How much can you save?

rictus123

Wow that was quick. Can i ask why not? Where do you think i should put my money? Paid fortnightly so will be paying in once every 2 weeks, upto £500 a fortnight so £1000 a month at a very push.

Lokolo

rictus123 wrote: »

Wow that was quick. Can i ask why not? Where do you think i should put my money? Paid fortnightly so will be paying in once every 2 weeks, upto £500 a fortnight so £1000 a month at a very push.

Because if I were to I would do it for stock picking (so buying, having the raise, then selling), rather than building up a portfolio over 5-10 years. And if you are to do stock picking you need to put a lot in (£1k-£2k) to make it worthwhile.

And I don't want to take that much risk until I have reached my savings target.

If you want to do a regular contribution into shares then you have to think which companies you want to buy into.

http://www.iii.co.uk/sharedealing/

Theres a couple of guides on there which are a good read.

rictus123

Hmm i really dont have a clue what to do with my money! I want it tied up short term and dont want high risk while i get started!

Know of any accounts which is like pay in £250 a month, cant touch it for at least 12 payments. Iv not been good with my money and its things like this i need. Determined to do this!

Lokolo

rictus123 wrote: »

Hmm i really dont have a clue what to do with my money! I want it tied up short term and dont want high risk while i get started!

Know of any accounts which is like pay in £250 a month, cant touch it for at least 12 payments. Iv not been good with my money and its things like this i need. Determined to do this!

http://www.bucksbuildingsociety.co.uk/investments/chiltern_gold_mine.asp

rictus123

I have seen that, great rate aswel but i cant print out the application

Think credit rating will effect it?

Lokolo

rictus123 wrote: »

I have seen that, great rate aswel but i cant print out the application

Think credit rating will effect it?

No it won't. Credit rating is only if you want to get credit (so borrowing, credit cards, loans, overdrafts, mobile phones)

rictus123

Alright ok thanks. Iv just applied for Barclays current account, not happy with RBS!

rictus123

Might go on to get the 1 year fixed rate bond with them. No acsess to cash. A 2 year bond with someone would be perfect, i think 3 is a bit long.

tara747

rictus123, can I just say that you need to make sure you are living a little. At 18 it is a bit much to be saving ALL your wages. Have some fun too ok?

Re shares, plan on keeping them for the long haul and go for ones with a good dividend.

bendix

tara747 wrote: »

In Thailand you could live well on a fifth of that!!!

That's a bit of a myth actually Tara. It could be done - and I knew many people who do live on that - but I wouldn't call it living well. I guess it depends on your definition. Those guys living on £600 or so that I know live in one room studios, have no security (health insurance etc), rely on very dodgy local transport etc.

There is no point being an expat in Thailand (or any third world country) if you are going to do it on a local income. It kinda defeats the object.

I reckon you need at least £1000 a month after accommodation costs, to have a half decent life, and even that would need to be outside of Bangkok.