How much can you save?

tara747

mclaren, well done, very impressive!!

My 'net worth' is currently just over £21k, OH has savings too but I'm not including those in my totals. Hoping to get to £30k by the end of the year!

dazcouz

tara747 wrote: »

mclaren, well done, very impressive!!

My 'net worth' is currently just over £21k, OH has savings too but I'm not including those in my totals. Hoping to get to £30k by the end of the year!

Wow we are in nearly an identical position although I currently have £20,100 in savings but am hoping to reach £30K by the end of the year too. I'll race ya:beer:

cocalls

hello
may i ask a cheeky question here how come some of ou can save such a large amount of money-are you very well paid? Im struggling to save about £400/month and feel v skint.

LittleC_2

Hi I am very much considering investing into my debt rather than into savings, I think the pay-off of doing this exceeds the rate I would get from saving. Savings rates are pitiful at the moment, yet my fixed rate mortgage has a higher interest rate than any savings product out there. So if I tie up savings into my debt rather than into savings I will make a gain on the interest and reduce the term of my mortgage overall. This will tie this money up, but I can afford to do this. I have had a look at some calculators and the maths does add up.

Anybody else switching from savings to overpayments on the mortgage? or a mixture of both?

dippykitty

cocalls wrote: »

hello
may i ask a cheeky question here how come some of ou can save such a large amount of money-are you very well paid? Im struggling to save about £400/month and feel v skint.

I can't speak for others, but I'm not what you would call very well paid by any stretch! I had a good couple of months in January and February as work was a lot better (I'm freelance so it's hit and miss) but as an average, I probably save about £100-£500 per month depending on how much I make that month, so you're actually doing pretty good with £400 per month!

I think with quite a few people on this thread, they have been saving for years so it's built up nicely.

cocalls

dippykitty wrote: »

I think with quite a few people on this thread, they have been saving for years so it's built up nicely.

Ive just been saving since jan so maybe im not doing too bad!

JimLad

cocalls wrote: »

hello
may i ask a cheeky question here how come some of ou can save such a large amount of money-are you very well paid? Im struggling to save about £400/month and feel v skint.

I still live at home with my mum so my only real expenses are my £150 board and lodgings and running my car to and from work. I dont get paid loads, infact i took a pay cut this month moving to somewhere i think will be much better for my career.

gelato_cat

I don't make huge amounts but neither do I spend loads on food, clothes and entertainment. I've been saving seriously for the past 11 years.

Suze

cocalls wrote: »

hello
may i ask a cheeky question here how come some of ou can save such a large amount of money-are you very well paid? Im struggling to save about £400/month and feel v skint.

JimLad

Suzey wrote: »

I don't make huge amounts but neither do I spend loads on food, clothes and entertainment. I've been saving seriously for the past 11 years.

Suze

Suzey you have an incredible amount saved, it really is a remarkable acheivement

Saver-Rob

Suzey, that really is a huge amount. Perhaps we should just team up and buy somewhere and be mortgage free from the start!!

Well done though.