How much can you save?

Vixstar

Just managed to transfer £300 to my savings accounts. Will have more to add by the end of the month and I should be very close to 90% of my desired end of year total so its all going well. Need to check my ISA account (phone account) to see what the accumulation of interest has done to that so far which will also bump up my total a little.

MONEYME

bendix wrote: »

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.

This would not be taking any tax into account but to say it's pretty easy to have 600k shows a lack of understanding of the "real world" and the vast majority of people that post on here.

sss555s

MONEYME I'm pretty sure bendix knows all about the real world even if he doesn't live in it

We are all on our own journeys and bendix didn't do anything wrong to deserve that comment.

Well done him is all i can say :T and he was just being a tad sarcastic about a misunderstood post further back. I got it anyway!

I can just see it now, bendix and Tara meandering along the Tapi river though most likely in opposite directions thinking sighhhh "this is the life"!!

Savings

My savings is kinda boring as i just leave it in my account till i've got a certain amount then move it to my savings account. It takes me 3.5 months between transfers so there's a lot of time between seeing it pile up.

Anyone got any suggestions of a more fun way to put what's left in my current account into my savings account? :money:

Vixstar

Maybe you could transfer a small amount every day if your savings account lets you - like the Payment a day challengers do with their debt. Seems silly to leave it in your current account when it could be earning interest.

sss555s

Might be a plan to move so much over per month seeing as it only takes seconds i guess

Any other ideas?

Tara hasn't posted for a while, She must be on a holiday

bendix

MONEYME wrote: »

This would not be taking any tax into account but to say it's pretty easy to have 600k shows a lack of understanding of the "real world" and the vast majority of people that post on here.

And, with the greatest of respect, your post would show a complete lack of understanding of the concept of irony.

bendix

sss555s wrote: »

MONEYME I'm pretty sure bendix knows all about the real world even if he doesn't live in it

We are all on our own journeys and bendix didn't do anything wrong to deserve that comment.

Well done him is all i can say :T and he was just being a tad sarcastic about a misunderstood post further back. I got it anyway!

I can just see it now, bendix and Tara meandering along the Tapi river though most likely in opposite directions thinking sighhhh "this is the life"!!

Thanks for the defence, but I think it's wasted. My post completely went over MONEYME's head.


I don't think I have anywhere near £600,000 in investable assets. If I did, I wouldnt be working in London. I'd be relaxing back by pool in Thailand. And if I did have that much, I would certainly not be investing in some paltry 2% account.

Even without that much, it's possible to earn good money from interest payments. I have around half that much invested in term deposits in New Zealand which are currently generating around £1500-£1600 in interest every month, but they are being helped by the exchange rate. And no tax to pay either ;-) Ahhhhhhh, the power of compound interest.

ferox666

bendix wrote: »

I have around half that much invested in term deposits in New Zealand which are currently generating around £1500-£1600 in interest every month, but they are being helped by the exchange rate. And no tax to pay either ;-)

Why "no tax to pay"? Unless you're being "naughty" and not declaring it, interest on an overseas account is taxable as far as I know?

bendix

Non-resident withholding levy of 2%, that's all.

alohahawaii

My savings haven't changed for about 3 months! (since moving out of home)

i think i've saved about £50... Doesnt help that i've had to purchase lots of things like a laptop!

I might even change my target to 5k!