How much can you save?

gelato_cat

Blimey, this is an interesting exercise (I will stop talking to myself in a sec, honest).

I've put some more bits into the spreadsheet Leanne kindly created which work out my costs and discretionary income and was pleasantly surprised. I've never actually analysed my money like this - what I've always done was pay the bills and then sling whatever was left over minus about £200 for contingencies into the savings. But now (and I know this sounds really stupid) I can see how much I can potentially save each month :T

Plus I started a new job in November which pays a few grand more than my previous one, but I'm being paid twice a month so I am not yet used to the new cash flow and when it's safe to move money about etc. So this method of sorting out my cash will help me a lot

So far I've saved 4% but I get the second half of January's pay tomorrow (with the tax refund in) and have already paid all my bills so it's all good.

thanks all!

Suze

Edited to say that I have also added a column so I can see what percentage of my monthly discretionary I have saved - at the mo it's around 50%

Suzey wrote:

What are we counting as disposable? Are we really counting discretionary (disposable being net income)??

I'm going to use gross minus the following:

- gas (what I paid last year divided by 12)
- water ditto
- electricity ditto
- rent/mortgage
- TV/broadband/landline
- mobile phone
- food
- council tax (what I paid last year divided by 12)
- insurance
- dentistry and prescriptions?

iamsam

Suzey wrote:

When? Where? I don't get mine until Thursday which I think is grossly unfair!!!

It varies with me - sometimes really soon, sometimes not till Thursday. When you're on the MSE homepage, take a look at the scrolling box on the top left - if it says todays (or even tomorrows ) date then you're in luck! You can always try taking a peek at http://www.moneysavingexpert.com/latesttip every now and again (or every Tues eve...).

gelato_cat

Oh my God - we're famous!!! :beer:

Suze

iamsam wrote:

It varies with me - sometimes really soon, sometimes not till Thursday. When you're on the MSE homepage, take a look at the scrolling box on the top left - if it says todays (or even tomorrows ) date then you're in luck! You can always try taking a peek at http://www.moneysavingexpert.com/latesttip every now and again (or every Tues eve...).

save-a-lot

Waaaa Heeeey - just seen the how much can you save thread in the newsletter :money:

jamtart6

yipeee!! thats great news! the savings olympics are famous!!!

hopelesswithmoney_2

I think this savers 'club' idea is brilliant.
I started saving using Martin's regular saver account recommendations around March last year.
I want to save enough money so that I can quit my job, fund the start up of my own business and keep paying the bills and keeping the family in the meantime.
My goal is to save £50 000 by the time I am 50.
I see it as buying my freedom.
My first year goal was £10000 to date I have saved £9000 so pretty much on target. The second year gets a bit harder and my goal is to have £25000 in savings by March 2008.:A
Thanks everyone

savingforoz

hopelesswithmoney wrote:

I think this savers 'club' idea is brilliant.
I started saving using Martin's regular saver account recommendations around March last year.
I want to save enough money so that I can quit my job, fund the start up of my own business and keep paying the bills and keeping the family in the meantime.
My goal is to save £50 000 by the time I am 50.
I see it as buying my freedom.
My first year goal was £10000 to date I have saved £9000 so pretty much on target. The second year gets a bit harder and my goal is to have £25000 in savings by March 2008.:A
Thanks everyone

What a fantastic goal :T ! Well done to you, that's a real inspiration :beer: . But shouldn't you change your name - seems clear that you're definitely NOT hopeless with money !

save-a-lot

hopelesswithmoney wrote:

My goal is to save £50 000 by the time I am 50.
I see it as buying my freedom.

Hi

I like that quote "I see it as buying my freedom" - very motivating - might add it to my signiture

vixarooni

im trying to save for a house.

My amounts seem pretty rubbish as weve only put a £100 each in so far!

I only work part time as well as college, and at the age of 20 my clothes come first ha.

save-a-lot

vixarooni wrote:

im trying to save for a house.

My amounts seem pretty rubbish as weve only put a £100 each in so far!

I only work part time as well as college, and at the age of 20 my clothes come first ha.

Hey that ain't a bad start really, you work part-time so I think that is pretty good