How much can you save?

Masomnia

Just realized I haven't posted in this thread in yonks. I guess there's still nothing to report, just waiting for my student loan to come through so I can up savings a little, ISA should be ok for the tax year then. Depends on how things pan out with my expenses for third year as I don't want to commit money to my ISA only to have to withdraw it again, especially after April.

My Egg 6.3% ends on 8th October, so the plan is to withdraw all the money in there to my current account (as it changes to a paltry rate), including interest, and then fill up my ISA with that plus the Student Loan money. At that point I should have my overdraft cleared as well! So I'll be into third year on a good footing.

Having £10k saved when I graduate is looking pretty unlikely, unfortunately. I may possibly be inheriting some money on my birthday in April, but that's all a bit vague and I'm not sure it's official anyway! The money is in my dad's care, and we haven't spoken properly in a few years, so not holding out much hope on that one. Just depends on what I have to pay in terms of books and the like. I'll probably have to go on a trip to Paris too (I know, nightmare) so that'll be fairly expensive I imagine!

dippykitty

Just added £50 to my ISA so I'm not far off 20% now (£4k).

samizdat

Masomnia wrote: »

[...] as I don't want to commit money to my ISA only to have to withdraw it again, especially after April.

Forgive me if I'm reading too much into your words "especially after April" but do you realise you cannot withdraw money from an ISA and then put it back again, even if you put the money back in the same tax year as you opened the ISA?

rudra

Hi there,

would like to know more about this tip of getting interest of £1000 per month,

if yu could share that would be great for us all

Wanno wrote: »

Thanks for this guys.
I suppose I should post what accounts I have so far:
Abbey National Regular Saver- 8% £250 paid per month- (£250 to date)
ISA- gradually drip feeding up to £3000 in April and £250 paid per month
into investment part of it. (£1100 and 500 to date)

I will work out the balances of these shortly- but I am attempting to save £1000 per month.

briona

rudra wrote: »

Hi there,

would like to know more about this tip of getting interest of £1000 per month,

if yu could share that would be great for us all

The post you've quoted is three years old now, and I don't think Wanno uses this thread anymore.

He/she was SAVING £1,000 pm from their salary, not making that from interest... With today's pitiful interest rates you'd need to have a HUGE amount of capital to get anywhere near that amount of interest.

Briona

bendix

It's pretty easy to get £1000 a month interest. All you need to do is start off with £600,000 invested in a savings account paying 2%.

Simple. I should get paid for giving this sort of advice.

rictus123

Got paid today, £605 for the fortnight, £260 straight into savings

rictus123

So Isa(only savings iv got) is now upto £300. 2k for xmas would be great.

bendix

rictus123 wrote: »

So Isa(only savings iv got) is now upto £300. 2k for xmas would be great.

And how much did you lose on your betting?

rictus123

Just £15, only bet £25 a week max, bet that but won £15 from 1 £1 bet so only down a tenner. Had to pay my van repairs after i crashed into a ditch So i have £300 in my isa, money in my wallet for tonight(going out) and thats it until next payday, 2 weeks tomorrow.