How much can you save?

bendix

ferox666 wrote: »

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.

i work in senior management for a law firm. It's fun work, but demanding.

It's hard to say how much i earn after tax, because it depends how you structure it, doesnt it? I'm on a pensions saving binge, so I sacrifice a lot of salary to go into that and get the 40% tax relief.

If you include my monthly pension contribution of £3785 as part of my after tax salary (which I do because it's adding to my net worth), then i guess my after tax salary is over £10,200 a month because even after this pension contribution I take home around £6500.

I dont know why we are squeamish about talking about salaries etc on this site . it's a money site and we are anonymous.

bendix

dazcouz wrote: »

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

Good work that man. I believe you are only 22. To have that levels of saving at 22 is a massive achievement. When I was 22 I had, literally, nothing and no job.

To have that at this early stage, you will easily achieve financial security in your 50s. Go for it, and keep your head screwed on straight.

tara747

Don't give up dazcouz! :A Bendix is right, you are doing so well.

Bendix - good work on the saving, I am impressed! :beer:

My Halifax RS matures tomorrow, I am looking forward to the interest! There's £6,500 in there (opened 11 June 2008, last deposit was 1 June 2009).

Lokolo

Got student loan today woo. So almost out of overdraft. Should get paid my first pay packet from placement on the 6th... although we haven't been told the date but it would be either the 6th July, 15th July or 6th August. If its the latter, that overdraft won't be gone.

But as soon as first 2 months pay have come through I should be able to save £1-2k

Today is my my third week here, I had a massive nosebleed this morning, blood all over the toilet etc. my boss came in and said omg, and someone else called the first aider. it went on for 45minutes and they called the paramedic, and it stopped! Eventful for the first few weeks in my new job!

Vixstar

Pay day today almost managed to shift my target amount into savings accounts. Was feeling a bit down about saving but a couple of things boosted me - firstly a phone call from the estate agent saying there's been renewed interest in my flat and working out I'm (at a round calculation) at least 67% of the way to target so renewed interest in saving more.

Castleman

Pay day and have reached 100% of our deposit target

So as we're not looking to buy yet, target needs to be revised!

herbertthehelper

Vixstar wrote: »

Pay day today almost managed to shift my target amount into savings accounts. Was feeling a bit down about saving but a couple of things boosted me - firstly a phone call from the estate agent saying there's been renewed interest in my flat and working out I'm (at a round calculation) at least 67% of the way to target so renewed interest in saving more.

Sounds like your getting on well the fact that you are making sure you save is a good thing!

saver9713

Well pay day is finally here and I've just moved some cash into my savings meaning next year's pre-ISA pot now stands at £3100 (so reaching £5100 by April next year looks do-able.) I'm putting about £500 a month away at the moment which is a real strain as we're once again moving flats (landlady is selling) and am going to South America for 3 weeks in August. I expect there will be some mad borrowing from myself later in the month but i'm reluctant to reduce targets!! I've also got to find £700 to pay off interest free c/c in August.

Totals update as below, think £20k by 2010 is looking quite possible barring any disasters!:beer:

How's everyone getting on?

tara747

Woooooo, my Halifax RS matured today and I got £297.10 interest! Happy happy day

corporate_slave

Good Morning guys. I had better join you as peeps here have already started the journey I want to undertake. I hope you dont mind?

Ill start of with a bit of history about myself. I joined this site with the present monika whilst in debt to the tune of between £25k to £30k. After a bit of this and a bit of that, I finally went debt free on the 2nd June 09, by using some of my savings to pay of my debts. Now I am debt free my goal is to save £100,000 which will allow me to take time off my full time work to concentrate on my part time business. I have set a goal for Dec 09 for this to happen.

At the Moment I have about £11k in savings. I plan to get to £100k by saving all of my salary, paid £2.6k 4 weekly, whilst both leaving on, and saving my part time business income.

I hope mixing ideas with like minded peeps will propel me to what on face value appears to be an improbable goal, but that which I strongly believe I will achieve.