How much can you save?

albacookie

I moved £70 to savings today - not bad as I renewed my car insurance and AA membership this month.
Hope everyone had a good Christmas.

helzbelz_57

ok, so we have decided that we are now making a committed effort to saving for a house deposit.

the thing is we have no idea where to save the money.

i have an isa with halifax but i dont know if they have the best interest rates or is there somewhere better we can save?

we also have two sons, would it be better if we saved money in their accounts? and what are the best children's accounts?

thanks for any advice

cozza123

I hope it is ok to join as I have been reading this for a few days. I'm 25 and have only just started saving for a house Deposit in the past two months as I have been clearing my debts, but I thought that this would be a good place to come and keep motivated to keep saving.

tara747

Welcome to the thread cozza123!!!!

*Vikki*

Hello, hope I can join? I have recently in the last month graduated from the debt free wannabes class. Now training to be a money saving stalwart!

Today I transferred £340 to my isa and £280 to my instant access savings. Quick question, I won't have to pay tax on the money in the instant savings account will I? If so how does that work?

koopa_coffee

*Vikki* wrote: »

Hello, hope I can join? I have recently in the last month graduated from the debt free wannabes class. Now training to be a money saving stalwart!

Today I transferred £340 to my isa and £280 to my instant access savings. Quick question, I won't have to pay tax on the money in the instant savings account will I? If so how does that work?

You will be automatically deducted 20% of your interest in the instant access account. If you are a non-taxpayer (i.e. your income is below the tax threshold), then you can send off an R85 form so that any interest earned is not taxed.

The money in the ISA however, will remain tax free for as long as it is in the ISA.

rictus123

Welcome to all newcomers, got a bit of debt to be delt with before i return to this thread, got £700 stashed away, will get debt free by April hopefully then il be throwing every penny into savings! Il be quoting all my posts now in a years time saying debt? What debt? Everyday i wake up i imagine how i would feel if i was waking up debt free and with plenty of my own money stashed away , its an amazing feeling and im not there yet but everyday i do at least 1 thing to make sure im 1 step closer.

hostie1985

Hi everyone,

I'd just like to add a warm welcome to helzbelz, cozza and vikki!:beer:

I hope all your house deposits are going well! Just a quick update from me, havent been on here for a while (been so busy with work, xmas etc), i'm hoping to hit my £15,000 target by the end of the day!:j

im so excited - its taken me just over a year - but after saving for a couple of months, i dont really miss the money that i cant/wont spend. lol. I still buy things because i definately cant go 'cold turkey' but its made me really think 'do i want it or is it going into the wardrobe never to be seen again' - its usually the later. lol.

Havent updated the total yet - as i havent got dressed yet - how lazy am i!?!?!?! :rotfl::rotfl::rotfl:Need to pop down the bank at some point today so i can get the exact total - 2 of my accounts i can not see online - which is soooooo nnoying by hay-ho

I still have a car to pay off, about 9 months to go on that - not really worried about it thou - most of the time i dont realise it is going out of my account! lol.

Wishing eveyone good luck in house deposit savings next year and a happy new year everyone!

Hostie

xx

Vixstar

Moved another £650 into my savings, quite suprised but as all my purhases are done on credit cards I work a month in arrears as such so next month's and Feb's savings will be hit by December's spending.

Pleased though as I have exceeded my end of year target by 11.5%, didn't think I'd make my target.

rictus123

11.5% over your target is amazing! Regardless of income saving £650 a month is brilliant, itl be fantastic if i manage to achive this as an average next year, going to give it my best shot.

Its defo time for me to stop just talking about it and get some action going aswel, the next 365 days are going to change everything

Target for 2010 Vix?