How much can you save?

MAXOL

Newbie here. Been reading this thread for a while and the motivation and determination to save is brilliant. My ambition for 2010 is to save 50% of my pay. This is going to be a large chunk of my pay (considering I work in London and go home every 1/2 months) but I think it is feasible as I will just have to live cheap lol. I will update my signature once a month with how I am getting on. Best wishes to everyone in 2010!!!

Vixstar

I haven't decided what my target will be yet as I'm saving for a deposit so at some point next year my savings will be totally wiped out, which is a little sad to contemplate. Going to look at a budget for next year and then may set a monthly savings target.

focus888

Hi all, im a regular lurker on this thread and i think if im more active on here it might help me save more =D you guys are so great, everytime i read one of the posts on here i just feel so motivated to save harder. My target for 2010 is 3k out of my spending budget because i believe i spend too much on junk. If i am a more sensible shopper think i can reach this target more easily =D x

alohahawaii

Not sure what my target will be for 2010 as I didn't hit my 2010 target, mostly sue to buying a newish car and moving out of home.

Good luck for 2010 everyone.

Happy new year!!

tinkerbel

Hey everyone I would like to join! I've just subscribed and I am going to think of a target! I think I want to save about £1000 of my own money until my birthday (may) but I am not sure how easy this will be!
I have 6K at the moment (put some in today to make it a nice round number!) and I have £1000 from my mum, and about £1000 from my student loan I can put in (I have enough to live off for a term at the moment I think) and my bf owes me £350, so that should take me to approx £8400, Shall I set £9500 as my target? what do you think?
I want it to be realistic, but I want it to be a bit of a challenge!
Ps I am a student with no real income so all I can do is save instead of spend, and do the little extras etc, I should have about £150 coming in from holiday work though, and I am at my dooyoo cashout level...

dippykitty

I'm breaking down my targets for 2010.

1) Firstly, I want to hit £5k in the ISA so that my total savings are £10k (ISA and bond)
2) After that, I want to get somewhere between £15k and £20k in total savings

At the same time, I want to keep a minimum of £700 in the current account at all times to cover me in case my income continues to fluctuate the way it has been in recent months so that probably means less going into the savings overall, but it'll make me feel more secure in general!

cozza123

I'm hoping to save around £7000 between now and July 2010 is there a maximum amount you can have in an instant access savings account? or is there a limit to how many instant access savings accounts one person can have. you can tell I've never saved can't you lol

MarkFromCornwall

cozza123 wrote: »

I'm hoping to save around £7000 between now and July 2010 is there a maximum amount you can have in an instant access savings account? or is there a limit to how many instant access savings accounts one person can have. you can tell I've never saved can't you lol

Some accounts have a limit. Often the limit is VERY high, for example a million pounds. In practice, most of us stop at £50,000 because that is the limit for government protection if the bank fails.

There is no overall limit to how many instant access savings accounts you can have with different banks. However it is quite common for individual banks to limit you to one of their accounts, although others allow you to have several of the same kind of account.

I hope this helps.

Mark

cozza123

Thankyou mark :T

skaps

My target till July is £7000 as I'm getting married in July and have to pay for it all plus have a bit of spending money. So far I have saved £1000 and have a monthly standing order of £100 into my isa. Going to have to do alot more in order to get up to £7000. I'm doing lots of the challenges will keep you updated of my progress.