How much can you save?

Vixstar

You usually have to wait till the year is up to withdraw but I did't realise you could make additional deposits - I'd always ignored bonds previously, may look at them next year if I manage the house deposit thing and fill an ISA. Thanks

rictus123

Ok no problem. Its really easy to use and its exactly what i need, somewhere to put my money, get a % intrest and not be able to touch it. Might be "skint" for a year but il be £10k richer in a year.

koopa_coffee

rictus123 wrote: »

Iv got a 1 year fixed rate bond with barnsley bs. All it said was min first deposit of £100, and it says can only withdraw in "exceptional" circumstances. Theres not an option to withdraw online but it does say available balance is £100 under the total in there.

Be careful with that though. This is from their terms and conditions:

Please note: you can only make deposits to the Online Bond whilst it remains open to new investors. The Online Bond is a limited issue product, which means it can be withdrawn without notice at any time.

Meaning if they decide to pull this in two weeks time when they have hoiked in enough new customers you won't be able to make any further deposits.

rictus123

I doubt they will turn my money down to be honest.

Driving_Soon

£19,700!!

Nearlly hitting the big 20k, but I know it sounds werid but I'd like to get to 21k, then I'll be very happy!

Come the new year, i'm going to totally nuckle down with the savings and save save save!

rictus123

How old are you driving soon? Hope you dont mind me asking but £19,700 is a very impressive amount, if you are driving soon i would assume you are you which will motivate me even more to get my £10k figure by the end of next year! No dream is too big!

Driving_Soon

rictus123 wrote: »

How old are you driving soon? Hope you dont mind me asking but £19,700 is a very impressive amount, if you are driving soon i would assume you are you which will motivate me even more to get my £10k figure by the end of next year! No dream is too big!

I'm 21 and currently at college

Haha, I'm not driving yet! I've stopped taking lessons for now as I hate spending out money for lessons :rotfl:. I'll wait til I work full time

rictus123

Did u honestly earn every penny of that yourself or have you had a few gifts along the way? Thats quite an achievement. My next target will be to try and have £15k at summer 2011. Which is along way and alot of money off of what iv got right now. But i think i can do it. That will be me just away to turn 20 and time served in my job so more money coming my way.

I think its incredible to be honest, anything you have saved up for?

Driving_Soon

rictus123 wrote: »

Did u honestly earn every penny of that yourself or have you had a few gifts along the way? Thats quite an achievement. My next target will be to try and have £15k at summer 2011. Which is along way and alot of money off of what iv got right now. But i think i can do it. That will be me just away to turn 20 and time served in my job so more money coming my way.

I think its incredible to be honest, anything you have saved up for?

Every single penny I have earnt! - Parents have never helped me out (never asked either) & even now I'm at college, I still have to pay rent. so no freebies or anything.

You can do anything if you set your mind to it! Good Luck!!

Masomnia

I feel a bit bad posting this, don't want to be a bad influence... I'm going to have to tone down the savings a bit unfortunately. I need lots of new clothes, new shoes (desperately), need books for uni and need to enjoy myself a bit more!

I could concievably do it if I spent next to nothing, and if I was paying as little rent as last year I definitely could. But I'm really happy where I am and wouldn't want to live anywhere else, so don't mind the extra I'm paying. It's not that I don't want to save, it's that I can't keep it at such a hig amount. Around 1/3 of my income is just too much!

So I'm going to reassess my goals. Firstly I want to clear my overdraft, even though it's 0%, I don't like it hanging over me and always having to consider it when I'm trying to budget. Don't want that debt there.

Other than that I'm not sure. I have enough in my ISA now to cover any eventuality. Say I had to give a lod of money back to the SLC, I could still cover rent and living costs till the end of the year. Don't have a car, not getting married any time soon, etc etc. So I'm thinking I'm going to try investing more. It's certainly riskier, but it seems better than accepting 3%. £300 interest on £10,000 doesn't sound too appealing, and the investments I have dipped my toe into have paid off so far.

I may get that few hundred in inheritance when I'm 21, possibly, and I think if I was to go for a £10k challenge it would hinge on that. So maybe I'll still get it, who knows? But for now I'm not going to put myself under too much pressure.

I'm still going to be saving, but £10k is too much sadly