How much can you save?

baby_boomer

I've really cut back our expenses this year (just one example - energy bills are 1/3 :eek: , shopping is about 85% )

As a result our aim for 2010 is to save my entire net wage (about £24K) , and live off my partners salary.

The target is early retirement in about 5 years.

Good luck to everyone else with their own goals.

LucyTheDwarf

Hello, welcome, and congratulations on beating your debts!

If I can give you one piece of advice, it's not to go to your bank for advice. Your bank will sell you one of their own accounts, which may not be the best out there, nor the most suitable for you. Do your own research using sites like this, and http://www.moneyfacts.co.uk/ and you will get better interest rates, and a way of saving to suit you, rather than the banks. You'll often see the pros and cons of a particular account discussed on this board, so ask around.

Lawrah26 wrote: »

I am going to go to my bank for advice but I am looking using an ISA and some e saving account plus possibly a homebuyers account for a large amount of funds I currently have which will be fee's coverage for property.

Other savings tips - look after the pennies! Sign up to cashback sites like Quidco, pay yourself first (ie, as soon as your paid transfer a set amount to a savings account), utilise your ISA allowance each year especially if you're a higher rate tax payer, down shift brands on grocery shopping, allow yourself reasonable treats, and always keep a clear goal in mind. Saving is fun!

Lawrah26

Thanks so much Lucy for your advice above - I am quickly learning that going to my bank won't be the best place to get advice. I have already picked up so many tips from this site alone. What a great help. Thanks again L

Scuba_Scorpion

First post

Seems like a good thread to get going in.
I've been in major debt for longer than I can remember to the tune of £30k
I took a change of career, knuckled down for 4 years only for the real truth to be revealed recently. Having spent virtually £600 a month since that career change 4 years ago on repayments (all credit card debt) I was actually no where near clearing it.
In fact, if anything, having not cut the cards up it was all too easy too spend a bit on this and a bit on that... what harm could it do!
Well 4 years on and I was still £30k in debt. The light at the end of the tunnel went pop when that was truly realised (because basically I woke up)
However, I had a very lucky break with a wealthy family member that was prepared to write off 20k of it for me and lend me the other 10k at bank interest rate.
To say I am happy as a pig in **** at the moment is an understatement. :rotfl:
However having gone through my budget (never really did one before) with a hedge trimmer I now intend to put by nearer £800 a month to pay him back.
The clouds are clearing and someone has replaced the bulb at the end of the tunnel with a 500w halogen lamp!
One year and one month and I am clear!!!!
The last time I had no debt was prior to the age of 22, I am now 36!
To say this is a lesson learnt is the understatement of the millennia.
I am actually looking forward to investing money now instead of scraping together everything possible just to be stuck in the same depressing vicious circle.

The only black cloud left hovering in the sky at the moment is job security.
If I can get through this damned recession without going under I'll be home freeeeeeeeee.

tara747

Scuba Scorpion, welcome!

It's 'write' by the way, if you're wondering.

Jay83

Hi everyone, love this thread this thread and the saving for a deposit thread really keeps me going hope you dont me joining in ive been a long time lurker x

dippykitty

Scuba_Scorpion wrote: »

First post

Seems like a good thread to get going in.
I've been in major debt for longer than I can remember to the tune of 30k
Took a change of career, knuckled down for 4 years only for the real truth to be revealed recently. having spent virtually £600 a month since that career change 4 years ago on repayments (all credit card debt) I was actually no where near clearing it.
In fact, if anything, having not cut the cards up it was all too easy spend a bit on this and a bit on that... what harm could it do.
Well 4 years on and I was still £30k in debt and the light and the end of the tunnel went pop when that was truly realised (basically I woke up)
However, I had a very lucky break with a wealthy family member that was prepared to right / write ?? off 20k of it and lend me the other 10k at bank interest rate.
To say I am happy as a pig in **** at the moment is an understatement. :rotfl:
However having gone through my budget (never done one before) with a hedge trimmer I now intend to put by nearer £800 a month to pay them back.
The clouds are clearing and someone has replaced the bulb at the end of the tunnel with a 500w halogen lamp!
One year and one month and I am clear!!!!
The last time I had no debt was prior the age of 22, I am now 36!
To say this is a lesson learnt is the understatement of the millenia.
I am actually looking forward to investing money now instead of scraping together everything possible just to be stuck in the same depressing vicious circle.

The only black cloud left hovering in the sky at the moment is job security.
If we can get through this damned recession I'll be home freeeeeeeeee.

Jay83 wrote: »

Hi everyone, love this thread this thread and the saving for a deposit thread really keeps me going hope you dont me joining in ive been a long time lurker x

Welcome aboard!

hostie1985

Welcome to the thread scuba and jay! Wishing you all the best in your savings!

Hostie

xx

Scuba_Scorpion

Thanks Tara, Jay, Dippy and Hostie... this is "last chance" for me to make a go of it and not **** it up the wall this time. No more handouts from now on as I've been written out of the will for "services rendered"

Cheers for the spelling lessons too



Those sigs you all have, are they manually edited each month or have you got some script running to keep it up to date?

dippykitty

Scuba_Scorpion wrote: »

Thanks Tara, Jay, Dippy and Hostie... this is "last chance" for me to make a go of it and not **** it up the wall this time. No more handouts from now on as I've been written out of the will for "services rendered"

Cheers for the spelling lessons too



Those sigs you all have, are they manually edited each month or have you got some script running to keep it up to date?

Good luck with the savings, hope you can get yourself back on track this time! We're all here for moral support and encouragement when you feel like you're flagging with it!

My signature is manually updated - I wouldn't know how to do the script thing! I just edit it as and when I feel like some aspect of it needs updating using the 'Edit signature' tab under Quick Links.