How much can you save?

McSaver

Crap_with_money.com wrote: »

Hey all,

Haven't posted in a while as my money situation is a tad complicated at the mo - and there are too many uncertainties until the end of this month for me to actually know where I'm at and what's happening!

I need a wee bit of advice though. I've just started working part-time for Lloyds bank (hope it's ok to say the name of the company?), as well as our salary they give us an extra 4% of what we earn as "flexible benefits". Since I'm only part-time this works out at £21 per month, now for the advice:

We have the option of buying shares with the flexible bens - so I would be paying for £21 worth of shares a month, then Lloyds would match that - so I would effectively get £42 worth in return. I know it's not exactly a huge outlay on my part, but I've never bought anything like that before, so just wondered if it's worth it, or would I be better just taking the money (Which would work out about £15 as I'd then have to pay tax and NI) and sticking it in a savings account?

xx

As long as the shares are given on a option to purchase or to take back in cash like a sharesave plan then with you out laying £21 a month it would be worth signing up to this share plan.

tara747

This month I have managed to save £1,116! Yay! :beer: :beer: :beer:

I am well on target to get to £30k by the end of the year.

JimLad

tara747 wrote: »

This month I have managed to save £1,116! Yay! :beer: :beer: :beer:

I am well on target to get to £30k by the end of the year.

Holey moley, thats my monthly wage!!!

Lokolo

^^ indeed I wish I could save that monthly. Would be amazing.

Vixstar

Managed to save 38% of my wages during March. Going to try for 50% in April. I'd really like to have my full 09-10 ISA allowance paid into my account as soon as possible, think it won't be till May though as I'm still £1200 short. Obviously I'm going to transfer over the £2400 on April 6th anyway and add the rest as and when. Think I'll then look into a regular saver account.

dazcouz

tara747 wrote: »

This month I have managed to save £1,116! Yay! :beer: :beer: :beer:

I am well on target to get to £30k by the end of the year.

Looks like I'm still racing you to £30K Tara. Good luck would be brilliant if we both made £30K by the end of 2009:T:D

McSaver

rictus123 wrote: »

Well im owe her about £100, got £300+ paid into my account today, wont be cleared for a few days dont think. Get paid on Friday. Will be putting this into my ISA and leaving as much as i can in it until next pay(meaning i hope shes not caring about it too much cus she aint getting it:P lol) I think a 5k target by the end of the year might be a little steep for a 17 year old but il be more than 10% there if i manage to keep ahold of my money until 2 weeks on Friday.

Set yourself 5K... theres no harm on giving it a go! If you finish around 4K then you cant be too disappointed. If you set yourself 4K you might end up with 3K. It mainly depends what views you have when it comes to spending money. I normally only buy things I need rather than I want.

Crap_with_money.com

McSaver wrote: »

As long as the shares are given on a option to purchase or to take back in cash like a sharesave plan then with you out laying £21 a month it would be worth signing up to this share plan.

Thanks Mcsaver - it is a sharesave plan - to be honest I don't know what that means though! I think I'll make an appointment with the staff offers woman and ask her for some info! I'm thinking it probably does make sense to take it - it's just something I'm totally clueless about, so whilst £21 per month isn't a lot of money - it still seems a waste if it was money I was likely to loose - if you see what I mean?

xx

tara747

JimLad and Lokolo - I am lucky being able to save so much, although it does take certain amount of self-restraint in the shops!

dazcouz - race ya.

mintedmatty

Ive just opened my regular saver with HSBC at 8%, saving the maximum £250 each month and seriously hoping to increase my savings during the next month.