How much can you save?

alohahawaii

grn.w.nv wrote: »

Aloha - We're both still living at home. We need to stick with that as it works out much cheaper so we can save more. Sadly we live 50 miles apart so only see each other at weekends - which is pants

Aww that's a shame, but when you do live together it will be so much fun for you and nice to see eachother every day

I would like to stay at home and save more, but i'd also like to live with my BF, will just take me longer to save up.

What would you all suggest is the best percentage of your wages to save? I think I could cut back more. I'm not too good at budgeting, as I have no idea how many times I will go to the cinema and when my car will die!

Crap_with_money.com

alohahawaii wrote: »

What would you all suggest is the best percentage of your wages to save? I think I could cut back more. I'm not too good at budgeting, as I have no idea how many times I will go to the cinema and when my car will die!

Hey Aloha, I can't help with the % wages since I'm a newbie in that area! :rolleyes: But, rather than making a budget, have you tried keeping a spending diary? Even just doing that for a month lets you see where your money's going. The budget didn't really work for me, since there were too many things not taken into account. Plus, I've found that taking note of what I was spending, made me very aware of not being frivolous - so therefore means I spend less!

Just a wee suggestion - sorry if that's something you already do!

xx

alohahawaii

Crap_with_money.com wrote: »

Hey Aloha, I can't help with the % wages since I'm a newbie in that area! :rolleyes: But, rather than making a budget, have you tried keeping a spending diary? Even just doing that for a month lets you see where your money's going. The budget didn't really work for me, since there were too many things not taken into account. Plus, I've found that taking note of what I was spending, made me very aware of not being frivolous - so therefore means I spend less!

Just a wee suggestion - sorry if that's something you already do!

xx

I don't do that, I might have to give that a go. I am more consious of what I buy now. For instance, I look at the prices of everything in the supermarket, instead of just picking up the first one I see. I've noticed a difference there.
I'm doing a lot better in the last 6 months than I used to, but everyone on here seems to be saving a lot more than me. I wish I could save 70% of my wage every month!

don't think budgetting will work for me either.

Crap_with_money.com

alohahawaii wrote: »

I don't do that, I might have to give that a go. I am more consious of what I buy now. For instance, I look at the prices of everything in the supermarket, instead of just picking up the first one I see. I've noticed a difference there.
I'm doing a lot better in the last 6 months than I used to, but everyone on here seems to be saving a lot more than me. I wish I could save 70% of my wage every month!

don't think budgetting will work for me either.

Well - you're already one step ahead of me in that you're saving at all! Unfortunately I don't earn enough to save 70% of my wage! I think it's a gradual thing as well, I found when I first started cutting back (ok so it was to clear debt rather than save, but I suppose it's the same principles - it's only what you do with the money that changes!), I found that I felt as though I was cutting out loads of things andit was really tough, but as time's going on I spend less and less, but rather than sitting at home having a boring life, like I imagined I'd have to, I've just gotten a bit more savvy in how I spend my money, and a bit more imaginative in how I occupy my time!

Anyway - point of ramble: I'd imagine as time goes on you'll see that you're saving more and more (obviously you will eventually reach a limit), purely because you become more accostomed to that way of thinking, and it almost becomes habit.

I'm sure someone'll be along soon anyway, who can actually your original question of the % of your wages that you should be saving!

xx

Perrycomover

alohahawaii wrote: »

Aww that's a shame, but when you do live together it will be so much fun for you and nice to see eachother every day

I would like to stay at home and save more, but i'd also like to live with my BF, will just take me longer to save up.

What would you all suggest is the best percentage of your wages to save? I think I could cut back more. I'm not too good at budgeting, as I have no idea how many times I will go to the cinema and when my car will die!

Hi aloha. The % you save does depend on your income and outgoings so you will have to run a spending diary just to get an idea anyway. My Dad used to tell me to put away 10% of your money. Now this, for some, is pretty low but difficult for others. If you feel this is comfortable for you just put this amount aside each month and pretend that the remaining 90% is your full income and live on that. After time you will find that you still have some to spare and can save another 10%. Just keeping going like that and increasing your saving % every 3 or 4 months until you reach your limits. It's amazing how quickly your savings add up.

I would also ensure that the money that you put aside each month is working it's hardest (regular savings schemes with most banks and building societies are your best bet), but keep some available for instant access just in case. I always found that if I have a float of a months wages in my bank account, treating that amount as my 'zero' and always returning to it when my wages came in really makes you feel comfortable.

Good luck everyone.

dazcouz

Hey guys,

Sorry for not posting for a while. But not much new to report on my savings until payday (end of the month). In the last few weeks I've sold a few things on eBay that I don't need (including competition wins). Although I have to pay eBay £46 in fees this month:eek: :mad: . I reckon that I have about £17.9K saved up now and hopefully by payday I'll have £19K in the bank. I have 3 bank accounts and money in an Abbey ISA (put in August 2008) but have no idea what the rates are now.

Like I said in my previous posts I'm just trying to save, save, save for the future and will move out when the time is right (I'm 22). I have an IT job that pays around £17K a year and pay abou £200 rent each month.

GL moneysavers :T

JimLad

I see you have a lot of competition wins, where on earth do you enter them all?

dazcouz

JimLad wrote: »

I see you have a lot of competition wins, where on earth do you enter them all?

On the Competitions Time tab on this site. It's really good but is a bit time consuming entering all the competitions!:D

Masomnia

Couldn't sleep so I got up to procrastinate on the internet... aaaaaand... my money from the SLC has gone in! Yay! So I had a positive balance for around 3 hours it seems, as £1,800 is now on it's way to Egg I shan't be adding that figure to the total in my sig as it's not going in my ISA, but that takes my savings pot to £5.5k, half way to my goal! Woooo!

gelato_cat

Nice one! I'm actually sleepy now, so I'm off to bed! Don't stay up too late

Suze

Masomnia wrote: »

Couldn't sleep so I got up to procrastinate on the internet... aaaaaand... my money from the SLC has gone in! Yay! So I had a positive balance for around 3 hours it seems, as £1,800 is now on it's way to Egg I shan't be adding that figure to the total in my sig as it's not going in my ISA, but that takes my savings pot to £5.5k, half way to my goal! Woooo!