How much can you save?

Lokolo

And you're going to London! You will spend more than you mean to then!!!

I got paid this morning WOOOOO. First paycheck of this job. Very happy.

Opened up Egg Cash ISA2 and deposited £1k. Its only got a 2.5% rate or something but I am only opening that one for convinience. Once I have £3,600 in it I will move for a better rate.

Also put £500 into my Car Savings account. Aim to have around £2.5k in by end of the year in that one. And around the same in the ISA.

Overdraft paid off. Bills paid. Still have some money left.

FlareStar

Hi everyone!!

i've been a long time lurker on this site!! but only just decided to sign up ( i dont no why its taken so long..) any way i thought i say hi and congratulate everyone here on their savings.....some of u have even exceeded you targets! inspirational stuff!!:T so well done

just a little about me... i have just finished uni.....so looking for a job ....at the mo no luck.....but my target for this time nxt yr is to have £6k - i have £3k so far in ISA - im starting low but ultimately i am saving for house deposit .....also a car...nothing expensive/ fancy (just to get A to ... as current one is on its final legs (or wheels!!).....

i would like to know if any of u have any saving ideas i could do now.. as im currently unemployed ....although actively searching!!

every little helps

Thank you :rolleyes:

LucyTheDwarf

Welcome, FlareStar!

I think I did fairly okay last month. Could have done better, but I saved more than my budget said I would, even though I overspent in several areas. Trying to keep disciplined this month. I've updated my signature

jadsima

Hi Everyone,

I've been a lurker on this site for so long but never got round to posting. Like lots of you, I'm a secret squirrel as my family tend to depend on me for quite a lot and I'd never manage to put anything away if they knew how much I had. As it is I help out my family with about £1,000 every month.
I try to save but its hard. I currently have the following put aside -

£6,000 in my halifax account (my anniversary date is the 16th of July so by all accounts I should have at lease £250 added my account.

£8,000 in my premium bonds - I know the odds are crap but most years I manage to win about £200-odd and live in hope for the big win

£1,000 in an Abbey saving account
£1,500 in my ING account

I will definitely try to keep up with the £500 I was paying into the Halifax 10% savings account but the rates out there are no good. Any advice?

I would also like some advice on where to stick about £10,000 of the savings above.

I also save £100 into each of my two children's trust fund accounts and also £25 each from their child benefit into mutual trust funds (which Motley fool last year advised was a rip-off).
I also save £60 (£10 per month for each of my nephew/nieces) so hopefully in about 10/11 years when they turn 18, I can give them at least a grand (if that will even buy anything at that point). I try to move this money around and it is currently in a Halifax web saver account.

Phew, thanks for reading. Any advice would be much welcome. I know Martin advices everyone should have an ISA so I might look at starting one although I'll only be able to save £300 per month as the max is £3,600 so I'll need to save the remaining £200 elsewhere.

This thread is very inspiring and makes me believe I can reach my targets to be debt free one day. I have credit cards but typically pay them off at the end of the month. My mortgage is my other main expense along with the children's private school fees so I typically dont have much more at the end of each month.

bendix

corporate_slave wrote: »

My belief is one has to set a date for ones goal. I will revise if need be.

I admire your spirit, but using a salary of £2600 a month into turning £11k of savings into £100k in just five months is pretty ambitious, to say the least.

Are you Merlin the magician?

;-)

bendix

jadsima wrote: »

Hi Everyone,

I've been a lurker on this site for so long but never got round to posting. Like lots of you, I'm a secret squirrel as my family tend to depend on me for quite a lot and I'd never manage to put anything away if they knew how much I had. As it is I help out my family with about £1,000 every month.
I try to save but its hard. I currently have the following put aside -

£6,000 in my halifax account (my anniversary date is the 16th of July so by all accounts I should have at lease £250 added my account.

£8,000 in my premium bonds - I know the odds are crap but most years I manage to win about £200-odd and live in hope for the big win

£1,000 in an Abbey saving account
£1,500 in my ING account

I will definitely try to keep up with the £500 I was paying into the Halifax 10% savings account but the rates out there are no good. Any advice?

I would also like some advice on where to stick about £10,000 of the savings above.

I also save £100 into each of my two children's trust fund accounts and also £25 each from their child benefit into mutual trust funds (which Motley fool last year advised was a rip-off).
I also save £60 (£10 per month for each of my nephew/nieces) so hopefully in about 10/11 years when they turn 18, I can give them at least a grand (if that will even buy anything at that point). I try to move this money around and it is currently in a Halifax web saver account.

Phew, thanks for reading. Any advice would be much welcome. I know Martin advices everyone should have an ISA so I might look at starting one although I'll only be able to save £300 per month as the max is £3,600 so I'll need to save the remaining £200 elsewhere.

This thread is very inspiring and makes me believe I can reach my targets to be debt free one day. I have credit cards but typically pay them off at the end of the month. My mortgage is my other main expense along with the children's private school fees so I typically dont have much more at the end of each month.

You can just put cash into an ISA too . . no need to have a regular drip feed. You should immediately put £3600 into one now, rather than having it in taxed bank accounts.

As for premium bonds, be careful. You will likely have noticed winning few prizes this year. That is because interest rates are so low, and NI has been able to generate less income from premium bond receipts to sustain previous levels of prizes. I think the prize pool is now only around 0.5%.

misselvis

am working on paying off my debts but I am hoping to build up a savings pot as a kind of self insurance and saving for rainy day funds. at present my monthly standing orders have started from may 2009 am saving £50 in a barclays golden isa 6%, £50 in a barclays monthly saver and £50 preminum bonds (I know they are poor returns but would prefer that to buying lottery tickets). Am hoping to add onto that once I have snowballed all of my debts, should be paid off by march 2010. just thought I would say hello and congratulations to everyone attempting to saving in these tight times

jadsima

Thanks Bendix, I'll get an ISA opened this week.

tara747

My savings are up to £25,600... I am on track for just over £30k by the end of the year, woo hoo!

dazcouz

tara747 wrote: »

My savings are up to £25,600... I am on track for just over £30k by the end of the year, woo hoo!

Looks like you've overtaken me now Tara! I have around £24,500. It's going to be so close if I reach £30k by the end of the year.:o