How much can you save?

Rose_Crow

Thanks guys

Lokolo - I've had the oldest one since I was 11 (I'm 23 now) so very much part of the family http://www.yourhorse.co.uk/Community-Landing/My-Profile/My-Media-Gallery/?user-id=18033 (Try the link, might work)

I know I should bring my lunch into work, however I've got it down to £1 a day, will get myself motivated to bring it from home. Just need to stop spending money on other stuff (the odd DVD, CD pub dinner etc). What I tend to do is chuck an extra £100 in the ISA if I feel I have it spare. DD will go up to £300 anyway

My insurance history: Age 18: £1700, 19: £1300, 20: £800, 21: £850 (accident), 22: £600, 23: Looking at £400-£500 :beer:

McSaver - I don't think my horses are the racing type (see photos)

Black taxi - Thanks It's difficult to say at the moment what with the (hopefully) house prices falling. Rest assured we will take great care in not overstretching ourselves. I'm kinda glad that I've been able to observe and learn what not to do.

Thanks for the encouragement guys, it's just what I need. I was feeling a bit despondent last night, but I really love saving so I'll sort myself out. £20k deposit is a 10% deposit on a £200k house, and we won't be spending anywhere near that much.

Lokolo

Is that you on the brown one? The brown horse has a huge **** :rotfl:

The 'other stuff', budget for it. For instance I've got a going out budget so I can go out some weeks, can't others. Yeh at the moment is very lame being a student and all, but in the longrun it means I will be able to sooner make life easieir for me, then I can go out more often. (I don't not go out, just not twice a week!)

alohahawaii

I've had a temporary fix on my car (it wasn't as bad as I thought!! )
So my savings are safe for now !!!
I might be able to part ex too

just a quick question, when saving do you find it easier to pay car insurance by direct debit or once a year?
I need to sort mine out, It's down as 12000 miles a year and I do 3-4k max!!
also i'm 25 this year so it will hopefully drop more.

I think I need to review what I save and how much I spend

I think i'll put my target as 10K for a house deposit too

grn.w.nv - those horses are lovely

Rose_Crow

Thanks alohahawaii 10k seems manageable, I reckon it's a good idea. I pay my car insurance in a lump sum once a year. Insurance companies will charge interest on the balance if paid monthly.

JimLad

alohahwaii and grn, im saving a deposit to! Although im on my own You both got partners making it up to 20k?

Perrycomover

I admire you all for your focus on what is important to you for the future. As you have found, many people of similar age have no savings and probably in debt and, I think most importantly, no intent to sort it out. 'Keeping up with the Jones's' with lifestyle or material things can only blind you to what is important to yourself.

I wish I had your focus at your age (I'm 44) and you must realise that, having age on your side (late teens, early twenties) means that, if you maintain your savings habit over your working lifetime, you will arrive at your financial goals years ahead of your contemporaries and feel more secure than those who will drift into middle age with nothing but their credit card debts and no chance of catching up.

I think part of the problem with savings habits is young people look at what others older have got and feel they have no hope of achieving it themselves and give up without even trying! To be honest, young people often don't realise how much of an asset their young age is, which allows them the time to save for their dreams. Slowly but surely, all of you who have started on the path will reach most if not all your goals.

Remember, don't just work hard for your money. Make your money work it's hardest for you. Find the best rates available!:j

mouthscradle

I'm also saving for a deposit I'm 27, and a mature student in my second year of five at uni (my course included a foundation year). My OH and I will be going halves on a deposit so probably looking at £10k each, at the moment I have about £3500. Will be nice to keep up with this topic seeing as so many of us have a similar goal

alohahawaii

JimLad wrote: »

alohahwaii and grn, im saving a deposit to! Although im on my own You both got partners making it up to 20k?

I'm not sure what my partner has, we haven't discussed it. got to move into a rented house together first

Crap_with_money.com

Morning all - I feel as though I asked to join in earlier in the month - and have contributed nothing since! You're all such an inspiration on the savings front!

Perrycomover - everything you've said is so true! I only wish I'd had my LBM at a much earlier age! I'm 25 now, and already it's frustrating that I'm not even on the first rung of saving towards my future! hhhmmmpppphhh - but hey - at least I've given up on the cycle of accumulating more debt, and learned the value of only buying things you can actually afford to pay for!

I won't really have anything more to add to my savings until payday - and given I don't earn a huge salary - it's unlikely to be any more than about £500 - I only wish I could save the amount that some of you hardcore savers do! Maybe one day!

I do have an interview for a second job next week (working in a call centre at weekends) - so fingers crossed I'll get that - then my monthly totals for saving will be much higher!!

I also still need to get around to finding a better savings account - I have 2 at the mo, and one is 0.08% and the other is just over 1% - although, since this is the first time I've ever even attempted to save - my first focus at the moment, is to put my money in my savings account, leave it there, whilst still managing to stay out of the overdraft, and off the credit card!!


Sheeeesh - sorry - that turned into quite a long post!

xx

Crap_with_money.com

mouthscradle wrote: »

I'm also saving for a deposit I'm 27, and a mature student in my second year of five at uni (my course included a foundation year). My OH and I will be going halves on a deposit so probably looking at £10k each, at the moment I have about £3500. Will be nice to keep up with this topic seeing as so many of us have a similar goal

what course are you doing mouthscradle? I'm going back to uni in August, to do a post grad in teacher training - so it's the year of being out of work which has prompted me to finally start saving!!

I'm totally in awe of all of you, who manage to still save whilst studying full-time! Although I was thinking about it this morning, and if I get a second job just now, and keep it on whilst at uni - I might even manage to get through the course without touching the student loan I'll be applying for - which would be great if I could - but suppose I should concentrate on actually getting the job first!

xx