How much can you save?

paulboy83

Well I've missed my target by £3 this month, and i'm not too upset by that as i've been paid about £100 more this month than I was last month so i'm sure I can put £3 extra aside from somewhere!

I just pm'd Leanne for the spreadsheet as my maths are totally poo so I cant work my percentage out at all, though I know its probably really easy, but i'm looking at about 30% I think, which means I need to work a lot harder to get gold......

Angelselondon

Hello All

It is great news that we have been acknowledged on the weekly tips. Well done to everyone who has contributed to the Oylmpic Challenge in whatever way, shape or form. I will not be home till Thursday evening when I will send out the spreadsheet to anyone who would like it. Just PM me.

Suze, the savings on the food bill is fantastic. We do this in the Money Saving OS forum don't forget to add any bogof offers and making bulk meals to freeze.

jamtart6

I will sort it all out tonight or tomorrow but I think my first quarters wages (the whole lot!) can go in, plus a bit extra so i still think im on around 18% of the wages......Its March when i get my next proper pay cheque!!! only little ones until then!

FluffyMcFluff

I would like to join this thread also. This month I have started saving, I would like to save a minimum of £6,000 by the end of the year.

I have an account with A&L @ 12% which I save £250 monthly by direct debit. I have a 2nd savings account with ICICI Bank @ 5.65%. I need to save £500 (or more) each month.

So far I have £500 saved so I am on target! YEAH

lacoste1985_2

Money Saving - 2007

Hi, I'm looking to start saving money on a regular basis but was wondering how much I should be saving every month? I've got 2 jobs and receive £1080 after tax...can anybody suggest how much I should be saving bearing in mind that I still live at home with parents and only pay £130 a month rent at the moment. I have a car which I spend about £80 a month in petrol on, mobile phone - £35, hair / beauty - £40 a month, train fare - £15 plus about £150 on clothes, food for work, contact lense scheme, birthday presents, going out etc.

I already take sandwiches to work most days and use public transport when venturing into town (I've got a YP railcard too which gives me a 1/3 off), buy my petrol at Tesco to build up Clubcard points, have a Boots advantage card to build up points on that as well. I've not been very good at saving over the last year or so and was forced to take a loan out last June to fund the purchase of a new car (MG ZR) which cost £4500. I borrowed £2000 which was supposed to be paid back over 2 years, but I paid it back early the other day - a whopping £1555 of it!! So now as you can see I'm skint. I basically used all the money that I had to pay the damn thing off. Not sure if this was a good thing or not......

Have recently been arguing with my parents quite a bit about how much rent I should be paying (I've paid the same amount for the past 3 years despite the rise in energy prices) and they keep reminding me that I'm gonna be 22 in March this year and have no savings behind me now for a house or a flat.

I feel stuck in a rut with so many things right now and would really appreciate some advice on money saving tips and how much I could / should be saving every month.

Honestly think I'd be lost without this website sometimes - u guys are all fantastic.

Thanks so much....

Sam x[/COLOR]

savingforoz

Looks like you're in a great position to save lacoste! And yes, I reckon you did good to get shot of that car loan - gives you a clean sheet to start afresh financially.

Looks like you have about £700 spare at the moment per month - if your rent goes up say by £70 per month, that will still leave you £600 plus to save.

A good thing to do is to build up a cash reserve of say 3-6 months' expenses as a cushion against hard times etc. Once that's done you could start on saving for a flat. Check out the best buys tables for savings accounts, and think about whether you want internet access, regular svaings etc.

Welcome to our savings club!

MoneySavingSapphire_:D

Ooh I'd like to start! I have 4 seperate aims:

1. Saving for trip to Europe in the summer - aim is £2000, but the more I save the longer we can stay in Paris

2. Saving for a house - I graduate in 6 months so the majority of this will be coming from the full time job I'll hopefully have then, but it won't hurt to start saving now. Hope to have deposit in 18months by getting a FT job and continuing to live off the amount I do now with a PT job.

3. Saving for three trips: Peru, India and Morocco in the next 2 years. Aim = £2000+ for Peru, £1500 for India and less than £1000 for Morocco. All amounts subject to change with proper planning!

4. The Masterplan: Saving towards eventually setting myself up to make a living from my jewellery (silversmith).

So far:

£1350 in Llyods TSB regular saver for Europe
£250 in L TSB online saver - only there to take advantage of the save the change thing!

Also, plan not to use Student Loan at all next term, so will have £1000. However this may be used for living off if I don't have a job by then!!

save-a-lot

Hi lacoste1985

I just tallied up you spend regularly £450 a month on board and all the other things. Could you not make savings in those areas? Do you need to spend every month on clothes for example? Also, I bet you could get a better deal on your mobile aswell.

Since you are at home you could blitz the savings, I only wish I had done that, instead I p____d my money at that age up the wall. I used to buy 2 or 3 CDs a week, clothes every few weeks, gadgets and electricals etc etc... all bought and paid for (no loans), but no savings either. It would pay dividends now to get into a habit of regular saving (I wish I had earlier). Start by opening an ISA - the NS&I Direct ISA is very good - http://www.nsandi.com/products/disa/news.jsp
and pay money in by standing order so you do not have to think about it.

Think about saving a manageable amount every month, it WILL build up into a valuable nest egg if you leave it alone.

We are all here to help and support.

jenna.nostyle

Hi there, thought I'd hop on to the thread.

I'm currently saving to pay for my Masters (and a year living in London).

I've currently saved just over £8,000 and I'm planning to keep topping it up by saving more (obviously) and ebaying/carbooting nearly everything I own except the things I can't bear to part with.

I'm spending some time over the next few days (thanks annual leave) reading through every money saving tip on the main site to make sure I'm getting the best deals possible.

jenna.nostyle

Quietgirl wrote:

Yes, the ford ka is one of the models i am interested in. I like the daewoo matiz too. I shall keep going at it with the savings i am totally addicted to saving as much money as i can. Although i have to put it were i can't get my hands on it so easily lol. There's lots of other things i want as well as a car.

I used to have a Daewoo Matiz and they're amazingly efficient. I hardly ever went near a petrol station and they’re perfect for driving in urban areas. I bought the car when it was 3 years old for £4000 and sold it 4 years later for £2000 which I didn’t think was too bad.