How much can you save?

Saver-Rob

Yeh thats a good start! Keep it up!

dippykitty

LucyTheDwarf wrote: »

I think I managed to save about £800 in December... Don't really know yet, as I still have transactions that aren't showing on statements yet for the last few days! Nicely boosted by Christmas and Birthday money. And I earned my largest wage ever (over half more than normal), due to untaken holiday pay, and getting sick pay deductions paid back.

I'm desperate for the missing transactions to start showing so I can work out my December net worth. I know I've definitely hit my target of having 10K in savings, but then I have a fair bit on a credit card now too :P

Sounds like you're doing well so far

sweetmate

Thought I would finally register to this site as its a new year and my new years resolution is to save more. I'm 21, debt free, living at home and would like to move out at some point over the next few years. To do this I feel I need to save more than I am at the moment.

I currently have £8,000 in my savings account and an old car that I need to sell that is worth at least £1,500. I also have another spare car worth around £3,000 but this is a weekend toy and not sure if I really want to sell it just yet - perhaps closer to getting a mortgage. Around £80 a month is put away in my works pension scheme out of my wages every month automatically so am really only saving towards a house.

Until now I have been saving approx £500 a month. I earnt average over last year £1500 take home and my only outgoings per month are £50 car insurance and £35 mobile phone bill yet I still manage to get pretty close to zero every month. I have a 25 mile commute to work so obviously fuel and maintenance costs of the car aren't cheap but I still feel I should be saving more.

The challenge for me this year is finding a happy balance of saving a decent amount but still having a good time going out with friends as this is where the majority of the rest of my money goes. As I have managed last year to save consistently £500 a month which is taken out when I get paid I am going to continue to do this, however I intend to try and make some cut backs so at the end of the working month I will have some left over to throw in the savings too.

My target by the end of 2009 is another £8000 added to savings not including the sale of any of my cars.
So far: £500 (total savings at end of 2008 was £7500)
Sorry for the long winded post but hopefully I can try and keep track of my savings and get some support via this thread!

Paul

Saver-Rob

Welcome mate. As for getting a balance, thats a tough one! I am currently going through a spell of not wanting to spend a penny! If I spend £1 I end up thinking its £1 less I got to spend on my house.

Good luck!!!!!!!!!!!!!!!!!

JimLad

sweetmate wrote: »

Thought I would finally register to this site as its a new year and my new years resolution is to save more. I'm 21, debt free, living at home and would like to move out at some point over the next few years. To do this I feel I need to save more than I am at the moment.

I currently have £8,000 in my savings account and an old car that I need to sell that is worth at least £1,500. I also have another spare car worth around £3,000 but this is a weekend toy and not sure if I really want to sell it just yet - perhaps closer to getting a mortgage. Around £80 a month is put away in my works pension scheme out of my wages every month automatically so am really only saving towards a house.

Until now I have been saving approx £500 a month. I earnt average over last year £1500 take home and my only outgoings per month are £50 car insurance and £35 mobile phone bill yet I still manage to get pretty close to zero every month. I have a 25 mile commute to work so obviously fuel and maintenance costs of the car aren't cheap but I still feel I should be saving more.

The challenge for me this year is finding a happy balance of saving a decent amount but still having a good time going out with friends as this is where the majority of the rest of my money goes. As I have managed last year to save consistently £500 a month which is taken out when I get paid I am going to continue to do this, however I intend to try and make some cut backs so at the end of the working month I will have some left over to throw in the savings too.

My target by the end of 2009 is another £8000 added to savings not including the sale of any of my cars.
So far: £500 (total savings at end of 2008 was £7500)
Sorry for the long winded post but hopefully I can try and keep track of my savings and get some support via this thread!

Paul

Welcome to the forum!!

So £85 expenses + what you spend getting to work.

Around 250 miles per week? So you think about £30 a week in fuel? Thats 120 a month. Round it up to 200 to take into account servicing costs and insurance etc.

So i think you could realisticly save £800 a month and not sacrafice too much.

Lokolo

I just bought a mouse for my computer. Its a proper gaming one which I had originally borrowed/nicked from my friend but he took it back before xmas.

However. It was £28.

Nevermind! Waiting for my Car Insurance payment to be taken out and my student loan payment goes in tomorrow (woo)

Masomnia

Nice to see you again Lucy, you have a good Christmas?

I'm actually really excited about January 19th, I get money, wooooooo! Should be able to get my pot to £5k with plenty left over. It'll still say £2.8k in my sig because I only count what I have in my ISA on there. Was going to put some more in my tracker fund, but I'm just going to see how things play out. I have a direct debit to that so I'm just going to leave that where it is.

The tracker is actually doing really well, and I think that's why I'm tempted to throw more into it. Wish I could say the same for my RBS punt...

Masomnia

No worries Lok I just spent £30 on a pen....

Lokolo

Masomnia wrote: »

No worries Lok I just spent £30 on a pen....

LOL oh dear. like your signature about being a student!!! ha! :cool:

I am having to fill in employment forms for my placement next year. EFFORT. They are so confusing!

sweetmate

JimLad wrote: »

Welcome to the forum!!

So £85 expenses + what you spend getting to work.

Around 250 miles per week? So you think about £30 a week in fuel? Thats 120 a month. Round it up to 200 to take into account servicing costs and insurance etc.

So i think you could realisticly save £800 a month and not sacrafice too much.

I put around £50 of diesel in my main car per week. This is getting to work and other driving about seeing friends other drives out etc. So probably more like £300 a month including insurance, regular servicing, tyres etc.

Saver-Rob wrote: »

Welcome mate. As for getting a balance, thats a tough one! I am currently going through a spell of not wanting to spend a penny! If I spend £1 I end up thinking its £1 less I got to spend on my house.

Good luck!!!!!!!!!!!!!!!!!

Thanks, I'm the same with big purchases. Managed to persuede myself I don't need that HDTV or that new set of big brakes for the car. However what I do need to do is stop frittering away so much on food and drink in the day (I'm a van driver in and out of shops all day). Packed lunches for work and having a few cans before I head out to town instead of straight into town is my initial ideas for saving money this year.

As much as I'd love to stop going out on the town, I can't and if I did I'd end up wasting more money going for pointless drives out all night or buying stuff to keep me entertained in the house.