How much can you save?

bendix

MONEYME wrote: »

I think everyone has obstacles when it comes to saving. Either parasite friends or certain addictions but I would only expect encouragement from my parents.

My obstacle to saving more is my wife . . . gotta love her. Clothes, handbags, mobile phones . . . god help me.

Unbeknownst to her though, I'm on a huge saving initiative at the moment!

I'm 44, and have around £300,000 tucked away in savings accounts in New Zealand (higher interest rates, and no tax liability for me) and probably another £50,000 stuck away various cash / stocks and shares type investments in the UK, NZ and Australia.

I'm now on a megasave binge . . .

In addition to putting £3785 monthly into a new pension plan I've just started, I'm also putting another £2000 a month into some managed funds, £250 per month into the Barclays saver account, and a couple of extra hundred a month if I can into a general cash reserve.

The reason for the high levels? I'm on a mission to retire overseas by the time I'm 50. I'll stop paying into the pension pot then, sit on it and hope it will grow to £250-£300k by the time I'm 55, but in the meantime my cash balance should be around £500k by then.

And then it's golf, beer and reading . . . . . the simple life!

Masomnia

bendix wrote: »

My obstacle to saving more is my wife . . . gotta love her. Clothes, handbags, mobile phones . . . god help me.

Unbeknownst to her though, I'm on a huge saving initiative at the moment!

I'm 44, and have around £300,000 tucked away in savings accounts in New Zealand (higher interest rates, and no tax liability for me) and probably another £50,000 stuck away various cash / stocks and shares type investments in the UK, NZ and Australia.

I'm now on a megasave binge . . .

In addition to putting £3785 monthly into a new pension plan I've just started, I'm also putting another £2000 a month into some managed funds, £250 per month into the Barclays saver account, and a couple of extra hundred a month if I can into a general cash reserve.

The reason for the high levels? I'm on a mission to retire overseas by the time I'm 50. I'll stop paying into the pension pot then, sit on it and hope it will grow to £250-£300k by the time I'm 55, but in the meantime my cash balance should be around £500k by then.

And then it's golf, beer and reading . . . . . the simple life!

Sounds wonderful. Best of luck to you!

bendix

Masomnia wrote: »

Sounds wonderful. Best of luck to you!

Thanks

It's a sacrifice right now, but I'm working on the principle that 4-5 years of sacrifice will give me 25-30 years of relaxation. I'm prepared to do that.

shrewsaver

See below for latest figures, have gone down recently as I bought a new car to replace my other one.

cookie9

Well folks my offer on the property has been accepted. :jStill in a state of shock. Going to try not to touch my ISAs and Shares and work on building up cash savings again. I like to have 3 months salary saved as a fall back.
I suppose the next thing will be joining the Mortgage free Board. Gulp!

shrewsaver

Just counted up my coins in my tin and it has added to £57.80.

ferox666

bendix wrote: »

My obstacle to saving more is my wife . . . gotta love her. Clothes, handbags, mobile phones . . . god help me.

Unbeknownst to her though, I'm on a huge saving initiative at the moment!

I'm 44, and have around £300,000 tucked away in savings accounts in New Zealand (higher interest rates, and no tax liability for me) and probably another £50,000 stuck away various cash / stocks and shares type investments in the UK, NZ and Australia.

I'm now on a megasave binge . . .

In addition to putting £3785 monthly into a new pension plan I've just started, I'm also putting another £2000 a month into some managed funds, £250 per month into the Barclays saver account, and a couple of extra hundred a month if I can into a general cash reserve.

The reason for the high levels? I'm on a mission to retire overseas by the time I'm 50. I'll stop paying into the pension pot then, sit on it and hope it will grow to £250-£300k by the time I'm 55, but in the meantime my cash balance should be around £500k by then.

And then it's golf, beer and reading . . . . . the simple life!

Very impressive! I've seen cases of people on unusually high wages (£4k - £5k a month after tax) who are actually in debt or have very little savings because they have "frittered it" away each month living an expensive lifestyle. So well done!

If you don't mind me being a nosey so-and-so, what type of work do you do? You must be clearing at least £7000 a month after tax? Hmm, that would probably put you in the top 1% of earners.

LucyTheDwarf

bendix wrote: »

My obstacle to saving more is my wife . . . gotta love her. Clothes, handbags, mobile phones . . . god help me.

Unbeknownst to her though, I'm on a huge saving initiative at the moment!

I'm 44, and have around £300,000 tucked away in savings accounts in New Zealand (higher interest rates, and no tax liability for me) and probably another £50,000 stuck away various cash / stocks and shares type investments in the UK, NZ and Australia.

I'm now on a megasave binge . . .

In addition to putting £3785 monthly into a new pension plan I've just started, I'm also putting another £2000 a month into some managed funds, £250 per month into the Barclays saver account, and a couple of extra hundred a month if I can into a general cash reserve.

The reason for the high levels? I'm on a mission to retire overseas by the time I'm 50. I'll stop paying into the pension pot then, sit on it and hope it will grow to £250-£300k by the time I'm 55, but in the meantime my cash balance should be around £500k by then.

And then it's golf, beer and reading . . . . . the simple life!

That sounds absolutely brilliant, good luck to you.

LucyTheDwarf

Cookie - grats! How exciting to be getting a new home!

I think I'm having a good/bad month. Interest from the Halifax regular saver & quidco income of £50 has made me feel rich this month. Coupled with the high profile deaths (at no age) of Farrah Fawcett and Michael Jackson, I have been inspired to spend rather than save, and live for the moment, as I can't take it with me. Having said that, I still think I'll have increased my net worth atr the end of the month. Two more days, I hope I don't blow it.

dazcouz

Hi, been paid this month and savings are now up to £24,000. I think reaching my target of £30,000 by December 2010 is going to be 90% impossible. Good luck everyone