How much can you save?

Masomnia

Cheers guys, yeah I've had an account with them before, the lovely ISA at 6.05%, the good old days! I'm sure they credited it on the same date I opened it only year later.

Oh well! Just got excited about seeing how much I was going to get

tara747

Happy belated birthday Lokolo, hope you treat yourself to something nice with some of your gift money!

Welcome to the thread minidannii and sorry to hear about the troubles you've had with your car. You're doing so well, you should be very proud.

And finally dippykitty, CONGRATS on reaching your goal for the year 2 months early!!!! Woo!

I'm about to go on a big hol, should still save a fair bit this month and am still on track to get to £30k by the end of the year... just!!!

Keep up the good work guys... I love this thread.

sss555s

You've got a good balance between holidays n saving there Tara

Just put £1k from my current to my savings account :money:

:j

saver9713

Paid in my cheque, total now up to £18,740.41, percentage updated below. :T

tara747

sss555s wrote: »

You've got a good balance between holidays n saving there Tara

Just put £1k from my current to my savings account :money:

:j

Yes, ya gotta live as well!

twinkle_star_2

Hello nice people,

I'm completely new to this savings lark and I'm looking for some gentle advice. I don't earn very much money but equally my outgoings are pretty small so I'm wondering what a sensible amount would be to aim to save. I can't cut too close to the bone just in case of emergenices or unexpected costs.

I currently take home £849 a month but this only has to pay for me. My rent is £325 including all bills (although liable to rise to £350+ this winter). Other than rent my main outgoings are food & travel (public transport).

What proportion of income should I be aiming to save each month?

alohahawaii

twinkle_star wrote: »

Hello nice people,

I'm completely new to this savings lark and I'm looking for some gentle advice. I don't earn very much money but equally my outgoings are pretty small so I'm wondering what a sensible amount would be to aim to save. I can't cut too close to the bone just in case of emergenices or unexpected costs.

I currently take home £849 a month but this only has to pay for me. My rent is £325 including all bills (although liable to rise to £350+ this winter). Other than rent my main outgoings are food & travel (public transport).

What proportion of income should I be aiming to save each month?

I'd try and take 10% by standing order when you get paid then if you have anything left at the end of the month move that into a savings account. If you are finding that easy then try to up the % you put into savings on pay day.

good luck

minidannii

twinkle_star wrote: »

Hello nice people,

I'm completely new to this savings lark and I'm looking for some gentle advice. I don't earn very much money but equally my outgoings are pretty small so I'm wondering what a sensible amount would be to aim to save. I can't cut too close to the bone just in case of emergenices or unexpected costs.

I currently take home £849 a month but this only has to pay for me. My rent is £325 including all bills (although liable to rise to £350+ this winter). Other than rent my main outgoings are food & travel (public transport).

What proportion of income should I be aiming to save each month?

thats what i earn around a month, and i am struggling to save

Masomnia

I don't think there's really a right or wrong answer to be honest. If I earnt millions I'd be saving 99% probably, in your poisition yeah maybe around 10%; it's all relative really. If you can get into good habits about spending, cutting back where you can, you'll find you have money left over that you can put aside. As long as it doesn't become a chore for you, then you'll end up going on spending sprees! And that's no good, so find a balance that works for you.

Got my Egg savings interest in today, £158.43, not too bad, but I guess I was hoping for a little more. It was the 6.3% fixed for a year, just come to an end. I'm using the interest to get by till the end of this month you see, and then adding the balance into my ISA. So when that goes through I'll be on £6,449.25. Pretty darn good!

Unlikely I'll make my target still, but we'll see!

dippykitty

tara747 wrote: »

And finally dippykitty, CONGRATS on reaching your goal for the year 2 months early!!!! Woo!

Thanks, Tara!

Hope you have a great holiday! Where are you off to?