How much can you save?

***xyz***

Rictus - you seem to be on this thread alot. Keeping on about how you are 'only 18' and can save x amount a month and keep winning on the bets you make.

If this continues, then best of luck to you.

However, we were all 18 once! At 18 - not so long ago! - Due to personal circumstances, I had a mortgage on my own. No help from parents, not a bean.

I worked hard to keep the property and at 27 had paid off the mortgage on my current house, and can now save much more.

My advice to you, for what it's worth, is too keep your head down and work as hard as you can. Keep quiet on here about your age and your betting habits, and aim for something!

You seem to be doing well, but have also mentioned that you have a terrible credit rating - at 'only 18' that's abit of a worry!

I know it's not as easy to get a mortgage these days - I was just using the above as an example of what can be achieved.

Keep calm!

CaroleM_3

Hi All :wave:

October Savings Summary:
£573.80 saved, £13.80 over target, taking me to 79.1% of my 31st December target
Plus £30 saved for my Peru holiday in August 2011

November targets - I have no idea as I am currently tinkering with my spreadsheet, targets and budgets.....

Hope everyone else had a good month!

dippykitty

Update for October:

I haven't added any more to the ISA pot (which still stands at £4k), but I've increased the 'rainy day/VSP' pot to £215 as that felt far more pressing with my fluctuating income - rainy days are much more likely for me! Not a great month savings-wise as I'm waiting on freelance payments that aren't due to come through until early November.

slowlyfading

Finally updated my signature - not getting very far though. I really need to knuckle down and stop unnecessary spending!

rictus123

***xyz*** wrote: »

Rictus - you seem to be on this thread alot. Keeping on about how you are 'only 18' and can save x amount a month and keep winning on the bets you make.

If this continues, then best of luck to you.

However, we were all 18 once! At 18 - not so long ago! - Due to personal circumstances, I had a mortgage on my own. No help from parents, not a bean.

I worked hard to keep the property and at 27 had paid off the mortgage on my current house, and can now save much more.

My advice to you, for what it's worth, is too keep your head down and work as hard as you can. Keep quiet on here about your age and your betting habits, and aim for something!

You seem to be doing well, but have also mentioned that you have a terrible credit rating - at 'only 18' that's abit of a worry!

I know it's not as easy to get a mortgage these days - I was just using the above as an example of what can be achieved.

Keep calm!

It will be years yet before i can even think about getting a mortgage. Well done on paying yours off so quick though. I dont really know what to aim for. My original goal was £2k by xmas which gave me 4 months and iv reached it already and think £3k will be reached. Then my next figure in mind is £6.5k by the end of June. I really dont know what to aim for/setting targets, i am new to this to be honest iv never been a saver.

no_cally_doe

@ Rictus,

I think if you are putting a lot of your earnings away into savings, you should work out what your saving for. Its great to have money behind you but its equally good to save for something that you want too. Again in my opinion there has to be a balance, savings divided into rainy day or future fund money and some for house / car / holiday / anything that makes go to work and earn money.

The biggest reason people get into debt is because of the modern perception of buy now pay later, in some cases this is fine and is the only option. However you seem smart and are on the savings boat earlier than most. I'd personally take it as an opportunity to get the things you want but not need to go into debt for them.

LucyTheDwarf

rictus123 wrote: »

It will be years yet before i can even think about getting a mortgage. Well done on paying yours off so quick though. I dont really know what to aim for. My original goal was £2k by xmas which gave me 4 months and iv reached it already and think £3k will be reached. Then my next figure in mind is £6.5k by the end of June. I really dont know what to aim for/setting targets, i am new to this to be honest iv never been a saver.

My aim is to save £25K by the time I'm 25. And then £50K by 30. £150K by 40. I never want to have to struggle, never. I want to never have to wait 6 months for a scan on the NHS to see if I have cancer, heart disease, never have to wait for an operation I need. I want to be able to help my parents in their old age, support my siblings if they need me. I always want to have a decent car that won't let me down, and I never want to have to borrow money, excepting my mortgage which will be paid as soon as possible. I just don't want lack of money to ruin my life. I hope I'm not boring.

no_cally_doe

LucyTheDwarf wrote: »

My aim is to save £25K by the time I'm 25. And then £50K by 30. £150K by 40. I never want to have to struggle, never. I want to never have to wait 6 months for a scan on the NHS to see if I have cancer, heart disease, never have to wait for an operation I need. I want to be able to help my parents in their old age, support my siblings if they need me. I always want to have a decent car that won't let me down, and I never want to have to borrow money, excepting my mortgage which will be paid as soon as possible. I just don't want lack of money to ruin my life. I hope I'm not boring.

I don't think your boring at all, I would say smart. I have only started saving recently but I think if you are clever with saving it makes so many of life's worries disappear. You don't have to take on debt to buy stuff you want or need :T

Driving_Soon

All this, having something to save for talk, made me relise I'm not saving for anything but security. I don't even want to spend it! It's just nice to know if anything did happen, it would be there. Is there any others like that? Looks like Lucy is on the same wave length as me.

LucyTheDwarf

At the moment I don't need anything. I'm lucky enough to earn enough to be able to afford everything I need, plus a few wants, and then save some. I hope I'm always so lucky, but life doesn't work out like that. I do touch my savings sometimes, for frivolous things. If I want a holiday, I'll have one, it's just not the driving force to my savings. Security is.