How much can you save?

II_D2_II

Ok, i would now like to jump on this savings too, for some reason i will try and save but then after one month i will not want to save again.

im quite young (i think) 19, and i would love to be able to save £10,000 by the end of the year, this is near impossible, as i am not going to even earn half of that, but i like the idea of fighting for a harder target, as it will allow me to save a lot more than i would aiming for a lower target.

i think im going to try and save t least a minimun of £200-300 a month, would you say this is too low?!

the last question i have is, where should i put my money,

i have one basic bank where i just get money in it, and i have a basic isa aswell, which i only have £5 in so far, but i dont know what else is available for me..

any advice woul dbe greatly appreciated

thanks in advance

II D2 II

Lokolo

How much do you earn? And what are your outgoings?

rictus123

McSaver wrote: »

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.

Yeh iv set the aim at 5k by the end of the year and would be delighted to have 4k cash by the end of the year. If i managed 4k then id up the ante and go for 7.5k by my 19th birthday(End of June 2010) I dont buy anything i want just now, recently all my money went on my car and insurance but now iv got rid of it all my money can be saved:D

rictus123

My intrest from ISA has just gone in:O Bit early is it not? Now iv just added £200 into it, is it too late to get intrest on this and is this going to count from my £3,600 limit for 2009-10? Well ISA is now at £206.05(We're off! Not going to withdraw this!!!) Leaving my with plenty of spends for the next few months in current account so all my wages can be put into ISA as soon as i get them!


How do i do a signature?


£206.05/£5,000

Lokolo

rictus123 wrote: »

My intrest from ISA has just gone in:O Bit early is it not? Now iv just added £200 into it, is it too late to get intrest on this and is this going to count from my £3,600 limit for 2009-10? Well ISA is now at £206.05(We're off! Not going to withdraw this!!!) Leaving my with plenty of spends for the next few months in current account so all my wages can be put into ISA as soon as i get them!


How do i do a signature?


£206.05/£5,000

This won't count as your allowance from 09/10 because we're still in 08/09 - I am assuming the money is already in the ISA though (if it goes in on Monday it will go through as 09/10 allowance).

To get a signature click HERE
On the left it says "Edit Signature"
/
Or above if you can see User CP (I find it hard to find though!)
Then on left it says "Edit Signature"

rictus123

Stretched it a bit more...another £47.39 in(so i dont spend it) Left with £50 in current account now to cover spends for April. I hope.

£253.44/£5,000

rictus123

Lokolo i looked, it counts as 08/09 deposits! Dont think il get paid intrest on it until next year though since iv already been paid intrest today? Now iv started im so motivated to keep going!

LucyTheDwarf

March Update

Dear oh dear oh dear. Not a good month. Not at all. Very expensive. I have an annual budget - I've been well within all year (my year runs from June to May, so next month is the last within this budget)... but this month I've blown it. My annual budget, pro-rated for the 10 months of the year so far, I've overspent by £672. Not good! Made my first ever monthly loss! My net worth has decreased by 1% of my target. I want to cry.

I hope April will be better. It has to be. I have just two months to get back on track with my annual savings target. I must manage else I'll feel like my entire year of saving will have been wasted.

dazcouz

Sorry to hear you've had a bad month Lucy. I hope April will be much better for you:j

McSaver

Crap_with_money.com wrote: »

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

Thats good then - You should be able to get your money back if the shares are lower than the option price when the plan matures. £21 a month is a strange amount though for a sharesave plan - I have heard of most plans being increments of £5 or £10 per month right up to £250 a month.