How much can you save?

JimLad

Im confused

Why would you lose your allowance? You are transfering not depositing more?

I blame this manflu

Lokolo

lol.

Barclays ISA is my ISA for this year. I have so far deposited £2850 out of the maximum of £3600. Therefore my ISA for Barclays has £2850 in it. If I transfer that money to Nationwide ISA I can't put the £750 in which is the rest of my allowance.

LucyTheDwarf

McSaver wrote: »

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

Well done! I can't wait til I can look at my own savings pot and feel it's incredible.

Aussieonabudget

Lokolo - as far as I was aware you could only deposit into one at a time. If you transfer the barclays to Nationwide and close Barclays then you can pay the rest of the years allowance into the Nationwide. You cannot however keep the Barclays open, open a Nationwide and start depositing into that one as well.

Does that make sense anyone?

Aussie

dazcouz

McSaver wrote: »

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!

Spill the beans McSaver, what is the major milestone? I'm up to £18,000 now. Hopefully it'll be £19,000 by the end of January. The major milestone for me in the next 2 months is £20K:D

Lokolo

Aussieonabudget wrote: »

Lokolo - as far as I was aware you could only deposit into one at a time. If you transfer the barclays to Nationwide and close Barclays then you can pay the rest of the years allowance into the Nationwide. You cannot however keep the Barclays open, open a Nationwide and start depositing into that one as well.

Does that make sense anyone?

Aussie

No you can't because Nationwide only allows one deposit. So I wouldn't be able to transfer money into Nationwide and then put more money in.

And yes I was saying I can open a Nationwide and deposit my Egg ISA in there., not deposit new money in

black_taxi_2

71 is the new 51

hopefully 47 is the new 27--lol

always good to hav savings--you never know--you might want that 5 day trip too newyork

McSaver

I had just remembered that I needed to pay £14.69 off my credit card after I used it to buy a christmas present... so thats gonna change the figures!

Still no payment on the phone.... :mad: :mad:

gelato_cat

Hey!

The main change I am making is that I am finally putting a foot onto the housing ladder. The main driver is not the economy, though, it's because the time is right in my relationship to get a place with my boyfriend.

However, looking at the economy, it is probably a good time for me to do this. My savings are mostly earning OK rates of interest (most of it at 6.5% or above) due to fixes I got last year, but my ISA rate finishes at the end of the tax year so I'll be getting hardly any interest on that next year. My other 6.5% rate ends in June or August and I doubt savings rates will be back up to that level by then, but you never know. I have got about £5k in an easy access account which doesn't pay much, just in case.

My job is relatively secure (civil servant) so the main thing I am doing is trying to make sure our minimum monthly mortgage payments can be covered by my salary alone in case bf loses his job (no big threat of it at the moment but remains a bigger possibility than me losing mine). When we get the mortgage we will be trying to overpay, though, to try and be mortgage-free by the time I'm 40 (I'm in my early 30s now).

Hope all is going OK for you.

Suze

save-a-lot wrote: »

Couple of general questions:
Is anyone in this thread making any big changes - like switching from mainly saving to mainly overpaying the mortgage because savings accounts interests rates are beginning to get so low? or are people keeping their cash available because of uncertainty ahead in terms of job security and recession?

gelato_cat

"Incredible" is relative. When I had £6k at the age of 23 my mates thought that was incredible. I didn't think I had an incredible amount until I reached about £10k, but that was due to a combination of my salary at the time and the fact I had only been working for a couple of years. "Incredible" to me = a big achievement rather than the actual amount itself.

After that, I amazed myself every time I put away another £10k because it seemed to become quicker and quicker - it used to take a year and now it takes less than a year. In November I was amazed that I was posting about having saved £92k which was £21k more than I had 12 months previously - must be a record for me. I have just had a few dribs and drabs into my current account - cashback, compensation, interest from fixed rate accounts and the like - which I need to add into my calculations so I'm not sure how much I have right now, but I think it's about £94k. I'm still hoping to have £100k in April, but I do have a 0% card I need to pay off in March (only about £4k) so that will be challenging.

I think my attitude to saving will be a lot different when we get the house - most of my savings will go towards the deposit and a lot of my salary will go into paying the mortgage. I'll still save, but will probably only keep £10k in readies (for emergencies) and save the rest long-term: my main aim at the moment is to accumulate cash for a deposit, but after buying the house I think I'll have a different focus. If I do go down the route of saving cash it will probably be for specific projects eg home improvements or holidays.

I didn't intend for this post to be so long!!!

Suze

LucyTheDwarf wrote: »

Well done! I can't wait til I can look at my own savings pot and feel it's incredible.