How much can you save?

rictus123

I dont ever risk anything like £1000, just used that figure as its a nice round number and i dont always lay the odds against team or even lay for that matter. I get a much better return for my money with a little amount and a little wisk using it on betfair. As i said i got a £1014 return from £50 this week. I know every weeks not like this but im very selective with my bets. Im not encouraging it or trying to say im some sort of genius here, im just telling everyone what works for me. Link doesnt work btw, i assume its to matched betting or the like?

no_cally_doe

Hello all, This is my first post in the savings forum. I am currently saving up a deposit for a house and its made me realise how easy it actually is to save if you put your mind to it. I have been saving up for 6 months now and have around 4k.

I give myself £300 for expenses and spending money, I have definitely had to cut back on "want" purchases and focus more on "need" ones instead.

I am planning on having around 8k by April combined with my O/H we should have a decent amount. Its sad but I actually enjoy saving! Seeing a number rise every month is quite addictive

save-a-lot

no_cally_doe wrote: »

Hello all, This is my first post in the savings forum. I am currently saving up a deposit for a house and its made me realise how easy it actually is to save if you put your mind to it. I have been saving up for 6 months now and have around 4k.

I give myself £300 for expenses and spending money, I have definitely had to cut back on "want" purchases and focus more on "need" ones instead.

I am planning on having around 8k by April combined with my O/H we should have a decent amount. Its sad but I actually enjoy saving! Seeing a number rise every month is quite addictive

Definitely addictive!
It is nice to see your money grow and gives you a sense of achievement and also it is a confidence buffer

McSaver

Saving = Long, Hard and Boring when it comes to the stage I'm at. I am always feeling like I want to add more as soon as possible since It always looks like it hardly moves, I have been saving for more than 7 years. I used to really enjoy saving seeing myself go from £0 to £15,000 when I was younger but its hard work trying to add to make the ten thousand digit change. When I get paid on my savings update it will show that its changed finally.

I dont really enjoy saving anymore, Its now a collection for my excess cash.

like rictus I had around 19K @ 21.

As for gambling I have risked vast amounts of cash in an attempt to make my savings jump.

save-a-lot

McSaver wrote: »

Saving = Long, Hard and Boring when it comes to the stage I'm at. I am always feeling like I want to add more as soon as possible since It always looks like it hardly moves, I have been saving for more than 7 years. I used to really enjoy saving seeing myself go from £0 to £15,000 when I was younger but its hard work trying to add to make the ten thousand digit change. When I get paid on my savings update it will show that its changed finally.

I dont really enjoy saving anymore, Its now a collection for my excess cash.

like rictus I had around 19K @ 21.

As for gambling I have risked vast amounts of cash in an attempt to make my savings jump.

Why? why work so hard to save it and then 'gamble' large amounts of cash to only have the potential of gain.. the other side of it is that the gamble does not pay off. Maybe your motivation is to introduce some risk and thereby some excitement. If it is to make your savings more exciting, then could you not try alternative investments that are more interesting.. such as, collections, for example, rare stamps, premium bottles of wine, antiques etc. I remember reading the return on a portfolio of stamps had given massive returns [that was on Working Lunch I think]. The investor was very happy as they got copies for display at home whilst the rare stamps were held securely in trust gaining value. If I remember rightly a £25K investment had become worth £38K - I cannot remember the length of holding though.

no_cally_doe

@McSaver

Having 19K at 21 is awesome, I think having savings is great but I think having a goal is the motivation. Having money in the bank gives complete piece of mind however I think If you don't reward yourself you will get demotivated. I am saving for a house and once I have done that I will continue to save. I think I will always have a reason for saving, If I can put away 5k a year I will divide that up to have 60% rainy day money and 40% on something I am saving for.

On one side of the coin you need to be prepared if problems arise but at the same time, I'm sure you work hard for your money and you deserve to use some of it too. Life is short and we only get one try (unless you believe in reincarnation)!

I think everything in life is about balance

rictus123

Mcsaver its not me thats got 19k at 21, its Driving_soon. I am only 18 and have only knuckled down and got on with it recently and have been saving for just over a month and im upto over £2,100. Payday on Friday so il be upto about £2,600 - £2,700 hopefully. Now its dark at 5 i wont be working on after 5 at night since im outside so Il be on £1060 a month+any Saturday overtime i do. So could still save £500 a month easy over winter, maybe even £600 at a push. Mcsaver can i ask what you gamble on? Roulette or blackjack or footie etc? How much did you have and were you earning at 18?

Each person is different and is able to save different amounts each month even on the same wage but i think im doing well getting a minimum 50% take home stashed away

tara747

dazcouz - how do you save so much on £1200 a month???? And how do you win all that cash every month? I am impressed.

rictus123

Tara iv seen that hes got impressive savings at a salary simular to mine, it is impressive if you ask me. I turned £50 into £1014 on Wednesday and im delighted with myself lol, not had a bet since

MsConstipatedPiggyBank

I'm rather late (only 188 pages into this thread) to the savings party (no doubt some of the rest of you have achieved the buying already), but my partner and I are hoping to start saving for a house deposit.

We have a £2,050 debt (no interest, to family members who haven't put a time limit on when it needs to be paid back). However, we should receive money to pay it off by Christmas, but if that isn't enough, it should be gone by Jan/Feb 2010.

We're in no hurry to move as our current rental situation is quite favourable, but ideally we'd like to buy a house at £250k. I've heard deposits of 25% will be needed, which means that we need to save £62,500 (which sounds impossible). The debt is all separate and we've been saving to pay that back separately from our deposit savings.

Our deposit savings are currently £10,080 in an ISA and an HSBC online bonus saver. I think we could probably put them into one of these Regular Savings accounts, but I'm not sure how up to date the MSE article on this is. Is the 4% HSBC regular a good deal, or should I open an account elsewhere? I'm not eligible for the premier account, and the plus account costs more than we'd make from the regular account due to the bank account costs.

In the New Year, once the debt is paid off, I hope to save £250 per month. My job also pays a bonus, but I never have any idea of what that will be until it arrives (if it does at all). Any bonus money will go in the pot as well, and I'm hoping it will be in the region of £5k, based on this year. My partner is also offering to save about £200 per month, but I'm not sure if that will happen as she is not particularly interested in saving (do other people have the same problem?). So, ideally we could make between £3000 - £5400 next year in savings, and £5,000 in bonus (if it even happens).

My aim by January 2011 is to have managed to make savings of £10,400 (with partner's help) or £8000 (alone).