How much can you save?

focus888

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.

Have you already got a mortgage lucy?

i wanted to save up for a deposit for my own place but at the moment my job isnt very secure. I think when i do manage to save up enough to buy my own house i would hate to see all my savings gone and having to start from scratch. scary thought.

rictus123

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.

Not boring at all Lucy, probs the smartest person iv ever "met" in my life! I totatally agree with what you said about a lack of money ruining your life, i know some people on here say while your young you shouldnt care you should live your life while your young etc but i have about £1k worth of debt which when its gone(before xmas) its been an early lesson in borrowing...not going to borrow ever again, just for a mortgage. I have about £1000 in savings, payday tomorrow for the fortnight will take that upto about £1600. I want to keep going and aim for £6.5k savings by my 19th birthday at the end of June. Thats £612.50 a month starting tomorrow added onto the £1600 il have. Pay goes up by £157 a fortnight(£314 a month) at the end of Juner so if i put that into savings of £6.5k until the end of the year i should have £12,000 by the end of next year. Even falling short and getting £10k would be absolute amazing. Anyone think these targets are reachable/sensible? My SOA shows i have £845 left a month after what i spend, so saving £612.50 should be easy enough

Vixstar

Finally hit payday and moved another £400 into my savings and also have £130 set aside for my impending car service. I'm not managing to save as much as I wanted but think I was still paying off August's splurge fingers crossed I manage to save more next week.

Masomnia

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.

Great post Lucy, that's exactly what I'm saving for too. I could so easilly throw it all away on games consoles, clothes, a car, and have a fair amount left over. But I'd so much rather have that knowledge that I'm working towards security for my future, and my family's future.

Good stuff

no_cally_doe

Banked another £600 this month

Started saving seriously in April 2009
Aim for April 2010 £8000
Savings so far - £4300

I have a warm fuzzy feeling inside after banking some money today

McSaver

Roulette, Blackjack, Horse Racing and Football. When I was 18 i was earning £180 a week and my mean bank balance was around £5,000. I had only started saving seriously shortly after my 18th birthday.

McSaver

* Savings Update - October 2009 *

Another good month in the Gambing front in the end profit wise but I have had to work hard for it. I made £3,400 in that field, Monthly wages were higher than usual with working nearly every day in september so thats £1,175. But takeaway expenses for food and travel leaves me with £4,400 banked for the month.

Plus I have moved past another major milestone in my overall savings total.

The Percentage Has Been Updated.

tara747

Well done everyone, you are all doing great!!

Lucy, I feel exactly the same as you. Well said.

gelato_cat

Must admit, it scared me as well. I got up to £106k and then put £90k down on a house with my bf. I kept back £16k as we want to convert the loft at some point. If I'd gone down to zero I would have been quite nervous.

Anyway, I've still managed to save about £1k a month so far, so I'm nearly back to £20k. I think we're going to need about £20k each for the loft, so I'd like to save another few £k to give myself a bit of a cushion.

Suze

focus888 wrote: »

i wanted to save up for a deposit for my own place but at the moment my job isnt very secure. I think when i do manage to save up enough to buy my own house i would hate to see all my savings gone and having to start from scratch. scary thought.

Masomnia

Suzey wrote: »

Must admit, it scared me as well. I got up to £106k and then put £90k down on a house with my bf. I kept back £16k as we want to convert the loft at some point. If I'd gone down to zero I would have been quite nervous.

Anyway, I've still managed to save about £1k a month so far, so I'm nearly back to £20k. I think we're going to need about £20k each for the loft, so I'd like to save another few £k to give myself a bit of a cushion.

Suze

Wow must be a big shock. Just think of all the thousands you'll save in interest over the years on the money you haven't borrowed!



For me I suppose I'm doing ok, was hoping to get out of my overdraft this month but I'm not quite there. Never mind! Filled my ISA for the tax year, and have a little bit (£200) in another savings account. So with some other investments I'm doing alright

Really won't be easy to get my target, but it'll be about half of my total student debt, and since the interest rate is linked to RPI, it shouldn't be too difficult to earn twice RPI in a savings account, and thereby earn the same in interest on my savings as I pay in interest on my debt. Lovely. Hope you're all well.