How much can you save?

save-a-lot

The last two weeks has seen my wife return to work, she has been a SAHM for 6 years doing little bits of work p/t here and there. But now she is back into a professional position - microbiologist, still part time but working more days and hours than in the past. Good news for the household savings and general amount of money coming into the house. It means that I can save more. I am up to about £13K... but I do have a credit card balance to draw down of £4K, the savings amount is tied up, but the credit card balance is at 0% so I am concentrating on making that balance disappear. So hopefully back into full savings mode maybe in late summer.

Schemes that I am locked into will continue, these are partnership shares £50/month and also a save as you earn (SAYE) share purchase scheme at £90/month which matures in December 2010, so that will be another £3600-£4000 to add to the pot in December. The goal is £20K by the end of year including saying goodbye to the credit card debt.

In principal I also have an agreement that my job title should change based on my responsibilities and I am hoping this will be accompanied by a pay rise, but not holding my breath on that.

Anybody use their savings to pay down mortgage? looking to build a decent buffer, say, £20K and then year on year pay the 10% of the balance off (to avoid penalty charges of paying more off), currently that stands at around £6K as a lump sum if I was to do it now and then save back up to £20K and try and maintain that year on year. I see it as saving into the mortgage because of the end result of paying less interest overall. That is the plan anyway.

gien

hello.

I've got my accoutns up to date and my total money is 37,899.90!
Out of this though comes the rest of the month's living costs and outgoings so I'm hoping htat by the 31st I will still have 35k and this will be the 'starting point' on my savings journey.

I've done a budget but I am sure there are things I have forgotten. Within that I hope to save 5k per month with a goal of having 70k by the end of the year.

Well, lets see how it goes.

save-a-lot

gien wrote: »

hello.

I've got my accoutns up to date and my total money is 37,899.90!
Out of this though comes the rest of the month's living costs and outgoings so I'm hoping htat by the 31st I will still have 35k and this will be the 'starting point' on my savings journey.

I've done a budget but I am sure there are things I have forgotten. Within that I hope to save 5k per month with a goal of having 70k by the end of the year.

Well, lets see how it goes.

Fantastic goal, and a good start point.. hope it goes well

save-a-lot

Sylvia1982 wrote: »

So happy for payday,
just put £600 in cash ISA, £500 in regular saver.
I am soo dreading my car insurance, which is due end of this month. Currently my car has an engine fault, will find out on Monday on what it is. Fingers x

Was the car ok? expensive fix, or something and nothing?

tara747

Well done gien, that is great going!!! Wish I could save £5k per month, you must be on some salary. :beer:

FirstTimeSaver_2

Hiya everyone,

Hope you're all having a lovely bank holiday weekend!

Just wanna give an update, I have saved £91 this month and have got 70p interest on my ISA :rotfl:

I know it's not a massive amount but it is all adding up!

ljaneyr

FirstTimeSaver wrote: »

Hiya everyone,

Hope you're all having a lovely bank holiday weekend!

Just wanna give an update, I have saved £91 this month and have got 70p interest on my ISA :rotfl:

I know it's not a massive amount but it is all adding up!

:rotfl:you still can't beat 4p on my A&L current account for the month hehe:rotfl:

Well done on the savings!

gien

Should add that my figures aren't in pounds but francs so it's not as much as first seems but yes my DH does have good salary but we have big expenses too and want to buy a home. We are required to save 30 percent for a deposit too. So I still find myself scrimping and saving (and I am being ambitious with my goals!!!)

ljaneyr

gien wrote: »

Should add that my figures aren't in pounds but francs so it's not as much as first seems but yes my DH does have good salary but we have big expenses too and want to buy a home. We are required to save 30 percent for a deposit too. So I still find myself scrimping and saving (and I am being ambitious with my goals!!!)

Dumb question: do you live in France? If so you are very lucky! I dream of having a house there one day!

tara747

Francs???? Do you mean euros?

I miss the old currencies