How much can you save?

twinkle_star_2

Thanks for the advice Masomania and alohahawaii.

Minidannii, I think the only reason I seem to be have spare cash compared to others I know who earn a similar amount is that I don't drive. Whilse bus fares may add up it certainly isn't as much as insurance, MOT, road tax etc. But, I guess I don't have nearly as much freedom to pop out whenever I want and I know I'll have to get driving one day so I'm just trying to save whilst I have spare money.

Miss.Money_4

Hiya everyone, i have been reading through the pages on this forum and have been dying to post so here goes.

I am currently 18 living at home working full time. I currently have £7000. On average i am saving £500 a month, i dont have a huge income usually come out with around £800-£1000 a month, but have been working 7 days a week for the last few months. I am trying to earn as much money as possible. To be quite honest i have become addicted to saving really and its like my lifes been put on hold. I dont mind really because i see all my friends blow hundreds of pounds down the drain on a night out and i am so happy i dont do that. Does anyone else feel addicted to saving? And feel abit sad when you cant reach your savings goal? Or is this just me.

I usually only go on nights out once or twice a month. And dont buy mountains of clothes like i used to. Everyone tells me i should be living my life not working to the bone 60+ hours a week and hoarding all my money and never treating myself lol. Please tell me i am doing the right thing and they are just saying that because of their lack of savings.

I am thinking about doing a Uni course next year, not looking forward to halfing my salary but atleast i will probably be earning more in the future and have a better career. I think i will only be able to save around £50-£100 a month during my time at Uni.

My goal is £1300 by the time i am 21 this is going to be £10,000 for a nice car £2000 for my next two years car insurance and tax ect and £1000 for emergencies which i can build on.

If i focus i know i can achieve this not looking forward to giving away my hard earnt £10000 but in exchange i will have a very nice car lol.

Then once i have bought my car, a house is next on my list! That is a long way into the future yet though.

LucyTheDwarf

I think it's great that you're saving young. I'm a few years older than you, 22, and I get told that I should be living my life not saving - people react as if you're doing something wrong, rather than right if you tell them about your saving habit. I think they say it for themselves, more than us savers, as they're trying to convince themselves that they don't need savings, and it's not too late...

You do have to have some balance in your life, but I think overall it's madness to not provide for yourself, because otherwise we'll regret it once it's too late. (Anyone thin the state pension is generous?)

save-a-lot

Miss.Money wrote: »

Does anyone else feel addicted to saving? And feel abit sad when you cant reach your savings goal? Or is this just me.

I would not say I am addicted to saving, but I do purposefully make life hard for myself. For instance I have committed to another £100 save as you earn scheme. So during 2009-2010 I will be contributing the max of £250 / month between 3 SAYE schemes, then after this the 2007-2010 scheme will mature and that contribution of £90 will stop being paid.. so I will probably find a new home for that £90. Then I have opted the max of 18% to pension. I have opted for partnership shares at £125 / month. So lots of my saving is directly taken from salary, the residual salary left is reduced alot, but then I will when I can save from what is left.

The easiest thing to do would be to stop saving and put the cash to everyday living, but I am sure it would just be swallowed up by 'life'. The compulsion to save is that I have a desire to make a bigger difference and this is to remove/reduce the millstone around my neck, paying the mortgage off early.

McSaver

* Savings Update - September 2009 *

Wanna know my results for last month? Forget it!

OK, Its my best ever month! I managed to bank £600 from my wages after taking away expensives for the month was isnt too bad... But I have been jumping for joy :j:j:j Because there is £8,000 winnings from the online casinos on here to add, But please DON'T try this yourself because it is very stressful and very risky and its my mind going bonkers thats not helping me in anyway but my savings target is £10,000 for the year (which I already exceeded) and I almost got it completed AGAIN in 30 days!
Thats a total of £8,600 in September.

This month (October I'm trying to look after myself after my complete utter madness!)

The Percentage Has Been Updated.

cookie9

Welcome Twinkle star. Great idea to set aside some money in savings. Even a little each month will build up. Do live a little - going out doesn't have to be expensive. Look out for seefilmfirst free cinema tickets and some restaurants have a BYO policy.

Hi Miss Money - like all things in life it is a case of finding a balance you are happy with. I don't tell friends about the amount of my savings as I know they would say "Spend" Spend! Spend". I have a comfortable lifestyle and am not embarrassed about using free cinema tickets or Tesco points etc. Great idea to have some savings before starting uin. Good luck.

Well only a few more days to pay day but then a few days after that off comes my first mortgage payment. :eek:Waiting to see what is happening with pay rises this year. Hoping to put the extra into martgage overpayments.

Of course it is getting near Christmas - already we have been asked for the Christmas party deposit then there is the cost of a room at the hotel etc. At least having been sorting out my wardrobe I know I don't need to buy another dress as 50 is enough!! (Mmm and I haven't even started on the shoes yet!:rolleyes:) Have some vouchers to use which will help with costs and also a fixed rate bond matures mid dec so that will be useful. I also have my present box which has bits and pieces I bought earlier including my Januray sales Christmas cards!

