How much can you save?

bendix

rictus123 wrote: »

Am i not allowed to be worried about it because im 18? Whats wrong with wanting to start my saving now and have a healthy amout of savings behind me in 4 or 5 years?

You completely misunderstand me. I think it's great to be starting to save now. I have been a saver since I was 16.

My point about credit rating is that I don't understand how anyone at 18 can have a credit rating. I thought you couldn't get credit until you were 18, and I wondered why you were worried about your credit score at such a young age.

bendix

tara747 wrote: »

bendix, have we put ideas in your head?

No new thoughts, tara. It's something that occurs to me often.

I know many westerners have have retired to Thailand or Philippines or places like that on £500 a month and they seem perfectly content, but I couldnt do that. I'm fiscally conservative and would want a much higher income and capital buffer to truly relax.

I'm 45, and plan on being around for another 30 years at least, so I have a straight forward choice.

Retire now to Thailand on around £1500 a month and spend those thirty years worrying about unexpected expenses cropping up, or work for 4-5 more years possibly double the income and never have to give money another thought.

It's a no-brainer. I have a plan, and I'm comfortable with it.

(Plus I have to make sure 'er indoors has enough to support whoever she marries after i snuff it . . . . . )

Lokolo

McSaver wrote: »

* Savings Update - August 2009 *

I decided to leave my report to later on because I wasnt sure exactly where I was going to lie at the end of the month. Got paid more than expected plus around £600 profits from gambling and £350 that was borrowed out was returned to me meaning a total of £1,700 was saved during august (and beginning of september.) So this report was well worth the delay.

Savings Target For 2009 - Completed!
(But It doesnt mean I wont stop pressing on.)

The Percentage Has Been Updated - I have made it to platinum.

My Fonts Changed For Some Reason - Its Probably Because I'm now using Firefox

Haha nice.

Not betting on Arsenal I hope?? It won't last long

bendix

McSaver wrote: »

* Savings Update - August 2009 *

Got paid more than expected plus around £600 profits from gambling

You're a saver and a gambler? That sounds like a contradiction in terms.

Let me guess, you're one of those gamblers who never lose, right ?

rictus123

Thought id maybe get encouragement for wanting to save so young but doesnt seem like it. Anyone know of a good 1, 2 or 3 year bond where you cant touch the money for that period of time? Looking to put away between £250 and £600 a month into it. 3 years at £500 a month = £18k before intrest. A long way off but easy achieveable.

eternal_sunshine

I think the point bendix was trying to make was because of you asking whether credit rating would affect a savings account-think he was asking why an 18 year old would be worried about a credit rating because you can't really get credit til your 18 so your rating isn't likely to be bad in the first place. (think I explained that really badly, it made sense in my head!)

no one is discouraging you from saving-its great that you have a sensible head on you, wish I did at 18, otherwise I'd have way more savings to my name!

rictus123

The thing is mines in bits, too many searches in my name before i found this place!

Vixstar

Rictus I'm not totally sure but I think you can only pay into bonds once and usually a minimum of £1000. You may be better off with a regular saver for a year which is where you pay in an amount once every month and they pay relatively high interest on it. You are discouraged from taking any money out of these accounts as they either reduce your monthly interest or drop you onto a low interest rate for the whole year if you do withdraw. I think Barclays, Halifax and Llloyds do these accounts and you don't need a current account with them.

A credit rating isn't anything to do with savings and having savings doesn't mean you have a good credit rating. You get a good or bad credit rating based on how you pay back debts including mortgages and phone bills.

Hope that helps

Vixstar

Oops see you've explained about the credit rating thing sorry didn't want to sound patronising.

rictus123

I know your credit rating isnt effected by your savings, iv just been turned down twice(both times by abby) for a savings account so i just thought too many searches = bad rating = rejected. Well il go and have a look for a regular saver, it would have to be apply online. Anyone think saving half your salary is a bit much?