How much can you save?

Crap_with_money.com

Afternoon all - I've been lurking for a wee while now - but can I join in please?

For the first time ever, I need to bite the bullet and get myself started with some savings!

I'm starting uni in August, and I figure I need to save £3456.36 over the next 7 months to add to my student loan and see me through.

My SOA:

Earnings: 1013.02 (+Commission which is Variable)

Rent: £222.00
Bank Loan: £166.08
Phone: £20

= £604.94 "disposable income" - I obviously need to save as much of this as possible, so I'm gonna aim for a min of £450 per month. - I know that obviously to reach my target I need to be saving closer to £500 per month - but if I can't make this up in other ways (mystery shops, ebay etc), then I'll take on a second job for a few months and that should take care of the deficit.

If I can live on £60 for the rest of the month - then I'll have £200 on my pot to get me started off - which I'm gonna transfer into my e-saver account today so that the temptation of having it there is gone.

I've never really saved before, so need to figure out the best place to be putting my money, which I'm guessing is an ISA? Although any other suggestions are gratefully received! I'm off to start trawling on-line and try to find myself the best ISA I can.....

Have a good day everyone - hope you're all enjoying your weekend

xx

JimLad

Crap_with_money.com wrote: »

Afternoon all - I've been lurking for a wee while now - but can I join in please?

For the first time ever, I need to bite the bullet and get myself started with some savings!

I'm starting uni in August, and I figure I need to save £3456.36 over the next 7 months to add to my student loan and see me through.

My SOA:

Earnings: 1013.02 (+Commission which is Variable)

Rent: £222.00
Bank Loan: £166.08
Phone: £20

= £604.94 "disposable income" - I obviously need to save as much of this as possible, so I'm gonna aim for a min of £450 per month. - I know that obviously to reach my target I need to be saving closer to £500 per month - but if I can't make this up in other ways (mystery shops, ebay etc), then I'll take on a second job for a few months and that should take care of the deficit.

If I can live on £60 for the rest of the month - then I'll have £200 on my pot to get me started off - which I'm gonna transfer into my e-saver account today so that the temptation of having it there is gone.

I've never really saved before, so need to figure out the best place to be putting my money, which I'm guessing is an ISA? Although any other suggestions are gratefully received! I'm off to start trawling on-line and try to find myself the best ISA I can.....

Have a good day everyone - hope you're all enjoying your weekend

xx

Hello and welcome to the forum!

It seems like you have a level head, planning for your finances at unui before youve started.

Good luck and keep us up to date on anything special you do to save money.

Where you put your money depends on when you will need it. If you need the full amount in 6 months time, then an ISA may not be the best place as they can have poorer interest rates over short periods. Check out regular saver accounts, you may find one that has a fixed rate for 6 months

dippykitty

Crap_with_money.com wrote: »

Afternoon all - I've been lurking for a wee while now - but can I join in please?

For the first time ever, I need to bite the bullet and get myself started with some savings!

I'm starting uni in August, and I figure I need to save £3456.36 over the next 7 months to add to my student loan and see me through.

My SOA:

Earnings: 1013.02 (+Commission which is Variable)

Rent: £222.00
Bank Loan: £166.08
Phone: £20

= £604.94 "disposable income" - I obviously need to save as much of this as possible, so I'm gonna aim for a min of £450 per month. - I know that obviously to reach my target I need to be saving closer to £500 per month - but if I can't make this up in other ways (mystery shops, ebay etc), then I'll take on a second job for a few months and that should take care of the deficit.

If I can live on £60 for the rest of the month - then I'll have £200 on my pot to get me started off - which I'm gonna transfer into my e-saver account today so that the temptation of having it there is gone.

I've never really saved before, so need to figure out the best place to be putting my money, which I'm guessing is an ISA? Although any other suggestions are gratefully received! I'm off to start trawling on-line and try to find myself the best ISA I can.....

Have a good day everyone - hope you're all enjoying your weekend

xx

Welcome to the thread!

McSaver

Sold a mobile phone on ebay for £265... Still waiting for the !!!!!! to pay lol and then its more money to go towards the savings!

Almost Reached a major milestone in saving - an incredable amount that I wouldnt though was possible 6.5 years ago!

Rose_Crow

Ooh just reached to magic £100 in £2 coins That's going straight in the house fund

Crap_with_money.com

JimLad wrote: »

Where you put your money depends on when you will need it. If you need the full amount in 6 months time, then an ISA may not be the best place as they can have poorer interest rates over short periods. Check out regular saver accounts, you may find one that has a fixed rate for 6 months

Thanks Jimlad - I'll look into that too! I will defo at least need some of it upfront. I'm hoping to pay my rent up front for the year, plus £1.5k of the savings is going towards my bro's wedding in Mexico, which needs paying in May! - So maybe a regular saver would be a better idea!

xx

coldstreamalways

:j Happy so far this month! Thanks to sealed pot, Quidco and Greasypalm. Plus severe frugality! (Got to get car serviced yet but still hoping for £1400)

Lokolo

DILEMNA! (I cannot spell, I know)

4% fixed with Nationwise accepts transfers in, now I just don't know whether to open it and transfer my 3.55% Egg ISA into it.

My Barclays ISA is also at ~3% but I haven't filled this up yet (til end of Jan/beg of Feb) which I would then transfer both into but that means time, so instead open one for each but not sure if I would be able to open 2 with them? One for Egg, one for Barclays ISA to go into.

Eek what to do.

-edit-

they dont accept transfers in for the time being.

JimLad

Lokolo wrote: »

My Barclays ISA is also at ~3% but I haven't filled this up yet (til end of Jan/beg of Feb) which I would then transfer both into but that means time, so instead open one for each but not sure if I would be able to open 2 with them? One for Egg, one for Barclays ISA to go into.

Im really sorry but my monday brain cannot understand this paragraph.

Are you asking if you can open 2 isa's with nationwide and transfer the egg into one and barclays into the other?

I think you can just open one and transfer them both in. Correct me if im wrong anyone?

Lokolo

Yes but I haven't filled up my Barclays one yet. Only 1 deposit allowed. Meaning I would lose the rest of my allowance for this tax year if I were to transfer Barclays ISA in as well with Egg (because I have yet to fill it up)