful power of interest really helps you out. I have around NZ$750,000 or 300,000 sterling in savings accounts in New Zealand (don't ask - long story) and that is generating a very tasty GBP1850 per month interest, without me doing anything! And, of course, it compounds each month.
:j

Rose_Crow

mega123man123 wrote: »

I am currently saving £1000 a month which is 2/3 of my take home.

Wow well done! I'm also 23 so I'm very envious of you! I would love to be able to stash £300-£400 a month away, but as you know things always tend to come up - just forked out £160 for the vet!

Sorry - no-one is having Christmas presents this year! I need to save up for a house! :rotfl:

JAMIEDODGER

Thought i would post and say last month i managed to save 0.2% of my total savings target towards a deposit for a house:D nearly paid my debts back now so will be putting as much away from next year as possible towards this goal. well done everyone on continually inspiring me to save!!!

Rose_Crow

Go for it Jamie! I'm also saving for a house deposit, using percentages always works better - saves you from being too public about your money :-)

Keep the signature updated and I'll do the same with mine

JAMIEDODGER

I agree about the percentages!!!:) 5% is really good! I would like to get to 0.5% by the end of this year and to 10% by the end of next year!:D