How much can you save?

hudilin

Save 40% from a gadgets the day before

partlydave

Ive just made my last monthly £250 of my 12 month HSBC plan, so that'll go towards this years ISA now.

mintedmatty

Payday today and another £250 into my regular saver. Earned £4.50 interest on my A&L for the last 2 and a bit weeks, so that should be more every month from now on. Also my A&L opens on the 2nd May with £50. All in all should be saving around £500 this month

Mags_cat

Hello folks :hello:

I've read through the last few pages of this thread and you all seem a friendly (and slightly exercise-crazed) bunch!

I'm now in a good place financially. I had a substantial payrise about a year ago and that was when I seriously started to save for my future. Before that I was earning enough to live quite happily, but I never seemed to be able to save with any consistency. I'd save some, then something would happen and I'd be back to square one. I'm a civil servant (don't shoot me!) so as long as the goalposts just keep moving and don't disappear completely, I should have a half decent pension. However, I'm 38 (39 next week!) so there's a way to go for that yet. I do not want to be working until 65, though, so I need to plan to fund the "gap years"!

I have a mortgage on bedsit/flat that is rented out - due to be put on the market in July. I haven't lived there since 2002, bought it in 1991. Where I live now is rented from a (wonderful) private landlord.

Other than that I have one loan which I used to buy my car - due to be paid off in June this year. I've been overpaying by 100% a month to get the balance down. Just this month I cancelled the overpayment S/O so that this next payday will pay only the basic amount and June's pay will clear up what's left.

No credit cards - never have had. No other debt.

You'll see from the signature that I'm going for a Rainy Day Fund of six month's (net) wages. I know the *recommended* amount is three month's wages, but I reckon I could make that six month's money stretch to almost a year's living expenses if I had to live frugally and not save.

I've got my first ISA - was with Lloyd's last year but was pants for interest, so have transferred it to First Direct and got a decent rate. Maxed it last year and will be doing so again in August this year when another savings account matures.

The plan is to have one month's money in an easy access account linked to my curent account *just in case*. Just in case there's a pay problem, just in case they put it in the wrong account, all those *just in cases*. The rest of my RDF will be in ISAs, where I can get at it if I need it, but hopefully won't.

I'm also (and this is waaaaaaaaaay more exciting) saving for my mid-life-crisis-holiday-of-a-lifetime . Next year I'll be 40 and am planning to celebrate in style on the Golden Eagle Trans-Siberian Express. I think it'll set me back about £10,000 (and that terrifies me just typing it!) but from all accounts will be so worth it. I've had some very generous contributions to the fund from my parents (early birthday presents for both this year and next!) so that's off to a good start.

Nice to join you all on the road to financial safety

LucyTheDwarf

Welcome Mags_cat! Yes, we are quite a friendly bunch, but we can get a little side tracked at times!

You sound like you've got it all pretty much sussed out - congratulations. Good luck reaching your goals.

dippykitty

Mags_cat wrote: »

Hello folks :hello:

I've read through the last few pages of this thread and you all seem a friendly (and slightly exercise-crazed) bunch!

I'm now in a good place financially. I had a substantial payrise about a year ago and that was when I seriously started to save for my future. Before that I was earning enough to live quite happily, but I never seemed to be able to save with any consistency. I'd save some, then something would happen and I'd be back to square one. I'm a civil servant (don't shoot me!) so as long as the goalposts just keep moving and don't disappear completely, I should have a half decent pension. However, I'm 38 (39 next week!) so there's a way to go for that yet. I do not want to be working until 65, though, so I need to plan to fund the "gap years"!

I have a mortgage on bedsit/flat that is rented out - due to be put on the market in July. I haven't lived there since 2002, bought it in 1991. Where I live now is rented from a (wonderful) private landlord.

Other than that I have one loan which I used to buy my car - due to be paid off in June this year. I've been overpaying by 100% a month to get the balance down. Just this month I cancelled the overpayment S/O so that this next payday will pay only the basic amount and June's pay will clear up what's left.

No credit cards - never have had. No other debt.

You'll see from the signature that I'm going for a Rainy Day Fund of six month's (net) wages. I know the *recommended* amount is three month's wages, but I reckon I could make that six month's money stretch to almost a year's living expenses if I had to live frugally and not save.

I've got my first ISA - was with Lloyd's last year but was pants for interest, so have transferred it to First Direct and got a decent rate. Maxed it last year and will be doing so again in August this year when another savings account matures.

