How much can you save?

minidannii

minidannii wrote: »

well i am quite lucky my parents don't charge me, but they always expect me to go on holidays with them, my mums always like where will we go next, she's now expecting me to go to new york with with, am like i have no money, but reality am trying to make an effort and save to move out.

I want to get a house before prices jump up even more.

its scary considering where i live with my parents, it was bought 23years ago at £21,000

this area now ranges from £110,000 - £125,000 and that is only a flat !

my brother has just bought his first place and thats outs of the city, up and down stair house, his own main door etc, for only £85,000

I guess your paying for what you get, i mean i live in edinburgh so its hardy for getting to places, but if you live out of town you really need a car, ( well i do have a car)

Well the only bill I have is the phoneline and broadband which i pay for £32.50 a month with bt.

My mobile is pay as you go, i have an iphone which i unlocked, so i use vodafone, they have an offer when you top up once a month, £5 for free txt weekends, £10 for evening and weekends, or £30 for unlimited

so i top up £10, which lasts me about a week, then after i'll wait till after half 7 to txt people or have all weekend to txt for free

lol at hardy, i mean handy

rictus123

Very impressive danni, you are doing so well. At 18 i am all clued up i need action now! Do you just stick your money in a savings account?

minidannii

rictus123 wrote: »

Very impressive danni, you are doing so well. At 18 i am all clued up i need action now! Do you just stick your money in a savings account?

when i was your age i had a good saving in an isa which people say is the best interest, but i don't like the idea of you don't get interest untill that amount has been in your account for a year.

i still have my isa but only with £70 in it, i used it to put money down for my car which was £10,000

for now i just put my money in a tsb incentive saver, it pays monthly

though i know isa is non tax, so i am thinking am i better to claim the monthly interest till march then move my money to an isa ? thing is i plan to move out before a year, so then i won't make any money on my isa

Vixstar

Some Isas pay monthly interest...must check if mine does efore I move the money. Thought they should still credit me with outstanding interest if I move before year end - shouldn't they?

albacookie

Vixstar wrote: »

Some Isas pay monthly interest...must check if mine does efore I move the money. Thought they should still credit me with outstanding interest if I move before year end - shouldn't they?

I'm pretty sure they do though some may have penalties if you move your money before the end of the year.

LucyTheDwarf

minidannii wrote: »

though i know isa is non tax, so i am thinking am i better to claim the monthly interest till march then move my money to an isa ? thing is i plan to move out before a year, so then i won't make any money on my isa

Open an ISA without withdrawal penalties, that pays monthly interest.

Castleman

minidannii wrote: »

when i was your age i had a good saving in an isa which people say is the best interest, but i don't like the idea of you don't get interest untill that amount has been in your account for a year.

though i know isa is non tax, so i am thinking am i better to claim the monthly interest till march then move my money to an isa ? thing is i plan to move out before a year, so then i won't make any money on my isa

You still get the interest even if your money isn't in there for a full year, it's just that they only pay it once a year instead of monthly. If you close your account before the end of the year, they work out the amount due, given how long you had the money in there for and pay you that.

To allow for this and the effect of compound interest, monthly paid interest rates are slightly lower (per month) but it works out the same over a year.

Castleman

grn.w.nv wrote: »

Also, I desperately need a new car, my poor girl had 93k on her and is my P&J,

Only 93k! A spring chicken! depending on the type of car, it might go 2x, 4x or even 10x as far!

Castleman

minidannii wrote: »

I want to get a house before prices jump up even more.

its scary considering where i live with my parents, it was bought 23years ago at £21,000

this area now ranges from £110,000 - £125,000 and that is only a flat !

You do know that most forecasters are predicting house price falls or evens next year, don't you? Not that that's any guarantee but might knock a few k off.

£21,000 in 1986 is worth anywhere between £45,000 and £80,000 in todays money (depending on how you value it - RPI, average earnings vs spend etc). So although there have been big house price increases, it's not as much as you imply especially over such a long time scale!!

minidannii

Castleman wrote: »

You do know that most forecasters are predicting house price falls or evens next year, don't you? Not that that's any guarantee but might knock a few k off.

£21,000 in 1986 is worth anywhere between £45,000 and £80,000 in todays money (depending on how you value it - RPI, average earnings vs spend etc). So although there have been big house price increases, it's not as much as you imply especially over such a long time scale!!

that would be good if it even went down abit, i know its not good for people selling houses but good for first time buyers.

i used to spend saying its only this amounts, but now i just keep saying every penny counts, so anything i don't spend goes into my savings.