How much can you save?

mmsparkle

Me too! I want to join!
Desperately saving for deposit on a house. I've been saving for 5 years now, although I still have around £1200 student loan left.
I've really enjoyed watching my current total savings (with ISAs, A&L current account, and 3x regular savings accounts, (8%, 7% and 7%) grow. I put all the amounts in a spreadsheet, so I've got a total figure at the end. Each month it gets bigger!

My current total: £32,913.21 :j

I've recently persuaded my boyfriend to save regularly, rather than irregularly, and got him to set up a spreadsheet too. He's got £5,800, not too long after finishing university.

moneysavingwannabe

mmsparkle wrote:

Me too! I want to join!
Desperately saving for deposit on a house. I've been saving for 5 years now, although I still have around £1200 student loan left.
I've really enjoyed watching my current total savings (with ISAs, A&L current account, and 3x regular savings accounts, (8%, 7% and 7%) grow. I put all the amounts in a spreadsheet, so I've got a total figure at the end. Each month it gets bigger!

My current total: £32,913.21 :j

I've recently persuaded my boyfriend to save regularly, rather than irregularly, and got him to set up a spreadsheet too. He's got £5,800, not too long after finishing university.

Wow!! Well done :beer:

You are doing really well -you must be very committed. What is your target?

I suppose it depends where you want to live!!

rjgb

Hi,

I'd like to join this thread. I'm finding it hard to get motivated and save - I just seem to spend a lot of my disposable income! :mad:

OK, current standing:

LOAN = -£5791.92 @ 9.9% with Northern Rock (approx £5372.50 as a settlement figure)
STUDENT LOAN = c. -£9500 (but it's impossible to get an accurate figure from the Student Loans Company! :mad: )
CREDIT CARDS = £0

CURRENT ACCOUNT = -£550 (i.e. £550 into overdraft @ 29.6% pa)

ISA = £1550 (NatWest mini cash ISA @ 5.25% pa (I think))


I managed to pay off my last credit card (had a balance of -£1500) with my Xmas bonus, which is something. :T But I really want to get saving for a deposit for a house!

I'm currently only saving £40 in the ISA, and paying off around £900 per month from the Northern Rock loan. Next pay day I'm going to bring my current account into the black again, so I'll only manage to pay off £350 from the loan. I'd rather keep the small amount of savings in the ISA, just in case, rather than use it to pay off the loan quicker.

I'm going to have a look for an ISA with a better rate... Any ideas what else I can do?

Thanks!

RJGB

save-a-lot

Hi RJGB

Concentrate on 'investing' into the debt. Do not save whilst you have debts as it is counter-productive as your debt interest rates on loans and overdraft etc will far exceed the savings rates, use all your available money to clear debts first.

Mr._H_2

save-a-lot wrote:

use all your available money to clear debts first.

Apart from your student loan which you should ignore. Assuming of course that it's an SLC one that's linked to inflation, you don't have to pay unless you're earning at least £15,000 PA and is written off when you're 65.

save-a-lot

Mr._H wrote:

Apart from your student loan which you should ignore. Assuming of course that it's an SLC one that's linked to inflation, you don't have to pay unless you're earning at least £15,000 PA and is written off when you're 65.

Also, you can save at a higher rate than the student loan anyway. So, pay it on the drip by installment rather than lump sum(s).

EagerLearner

Hi all, I'd like to join too and have been kindly sent the spreadsheet.

Confused as to what amount to place in the big yellow box re net income/disposable income? I have put what I have left in my pocket when all the bills are paid. Is that correct? Or should I be putting in my monthly net income?

zag2me

jenna.nostyle wrote:

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.

That's interesting, I am thinking about doing a Masters or even PHD, how much does it cost to do?

Basically bored with working 9-5 and need something to keep the brain from turning into a cabbage

Can it be done part time?

zag2me

mmsparkle wrote:

Me too! I want to join!
Desperately saving for deposit on a house. I've been saving for 5 years now, although I still have around £1200 student loan left.
I've really enjoyed watching my current total savings (with ISAs, A&L current account, and 3x regular savings accounts, (8%, 7% and 7%) grow. I put all the amounts in a spreadsheet, so I've got a total figure at the end. Each month it gets bigger!

My current total: £32,913.21 :j

It's a great feeling seeing the total getting bigger every month, I love that bit

If you are looking for a house deposit, it can sometimes be better buying a house as soon as possible, as the prices often go up quicker than you can save. Seems like you have a great deposit already so your in a great position.

Of course if house prices start going down or stabilising it could be better to hold cash and save even more.

save-a-lot

EagerLearner wrote:

Confused as to what amount to place in the big yellow box re net income/disposable income? I have put what I have left in my pocket when all the bills are paid. Is that correct? Or should I be putting in my monthly net income?

I have put in there what is left after bills and regular payments.