How much can you save?

black_taxi_2

beats me

£180 saved

LittleC_2

LittleC wrote: »

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?

Anyone :think:

nig0609

LittleC wrote: »

Anyone :think:

its seems a no brainer these days, you could also reduce your mortgage term to increase monthly payments (to get around the overpayment limit), then when things start to get tougher, or savings give better returns, you extend the term to what it was.

shrewsaver

I was just about to reply to say that I was going to participate in the saving £10k challenge in which I would have put a target of by end of Dec 2009 but while reading most of the pages on this thread I have worked out all my savings to be about £16,943.50 as of today.

So thinking about this I better set the target at £20k as not only is that achievable in my eyes but will give me a nice deposit on a house too.

Out of the above amount I do have some bills to pay in the next few months which will bring it down to about £12k.

I currently save about £400 a month out of my £900 monthly salary so that should stand me in good stead.

gull5426

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.

interesting question cocalls...
maybe i can save between £100-£200 if i am lucky but as me and my wifes take home pay is only £1500 between us per month.. there is not much scope to save much more...
it helps by not having a mortgage/ rent to pay for...
but we get by.

JimLad

shrewsaver wrote: »

I was just about to reply to say that I was going to participate in the saving £10k challenge in which I would have put a target of by end of Dec 2009 but while reading most of the pages on this thread I have worked out all my savings to be about £16,943.50 as of today.

So thinking about this I better set the target at £20k as not only is that achievable in my eyes but will give me a nice deposit on a house too.

Out of the above amount I do have some bills to pay in the next few months which will bring it down to about £12k.

I currently save about £400 a month out of my £900 monthly salary so that should stand me in good stead.

Welcome to the savings club my friend. Are you saving on your own like me or do you have a partner?

You might also be interested in the saving for a deposit thread...

http://forums.moneysavingexpert.com/showthread.html?t=789675&page=32

shrewsaver

JimLad wrote: »

Welcome to the savings club my friend. Are you saving on your own like me or do you have a partner?

You might also be interested in the saving for a deposit thread...

http://forums.moneysavingexpert.com/showthread.html?t=789675&page=32

I'm saving on my own. I live with my parents.

loopy_monster

well i only earn i measly 310 a month!! this goes on bills food transport general living costs my rent is covered by my student loan(just!).i manage to save on average 150 pounds a month. summer easter and christmas i save more - as i work full time those weeks(when im not in uni)and i usualy don't go out as much then either! and get a few good hols in!so, , i think 400£ a month is a lot, cocalls.

dazcouz

loopy_monster wrote: »

well i only earn i measly 310 a month!! this goes on bills food transport general living costs my rent is covered by my student loan(just!).i manage to save on average 150 pounds a month. summer easter and christmas i save more - as i work full time those weeks(when im not in uni)and i usualy don't go out as much then either! and get a few good hols in!so, , i think 400£ a month is a lot, cocalls.

Well done. I wish I started saving at 19, all the best:beer:

Lokolo

£310 a month is quite good partime!!!!