Miss.Money_4

You look all sorted for Xmas cookie unlike you i do need a new dress as i have just ebayed all my old clothes and now have a wardrobe a fifth of the size it used to be lol. I also have a few bits and bats that i can give for xmas presents. Also i love it when i get my intrest, wish i got it every month like some but unfortunately get it at end of term but its like a reward for all my hard work saving. Miss the old intrest rates of 7% though now its just a measley 3% if your lucky.

Thankyou, I don't tell my friends either they havent a clue they know im saving but think i only have a few hundred lol. But when i say no im not out this week they are like why you have loads of money working all them hours. Yes i do but not to waste away like they do lol.

This is what my money goes on not sure if i can cut down at all
£145 on board this includes food for my packed lunch for work
£100 to spend on going out or clothes or treats for myself. Save the remainder as i dont usually spend this much.
£5 monthly bank charge for account with extras which includes phone insurance ect.
£10 HSA - Is this worth it? Only use the dentist part and only ever had one filling in my life. Not sure about that one
£25 on phone bill
£15 on fuel
£500 save
£800 total.

I have two easy access savings each with a card for emergencies. Adding £300 to each next month.
I have one ISA with around £1000. Did the mistake of withdrawing and didnt realise i couldn't top it back up so only have a few hundred left to add.
I have one fixed rate bond for 2 years with £5000
I have premium bonds of £1000 and had them in for 6 months and won nothing!! Going to wait untill april and put them straight into a new ISA or an alternative option is to opend a fixed rate websaver with halifax of 3.5%. What would you do? Wait and see what the percent on the ISA is going to be or take the 3.5%. I'm not sure if interest rates are going to go back up or not.

This month is not good though as i am having to spend £1500 on car insurance, tax, mot ect. so have not saved for the last two months and the three £500 have meant i have not had to use my saving for which i am happy about and i aren't paying £200 for the privillege of paying monthly which my not so wise friends without savings are having to do.

I do find though all this saving makes me have an odd binge now and then but i dont feel guilty about it because i usually buy something more expensive that will last me longer than if i bought little things i didn't need all the time. Then once i have bought say i new bag or whatever it is i feel satisfied and won't want to spend for months. Does anyone else do this?

I do have one problem i work at Tesco like MiniDannii and it has caused a little gambling problem. I have become addicted to buying scratchcards as i see all the people coming in buying them and winning, and i want to be part of that. The only thing is i never win and when i occasionaly do it only a few quid. I need to stop this as i know its so bad but i keep thinking next time will be the big win. Any motivational tips on how to quit would be appreciated.

So thats it really any improvements i could make then please let me know. Thankyou.

One little question, i might sound a bit dense lol but if i have a bank account with one bank can i transfer money into my savings in another bank like online? I don't have to physically withdraw it and walk to the next bank and deposit it there do i?

Miss.Money_4

I also am a little OCD on numbers lucy lol i am so organised in everything i do and i think thats what makes me a good saver a few of my unorganised friends who are savings don't even know how much interest they are getting on their accounts i am like why don't you just check because i am sure they could get better but they are like oh i can't be bothered and i'm like well its your loss lol.

I think your right about other people they are so against it because they know they should be doing the same. I know people who earn £3000 a month and don't save i think omg what do you spend your money on lol. No matter how much i earn i will always save and i have got this from my Nanna when i was young who is also a good saver but has a good lifestyle now she is older.

I am also in a pension scheme, not sure how much the avergae state pension is?. I got a leaflet through the post not long ago and it explains what i will get when i retire. I can either have £35000 and £5000 a year or just £8500 a year, not sure which is best. This is based on £50 a month although i will be contributing more when i am older. Is this ok for what im earning now and for my age? My company also puts £60 in.

Sorry for all the long posts lol i have so much to say and ask and like you said you can't talk to most of the people you know because they act as if your doing something wrong.

cookie9

Hi Ms Money - yes you can transfer funds online from one bank to another. Have you considered setting up a regular savings account. Unfortunately the 10% Halifax is no more but there are some OK offers out there. Minimum amount varies from around £20 to £50 per month.
Looks like you are pretty clued up - packed lunches do save quite a bit in the long term. Re Christmas outfit - look for sample sales or you could try one of the discount centres eg Bicester which are good. Clearance shops such as Next to Nothing which stocks old season next clothes are worth a look. Assume you have Tesco clubcard and use there deals to get 4 times the value of your vouchers. I am thinking of ordering magazines subscriptions for a couple of friends in that way.

rictus123

Sound like me miss money, im 18 and an absolute addict. Id rather stay in alot of the time than drinking my money away, think its so over rated. Iv had to spend alot last month, cleared my savings out, starting from scratch this month iv already put £509 away, get paid on Friday and will put £300 away then get paid 2 weeks on Friday and il put another £300 away so £1109 saved from this month at 18