How much can you save?

maltpress

Hi all - been quiet lately, and doing a very bad job of saving. I've just been told by my accountant that my tax bill this year is higher than I expected (because I was a little too optimistic!) so it's put a real damper on my saving plans - the £2000 I was about to transfer to my ISA as drawings now needs to be saved for the tax bill. It's a shame, but it does reflect a really good year financial year 2008/2009 in terms of work, so it's positive over all. I also paid off all my debt with my earnings those years so it's not awful.

I think I may need to reassess my savings target, though - does anyone think £10,000 in 10 months is realistic? I figure I need to earn about £1,300 or more per month from freelancing to hit that and still keep enough aside for future tax. That assumes working a day a week freelance from now until October, plus an extra day a month... possible but difficult.

Quite a blow, to be honest, to think that I might need to put off my plans by 6 months.

LucyTheDwarf

tara747 wrote: »

LucyTheDwarf - LOL! We believe you that they were essentials! :rotfl:

In the worst case scenario at least I'll have some bits to pawn...

rictus123

maltpress wrote: »

Hi all - been quiet lately, and doing a very bad job of saving. I've just been told by my accountant that my tax bill this year is higher than I expected (because I was a little too optimistic!) so it's put a real damper on my saving plans - the £2000 I was about to transfer to my ISA as drawings now needs to be saved for the tax bill. It's a shame, but it does reflect a really good year financial year 2008/2009 in terms of work, so it's positive over all. I also paid off all my debt with my earnings those years so it's not awful.

I think I may need to reassess my savings target, though - does anyone think £10,000 in 10 months is realistic? I figure I need to earn about £1,300 or more per month from freelancing to hit that and still keep enough aside for future tax. That assumes working a day a week freelance from now until October, plus an extra day a month... possible but difficult.

Quite a blow, to be honest, to think that I might need to put off my plans by 6 months.

Think postitve! Write down your goal then write down how you expect to get there then go and get off your bum and do it! No dream really is too big! Aim really high, £10k maybe is high to you, this is also what im aiming for but if i make it i will be soooo happy!! But even if i fell short and got anything over £4k it would still be £4k more of my money than iv ever had before! Lets us know what you plan on doing but i think you could make something of yourself!

dippykitty

I've added £100 to the ISA tonight. I know it doesn't sound like much but it's the first decent amount I've been able to add for over a month now so I'm pleased with it!

dippykitty

maltpress wrote: »

Hi all - been quiet lately, and doing a very bad job of saving. I've just been told by my accountant that my tax bill this year is higher than I expected (because I was a little too optimistic!) so it's put a real damper on my saving plans - the £2000 I was about to transfer to my ISA as drawings now needs to be saved for the tax bill. It's a shame, but it does reflect a really good year financial year 2008/2009 in terms of work, so it's positive over all. I also paid off all my debt with my earnings those years so it's not awful.

I think I may need to reassess my savings target, though - does anyone think £10,000 in 10 months is realistic? I figure I need to earn about £1,300 or more per month from freelancing to hit that and still keep enough aside for future tax. That assumes working a day a week freelance from now until October, plus an extra day a month... possible but difficult.

Quite a blow, to be honest, to think that I might need to put off my plans by 6 months.

I guess it depends on whether that £1,300 per month is a 'normal' month for you or not? If it is, then I'd definitely say shoot for the £10k in 10 months. If not, maybe you'll need to lower your target a bit but it's probably best to reassess in a couple of months when you can see how well your earnings are in line with the £1,300 per month goal. I'm freelance too and my earnings tend to fluctuate a lot but it sounds like you've got some set work in place if you're working a set number of days per week?

tara747

rictus123 wrote: »

Think postitve! Write down your goal then write down how you expect to get there then go and get off your bum and do it! No dream really is too big! Aim really high, £10k maybe is high to you, this is also what im aiming for but if i make it i will be soooo happy!! But even if i fell short and got anything over £4k it would still be £4k more of my money than iv ever had before! Lets us know what you plan on doing but i think you could make something of yourself!

What a lovely encouraging post!!! :T:T

tking

Hi all, just been paid and added a bit more to the savings. Due $700 next week for expenses so that will be added too. Getting there slowly but surely!

minidannii

so i just checked my bank account and its still sitting at over £1000 overdrawn, and thats been 2 weeks now, i can't cope with this:(

tinkerbel

aww danni don't worry! I know its easy to say that but maybe give the bank another ring and they should be able to give you an update? I feel really sorry for you that this has happened and they didn't give you your money back straight away
Is the overdraft free at least?

Lokolo

LucyTheDwarf wrote: »

In the worst case scenario at least I'll have some bits to pawn...

Don't feel bad. I got in the same mood and spent £850 on building a new PC.

My budget is going haywire!

Nevermind!

(OH, and the PC is AMAZING)