How much can you save?

LucyTheDwarf

Monthly update. Saved spot on 40% of my income last month, which I was disappointed in, as my birthday meant my income was higher than usual. I had hoped to meet December's 51%. However, I'm confident that February will be good - nice short month so less time to waste money!

Increased my net worth to 35.2% of my £25K target, which is fairly okay. I want to hit 40% by March, so I need to try harder (have to pay car insurance in March too eek). My predicted time to hit my target (based on average growth in net worth) is January 2011 - a whole year before I planned to! Which just shows that I'm doing better than I thought I would...

I've given up on the make £10 a day challenge... I failed miserably. I'm not into selling stuff, or flooding my email address with competition spam. I know I could set up a new account just for spam, but to be honest the entire thing is too much hassle for me. I do my daily clicks and always use Quidco for shopping, but that's it, when it comes to putting in effort.

lea_t88

Hi all, i dont know if this is the right place to post but i think i have found the thread with the people who know most about savings..
I have opened a savings account to store some spare cash until i can open a new isa in april. It had exactly £1000 in it and when i opened (couple of weeks ago) it was 1.3%

I got the interest yesterday and it has given me 50p...
Am i missing something or is this indeed correct?? Sorry for long post, just thought people on here would know more about it than me. Thanks in advance x

rb10

lea_t88 wrote: »

Hi all, i dont know if this is the right place to post but i think i have found the thread with the people who know most about savings..
I have opened a savings account to store some spare cash until i can open a new isa in april. It had exactly £1000 in it and when i opened (couple of weeks ago) it was 1.3%

I got the interest yesterday and it has given me 50p...
Am i missing something or is this indeed correct?? Sorry for long post, just thought people on here would know more about it than me. Thanks in advance x

Yes, that's correct. Over one year, you would expect to get £1000 * 0.013 (i.e. 1.3%) = £13, so as the money's only been in there for two weeks, 50p would be about right. From next month, you can expect about £1/month.

lea_t88

Thank you rb10, much appreciated

The_Fat_el_Hombre

I've got 6,800 in my NatWest ISA, 680 in my Halifax 10% regular saver (matures in June) and £800 in my current account from this months wage (get paid on 15th). The money in my Halifax account was for my car insurance but I've decided I don't need my car adn I'm going to sell it in the summer (Volkswagen Polo 2001) . I'm just gonna put the maximum into my Halifax account until it matures and I'm also planning on opening a Barclays Regular saver and putting some into that as the interest rate is currently better than my ISA

I'm aiming to move out in summer 2011 as I expect to have 20-24k by then which I'll use to buy a flat in central Manchester. It has to be in the summer as I'm studying for a part time degree and won't have time to sort evrything out during term time

Lokolo

Well just went to Halifax to open a 2 year fixed ISA. 3.5% urgh how depressive. Hopefully by then rates will have risen a bit, can only hope I suppose. I said I want the full amount in there but I just put £3,600 + interest, got a statement and says Amount of Investment: £3,600. return £256.41 omg lame.

Also opened up a BM 4% 1 year fixed, spread the risk in case rates do rise before 2 years.

However I must say both of the above have been brilliant thus far, now hoping that ISAs actually get opened. (Also I sent my transfer form to Egg for BM and within a couple of days they had sent the cheque to BM!)

Wanttosave_2

Thanks both for the kind comment back (Dazcouz) and the competion weblink (Lokolo).

I am up to 6,500 pounds with my savings but would like to greatly enhance this amount in a relatively short space of time. Any ideas how I may do this? (Dazcouz, Lokolo or ANYONE????? lol :rotfl: ). Thanking you all in advance as I am sure you will come up with some good tips money savers. By the way, just to put you in the picture, on a good month I can save approximately 750 pounds a month (250 pounds of that goes into a cash ISA) - I am making up for lost time as I am nearly mid-forties aaaaaaggggghhhhh! Been reading Paul McKenna's 'I Can Make You Rich' book but so far the only thing I've managed to do with that is fall in asleep in the bath under the spell of his hypnosis CD which came with the book, lol!

Look forward to hearing from you all.....

PS. Seeing the Big Issue man (he's a sweetie) on the corner of the street helps puts things in perspective, I always buy a magazine off him - thought about giving him a box of chocolates or other present for Christmas just gone but wondered if he might find that a little patronizing :rolleyes: He's got his priorities right - food and shelter.

Money Angel
:A

Lokolo

Ok well first of all if you are putting £250 into an ISA each month you aren't using your full allowance, is it a regular saver ISA? (You arer currently only using £3000 out of £3600)

Is there a target you are aiming for by a certain time? That way if you have a bad month you won't feel bad etc.etc. If you can definately save X a month then a regular saver will be good but theres usually T&Cs stating how you can withdraw etc.

ol1v33r

Hey people a bit of help is needed here as my mind is boggled. I have about £4K which needs saving. 08/09 ISA is used. Should i put the money into a fixed rate savings account now for 12mths and then put it into 09/10 ISA. Or put it temporarily into a regular instant access saver and then straight into 09/10 isa on the 5th April. Could the rate drop so drastically before the 5th that the current fixed rate would outweigh the tax savings made at a possible lower rate. Or could the isa rates be even lower towards the end of the 09/10 tax year. Please let me know thanx for any help hope you save loads too. This time next year will be millionaires.

LucyTheDwarf

I've decided to embrace the rate cut. I'm competing with myself, to see how low I can keep my savings interest income. I did better in January than any month in 2008!

Oliv33r - I think the only direction rates are going in is down. If you can get a semi-decent fix, it's bound to be better than what you'll gain in no tax being deducted. Maybe not if you're a higher rate tax payer, mind.

I get too depressed looking at what rates are available - what rate do you think you can get if you fix?