How much can you save?

cocalls

Hi there

I didn't realise there was a thread for savings so i started my own but i shall be watching this thread w/ interest. Just wanted to say well donw everyone there's some seriously high saving figures mine looks measily in comparison! Im saving to be able to more to a bigger & better house!

NPowerUser

Nationwide have slashed savings rates from Sunday 1st Feb 2009.
My instant cash isa is now earning just 1% so time to take action.
Earning less than 20p a week interest per £1000 saved is not good enough IMHO.
Premium Bonds pay approx 1.8% with average luck and I am going to use this as a savings vehicle by buying blocks of £300/£400 at the end of each month.

I paid my mortgage off in 2006 so once I have got £20K saved in Premium Bonds I am going to move. Hopefully some fun along the way.

£600 moved out of cash isa into Premium Bonds with another £1000 to be moved at end of February.

Goodbye Penny in the Pound Nationwide.

tara747

I saved £1,200 in January by being very frugal!! :beer:

Total savings are now over the £20,000 mark, what a milestone. I'm aiming for £30,000 by the end of 2009, all to be used as a house deposit. Spending less/deferring gratification etc is so worth it...

dazcouz

tara747 wrote: »

I saved £1,200 in January by being very frugal!! :beer:

Total savings are now over the £20,000 mark, what a milestone. I'm aiming for £30,000 by the end of 2009, all to be used as a house deposit. Spending less/deferring gratification etc is so worth it...

Well done Tara. I'm aiming for £30K by the end of 2009 as well. Let's hope we make it. It sounds like you make a little more than me a month though but hopefully I can sell off all the stuff I win by entering comps to help me reach my target. Gl :beer:

loopy_monster

hii not posted for a while.. hope everyones savings are going well.. i've just had to pay a deposit for my rented house for next academic year so this pay month i'm living off £40 a week..i took 40 out of the bank on fri and i'm just not taking my card out!managed to save a bit in jan too tho!

teaspoon1

Hello, your savings amounts are all very impressive! I am trying my best, have definitely become better at saving since discovering this site! A savings challenge may be next...

dazcouz

teaspoon1 wrote: »

Yes, it is good to have a target, it really focuses the mind when about to make an impulse purchase!! And I have become a big fan of spreadsheets.

I don't manage to save £1,200 every month, some months I have extra expenses such as holidays (my only indulgence) and Christmas etc... but adding £10k in a year makes an average of £800 a month, so it's very doable!! :T

Edit: your competition wins are very impressive!! How much time do you spend entering comps?

On this website there is a 'Competition Time' section where all the competitions are posted. Somedays when I have the time I enter up to 150 competitions a day. Some people on that board have won some great prizes like ITV cash wins, holidays and even boats and cars:eek:. I usually spend about a hour a day enter competitons:D

dippykitty

tara747 wrote: »

I saved £1,200 in January by being very frugal!! :beer:

Total savings are now over the £20,000 mark, what a milestone. I'm aiming for £30,000 by the end of 2009, all to be used as a house deposit. Spending less/deferring gratification etc is so worth it...

Congrats on reaching £20K! :T

Wantosave

Haven't posted on this site for a while but will be doing so in the future, . Have to say, very impressed with your savings skills so far Dacouz and your determination. Makes me feel that I can really move forward with my saving goals too. Thanks!

Although I am a little older than you, I am probably in about the same income bracket and on a good month, I am able to save about 800 pounds a month.

Could you please tell me where the competition area is in layman's terms, lol, as I am being a bit thick here :rolleyes: and need some guidance. I have thought about entering competitions in the past. Incidentally, there is a good Heads or Tails competition being held by the Independent Newspaper at mo. You have to basically answer 5 questions - the first are heads or tails questions (you text the answer to them) and the last answer is usually numerical and the winner is the one closest to that figure, providing you have already answered the 4 questions correctly. Well, they seem to be running the competition weekly. The first week I got all questions right and I would have been only 8 points off the FTSE 100 prediction (should have taken my dad's advice on that!!!) - as it was, I texted another figure DOH!!! I could have been 10,000 pound richer which is the prize.

Anyhow, I'd be curious to find the competition link on this site and happy saving Dacouz - you are doing extremely well so far for such a 'young' saver - hope that doesn't sound too patronizing - not intended....:D Keep up the good work.

Money Angel
:A

Wantosave

PS - 300 people got through in the first competition to answer the fourth question correctly, and then to be given the opportunity to answer the 5th question correctly. When you consider the odds of winning the national lottery are so remote, you stand a reasonable chance in answering the questions correctly in the Independent competition by comparison. You never know! :-)