The plan is to have one month's money in an easy access account linked to my curent account *just in case*. Just in case there's a pay problem, just in case they put it in the wrong account, all those *just in cases*. The rest of my RDF will be in ISAs, where I can get at it if I need it, but hopefully won't.

I'm also (and this is waaaaaaaaaay more exciting) saving for my mid-life-crisis-holiday-of-a-lifetime . Next year I'll be 40 and am planning to celebrate in style on the Golden Eagle Trans-Siberian Express. I think it'll set me back about £10,000 (and that terrifies me just typing it!) but from all accounts will be so worth it. I've had some very generous contributions to the fund from my parents (early birthday presents for both this year and next!) so that's off to a good start.

Nice to join you all on the road to financial safety

Welcome aboard!

ljaneyr

Mags_cat wrote: »

Hello folks :hello:

I've read through the last few pages of this thread and you all seem a friendly (and slightly exercise-crazed) bunch!

I'm now in a good place financially. I had a substantial payrise about a year ago and that was when I seriously started to save for my future. Before that I was earning enough to live quite happily, but I never seemed to be able to save with any consistency. I'd save some, then something would happen and I'd be back to square one. I'm a civil servant (don't shoot me!) so as long as the goalposts just keep moving and don't disappear completely, I should have a half decent pension. However, I'm 38 (39 next week!) so there's a way to go for that yet. I do not want to be working until 65, though, so I need to plan to fund the "gap years"!

I have a mortgage on bedsit/flat that is rented out - due to be put on the market in July. I haven't lived there since 2002, bought it in 1991. Where I live now is rented from a (wonderful) private landlord.

Other than that I have one loan which I used to buy my car - due to be paid off in June this year. I've been overpaying by 100% a month to get the balance down. Just this month I cancelled the overpayment S/O so that this next payday will pay only the basic amount and June's pay will clear up what's left.

No credit cards - never have had. No other debt.

You'll see from the signature that I'm going for a Rainy Day Fund of six month's (net) wages. I know the *recommended* amount is three month's wages, but I reckon I could make that six month's money stretch to almost a year's living expenses if I had to live frugally and not save.

I've got my first ISA - was with Lloyd's last year but was pants for interest, so have transferred it to First Direct and got a decent rate. Maxed it last year and will be doing so again in August this year when another savings account matures.

The plan is to have one month's money in an easy access account linked to my curent account *just in case*. Just in case there's a pay problem, just in case they put it in the wrong account, all those *just in cases*. The rest of my RDF will be in ISAs, where I can get at it if I need it, but hopefully won't.

I'm also (and this is waaaaaaaaaay more exciting) saving for my mid-life-crisis-holiday-of-a-lifetime . Next year I'll be 40 and am planning to celebrate in style on the Golden Eagle Trans-Siberian Express. I think it'll set me back about £10,000 (and that terrifies me just typing it!) but from all accounts will be so worth it. I've had some very generous contributions to the fund from my parents (early birthday presents for both this year and next!) so that's off to a good start.

Nice to join you all on the road to financial safety

Hello and welcome

I love reading posts like this, it really motivates me as you're doing so well! I feel like I should start a rainy day fund now but between the house deposit and saving for things like car insurance, tax and routine vets bills I don't have enough to spread in 3 directions! Especially now I'm saving for the festival too

Bought a tent yesterday It was half price at 34.99 so really good value But still wish I didn't have to spend anything

tara747

Welcome Mags_cat!

tinkerbel

Nothing saved today spent instead about £40

mintedmatty

rictus123 wrote: »

Think i might see about getting a regular saver set up for say 10% of net salary every month for when my pay goes up, get at least an extra £350 a month and 10% net would be about £140.

So then by next summer there should be £2k + in there Right now iv got £700 in a savings bond and just over £300 in my ISA(£125 from last tax year so should hopefully have £5425 in it by next tax year!

Got over £1k in my current account and only expenses to come between now and the middle of May are fuel for my car and road tax at the end of this month. So about £140 say(at very most) while taking in £600 on the 30th and the same again on the 14th. Looking at having £1k in my Isa by the end of next month:j

Regular Savers are great for me Rictus123! I have the S/O leave my account on payday so I dont particularly miss the money and its nice to get a lump sum saved at the end of 12 months. After the first year for some reason it feels easier for if you dsont spend the amount from the first year you have all that and you are still saving a regular amount so its pretty good for compunded interest. I have a HSBC regular saver for £250 and a A&L for £50 each month.